RESOLUTION NO. 2023-XXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FULLERTON, CALFORNA, DETERMINING NECESSITY TO INCUR BONDED INDEBTEDNESS CITY OF FULLERTON Community Facilities District No. 3 (The Pines at Sunrise Village) THE CITY COUNCIL OF THE CITY OF FULLERTON HEREBY RESOLVES AS FOLLOWS:
1. Authority; Resolutions of Intention. City Council adopted Resolution No. 2023-045 on June 20, 2023 entitled “Resolution of Intention to Establish Community Facilities District” (the “Resolution of Intention”), stating its intention to form the “City of Fullerton Community Facilities District No. 3 (The Pines at Sunrise Village)” (the “CFD”), under the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”), California Government Code Title 5, Chapter 2.5, Part 1, Division 2 commencing at Section 53311.
City Council also adopted Resolution No. 2023-046 on June 20, 2023 entitled “A Resolution of Intention to Incur Bonded Indebtedness” (the “Resolution of Intention to Incur Indebtedness”) stating its intention to incur bonded indebtedness within the boundaries of the CFD for the purpose of financing the costs of certain facilities specified in the Resolution of Intention.
2. Public Hearings. City Council opened and held a noticed public hearing on August 1, 2023 as required by the Act and the Resolution of Intention relative to the proposed formation of the CFD, the facilities to be provided therein and the levy of the special tax.
City Council also opened and held a noticed public hearing on August 1, 2023 as required by the Act relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness.
3. Resolution of Formation. City Council adopted a resolution entitled “Resolution of Formation of Community Facilities District” (the “Resolution of Formation”) following the public hearings.
4. No Majority Protest. Written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have not been filed with the City Clerk by 50% or more of the registered voters residing within the territory of the CFD or property owners of one-half or more of the area of land within the CFD and not exempt from the proposed special tax.
5. Necessity. City Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $9,500,000 within the boundaries of the CFD for the purpose of financing the costs of all or a portion of the facilities defined in the Resolution of Formation (the "Facilities"), including, but not limited to, the costs of issuing and selling bonds to finance all or a portion of the Facilities and the costs of the City in establishing and administering the CFD.
6. Entire CFD Liable. The whole of the CFD shall pay for the bonded indebtedness through the levy of the special tax. The special tax is to be apportioned in accordance with the formula set forth in Exhibit “B” to the Resolution of Formation.
7. Bonds or Other Indebtedness. Bonds or other forms of indebtedness, in the maximum aggregate principal amount of $9,500,000, are hereby authorized subject to voter approval. The bonds or other indebtedness may be issued in one or more series and mature and bear interest at such rate or rates, payable semiannually or in such other manner, all as this City Council or its designee may determine at the time or times of sale of such bonds or issuance of such indebtedness; provided, however, that the interest rate or rates may not exceed the maximum interest rate permitted by applicable law at the time the bonds are sold or the indebtedness is incurred, and the bonds or other indebtedness may not have a final maturity later than 40 years after their date of issuance.
8. Election. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the CFD and shall be consolidated with elections on the proposition of levying special taxes within the CFD and the establishment of an appropriations limit for the CFD pursuant to Section 53353.5 of the Act. The time, place and further particulars and conditions of such election shall be as specified by separate City Council resolution.
9. Further Action. City Council authorizes and directs the Director of Administrative Services to take all actions necessary or advisable to give effect to the transactions contemplated by this Resolution.
10. Effective date. This resolution shall become effective immediately.
ADOPTED BY THE FULLERTON CITY COUNCIL on AUGUST 15, 2023.
Fred Jung
Mayor
ATTEST:
Lucinda Williams, MMC
City Clerk
Date
Resolution No. 2023-XXX