Resolution No. 3821RESOLUTION NO. 3821
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CYPRESS DETERMINING THE NECESSITY TO
INCUR BONDED INDEBTEDNESS IN THE AMOUNT NOT
TO EXCEED $15,500,000 WITHIN THE COMMUNITY
FACILITIES DISTRICT NO. 1 (SORRENTO HOMES)
AND CALLING A SPECIAL ELECTION TO SUBMIT TO
THE QUALIFIED ELECTORS OF SUCH COMMUNITY
FACILITIES DISTRICT THE PROPOSITION OF
INCURRING SUCH BONDED INDEBTEDNESS
WHEREAS, the City Council (the "City Council ") of
the City of Cypress (the "City ") has heretofore on August 6,
1990, adopted Resolution No. 3800 stating its intention to
form a community facilities district under and pursuant to
the Mello -Roos Community Facilities Act of 1982, as amended
(the "Act ") being Chapter 2.5, Part 1, Division 2, Title 5
of the Government Code of the State of California, which
such community facilities district was designated as
"Community Facilities District No. 1 (Sorrento Homes) of the
City of Cypress" (the "Community Facilities District" or the
"District "); and
WHEREAS, on August 6, 1990, the City Council also
adopted Resolution No. 3801 stating its intention to
authorize the issuance and sale of bonds in an amount not to
exceed $15,500,000 to finance a all or a portion of certain
public facilities for the Community Facilities District,
such indebtedness to be secured by the levy of a special tax
within the Community Facilities District; and
WHEREAS, on August 23, 1990, notice was published
in the News Enterprise, Los Alamitos, California, a
newspaper of general circulation in the District as required
by Sections 53322 and 53346 of the Government Code relative
to the intention of the City to form the proposed Community
Facilities District and to incur bonded indebtedness in the
amount not to exceed $15,500,000 within the boundaries of
proposed Community Facilities District; and
WHEREAS, on September 10, 1990, this City Council
held a noticed public hearing as required by Sections 53325
and 53349 of the Government Code to determine whether it
should proceed with the formation of the Community
Facilities District, authorize the issuance of bonds to pay
for all or a portion of the facilities proposed in
Resolution No. 3800 and authorize the rate and method of
apportionment of a special tax to be levied within the
Community Facilities District for the purpose of paying for
the proposed facilities required within the District,
creating or replenishing any necessary reserve funds, paying
the annual costs associated with the bonds proposed to be
issued to finance all or a portion of the proposed
facilities, including, but not limited to, the principal and
interest on the bonds, and paying any incidental expenses of
the District as set forth in the Act and Resolution Nos.
3800 and 3801; and
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WHEREAS, at said hearing all persons desiring to be
heard on all matters pertaining to the formation of the
Community Facilities District, the levy of a special tax,
the establishment of an appropriations limit for the
District and the authorization of the issuance of bonds to
pay for all or a portion of the facilities proposed in
Resolution No. 3800 were heard and a full and fair hearing
was held; and
WHEREAS, the City Council subsequent to such
hearing adopted Resolution No. 3820 (the "Resolution of
Formation ") establishing the Community Facilities District
and authorizing the financing of the public facilities and
improvements described therein (the "Facilities ") and
establishing an appropriations limit for the Community
Facilities District; and
WHEREAS, the City desires to make the necessary
findings to incur bonded indebtedness within the District,
to declare the purpose for said debt, and to authorize the
submittal of a combined proposition to the voters of the
District, being the landowners of the proposed District, all
as authorized and required by law;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF CYPRESS, AS
FOLLOWS:
SECTION 1. The above recitals are true and
correct.
SECTION 2. The City Council hereby declares and
deems that the public convenience and necessity require and
it is necessary to incur bonded indebtedness in an aggregate
principal amount not to exceed $15,500,000 for the issuance
and sale of bonds within the Community Facilities District
for the purpose of financing all or a portion of the
Facilities as more particularly described set forth in that
certain Report filed with the City Council for the Community
Facilities District.
SECTION 3. The purpose of the proposed bonded
indebtedness is generally described as follows:
The funding, financing, construction,
rehabilitation, installation and
acquisition of certain public facilities
and appurtenances including streets and
highways, drainage facilities, sewer
facilities, traffic and safety lighting
facilities, parkway landscaping
improvements and school facilities,
together with appurtenances and
appurtenant work, including equipment,
real property and other tangible
property.
SECTION 4. Except for property exempted from
taxation in the Rate and Method of Apportionment of Special
Tax attached to the Resolution of Formation as Exhibit "B ",
the whole of the property within the Community Facilities
District shall pay for the bonded indebtedness pursuant to
the levy of the special tax authorized by the Resolution of
Formation.
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SECTION 5. The maximum term of the bonds or any
series thereof to be issued shall in no event exceed twenty -
five (25) years.
SECTION 6. The bonds or any series thereof shall
bear interest at a rate or rates not to exceed the greater
of nine percent (9 %) per annum, payable semiannually, with
the actual rate or rates and times of payment to be
determined at the time or times of sale thereof.
SECTION 7. The bonds issued by the Community
Facilities District may bear a variable interest rate, with
interest payable semiannually provided that such variable
rate shall not exceed the maximum rate permitted by Section
53531 of the Government Code, or any other applicable
provision of law limiting the maximum interest rate on the
bonds. To the extent permitted by law, an amount equal to
the interim variable interest rate which from time to time
may exceed the maximum interest rate permitted by law may be
added to the principal amount due under the bonds.
SECTION 8. Pursuant to Section 53351 of the
Government Code, a special election is hereby called for the
Community Facilities District on the proposition of
incurring the bonded indebtedness. The proposed
propositions relative to incurring bonded indebtedness in
the aggregate principal amount of not to exceed $15,500,000
and authorizing the levy of the special tax within the
Community Facilities District shall be combined into one
ballot proposition for the District pursuant to Section
53353.5 of the Government Code. The form of the combined
proposition is attached to the Resolution of Formation as
Exhibit "C" and incorporated by reference herein.
SECTION 9. The special election for the
Community Facilities District on the propositions of
incurring the bonded indebtedness and authorizing the levy
of the special tax shall be September 10, 1990, subject to
receipt by the City Clerk of the unanimous consent of the
landowners of the District to a waiver of the time limits
for setting the election and a waiver of any written
analysis, arguments or rebuttals as set forth in Sections
53326 and 53327 of the Government Code. If such waiver and
concurrence is not received on or prior to Septemebr 10,
1990, the election shall be rescheduled to the earliest
possible date on which the landowners and the City Clerk as
election official mutually agree.
SECTION 10. It is hereby found that fewer than 12
registered voters have resided within the territory of the
proposed Community Facilities District for each of the 90
days prior to the opening of the September 10, 1990 public
hearing regarding the formation of the District and issuance
of bonds and, pursuant to Section 53326 of the Government
Code, the ballots for the special election shall be
distributed by personal service, or by mail, with return
postage prepaid, by the City Clerk as election official to
the landowners of record within the Community Facilities
District as of the close of the protest hearing. Each
landowner shall have one vote for each acre or portion
thereof that he or she owns within the Community Facilities
District, as provided in Section 53326 of the Government
Code and may return the ballot by mail or in person to the
CYP1 -RES9
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City Clerk as election official not later than 11:59 p.m. on
September 10, 1990, or 5:00 p.m. on another election day
mutually agreed to by the City Clerk as election official
and the landowners. In accordance with Sections 53326(d)
and 53351(j) of the Government Code, the election shall be
closed and the results certified by the City Clerk as
election official as soon as all qualified electors have
voted.
SECTION 11. The Community Facilities District
shall constitute a single election precinct for the purpose
of holding the election.
SECTION la. The City Clerk shall certify the
adoption of this Resolution.
PASSED AND ADOPTED by the City Council of the City
of Cypress at a regular meeting held on the 10th day of
September, 1990.
MAYOR OF THE
ATTEST:
CITY CLERK OF THE CI OF CYPRESS
STATE OF CALIFORNIA
) ss
COUNTY OF ORANGE
CA Q (Mayor Pro Tem)
TY OF CYPRESS
I, DARRELL ESSEX, City Clerk of the City of
Cypress, DO HEREBY CERTIFY that the foregoing Resolution was
duly adopted at a regular meeting of the said City Council
held on the 10th day of September, 1990, by the following
roll call vote:
AYES:
NOES:
ABSENT:
ABSTAINED:
CYP1 -RES9
3 COUNCIL MEMBERS: Arnold, Bowman and Kerry
1 COUNCIL MEMBERS: Kanel
1 COUNCIL MEMBERS: Age
0 COUNCIL MEMBERS: None
1
CI'T CLERK OF THE' CITY OF CYPRESS
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