Resolution no.
STOCKTON CITY COUNCIL
A RESOLUTION AUTHORIZING EXECUTION OF A JOINT COMMUNITY FACILITIES AGREEMENT WITH THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY RELATED TO THE LIGURIAN VILLAGE PROJECT 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”), including the City of Stockton (the “City”); and The CMFA has established the Bond Opportunities for Land Development Program (the “BOLD Program”) to allow the financing through the levy of special taxes under the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”) of certain public facilities, development impact fees and/or mitigation payments that finance public facilities to be owned by local agencies in the State; and The BOLD Program creates an opportunity for new developments to utilize Mello-Roos financing of improvements to be constructed and/or acquired by the City without the necessity of the City creating and administering the community facilities district; and LGI Homes plans to construct 236 single-family detached residential units as part of its “Ligurian Village” development project (the “Project”), which is located within San Joaquin County, but will receive sewer service from the City, requiring the payment of development impact fees paying for sewer facilities and/or construction of sewer facilities, in each case, to be owned and operated by the City; and As part of its BOLD Program, the CMFA intends to conduct proceedings under the Act to form a community facilities district (the “CFD”) to finance certain public facilities and development impact fees used for capital improvements authorized to be financed under the Act for the Project; and The City is willing to cooperate with CMFA in accomplishing the financing of the City fees and/or City improvements eligible to be financed by the Act, and to confer upon the CMFA full power to provide financing for the City fees and/or City improvements in the event that proceeds of special taxes and/or bonds in the CFD become available and are utilized for such purpose; and The City will not be responsible for the conduct of any proceedings under the Act for the formation of the CFD, the levy or collection of special taxes for the 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; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:
1. The use of the BOLD Program in connection with the financing of the City fees and City improvements related to the Project is hereby authorized and approved.
2. The City Council 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 limitation, 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.
3. The City Manager, Chief Financial Officer or any of their designees (each, an “Authorized Officer”) is hereby authorized and directed to enter into the Joint Community Facilities Agreement with CMFA (Exhibit 1, attached and incorporated by reference), substantially in the form approved by this Resolution. In accordance with section 53316.2 of the Act, the City Council hereby finds and declares that entrance into each such agreement will be beneficial to residents of the City.
4. The City Manager is hereby authorized to take whatever actions are necessary and appropriate to carry out the purpose and intent of this Resolution.
PASSED, APPROVED, and ADOPTED August 20, 2024 .
KEVIN J. LINCOLN II
Mayor of the City of Stockton
ATTEST:
KATHERINE ROLAND, CMC, CPMC
Interim City Clerk of the City of Stockton