WEST PATTERSON FINANCING AUTHORITY
RESOLUTION NO. 2022-71
A RESOLUTION OF INTENTION TO INCUR BONDED INDEBTEDNESS TO
FINANCE THE ACQUISITION AND CONSTRUCTION OF CERTAIN PUBLIC
FACILITIES IN AND FOR A COMMUNITY FACILITIES DISTRICT
WEST PATTERSON FINANCING AUTHORITY
Community Facilities District No. 2022-2
(Baldwin Ranch Infrastructure)
WHEREAS, the Board of Directors of the West Patterson Financing Authority (the “Board of Directors”) has this date adopted its Resolution of Intention to Form a Community Facilities District, and Levy a Special Tax (the “Resolution of Intention”), stating its intention to form the West Patterson Financing Authority Community Facilities District No. 2022-2 (Baldwin Ranch Infrastructure) (the “CFD”) pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311, of the California Government Code (the “Act”), for the purpose of financing certain public improvements (the “Facilities”), as further provided in that Resolution of Intention; and WHEREAS, the Board of Directors estimates the amount required for the financing of the costs of the Facilities to be the sum of not to exceed $17,500,000; and WHEREAS, in order to finance the costs of the Facilities it is necessary to incur bonded indebtedness in the amount of not to exceed $17,500,000 on behalf of the CFD.
NOW, THEREFORE, be it resolved by the Board of Directors of the West Patterson Financing Authority:
1. The Board of Directors declares and finds that in order to finance the acquisition and construction of public facilities described in the Board of Directors’s Resolution of Intention, captioned "A RESOLUTION OF INTENTION TO FORM A COMMUNITY FACILITIES DISTRICT
AND LEVY A TAX THEREIN TO FINANCE THE ACQUISITION AND CONSTRUCTION OF CERTAIN PUBLIC FACILITIES" it is necessary to incur a bonded indebtedness.
2. The purpose for which the proposed debt is to be incurred is to provide the funds necessary to pay for the cost of said Facilities.
3. The maximum amount of the proposed debt is $17,500,000. Indebtedness subject to this limit shall only include indebtedness evidenced by bonds or notes and shall not include bonds described in Section 53364.2(e) of the Act.
4. It is the intention of the Board of Directors that any such bonds issued shall be made callable in accordance with the terms of the Act and as more specifically to be set forth in any resolution authorizing issuance of the bonds, and shall be issued in such series and bear interest payable semi-annually or in such other manner as the Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof.
5. In the event any series of bonds issued under the authorization is refunded to produce savings meeting the requirement of Section 53362.5 of the Act, all or a portion of the savings achieved through the issuance of refunding bonds may be used to finance Facilities insofar as the savings component provides capacity for bonded indebtedness in excess of that being refunded, and such additional bonded indebtedness shall not reduce and may exceed the amount of bonded indebtedness authorized herein.
6. The Board of Directors hereby sets November 15, 2022, at 7:00 p.m., at the City of Patterson Council Chambers located at 1 Plaza, Patterson, California 95363, as the time and place for a hearing by the Board of Directors on the proposed bond issue. At that time and place any persons interested, including any persons owning property in the CFD, will be heard.
7. The Secretary is hereby directed to cause notice of said public hearing to be given by one-time publication in a newspaper of general circulation circulated within the CFD.
The publication of said notice shall be completed at least 7 days before the date herein set for said public hearing. Such notice shall be substantially in the form specified in Section 53346 of the Act, with the form summarizing the provisions hereof hereby specifically approved.
8. This Resolution shall take effect from and after its adoption. * * * * * *
PASSED AND ADOPTED by the Board of Directors of the West Patterson Financing Authority on the 4
th day of October, 2022, by the following roll call vote:
AYES:
NOES:
EXCUSED:
APPROVED:
___________________________________
Dennis McCord, Chair
ATTEST:
Aracely Alegre, Secretary
I hereby certify that the foregoing is a full, correct, and true copy of a resolution passed by the City Council of the City of Patterson, a Municipal Corporation of the County of Stanislaus, State of California, at a regular meeting held on the 4 th day of
October 2022, and I further certify that said resolution is in full force and effect and has never been rescinded or modified.
DATE:
_____________________________
City Clerk of the City of Patterson