DATE:
July 18, 2023
TO:
Mayor and Council Members
Chair and Board Members, Hesperia Water District
FROM:
Rachel Molina, City Manager
BY:
Casey Brooksher, Assistant City Manager
Nathan Freeman, Director of Development Services
SUBJECT:
Bond Opportunities for Land Development (BOLD) Update
RECOMMENDED ACTION
It is recommended that the City Council and Board of Directors of the Hesperia Water District (HWD) approve Joint Resolution No. 2023-45 and HWD Resolution No. 2023-16 updating Authorized Officers of the Bond Opportunities for Land Development (BOLD) Program.
BACKGROUND
The “BOLD” program (acronym for Bond Opportunities for Land Development) is a program offered by the California Municipal Finance Authority (“CMFA”) to provide its members a means to accommodate community facilities district (“CFD”) formation and bonding within their jurisdiction. By participating in the program, formation of the CFD, administration and bonding is handled by CMFA and the City’s involvement can be minimized.
During the May 17, 2022 meeting, the City Council approved Resolution 2022-24 which identified the Assistant City Manager and Director of Administrative Services as Authorized Officers to approve BOLD program applicant participation. The resolution specifically stated that both Authorized Officers must sign and approve the BOLD Application.
ISSUES/ANALYSIS
With the approval of both the Fiscal Year (FY) 2022-23 Mid-Year Report and the FY 2023-24 Budget, the City experienced a reorganization, where the Director of Administrative Services position became the Assistant City Manager and a new Director of Development Services position was added. As indicated, in Resolution 2022-24, the Director of Administrative Services does not exist to provide one of two needed signatures for the BOLD program approval. The updated resolution is to remove the Director of Administrative Services and add the Director of Development Services.
FISCAL IMPACT
There is no fiscal impact to update the BOLD program approvals. Additionally, the City is not liable to repay the bonds issued by CMFA or the special taxes imposed on the participating properties within any CFD formed through the BOLD Program, and the City has no contractual relationship with bond owners or the bond trustee.
ALTERNATIVE(S)
Provide alternative direction to staff.
ATTACHMENT(S)
Joint Resolution No. 2023-45 and HWD No. 2023-16 Authorizing Use of the Bond Opportunities For Land Development (BOLD) Program Page PAGE 2 of NUMPAGES 2
Staff Report to the Mayor, Council Members and Board Members Bond Opportunities for Land Development (BOLD) Update
July 18, 2023
City of Hesperia
STAFF REPORT