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HomeMy WebLinkAbout95-81 - Special Election ResultsRESOLUTION NO. 95 -81 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH DECLARING RESULTS OF SPECIAL • ELECTION AND DIRECTING RECORDING OF NOTICE OF SPECIAL TAX LIEN WHEREAS, in proceedings heretofore conducted by the City Council pursuant to the City of Newport Beach Special Improvement District Financing Code (the "Code "), the City Council, on June 12, 1995, adopted a resolution entitled "A Resolution of the City Council of the City of Newport Beach Calling Special Election for the City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) ", calling for a special election of the qualified electors within the City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) (the "District "); WHEREAS, the City Council and the qualified electors have, prior to formation of the District: A. Cooperated in the creation of the District which would thereby authorize the City Council to levy a special tax to pay for bonds issued to fund CIOSA Improvements; B. Agreed that the proceeds of bonds issued pursuant to the Financing District shall, to the extent of the funds derived, satisfy the obligation to advance funds pursuant to the Circulation Improvement and Open Space Agreement; C. Agreed to prepare a written Protocol Agreement which would establish a schedule for the issuance of bonds that will, to the extent possible and consistent with the City's need to obtain funds to construct circulation improvements, ensure that a special tax is levied only on developed properties. - 1 - • • WHEREAS, pursuant to the terms of said Resolution, which are by this reference incorporated herein, said special election was held on this date, and the City Clerk has on file a Canvass and Statement of Results of Election, a copy of which is attached hereto as Exhibit "A "; and WHEREAS, this City Council has reviewed and hereby approves said canvass. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach as follows: Section 1. The issues presented at said special election were the incurring of a bonded indebtedness in the maximum aggregate principal amount of $29,000,000, the levy of a special tax within the District to be levied in accordance with the rate and method of apportionment heretofore approved by the City Council by its Resolution, adopted June 12, 1995, entitled "A Resolution of the City Council of the City of Newport Beach of Formation of the City of Newport Beach Special Improvement District No. 95 -1 (CIOSA), Authorizing Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations Limit for the District", and the approval of an annual appropriations limit of not to exceed $29,000,000 pursuant to said Resolution. Section 2. Pursuant to said Canvass on file with the City Clerk, the issues presented at said special election were approved by the qualified electors of the District by more than two - thirds of the votes cast at said special election. Section 3. Pursuant to said voter approval, the District is hereby declared to be fully formed with the authority to incur bonded indebtedness and to levy special taxes as heretofore provided in these proceedings and in the Code. Section 4. It is hereby found that all prior proceedings and actions taken by the City Council with respect to the District were valid and in conformity with the Code. -2- Section 5. The City Clerk is hereby directed to execute and cause to be recorded in the office of the County Recorder of the County of Orange a notice of special tax lien in the form required by the Code, said recording to occur no later than fifteen days following adoption by the City Council of this Resolution. • Section 6. This Resolution shall take effect immediately upon its adoption. BE IT FURTHER RESOLVED by the City Council of the City of Newport Beach as follows: ADOPTED, this 26thday of June, 1995. MAYOR ATTEST: Az" e CITY CLERK c6/resoVTaxi'ren.as � \v`�* =l< ..i: FOR'!r�s - 1 - EXHIBIT A CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTIUCT No. 95 -1 (CIOSA) CANVASS AND STATEMENT OF RESULTS OF ELECTION • I hereby certify that on June 26, 1995, I canvassed the returns of the election held on June 26, 1995, in the City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) and the total number of ballots cast in said District and the total number of votes cast for and against the measure are as follows and the totals as shown for and against the measure are full, true and correct: City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) Special Tax Election, June 26, 1995. Qualified Landowner Votes Votes Cast YES NO 121 BALLOTMEASURE: Shall the City of Newport Beach incur an indebtedness and issue bonds in the maximum aggregate principal amount of $29,000,000, with interest at a rate or rates not to exceed the maximum interest rate permitted by law at the time of sale of such bonds on behalf of City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) (the "District"), the proceeds of which will be used to finance certain public improvements; shall a special tax payable solely from lands within the District be levied annually upon lands within the District to pay for said public improvements, the principal and interest upon such bonds and the costs of the City in administering the District, and shall the annual appropriations limit of the District be established in the amount of $29,000,000? 1995. • IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY HAND this 26th day of June, A- 2 By: Wanda E. Raggio, City Clerk