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HomeMy WebLinkAbout16-025 - Resolutions - FINANCING AGREEMENTS ETIWANDA SCHOOL DISTRICT PINEHURST PUBLIC FACILITIES COMMUNITY FACILITIES RESOLUTION NO. 16-025 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, APPROVING FIRST AMENDED AND RESTATED JOINT COMMUNITY FACILITIES FINANCING AGREEMENTS PERTAINING TO THE ETIWANDA SCHOOL DISTRICT PINEHURST PUBLIC FACILITIES COMMUNITY FACILITIES DISTRICT NO. 2005-1 WHEREAS, the Etiwanda School District (the "School District"), previously formed Community Facilities District designated as the Pinehurst Public Facilities Community Facilities District No. 2005-1 (the "District") pursuant to the terms and provisions of the "Mello-Roos Community Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the "Act") for the purpose of providing for the financing of the acquisition or construction of certain public facilities to serve the development of approximately 150 acres of property located in the City on the north side of Wilson Avenue between Etiwanda Avenue and East Avenue (the "Original Project"); and, WHEREAS, included among the public facilities proposed to be financed by the District were certain public facilities which will be owned, operated and maintained by the City of Rancho Cucamonga (the "City"); and, WHEREAS, the Act provides that a community facilities district formed by the School District may finance the acquisition or construction of facilities to be owned or operated by the City only pursuant to a Joint Community Facilities Agreement adopted pursuant to Government Code Section 53316.2; and WHEREAS, the School District and the City previously entered into two separate Joint Community Facilities Agreements: a Joint Community Facilities Agreement by and among the City, the School District and Richland Tracy, Ltd., the developer of approximately 20 acres of the Project and a Joint Community Facilities Agreement by and among the City, the School District and Hill Country, S.A., Ltd., the developer of approximately 130 acres of the Project (the Joint Community Facilities Agreements may be referred to collectively as the "JCFAs"); and WHEREAS, Oakville is the owner of property abutting the boundary of the District, which is located within the City (the "Annexation Property") and WHEREAS, Oakville has requested the Board of Trustees of the School District (the "Board of Trustees") to conduct proceedings to annex the Annexation Property into the District pursuant to the provisions of the Mello-Roos Community Facilities Act of 1982, Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the California Government Code (the "Act") for the purpose of financing the design, construction and acquisition of the facilities to be owned by the School District, the City and certain other public agencies; and WHEREAS, the form of the First Amended and Restated has been presented to this City Council for its consideration; and WHEREAS, the Amended and Restated Statement of Goals and Policies for the Use of the Mello-Roos Community Facilities Act of 1982 adopted on August 17, 2005 (the "Goals and Policies") provide that the City will not enter into a Joint Community Facilities Agreement with Resolution No. 16-025 — Page 1 of 3 regard to a community facilities district proposed to be formed by a public agency other than the City unless (a) the proposed community facilities district complies with the provisions of the Goals and Policies under the headings "Equity of Special Tax Formulas and Maximum Special Taxes for CFDs," "Credit Quality Requirements for CFD Bond Issues," "Disclosure to Prospective Property Purchasers in CFDs" and such other provisions as the City Council may deem applicable to the proposed community facilities district and (b) the public facilities to be owned by such public agency will be financed by a larger share of the proceeds of the bonds issued for such community facilities district than the share of such proceeds of such bonds to be used to finance the public facilities to be owned by the City; and WHEREAS, the form of the First Amended JCFA expressly provides that (a) the School District shall be responsible for ensuring that the School Facilities (as defined in the First Amended JCFA) will be financed by a larger share of the proceeds of the bonds issued by or for the District than the share of such proceeds to be used to finance the facilities to be owned by the City and (b) and the rate and method of apportionment of the special taxes authorized to be levied by the District, the bonds issued by or for the District and the disclosure of the District to prospective purchasers of property within the District shall conform to the provisions of the Goals and Policies entitled "Equity of Special Tax Formulas and Maximum Special Taxes for CFDs," "Credit Quality Requirements for CFD Bond Issues" and "Disclosure to Prospective Property Purchasers in CFDs," respectively; and NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, DOES HEREBY RESOLVE, DECLARE, FIND, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. RECITALS. The above recitals are all true and correct. SECTION 2. DECLARATION. The City Council hereby declares that so long as the District conforms to the applicable provisions of the Goals and Policies, the First Amended JCFA will be beneficial to the residents of the City. SECTION 3. APPROVAL OF THE FIRST AMENDED JCFA. The form of the First Amended JCFA as presented to this City Council and on file with the City Clerk is hereby approved. The City Manager or such other official of the City as may be designated by the City Manager (an "Authorized Officer"), acting for and on behalf of the City, is hereby authorized and directed to execute and deliver the First Amended JCFA subject to such additions or changes therein as such Authorized Officer shall deem to be in the best interests of the District following consultation with and review by the City Attorney. Resolution No. 16-025 — Page 2 of 3 PASSED, APPROVED, AND ADOPTED this 2"d day of March 2016. AYES: Alexander, Kennedy, Spagnolo, Williams NOES: None ABSENT: Michael • ABSTAINED: None L. Dennis Michae a o ATTEST: JJa ni__ce C. Reynolds, City �/lerk I, JANICE C. REYNOLDS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved and adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting of said City Council held on the 2"d day of March 2016. Executed this 3`d day of March 2016, at Rancho Cucamonga, California. i041A4A, 64 ice C. Reynolds, City C rk Resolution No. 16-025 — Page 3 of 3