AgdaPkt 2020-10-26 Joint SA PFA - Laserfiche WebLink

Browse Search

7.A. - Page 21 of 176 shall be omitted from the levy of the Special Tax to be made to cover the costs and expenses of the Facilities, the Services and the CFD. In the event that a portion of the property within the CFD shall become for any reason exempt, wholly or in part, from the levy of the Special Tax, this Council will, on behalf of the CFD, increase the levy to the extent necessary upon the remaining property within the CFD which is not exempt in order to yield the required debt service payments and other annual expenses of the CFD, if any, subject to the provisions of the Rate and Method. The City Council hereby authorizes execution by the City Manager (or designee) of a Public Agency Statement and Consent on behalf of the City in which it declares that the City is a "landowner" (as defined in the Mello -Roos Act) in the CFD and a qualified elector for the CFD because the City Parcels will be subject to the Special Tax if the City Parcels are (a) transferred by conveyance of the fee interest to private ownership, in which case the Property Owner hereby agrees that the City Parcels will be subject to the Special Tax on the same basis as private property within the CFD and affirmatively waives any defense based on the fact of public ownership to any action to foreclose on the City Parcels in the event of nonpayment of the Special Tax or (b) leased to a nonexempt person or entity and, pursuant to Section 53340.1 of the Mello -Roos Act, the Special Tax will be levied on the leasehold interest and payable by the owner of the leasehold interest. The Public Agency Statement and Consent is hereby approved in substantially the form on file with the City Clerk together with any changes therein or additions thereto deemed advisable by the City Manager (or designee); execution of the Public Agency Statement and Consent by the City Manager (or designee) shall be conclusive evidence of the approval of any such changes or additions. Section 7. Election Proceedings. The levy of the Special Tax shall be subject to the approval of the qualified electors of the CFD at a special election. The proposed voting procedure shall be by mailed or hand -delivered ballot among the landowners in the proposed CFD, with each owner having one vote for each acre or portion of an acre such owner owns in the CFD. The City Council hereby authorizes the City Manager (or designee) to execute a ballot on behalf of the City in any special election for the CFD. Section 8. Bonded Indebtedness and Other Debt. It is the intention of this Council that the City will enter into one or more agreements (the "Agreements") with the property owners in the CFD and a property owners' association established by the property owners for the purpose of providing for the construction of the Facilities by the property owners' association, the acquisition of the Facilities by the City, and the payment by the City of all or a portion of the purchase price under the Agreements with special taxes levied in the CFD. The City expects that all or a portion of the purchase price will be paid in installments that are structured with principal and interest components, with the interest rate for each fiscal year equal to the Wall Street Journal Prime Rate in effect on June 1 of the prior fiscal year plus 200 basis points (calculated on the basis of a 360 -day year consisting of twelve 30 -day months), or such other rate determined in accordance with the Rate and Method. The obligation of the City under the Agreements to pay all or ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH REV: 10-21-2020 MI Page 3 of 26 203