CC Resolution 1995-089^!I II F
RESOLUTION NO.95-89
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA
QUNTA DETERMINING THE NECESSITY TO INCUR BONDED
INDEBTEDNESS IN AN AMOUNT NOT TO EXCEED $12,000,000
WITIIIN COMMUNITY FACILITIES DISTRICT NO.95-i AND
CALLING AN ELECTION THEREIN
WHEREAS, on October 17,1995, the City Council of the City of La Quinta the City
Council") adopted Resolution No.95-73 stating its intention to form Community Facilities
District No.95-i of the City of La Quinta Community Facilities District No.95-i" or the
District") pursuant to the Mello-Roos Community Facilities Act of 1982, as amended the
Act"); and
WHEREAS, on October 17, 1995, the City Council also adopted Resolution No.95-74
stating its intention to incur bonded indebtedness in the amount of $12,000,000 within proposed
Community Facilities District No.95-i for the purpose of financing the construction, purchase,
modification, expansion, improvement or rehabilitation of water facilities, sanitary sewers,
streets, storm drainage facilities, utilities, parks, landscaping, and other infrastructure
improvements and relocations, including traffic signalization and improvements to street
intersections the Facilities") and to finance the incidental expenses to be incurred the
Incidental Expenses"), all as more fully described in Resolution No.95-73 to serve the area
with in Community Facilities District No.95-i; and
WHEREAS, notice was published as required by law relative to the intention of the City
Council to form proposed Community Facilities District No.95-i and to incur bonded
indebtedness in the amount of $12,000,000 within the boundaries of proposed Community
Facilities District No.95-i; and
WHEREAS, on November 21, 1995, this City Council held noticed public hearings as
required by law to determine whether it should proceed with the formation of Community
Facilities District No.95-i, issue bonds to pay for the Facilities and authorize the rate and
method of apportionment of a special tax to be levied within Community Facilities District No.
95-1 for the purposes described in Resolution No.95-73; and
WHEREAS, at said hearings all persons desiring to be heard on all matters pertaining to
the formation of Community Facilities District No.95-i, the levy of a special tax and the
issuance of bonds to pay for the cost of the proposed Facilities were heard and full and fair
hearings were held; and
WHEREAS, the City Council subsequent to such hearings adopted Resolution
No.95-88 establishing Community Facilities District No. 95-i the Resolution of
Formation"); and
WHEREAS, the City Council desires to make the necessary findings to incur bonded
indebtedness within the District, to declare the purpose for said debt, and to authorize the
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submittal of a combined proposition to the voters of the District, being the landowner of all land
within the proposed District, all as authorized and required by law; and
WHEREAS, the owner of all land within Community Facilities District No.95-i has
filed with the City Clerk a Waiver of Certain Election Procedures With Respect to Landowner
Election for Community Facilities District No. 95-1 of the City of La Quinta.
THE CITY COUNCIL OF THE CITY OF LA QUINTA HEREBY FINDS,
DETEII*NES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. It is necessary to incur bonded indebtedness in a maximum aggregate
principal amount not to exceed $12,000,000 within Community Facilities District No.95-i.
Section 2. The indebtedness is to be incurred for the purpose of financing the costs of
constructing, purchasing, modi*ing, expanding, improving, or rehabilitating the Facilities, as
described in Resolution No.95-73, to finance the Incidental Expenses to be incurred in creating
Community Facilities District No.95-i, and carrying out the powers and purposes of Community
Facilities District No.95-i, including, but not limited to, the costs of selling bonds to finance the
Facilities, establishing and replenishing bond reserve flinds and paying remarketing, credit
enhancement and liquidity facility fees and other expenses of the type authorized by Section
53345.3 of the Act.
Section 3. The whole of the property within Community Facilities District No.95-i,
other than property exempted from the special tax pursuant to the provisions of the rate and
method of apportionment attached to the Resolution of Formation, shall pay for the bonded
indebtedness pursuant to the levy of the special tax authorized by the Resolution of Formation.
Section 4. The maximum term of the bonds to be issued shall in no event exceed forty
40) years.
Se*ion 5. The bonds shall bear interest at the rate or rates not to exceed the maximum
interest rate permitted by law, payable semiannually, except the first interest payment may be for
a period of less than six months, with the actual rate or rates and times of payment to be
determined at the time or times of sale thereof.
Section 6. The bonds issued by Community Facilities District No.95-i may bear a
variable or fixed interest rate, provided that such variable rate or the fixed rate shall not exceed
the maximum rate permitted by Section 53531 of the Act, or any other applicable provision of
law limiting the maximum interest rate on the bonds.
Section 7. Pursuant to Section 53351 of the Act, a special election is hereby called for
Community Facilities District No.95-i on the proposition of incurring the bonded indebtedness.
The proposition relative to incurring bonded indebtedness in the maximum aggregate principal
amount of $12,000,000 shall be combined with the proposition authorizing the levy of the special
tax within Community Facilities District No.95-i into one ballot proposition pursuant to Section
53353.5 of the Act. The combined proposition shall be in the form of Proposition A attached
hereto as Exhibit A.
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Section 8. The date of the special election for Community Facilities District No.95-i on
the proposition of incurring the bonded indebtedness and authorizing the levy of the special tax
shall be on November 21, 1995. The election shall be conducted by the City Clerk of the City of
La Quinta. Except as otherwise provided by the Act, the election shall be conducted in
accordance with the provisions of law regulating elections of the City of La Quinta insofar as
such provisions are determined by the City Clerk to be applicable. The City Clerk is authorized
to conduct the election following the adoption of the Resolution of Formation and this resolution
and to close the election when all ballots have been cast as provided in Section 53326(d) of the
Government Code.
PASSED, APPROVED AND ADOI*fl*D ThIS 21 DAY OF November,
1995.
Mayor La Quinta
SEAL)
Att t
ity Clerk of the Ci of La Quinta
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STATh OF CALIFORNIA
55.
COUNTY OF RIVERSIDE
I, Saundra Juhola, City Clerk of the City of La Quinta, California do hereby certify that
the foregoing Resolution No. 95-89 was duly adopted by the City Council of said City at a
meeting of said City Council held on the 21St day of *mber, 1995, and that it was
so adopted by the following vote:
AYES: Council Members Bangerter, Cathcart, Perkins,
Sniff, Mayor Pena
NOES: None
ABSTAIN: None
ABSENT: None
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STATh OF CALIFORNIA
ss.
COUNTY OF RIVERSDE
I, Saundra Juhola, City Clerk of the City of La Ouinta, California do hereby certify that
the above and foregoing is a full, true and correct copy of Resolution No. 95-89 of said
City Council, and that the same has not been amended or repealed.
Dated: * 1995
City Clerk of the City of La Ouinta
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EXRIBIT A
BALLOT PROPOSITION
COMMIINITY FACILITIES DISTRICT NO.95-i
OF ThE
CITY OF LA QUINTA
SPECIAL TAX AND SPECIAL BOND ELE*ON
PROPOSITION NO. A: Shall Community Facilities
District No. 95-* of the City of La Ouinta the District") be authorized
to incur an indebtedness and issue bonds in the maximum aggregate
principal amount of $12,OO(),OOO, with interest at a rate or rates not to
exceed the maximum interest rate permitted by law, the proceeds of
which will be used to finance the construction, purchase, modification,
expansion, improvement or rehabilitation of water facilities, sanitary YES
sewers, streets, storm drainage facilities, utilities, parks, landscaping,
and other infrastructure improvements and relocations, including traffic
signalization and improvements to street intersections the Facilities"),
and to finance the incidental expenses the Incidental Expenses"),
incurred and to be incurred in connection with the financing of the
Facilities and the issuance of the bonds as provided in Resolution NO
No.95-73 of the City Council of the City of La Quinta the Resolution"),
and shall a special tax with a rate or rates and method of apportionment as
provided in the Resolution be levied to pay for the facilities, for
the creation or replenishment of any necessary reserve funds,
for any incidental expenses of the District, for any expenses
associated with the Facilities, the Incidental Expenses or the
bonds, and for the payment of the principal of and interest
on such bonds?
PROPOSITION B: For each year commencing with
Fiscal Year 1996/97, shall the appropriations limit, as defined by YES
subdivision 11) of Section 8 of Article XIII B of the California
Constitution, for Community Facilities District No.95-i an amount NO
equal to the amount of the maximum special tax.
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