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HomeMy WebLinkAbout95-75 - Special Improvement District 95-1 - CIOSARESOLUTION NO. 95- 75 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH DETERMINING THE NECESSITY TO INCUR BONDED INDEBTEDNESS WITHIN THE CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT NO. 95 -1 (CIOSA) • WHEREAS, on May 8, 1995, the City Council adopted a resolution entitled "A Resolution of the City Council of the City of Newport Beach Declaring Intention to Establish a Special Improvement District and to Authorize the Levy of Special Taxes" (the 'Resolution of Intention ") stating its intention to form the City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) (the "District ") pursuant to the City of Newport Beach Special Improvement District Financing Code (the "Code "); WHEREAS, on May 8, 1995, the City Council also adopted a resolution entitled "A Resolution of the City Council of the City of Newport Beach Declaring Intention to Incur Bonded Indebtedness of the Proposed City of Newport Beach Special Improvement District No. 95 -1 (CIOSA)" (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 specified in the Resolution of Intention; WHEREAS, on this date, the City Council held a noticed public hearing as required by the Code relative to the determination to proceed with the formation of the District, the provision of facilities by the District and the rate and method of apportionment of the special tax to be levied within the District to pay for said public improvements, the principal and interest on the proposed indebtedness and the administrative costs of the City relative to the District; 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 (the "Facilities ") and the levy of the special tax on property within the District were heard and a full and fair hearing was held; • WHEREAS, subsequent to said hearing, the City Council adopted a resolution entitled "A Resolution of the City Council of the City of Newport Beach of Formation of the City of Newport - 1 - Beach Special Improvement District No. 95 -1 (CIOSA), Authorizing the Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations Limit for the District" (the 'Resolution of Formation "); WHEREAS, on this date, the City Council held a noticed public hearing as required by the • Code relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness; and WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have been filed with the City Clerk. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach as follows: Section 1. The foregoing recitals are true and correct. Section 2. The City Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $29,000,000 within the boundaries of the District. Section 3. The indebtedness is incurred for the purpose of financing the costs of the Facilities, as provided in the Resolution of Intention and 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 City in establishing and administering the District. Section 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 "A" to the Resolution of Formation. Section 5. The maximum amount of bonded indebtedness to be incurred is $29,000,000 and • the maximum term of the bonds to be issued shall in no event exceed 40 years. Section 6. The bonds shall bear interest at a rate or rates not to exceed the maximum interest M rate permitted by applicable law at the time of sale of the bonds, payable semiannually or in such other manner as the City Council or its designee shall determine, the actual rate or rates and times of payment of such interest to be determined by the City Council or its designee at the time or times of sale of said bonds. • Section 7. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors 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 709 of the Code. The time, place and conditions of said election shall be as specified by separate resolution of this City Council. Section 8. This Resolution shall take effect immediately upon its adoption. APPROVED and ADOPTED by the City Council of the City of Newport Beach on June 12, 1995. ATTEST: Wanda E. Raggio, City Clerk -3- John W. Hedges, Mayor STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss I, Wanda E. Raggio, City Clerk of the City of Newport Beach, California hereby certify that • the foregoing is a full, true and correct copy of a Resolution duly adopted at a regular meeting of the City Council of said City duly and regularly held at the regular meeting place thereof on June 12, 1995, of which meeting all of the members of said City Council had due notice and at which a majority thereof were present; and that at said meeting said Resolution was adopted by the following vote: AYES: COUNCIL MEMBERS: EDWARDS, WATT, DEBAY, HEDGES, COX, GLOVER, O'NEIL NOES: COUNCIL MEMBERS: NONE ABSENT: COUNCIL MEMBERS: NONE An agenda of said meeting was posted at least 72 hours before said meeting at 3300 Newport Boulevard, Newport Beach, California, a location freely accessible to members of the public, and a brief general description of said Resolution appeared on said agenda. I further certify that I have carefully compared the same with the original minutes of said meeting on file and of record in my office; that the foregoing Resolution is a full, true and correct copy of the original Resolution adopted at said meeting and entered in said minutes; and that said Resolution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. Dated: �5 , 1995 -4- Wanda E. Raggio, City 1 rk