Attachment A
RESOLUTION NO.
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MARIA, CALIFORNIA
AUTHORIZING THE USE OF THE BOND OPPORTUNITIES FOR LAND
DEVELOPMENT (BOLD) PROGRAM AND AUTHORIZING THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY TO ACCEPT
APPLICATIONS FROM PROPERTY OWNERS, CONDUCT
PROCEEDINGS AND LEVY SPECIAL TAXES WITHIN THE CITY OF
SANTA MARIA 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, City of Santa Maria (the “City”) is currently a member of CMFA in good standing; and
WHEREAS, the CMFA has established the Bond Opportunities for Land Development Program (the “BOLD Program”) to allow the financing of certain public facilities and/or certain development impact fees that finance public facilities (together, the “Improvements”) levied by local agencies in the State through the levy of special taxes under the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”); and
WHEREAS, the CMFA from time to time may be requested by owners of land within the City to utilize the BOLD Program for the financing of Improvements related to new development within the City, which Improvements will be financed for acquisition by the City or to finance impact fees payable to the City in connection with new development; and
WHEREAS, the City desires to allow the owners of property within the City to participate in the BOLD Program (“Participating Developers”) and to allow the CMFA to conduct proceedings under the Act to form community facilities districts (“CFDs”) from time to time under the Act, to levy special taxes within such CFDs, and to issue bonds secured by such special taxes under the Act to finance the Improvements, p rovided that such Participating Developers vote in favor of the levy of such special taxes and bonded indebtedness; and
WHEREAS, property owners within the jurisdiction of the City may in the future elect to be Participating Developers upon obtaining approval of the CMFA, and the CMFA may conduct proceedings under the Act to form CFD s, levy special taxes within such CFDs 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, the City finds that the BOLD program offered by the CMFA can provide significant public benefits, and in conformance with Government Code Section 6586.5 relating to the issuance of bonds by a joint powers authority of which the City is a member, 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 bond financing of the Improvements from time to time; and
WHEREAS, bonds of BOLD Program CFDs are issued through CMFA, with no involvement of the City needed other than approving the use of the program and, prior to actual issuance of bonds, entering into an agreement to acquire the public facilitie s or fees to be paid for with the bond proceeds , and CMFA authorizes and issues the bonds in their name and awards their sale to the bond underwriter per the underwriter’s credit requirements; and
WHEREAS, CMFA’s financing team provides the bond documenta tion and the Official Statement for the bonds through its bond counsel; and
WHEREAS, by authorizing use of the BOLD Program in the City, the City will not be liable to repay the bonds issued by CMFA or the special taxes imposed on the participating properties and would have no contractual relationship with bond owners or the bond trustee; and
WHEREAS, upon issuance of the bonds, proceeds are a funding source for direct payment of impact fees or to otherwise reimburse developer costs for public facilities associated with new development ; once the bond issuance occurs, bond proceeds are available to be disbursed pursuant to a joint community facilities agreement and/or acquisition agreement between CMFA and the City for each project, the form of which is subject to approval by City staff, and the bond proceeds are held by a bond trustee or fiscal agent and become available to a Participating Developer as directed by the City for use on public capital improvements benefitting the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA MARIA, AS FOLLOWS:
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.
Attachment A
SECTION 2. The City 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 li mitation, 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. In connection with the issuance of bonds from time to time by the CMFA for the BOLD Program, a form of acquisition agreement, joint community facilities agreement or similar agreement will be required to be entered into, and the form of such agreement will be subject to approva l by the City Manager , Director of Community Development or their respective designees. The City Council finds and declares that entrance into each such agreement will constitute a “joint community facilities agreement” for purposes of the Act and shall be beneficial to residents of the City. Any such agreement may include, directly or by reference, City standards, policies and procedures applicable to the financing of public facilities constructed by developers for acquisition by the City.
SECTION 4. The appropriate officials and staff of the City are hereby authorized and directed to allow and approve BOLD Program participation by requesting property owners that are required to install public improvements and/or the payment of fees in connection with new development in the City, including signing developer applications or other documents evidencing 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 BOLD 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 5. This Resolution shall take effect immediately upon its adoption. The Chief Deputy City Clerk is hereby authorized and directed to transmit a certified copy of this resolution to the Secretary of CMFA.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Santa Maria held on this 16th day of September 2025.
Mayor
ATTEST:
Chief Deputy City Clerk
APPROVED AS TO FORM:
City Attorney
APPROVED AS TO CONTENT:
Department Director
City Manager