Res12 15237 - Laserfiche WebLink

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12/03/2012 In furtherance of the issuance of the Bonds, the City Council hereby makes the following findings and determinations: (i) the Bonds are in compliance with the City's Local Goals and Policies Concerning Use of Mello -Roos Community Facilities Act of 1982, a copy of which are attached hereto as Exhibit A, (ii) the total net interest cost to maturity on the Bonds plus the principal amount of the Bonds will not exceed the total net interest cost to maturity on the Prior Bonds to be refunded plus the principal amount of the Prior Bonds to be refunded, and (iii) the assessed value of the real property within the District subject to the special tax to pay debt service on the Bonds is at least three times the proposed initial principal amount of the Bonds and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act or by a special assessment on property within the District. For purposes of Section 53363.2 of the Act, (i) it is expected that the purchase of the Bonds will occur on or after December 15, 2012, (ii) the date, denomination, maturity dates, places of payment and form of the Bonds shall be as set forth in the Fiscal Agent Agreement, (iii) the minimum rate of interest to be paid on the Bonds shall be no less than one-quarter of one percent (0.25%) with the actual rate or rates to be set forth in the Fiscal Agent Agreement as executed, (iv) the place of payment for the Prior Bonds shall be as set forth in the fiscal agent agreement for the Prior Bonds; and (v) the designated costs of issuing the Bonds shall be as described in Section 53363.8(a) of the Act, and as otherwise described in the Fiscal Agent Agreement, in the Official Statement for the Bonds and the closing certificates for the Bonds, including Bond Counsel and Disclosure Counsel fees and expenses, financial advisor fees, Underwriter's discount, printing costs for the Official Statement, escrow verification costs, initial fiscal agent fees, and costs of City staff incurred in connection with the sale and issuance of the Bonds. The City Council hereby approves the Fiscal Agent Agreement and the Escrow Instructions in the forms presented to the City Council at this meeting. The Director of Finance, the City Manager or such other person or persons as either of them may designate (collectively, the "Authorized Officers") are each hereby authorized and directed to execute each of the Fiscal Agent Agreement and the Escrow Instructions, for and in the name and on behalf of the City and the District, in such form, together with any additions thereto or changes therein deemed necessary or advisable by the Authorized Officer executing such document upon consultation with the City Attorney and Nossaman LLP, as bond counsel ("Bond Counsel"). The proceeds of the Bonds shall be applied by the City for the purposes and in the amounts as set forth in the Fiscal Agent Agreement and the Escrow Instructions. The City Council hereby authorizes the delivery and performance by the City of the Fiscal Agent Agreement and the Escrow Instructions. ATTY/RESO.2809/ ISSUANCE OF SPECIAL TAX BOND FOR AND RESO. # 15237 ON BEHALF OF COMMUNITY FACILITIES DISTRICT NO. 99-1 MUFF # 505 REV: 11-28-12 PT 3