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HomeMy WebLinkAbout129-8814015 -03 / \, JHHW:SRC:ce 12/02/88 RESOLUTION NO. 129-88 A RESOLUTION DETERMINING THE NECESSITY TO INCUR BONDED INDEBTEDNESS WITHIN COMMUNITY FACILITIES DISTRICT AND SUBMITTING PROPOSITION TO THE QUALIFIED ELECTORS OF THE DISTRICT TOWN OF DANVILLE Community Facilities District No. 1988 -1 (Park Bonds and Services) S6825 RESOLVED, by the Town Council (the "Council ") of the Town of Danville (the "Town "), County of Contra Costa, California, that: WHEREAS, on October 24, 1988, the Council adopted Resolution No. 115 -88, entitled "A Resolution of Intention to Establish a Community Facilities District and to Authorize the Levy of a Special Tax Pursuant to the Mello -Roos Act of 1982 - Community Facilities District No. 1988 -1 (Park Bonds and Services)" (the "Resolution of Intention ") stating its intention to form Community Facilities District No. 1988 -1 (Park Bonds and Services) (the "District "), of the Town pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, (the "Act "); and WHEREAS, on October 24, 1988, the Council also adopted Resolution No. 116 -88, entitled "A Resolution of Intention to Incur Bonded Indebtedness Pursuant to the Mello- Roos Community Facilities Act of 1982 - Community Facilities District No. 1988 -1 (Park Bonds and Services)" (the "Resolution of Intention to Incur Indebtedness ") stating its intention to incur bonded indebtedness within the boundaries of the District for the purpose of financing the costs of certain facilities and services specified in the Resolution of Intention; and WHEREAS, on this date, the Council held a noticed public hearing as required by the Act relative to the determination to proceed with the formation of the District, the provision of said facilities and services specified in the Resolution of Intention and the rate and method of apportionment of the special tax to be levied within the District to pay the principal and interest on the proposed indebtedness, the annual costs to the Council of providing said services and the administrative costs of the Council relative to the District; and WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the formation of the District, the provision of said facilities and services and the levy of the special tax on property within the District were heard and a full and fair hearing was held; and WHEREAS, subsequent to said hearing, the Council adopted Resolution No. 128- 88, entitled "A Resolution of Formation Of Community Facilities District, Authorizing The Levy Of A Special Tax Within The District, Preliminarily Establishing An Appropriations Limit For The District And Submitting Levy Of The Special Tax To The Qualified Electors Of The District - Community Facilities District No. 1988 -1 Park Bonds and Services)" (the "Resolution of Formation ") which described the facilities and services to be financed as shown in Exhibit "A" to the Resolution of Formation (the "Facilities" and "Services "); and WHEREAS, on this date, the Council held a noticed public hearing as required by the Act relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness and said hearing was formally closed; and WHEREAS, written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have not been filed with the Town Clerk by a majority of the registered voters nor by owners of a majority of the area of land within the District as of the closing of said hearing. NOW, THEREFORE, IT IS HEREBY ORDERED as follows: 1. The foregoing recitals are true and correct. 2. It is necessary to incur bonded indebtedness in the maximum aggregate principal amount of $10,000,000 within the boundaries of the District. 3. The indebtedness is incurred for the purpose of financing the costs of the Facilities, as provided in the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds to finance the Facilities and the costs of the Council in administering the District. 4. The whole of the District shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit "B" to the Resolution of Formation. 5. The maximum amount of bonded indebtedness to be incurred is $10,000,000 and the maximum term of the bonds to be issued shall in no event exceed forty (40) years. 6. The bonds shall bear interest at rate or rates not to exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds, payable semiannually or in such other manner as the Council shall determine, the actual rate or rates and times of payment of such interest to be determined by the Council at the time or times of sale of said bonds. 7. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the voters of the District and shall be consolidated with elections on the proposition of levying special taxes within the District and the establishment of an appropriations limit for the District pursuant to Section 53353.5 of the Act. The time, place and conditions of the conduct of said election shall be as specified by separate resolution of the Council. * * * * * * * * * * ** -2- 1 %, ADOPTED by the Town Council of the Town of Danville at a regular meeting held on November 30 , 1988, by the following vote: AYES: Councilmembers: GREENBERG, JAGGER, LANE, RITCHEY, SCHLENDORF NOES: NONE ABSENT: NONE W, /I (� Mayor own Clerk APPROVED AS TO FORM: Mark Doane, Town Attorney —3—