Res16 15494 - Laserfiche WebLink

Browse Search

05/23/2016 RESOLUTION NO. 15494 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING THE ISSUANCE OF CITY OF REDWOOD CITY COMMUNITY FACILITIES DISTRICT NO. 2010-1 (ONE MARINA) 2016 SPECIAL TAX REFUNDING BONDS, AND APPROVING RELATED DOCUMENTS AND ACTIONS WHEREAS, the City Council of the City of Redwood City (the "City Council") has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), to form the City of Redwood City Community Facilities District No. 2010-1 (One Marina) (the "District"), to authorize the levy of special taxes upon the land within the District, and to issue bonds secured by said special taxes to finance public improvements authorized to be funded by the District; and WHEREAS, on April 21, 2011, the City, for and on behalf of the District, issued $5,760,000 principal amount of City of Redwood City Community Facilities District No. 2010-1 (One Marina) Special Tax Bonds, Series 2011 (the"Prior Bonds"), the Prior Bonds having been issued by the City for the District to finance facilities authorized to be funded by the District; and WHEREAS, this City Council has determined that, due to favorable interest rates, it is in the best interests of the City and the District that the Prior Bonds be refunded; and WHEREAS, there has been submitted to this City Council a fiscal agent agreement (the "Fiscal Agent Agreement") providing for the issuance of special tax refunding bonds (the "Bonds") of the City for and on behalf of the District under the authority provided in the Act and Article 11, commencing with Section 53580, of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code (the"Refunding Law"), and this City Council now desires to approve the Fiscal Agent Agreement and the issuance of the Bonds; and WHEREAS, there has been presented to this City Council an escrow agreement providing for the creation of an escrow fund which will be used to defease and refund the Prior Bonds and this City Council now desires to approve such agreement in connection with the refunding of the Prior Bonds; and WHEREAS, the City proposes to sell the Bonds to Stifel, Nicolaus & Company, Incorporated (the"Underwriter") pursuant to the terms of a bond purchase agreement(the "Bond Purchase Agreement") by and between the City and the Underwriter, and the Underwriter proposes to offer the Bonds to the investing public by means of a preliminary official statement (the "Preliminary Official Statement"); and WHEREAS, it appears that each of said documents and instruments which are now before this meeting is in appropriate form and is an appropriate doc.ument or instrument to be executed and delivered for the purpose intended; and ATTY/RE50.0046/CC RESO APPROVING SALE OF BONDS RESO.#15494 REV:05-24-16 JS MUFF#505 Page i of 8