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RESOLUTION NO. 2nn3_11
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
DETERMINING THE NECESSITY FOR CITY OF HUNTINGTON BEACH
COMMUNITY FACILITIES DISTRICT 2003-1 (HUNTINGTON CENTER) TO INCUR A
BONDED INDEBTEDNESS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $30,000,000 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 6, 2003, the City Council (the "City Council") of the City
of Huntington Beach (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.aot3-`1 declaring the necessity for City of Huntington Beach Community Facilities
District No. 2003-1 (Huntington Center) 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
Notice of the hearing was published and mailed as required by law, and on
February 3, 2003, at the time and place of the hearing as set forth in Resolution No.
.2oM_-_q 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
On February 3, 2003, 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. 2003-1
(Huntington Center) of the City of Huntington Beach, County of Orange, State of
California; and
The CityCouncil has determined that it is necessary for the Community Facilities
rY tY
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, the City Council of the City of Huntington Beach does
hereby resolve as follows:
Section 1. Necessi . It is necessary for the Community Facilities District to
incur a bonded indebtedness in an aggregate principal amount not to exceed
$30,000,000 for the purposes of constructing and financing through the sale of bonds
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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. 700-4_4 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. W, 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 $30,000,000. 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 per-
mitted 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 $30,000,000 be incurred by and for City of Huntington Beach
Community Facilities District No. 2003-1 (Huntington Center), 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,
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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?
Section 5. Elections. 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 February 3, 2003, 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
February 3, 2003. 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.
Section 6 . Accountability Measures. Pursuant to Section 53410 of the
California Government Code, if the voters approve the propositions contained in the
official ballots for the consolidated special elections with respect to the Community
Facilities District incurring bonded indebtedness for the purposes for which such
indebtedness is to be incurred and bonds of the Community Facilities District are to be
issued (the "Bond Propositions"), the incurring of such bonded-indebtedness and the
issuance of bonds of the Community Facilities District shall be subject to the following
accountability measures:
(a) The Bond Propositions shall identify the specific purposes for which
the bonds are to be issued;
(b) The proceeds of the bonds shall be applied only for the specific
purposes identified in the Bond Propositions;
(c) An account or accounts shall be created pursuant to the fiscal
agent agreement for such bonds into which the proceeds of the sale of such bonds if
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any, shall be deposited; and
(d) The chief financial officer of the City shall file a report with the City
Council no later than January 2 of the calendar year beginning after the year in which
the bonds are issued and annually thereafter, which shall contain the information
required by Section 53411 of the California Government Code.
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PASSED AND ADOPTED by the City Councii of the City of Huntington Beach at a
regular meeting thereof held on the 3rd day of February , 2003.
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Mayor
ATTEST: APPROVED AS TO FORM:
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City Clerk C Attorneyf Y l
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REVIEWED AND APPROVED: INITI TED AND APPROVED
�,Zee�- iw c W
City Ad nstrator Director of Economic Development
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Res. No. 2003-11
STATE OF CALIFORNIA
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 an regular meeting thereof held on the
3rd day of February 2003 by the following vote:
AYES: Sullivan, Coerper, Green, Boardman, Cook, Houchen, Hardy
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk and ex-off icio C rk of the
City Council of the City of
Huntington Beach, California