AgdaPkt 2010-08-09 - Laserfiche WebLink

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O.Lts Page 56 ATTACHMENT 7 Documents for Council Consideration The Resolution appointing a consultants, authorizing the finance director to accept deposits and approving a Deposit/Reimbursement Agreement authorizes City staff to execute agreements with each member of the finance team. The resolution further approvers the form of a DepositlReimbursement Agreement between the City and the Developer, pursuant to which the developer agrees to pay certain initial costs associated with formation of the District and authorizes the Finance Director to accept deposits to pay for the non-contingent costs associated with forming the District. The Deposit/Reimbursement Agreement governs the terms under which the Developer agrees to advance certain funds to the City to pay for its expenses associated with creating the District and preparing bonds for sale regardless of whether or not bonds are sold and the City agrees to reimburse the Developer for the deposit upon the sale of bonds but only from the proceeds of any such bond sale. The Resolution of Intention to Establish the District sets forth the intention to establish the District, designates the name of the District, identifies the facilities to be funded, and states the City's intention to levy a special tax to pay for the acquisition, construction, and associated costs of the public facilities. The Resolution also sets September 13, 2010 as the date for a hearing on the matters set forth therein. The District Boundary Map details the legal parcels which will make up the properties within the boundaries of the District (Exhibit A). List of Planned Improvements lists the projects that are authorized to be funded from special tax revenues generated within the District (Exhibit B). The Rate & Method of Apportionment of the Special Tax is a key document in that it provides for the security for the funding of the District. This document presents how the revenues from the District are to be collected and also sets forth the purpose and level of the taxes from the various different types of properties (Exhibit C). The Notice of Public Hearing is the notice required by State law that must be published in advance of a public hearing that will be held at the September 13, 2010 Council meeting at which the City Council will be asked to take all necessary actions to form the District. The Resolution of Intention to Incur Bonded Indebtedness sets forth the intention to establish the District to issue bonds in an amount not to exceed $17,000,000 secured by the special tax, to pay for the facilities. The Resolution also sets September 13, 2010 as the date for a hearing on the matters set forth therein.