RESOLUTION NO. 2022-24
RESOLUTION OF THE CITY OF HESPERIA, CALIFORNIA, AUTHORIZING USE OF THE BOND OPPORTUNITIES FOR LAND DEVELOPMENT (BOLD) PROGRAM; AUTHORIZING THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY TO ACCEPT APPLICATIONS FROM PROPERTY OWNERS, CONDUCT PROCEEDINGS AND LEVY SPECIAL TAXES WITHIN THE TERRITORY OF THE CITY OF HESPERIA PURSUANT TO THE MELLO-ROOS COMMUNITY FACILITIES ACT OF 1982, AS AMENDED; AND AUTHORIZING RELATED ACTIONS WHEREAS, the California Municipal Finance Authority (the “CMFA”) is a joint exercise of powers authority the members of which include numerous cities, counties and other local agencies in the State of California (the “State”); and WHEREAS, the CMFA provides financing services to its members and the City of Hesperia (the “City”) is, on the date hereof, adopting a resolution to become a member of CMFA; and WHEREAS, the CMFA has established the Bond Opportunities for Land Development Program (the “BOLD Program”) to allow the financing through the levy of special taxes under the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”) of certain public facilities and development impact fees that finance public facilities (together, the “Improvements”) to be owned by local agencies in the State; and WHEREAS, the BOLD Program creates an opportunity for developers to finance Improvements under the Act, without the necessity of the City creating and administering the community facilities district; and WHEREAS, the City desires to allow the owners of property being developed within its jurisdiction (“Participating Developers”) to participate in the BOLD Program and to allow the CMFA to conduct proceedings under the Act to form community facilities districts (“CFDs”) under the Act, to levy special taxes within such CFDs, and to issue bonds secured by such special taxes under the Act to finance Improvements, provided that such Participating Developers voluntarily agree to participate and consent to the levy of such special taxes and the issuance of such bonds; and WHEREAS, eligible property owners within the jurisdiction of the City may in the future elect to be Participating Developers, and the CMFA may conduct proceedings under the Act to form a CFD, levy special taxes within such CFD and issue bonds secured by such special taxes to finance Improvements; and WHEREAS, the City will not be responsible for the conduct of any proceedings under the Act for the formation of any CFD; the levy or collection of special taxes for any CFD or any required remedial action in the case of delinquencies in any special tax payments; or the issuance, sale or administration of any bonds issued in connection with the BOLD Program; and WHEREAS, pursuant to Government Code Section 6586.5, notice was published at least five days prior to the adoption of this resolution at a public hearing, which was duly conducted by this City Council concerning the significant public benefits of the BOLD Program and the financing of the Improvements; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hesperia:
Section 1. The use of the BOLD Program in connection with the financing of Improvements is hereby authorized and approved. The appropriate officials and staff are hereby authorized and directed to allow BOLD Program participation to be available to property owners who are subject to the payment of fees for new development and/or who are conditioned to install public improvements in connection with new development.
Section 2. The City Council hereby finds and declares that the issuance of bonds by the CMFA in connection with the BOLD Program will provide significant public benefits, including without limitation, savings in effective interest rate, bond preparation, bond underwriting and bond issuance costs and the more efficient delivery of local agency services to residential and commercial development within the City.
Section 3. The Assistant City Manager and the Director of Administrative Services (each, an “Authorized Officer”), acting together, are hereby authorized and directed to allow and approve BOLD Program participation available for property owners that are subject to the payment of fees for new development and/or that are conditioned to install public improvements in connection with new development, including signing developer applications or other documents which shall evidence the official intent of the City to reimburse itself in connection with each project from the proceeds of tax-exempt obligations issued by CMFA as part of the BOLD Program, and to advise such owners requesting participation in the BOLD Program that the City has approved the BOLD Program; provided, that the CMFA shall be responsible for providing applications and processing of documentation and related materials at its own expense.
Section 4. In connection with the issuance of bonds by the CMFA for the BOLD Program, acquisition agreements, joint community facilities agreements or similar agreements will be required to be entered into, and each Authorized Officer, or the designee of either of them is hereby delegated authority to enter into each such acquisition agreement, joint community facilities agreement, or similar agreement for and on behalf of the City, as determined necessary or desirable by the Authorized Officer executing the same. The City Council hereby finds and declares that entrance into such agreements shall be beneficial to the residents of the City.
Section 5. This Resolution shall take effect immediately upon its adoption. The City Clerk is hereby authorized and directed to transmit a certified copy of this resolution to the Secretary of the CMFA.
ADOPTED by the City Council of the City of Hesperia at a regular meeting of said City Council held on the 17th day of May, 2022, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
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Brigit Bennington, Mayor
ATTEST:
___________________________________
Melinda Sayre, City Clerk
Resolution No. 2022-24