RESOLUTION NO.
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA DISCONTINUING PARTICIPATION IN THE
BOND OPPORTUNITIES FOR LAND DEVELOPMENT
(“BOLD”) PROGRAM, TERMINATING AUTHORITY OF
CALIFORNIA MUNICIPAL FINANCE AUTHORITY TO
ACCEPT APPLICATIONS FROM PROPERTY OWNERS FOR
PARTICIPATION IN THE BOLD PROGRAM WITHIN THE CITY
OF CHULA VISTA , RESCINDING RESOLUTION NO. 2021-148
OF THE CITY OF CHULA VISTA AUTHORIZING US E OF THE
BOLD PROGRAM, AND TAKING OTHER ACTIONS RELATING
THERETO
WHEREAS, the California Municipal Finance Authority (the “CMFA”) is a joint exercise of powers entity created pursuant to Articles 1, 2, 3 and 4 of Chapter 5 of Division 7 of Title 1 of the California Government Code , the members of which include numerous cities, counties and other local agencies in the State; and
WHEREAS, the CMFA has established the Bond Opportunities for Land Development Program (the “BOLD Program”) to allow the financing of certain public facilities and/or certain development impact fees that finance public facilities levied by local agencies in the State through the levy of special taxes pursuant to the terms and provisions of the Mello -Roos Community Facilities Act of 1982, as amended; and
WHEREAS, the City Council previously adopted Resolution No. 2021-148 on August 10, 2021, authorizing use of the BOLD Program within the City of Chula Vista (“City” ), and further authorizing CMFA to accept applications from property owners related thereto; and WHEREAS, pursuant to Resolution No. 2021-148, CMFA was authorized to accept applications from property owners interested in participating in the BOLD Program, but the City Council held the ultimate determination as to whether to authorize use of the BOLD Program for any specific developer; and
WHEREAS, the City Council has determined that it is in the City’s best interest to discontinue participation in the BOLD Program, and to notice both property owners and CMFA that it has dec ided to terminate any authority granted to CMFA to accept applications from property owners within Chula Vista seeking to participate in the BOLD Program; NOW, THEREFORE, BE IT RESOLVED by the City Council that participation in the BOLD Program by the City and property owners therein is hereby terminated.
BE IT FURTHER RESOLVED by the City Council that t he above recitals are true and correct.
BE IT FURTHER RESOLVED by the City Council that authority granted to CMFA to accept applications from property ow ners seeking to participate in the BOLD Program for financing fees and/or improvements relating to property within the City of Chula Vista is hereby
terminated.
BE IT FURTHER RESOLVED by the City Council that Resolution No. 2021-148 is hereby rescinded, effective immediately.
BE IT FURTHER RESOLVED by the City Council that the actions taken pursuant to this Resolution shall not impact or affect any project or application for participation in the BOLD Program that the City Council has previously approved.
BE IT FURTHER RESOLVED by the City Council that t his Resolution shall become effective upon its adoption.
Presented by Approved as to form by
Laura C. Black, AICP Jill D.S. Maland
Director of Development Services Lounsbery Ferguson Altona & Peak Acting City Attorney