HomeMy WebLinkAboutCity Council - 2000-36 RESOLUTION NO. 2000-36
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
DETERMINING THE NECESSITY FOR CITY OF HUNTINGTON BEACH
COMMUNITY FACILITIES DISTRICT NO. 2000-1 (GRAND COAST RE-
SORT) TO INCUR A BONDED INDEBTEDNESS IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $16,000,000 FOR
PROVIDING PUBLIC FACILITIES WITHIN AND FOR THE
COMMUNITY FACILITIES DISTRICT AND CALLING A
SPECIAL ELECTION FOR THE COMMUNITY
FACILITIES DISTRICT ON A PROPOSITION
FOR INCURRING SUCH BONDED
INDEBTEDNESS
WHEREAS, on January 18, 2000, the City Council (the "City Council") of the City of
HuntingtonBeach(the"City"),pursuant to the Mello-Roos Community Facilities Act of 1982,as amended,
Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the California
Government Code (the "Act"), adopted Resolution No. 2000-6 declaring the necessity for City of
Huntington Beach Community Facilities District No. 2000-1 (Grand Coast Resort) of the City of
Huntington Beach, County of Orange, State of California(the "Community Facilities District"),to incur a
bonded indebtedness for the purpose of providing public facilities which are necessary for the development
of the property therein,and scheduling a hearing thereon;and
WHEREAS,notice of the hearing was published and mailed as required by law, and on
April 17,2000, at the time and place of the hearing as set forth in Resolution No, 2000-6 and the notice
thereof, the City Council conducted the hearing and afforded all persons interested, including persons
owning property within the Community Facilities District, an opportunity to be heard on the proposed
authorization to incur bonded indebtedness, and no protests were received; and
WHEREAS,on April 17,2000,at the conclusion of the hearing,the City Council adopted
the resolution of formation pursuant to Section 53325.1(a)of the California Government Code,establishing
City of Huntington Beach Community Facilities District No.2000-1 (Grand Coast Resort)of the City of
Huntington Beach, County of Orange, State of California; and
WHEREAS, the City Council has determined that it is necessary for the Community
Facilities District to incur a bonded indebtedness for the purpose of providing public facilities which are
necessary to the development of the property therein;
NOW,THEREFORE, IT IS HEREBY RESOLVED by the City Council of the City of
Huntington Beach,the following:
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Section 1. Necessi . It is necessary for the Community Facilities District to incur a
bonded indebtedness in an aggregate principal amount not to exceed $16,000,000 for the purposes of
constructing and financing through the sale of bonds the construction,acquisition,furnishing and equipping
of public facilities which are necessary to meet increased demands placed upon the City as specified in
Resolution No. 2000-5,the resolution of intention for the Community Facilities District,which Proceeds
from the sale of the bonds of the Community Facilities District may be used to pay costs associated with
the acquisition,construction,furnishing and equipping of facilities to benefit the lands within the boundaries
of the proposed community facilities district.
Section 2. Payment of Bonded Indebtedness. Pursuant to Section 3 of Resolution No.
2000-6, all parcels of taxable property within the Community Facilities District shall be subject to the levy
of special taxes to pay the principal of and interest on the bonds thereof which may be issued and sold to
finance the design,construction and acquisition of public facilities which are of benefit to all such parcels.
Section 3. Amount of Debt; Terms of Bonds. The aggregate principal amount of the
bonded indebtedness to be incurred by the Community Facilities District shall not exceed$16,000,000.
The maximum term of the bonds shall not exceed 40 years. The maximum annual rate of interest to be paid
semiannually on the bonds shall not exceed 12 percent per annum or such other rate as may be the
maximum interest rate permitted by law.
Section 4. Proposition to be Submitted to Voters.
(a) The proposition to be submitted to the voters within the Community Facilities
District with respect to the proposed bonded indebtedness shall be as follows:
Shall a bonded indebtedness in an aggregate principal amount not to exceed $16,000,000 be
incurred by and for City of Huntington Beach Community Facilities District No. 2000-1 (Grand
Coast Resort), County of Orange, State of California, for a maximum term of not more than 40
years and with interest at a rate or rates not to exceed 12 percent per annum, or such other rate
as may be the maximum interest rate permitted by law, for the purpose of constructing and
financing through the sale of bonds the construction,acquisition,furnishing and equipping of public
facilities which are necessary to meet increased demands placed upon the City as a result of the
development of said real property,and paying costs incidental to the sale of bonds,the formation
of the Community Facilities District, and the design, construction, and acquisition of the public
facilities,including all costs and estimated costs of construction of the public facilities, acquisition
of land and rights-of-way, satisfaction of contractual obligations relating to expenses or the
advancement of funds for expenses existing at the time the bonds are issued, architectural,
engineering, inspection, legal, fiscal and financial consultant fees, bond and other reserve funds,
bond discount,interest on any bonds of the Community Facilities District estimated to be due and
payable within two years of the issuance of the bonds,election costs,and all costs of issuance of
the bonds, including, but not limited to, fees for bond counsel, costs of obtaining credit ratings,
bond insurance premiums,fees for letters of credit or other credit enhancement costs,and printing
costs?
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SectionA El ctions. The date of the special election with respect to the incurring of the
aforementioned bonded indebtedness, at which time the proposition set forth in Section 4 hereof shall be
submitted to the voters of the Community Facilities District is April 17,2000, and that special election is
hereby called for that date. The special election shall be consolidated with the special election with respect
to the propositions for(i)the levy of special taxes for the payment of the principal of and interest on the
bonds of the Community Facilities District,and(ii)establishing an appropriations limit for the Community
Facilities District which have also been called for April 17,2000. The consolidated special elections shall
be conducted by mail ballot pursuant to applicable provisions of the California Elections Code with respect
to mail-ballot elections of cities and specifically Division 4(commencing with Section 4000)of that Code,
insofar as they may be applicable. The official ballots are required to be received by the City Clerk by 7:00
o'clock p.m.on the said date of the election or immediately after the Resolution Calling the Special Election
is adopted. If all qualified electors have voted,the election shall be closed.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting
thereof held on the 17th day of April, 2000,
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney
REVIEWED AND APPROVED: INITIATED AND APPROVED
62-^tt A�fd C fio
City Adnifrustrator Director of Economic Development
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Res. No. 2000-36
STATE OF CALIFORNIA y
COUNTY OF ORANGE ] ss:
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, the duly elected, qualified City Clerk of
the City of Huntington Beach, and ex-officio Clerk of the City. Council of said
City, do hereby certify that the whole number of members of the City Council
of the City of Huntington Beach is seven; that the foregoing resolution was
passed and adopted by the affirmative vote of at least a majority of all the
members of said City Council at a regular meeting thereof held on the 17th
day of April, 2000 by the following vote:
AYES: Julien, Sullivan, Harman, Garofalo, Green, Dettloff, Bauer
NOES: None
ABSENT: None
ABSTAIN: None
�tI
City Clerk and ex-offic Clerk of the
City Council of the City of
Huntington Beach, California