WEST PATTERSON FINANCING AUTHORITY
RESOLUTION NO. 2022-03
RESOLUTION DETERMINING NECESSITY TO INCUR BONDED INDEBTEDNESS
WEST PATTERSON FINANCING AUTHORITY
Community Facilities District No. 2022-2
(Baldwin Ranch Infrastructure)
RESOLVED, by the Board of Directors (the “Board of Directors”) of the West Patterson Financing Authority (the “Authority”), Stanislaus County, State of California, that:
WHEREAS, on October 4, 2022, pursuant to the Mello-Roos Community Facilities Act of 1982, Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the “Act”), this Board of Directors adopted its Resolution No. 2022-70 entitled “A Resolution of Intention to Establish a Community Facilities District” (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”); and a resolution entitled “Resolution of Intention to Incur Indebtedness for a Community Facilities District” (the "Resolution of Intention to Incur Indebtedness") stating its intention to form to incur indebtedness for the CFD;
WHEREAS, this Board of Directors has held a noticed public hearing as required by the Act about the determination to proceed with the formation of the CFD, the provision of certain public facilities by the CFD and the rate and method of apportionment of the special tax to be levied within the CFD to pay the cost of the facilities, the principal and interest on the proposed bonded indebtedness in the CFD and the administrative costs of the Authority relative to the CFD;
WHEREAS, subsequent to the public hearing, this Board of Directors adopted a resolution entitled “Resolution of Formation of Community Facilities District” (the “Resolution of Formation”);
WHEREAS, this Board of Directors has also held a noticed public hearing as required by the Act relative to the matters material to the questions set forth in the Resolution of Intention and Resolution of Intention to Incur Indebtedness; and
WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have been filed with the Authority Clerk.
NOW THEREFORE BE IT RESOLVED as follows:
1. Recitals. The foregoing recitals are true and correct.
2. Necessity. In order to finance the costs of 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 Authority in establishing and administering the CFD, it is necessary for the Authority to incur bonded indebtedness on behalf of the CFD in an amount not to exceed $17,500,000 (the “Bonded Indebtedness Limit”).
2 3. Entire CFD Liable. The whole of the CFD shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit “B” to the Resolution of Formation.
4. Bonds and Other Debt. Bonds in the maximum amount of $17,500,000 are hereby authorized subject to voter approval. The bonded indebtedness subject to this limit shall not include bonds described in Section 53364.2(e) of the Act. The bonds may be issued in such series and may mature and bear interest at such rate or rates, payable semiannually or in such other manner, all as this Board or its designee shall determine, at the time or times of sale of such bonds; provided, however, that the interest rate or rates shall not exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds and the bonds or any series thereof shall have a maximum term of not to exceed 40 years. It is the intention of this Board that any bonds issued may be made callable on terms to be specified in any resolution providing for the form, execution and issuance of bonds, in accordance with the terms of the Act. The maximum rate of interest shall be determined by competitive sale or by negotiation at the time of bond sale, but in any case shall not exceed the legal rate as specified, from time to time, by Government Code Section 53531 or any similar controlling provision of law.
5. 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 resolution of this Board. The Secretary is hereby designated as the official to conduct the special, mailedballot election pursuant to the Act. The special CFD election shall be conducted by mailed ballot. In order to be counted, ballots must be returned to, and be physically received by, the Secretary before the end of the public hearing on formation of the CFD. If all authorized ballots are received by the Secretary prior to that time, the Secretary shall, pursuant to Government Code section 53326(d), immediately close the election and declare the results. 3 6. Effective Date. This Resolution shall take effect upon its adoption. * * * * * * * *
PASSED AND ADOPTED by the Board of Directors of the West Patterson Financing Authority on the 15th day of November 2022, by the following roll call vote:
AYES:
NOES:
ABSENT:
EXCUSED:
___________________________________
Dennis McCord, Chair
ATTEST:
Aracely Alegre, Secretary