RESOLUTION NO._____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIALTO, CALIFORINIA, APPROVING AND ORDERING THE EXECUTION OF THAT CERTAIN DEPOSIT AND REIMBURSEMENT AGREEMENT WITH LENNAR HOMES OF CALIFORNIA, LLC AND MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH.
WHEREAS, Lennar Homes of California, Inc. (the “Developer”), the developer of certain real property located within the City of Rialto (the “Property”), has approached the City of Rialto (the “City”) to consider the modification of a City of Rialto Community Facilities District No. 2020-1 (El Rancho Verde) (“CFD”) pursuant to the Mello-Roos Community Facilities Act of 1982 (the “Act”); and WHEREAS, Section 53314.9 of the Act provides that, at any time either before or after the formation or modification of a CFD, the legislative body may accept advances of funds and may provide, by resolution, for the use of those funds for any authorized purpose, including but not limited to, paying any costs incurred by the City in creating or modifying a CFD; and WHEREAS, there has been filed with the City Clerk that certain Deposit and Reimbursement Agreement (the “Deposit and Reimbursement Agreement”), by and between the City and Developer; and WHEREAS, the Deposit and Reimbursement Agreement, the form of which is attached hereto as Exhibit “A” and by this reference incorporated herein, provides for the deposit with the City of certain funds to cover the City expenses in connection with the modification of the CFD comprising said property, and providing the means by which such deposit may be reimbursed to the Developer, such reimbursement to come from the proceeds from the sale of special tax bonds to be issued pursuant to the Act; and WHEREAS, the City Council finds that the approval and execution of the Deposit and Reimbursement Agreement is in the best interest of the City and provides the means by which such property development may occur without putting the general funds of the City at risk; and WHEREAS, the City Council desires to appoint certain consultants in connection with the formation of the CFD.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RIALTO DOES HEREBY FIND, DETERMINE, AND RESOLVE AS FOLLOWS:
Section 1. The foregoing recitals are determined to be true and correct and incorporated herein by this reference.
Section 2. That the Deposit and Reimbursement Agreement in the form on file with the City Clerk or attached hereto is hereby approved.
Section 3. That the Mayor, City Manager, or Finance Director of the City is hereby authorized and directed to execute the Deposit and Reimbursement Agreement for and on behalf of the City.
Section 4. The Mayor, City Manager or the Deputy City Manager of the City of Rialto is hereby instructed to receive the cash deposit heretofore made by the Developer to be used to pay the formation costs of the CFD and the proper costs related thereto. Upon receipt of bond proceeds, such funds advanced by the Developer shall be reimbursed to the Developer from bond proceeds pursuant to the Deposit and Reimbursement Agreement.
Section 5. The City Council hereby appoints the following consultants related to the proceedings: (a) Norton Rose Fulbright US LLP as bond counsel pursuant to its agreement with the City at its hourly rate for public finance, and (b) Webb Municipal Finance, LLC, Inc., as Special Tax Consultant, in accordance with a contract to be executed by the City Manager. \\\\
PASSED APPROVED AND ADOPTED this _____ day of ____________, 2022. _______________________________
Deborah Robertson, Mayor
ATTEST:
______________________________
BARBARA McGEE, City Clerk
APPROVED AS TO FORM:
______________________________
ERIC VAIL, City Attorney
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF RIALTO )
I, Barbara McGee, City Clerk of the City of Rialto, do hereby certify that the foregoing Resolution No.____ was duly passed and adopted at a regular meeting of the City Council of the City of Rialto held on the ____ day of ______________, 2022.
Upon motion of Council Member ____________, seconded by Council Member ____________, the foregoing Resolution No. ____ was duly passed and adopted.
Vote on the motion:
AYES:
NOES:
ABSENT:
IN WITNESS WHEREOF, I have hereunto set my hand and the Official Seal of the City of Rialto this _____ day of _________________, 2021. ____________________________________
BARBARA McGEE, CITY CLERK
EXHIBIT “A”
Form of the Deposit and Reimbursement Agreement
-3-
1234567891011121314151617181920212223242526272812345678910111213141516171819202122232425262728 1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28