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HomeMy WebLinkAboutRESOLUTIONS - 11102004 - 2004-505 RESOLUTION NO. , A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA DECLARING ITS INTENTION TO INCUR BONDED INDEBTEDNESS OF THE PROPOSED COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT NO. 2004-1 (DELTA COVES) WHEREAS, this Board of Supervisors has this date adopted its Resolution entitled "A Resolution of the Board of Supervisors of the County of Centra Costa declaring Its Intention to Establish a Community Facilities District and To Authorize the Levy of Special Taxes Therein — Delta. Coves,,, stating its intention to form a community facilities district pursuant to the Mello- Roos Community Facilities Act of 1982 (the "Law"), for the purpose of financing a portion of the costs of certain public improvements (the "Facilities"), as further provided in said Resolution; and WHEREAS, this Board of Supervisors estimates the amount required for the financing of the portion of costs of the Facilities to be funded by the District (as defined below) to be not in excess of$20,000,000; and WHEREAS, in order to finance said portion of the costs of the Facilities, it is necessary to incur bonded indebtedness in the amount of not to exceed $30 million. NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa as follows: Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed County of Contra Costa Community Facilities District No. 2004-1 (Delta Coves) (the „District") in the amount of not to exceed $30 million to finance a portion of the costs of the Facilities. Section 2. The bonded indebtedness is proposed to be incurred for the purpose of financing a portion of the costs of the Facilities, including costs incidental to or connected with the accomplishment of said purposes and of the financing thereof. Section 3. This Board of Supervisors, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of$30 million, bearing interest payable semi-annually or in such other manner as this Board of Supervisors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed forty (40) years from the date of the issuance of said bonds. Section 4. Tuesday, November 2, 2004, at 9:30 a.m. or as soon thereafter as the matter may be heard, in the regular meeting place of this Board of Supervisors, Board of Supervisors Chambers, 651 Pine Street, Martinez, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Supervisors, as legislative body for the district, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the County for the district. EXHIBIT A COUNTY OF CONTRA COSTA COMMUNITY FACILITIES DISTRICT NO. 2004-1 (DELTA COVES) NOTICE OF PUBLIC HEARING Notice is hereby given that on (;F-PT.- 28_-_- , 2004, the Board of Supervisors of the County of Contra Costa adopted a Resolution entitled "A Resolution of the Board of Supervisors of the County of Contra Costa Declaring Its Intention To Incur Bonded Indebtedness of the Proposed County of Contra Costa Community Facilities District No. 2004-1 (Delta Coves)." Pursuant to the Mello-Roos Community Facilities Act of 1982, the Board of Supervisors of the County hereby gives notice as follows: A. The text of said Resolution is as follows: WHEREAS, this Board of Supervisors has this date adapted its Resolution entitled "A Resolution of the Board of Supervisors of the County of Contra Costa Declaring Its Intention to Establish a Community Facilities District and To Authorize the Levy of Special Taxes Therein — Delta Caves," stating its intention to form a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Law"), for the purpose of financing a portion of the costs of certain public improvements (the "Facilities"), as further provided in said Resolution; and WHEREAS, this Board of Supervisors estimates the amount required for the financing of the portion of costs of the Facilities to be funded by the District (as defined below)to be not in excess of$20,000,000; and WHEREAS, in order to finance said portion of the costs of the Facilities, it is necessary to incur bonded indebtedness in the amount of not to exceed $30 million. NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa as follows: Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed County of Contra Costa Community Facilities District No. 2004-1 (Delta Coves) (the "District") in the amount of not to exceed $30 million to finance a portion of the costs of the Facilities. Section 2. The bonded indebtedness is proposed to be incurred for the purpose of financing a portion of the costs of the Facilities, including costs incidental to or connected with the accomplishment of said purposes and of the financing thereof. Section 3. This Lard of Supervisors, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of $30 million, bearing interest payable semi-annually or in such other manner as this Board of Supervisors shall determine, at a rate not to exceed the maximum rate A-1 of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed forty (40)years from the date of the issuance of said bonds. Section 4. Tuesday, November 2, 2004, at 9:30 a.m. or as soon thereafter as the matter may be heard, in the regular meeting place of this Board of Supervisors, Board of Supervisors Chambers, 651 Pine Street, Martinez, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Supervisors, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the County for the District. Section 5. The Clerk of the Board is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven (7) days before the date herein set for said public hearing. The notice shall substantially in the form of Exhibit A hereto. Section 6. This Resolution shall take effect upon its adoption. B. The hearing referred to in the aforesaid Resolution shall be at the time and place specified in the Resolution. C. At that time and place any person interested, including persons owning property in the area of the proposed community facilities district, will be heard upon the proposed debt issue. Dated: 2004 -- -- lsl Clerk of the Board, County of Contra Costa I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown. ATTESTED SEPTEMBER 28, 2004 JOHN SWEETEN, Clerk of the Board of Supervisors and County Administrator By. Lena O'Neal Publication date (s): October A-2 CONTRA COSTA COUNTY TO: BOARD OF SUPERVISORS FROM: Dennis M. Barry, AICP Community Development Director DATE: September 28, 2004 SUBJECT: Delta Coves, Bethel Island SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolutions relating to establishment of a Mello-Roos Community Facilities District in the Delta Coves, Bethel Island area including: • A Resolution of Intention to establish a Community Facilities District • A Resolution of Intention to Incur Bonded Indebtedness FISCAL IMPACT None. Any bonds to be issued would be secured solely by voter approved special taxes. All costs of establishing the Community Facilities District are paid by the involved developer, and all costs of administering the District would be covered by the oter approve pecial tax. CONTINUED ON ATTACHMENT: X YES SIGNATURE: ,, - RECOMMENDATION OF COUNTY ADMINISTRATORECO ENDATION OF BOARD COMMITTEE -APPROVE OTHER --111 "j 1 SIGNATURE(S): Lz:e� 'L ACTION OF BOMW ONsmmmi 28 =4 APPROVED AS RECOMMENDED OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. Contact: Jim Kennedy 3-1255 vrig: Community Development (RDA) cc: County Administrator ATTESTED sgZ= 28.2oo4 County Counsel JOHN SWEETEN, CLERK OF THE Treasurer-Tax Collector BOARD OF SUPERVISORS Auditor-Controller ANZTHE UNTY ADMINISTRATOR Public Works via: Community Development �j* Stone & Youngberg BY !lV/�' , DEPUTY * Quint & Thimmig * DUC Housing G:\CDBG-REDEV\redev\LNoble\Personal\Board Orders and Greenies\BOARD.deltacoves.4.04.dcc BACKGROUND/REASONS FOR RECOMMENDATIONS Mesio-Roos Community Facilities Districts are a mechanism to finance infrastructure for approved development projects. A voter approved special tax pays to debt service tax-exempted bonds issued by the District. The County has adopted financing policies for Community Facilities District on September 13, 1994. DUG Housing has filed an application with the County for establishment of a Mello-Roos Community Facilities District(CFD)for the Delta Coves development, which consists of 495 single-family harries, 65 multifamily units,as well as commercial uses. The project has secured entitlements including a tentative subdivision map and final Development Plan. The project was approved in March 1989 pursuant to an order of the United States District Court. The proposed District is unoccupied,and therefore its establishment would be subject to a landowner/developer vote. The proposal is to issue up to$30 million of special tax secured bonds to finance improvements to project related roads,drainage, utilities, parks, etc. Pursuant to the adopted financing policies for Community Facilities District, a County Debt Advisory Committee, which consists of the County Administrator, the Auditor-Controller, and the Treasurer -- Tax Collector (or their designees), has reviewed the proposed financing in its current state and found it in conformance with the applicable provisions of the policies. The Debt Advisory Committee will further review and make a recommendation to the Board of Supervisors prior to the Board's consideration of a Bond Sale Resolution in approximately two months. The recommended actions responds to a petition received from the property owners, and conform to the requirements of the Mello-Roos Community Facilities Act of 1982, as amended (Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311 of the California Government Code).