Res99 13590 - Laserfiche WebLink

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1. The above recitals am tree and correct. 2. A community facilities district is proposed to be established under the terms of the Act. It is further proposed that the boundaries of the community facilities district shall be as shown in Exhibit "A" hereto, which boundaries shall, upon recordation of the boundary map for the District, include the entirety of any parcel subject to taxation by the District, and as depicted on the map of the proposed Redwood Shores Community Facilities District No. 99-1 which is on file with the City Clerk. The City Clerk is hereby directed to sign the boundary map of the District and record it with all proper endorsements thereon with the County Recorder of the County of San Mateo within 15 days after the adoption of this resolution, all as required by Section 3111 of the Streets and Highways Code of the State of California. 3. The name of the proposed community facilities district shall be "Redwood Shores Community Facilities District No. 99-1 (Shores Transportation Improvement Project) of the City of Redwood City." 4. The Facilities proposed to be provided within Redwood Shores Community Facilities District No. 99-1 are public facilities as defined in the Act, which the City and the District are authorized by law to construct, acquire, own and operate. The Council of Redwood City hereby finds and determines that the description of the Facilities herein is sufficiently informative to allow taxpayers within the proposed District to understand what the funds of the District may be used to finance. The Incidental Expenses expected to be incurred include the cost of planning and designing the Facilities, the costs of forming the District, issuing bonds and levying and collecting a special tax within the proposed District. the Council of Redwood City hereby finds that the proposed Facilities are necessary to meet increased demands placed upon the City as a result of development occurring in the District. The Facilities may be acquired from one or more of the property owners as completed public improvements. These Facilities may include without limitation the public improvements specified in any land use approvals of the City pertaining to the property within the boundaries of the District. Certain of the Facilities will be owned and/or operated by other public entities or utilities and the District expects to enter into joint facilities agreements with such entities with respect to those components of the Facilities, which agreements will be beneficial to residents of the District and the City. 5. Except where funds are otherwise available, it is the intention of the Council of Redwood City to levy annually in accordance with the procedures contained in the Act a special tax, secured by recordation of a continuing lien against all nonexempt real property in the District, sufficient to pay for: (i) the Facilities and Incidental Expenses; and (ii) the principal and interest and other periodic costs on bonds or other indebtedness issued to finance the Facilities and Incidental Expenses, including the establishment and replenishment of any reserve funds deemed necessary by the District, and any remarketing, credit enhancement and liquidity facility fees (including such fees for instruments which serve as the basis of a reserve fund in lieu of cash). The rate and method of apportionment and manner of collection of the special tax are described in detail in Exhibit "C" hereto and incorporated herein by this reference. Exhibit "C" allows each landowner within the District to estimate the maximum amount that may be levied against each parcel. In the first year in which such special tax is levied, the levy shall include an amount sufficient to repay to the City all amounts, if any, transferred to the District pursuant to Section 53314 of the Act and interest thereon. 4671.3~22931.0003 -2- 1359 0