CC Resolution 1995-074^!Iw RESOLUTION NO.95-74
RESOLUTION OF INTENTION OF THE CITY COUNCIL
OF THE CITY OF LA QUINTA TO INCUR BONDED
INDEBTEDNESS IN THE AMOUNT NOT TO EXCEED
$12,000,000 WIThIN PROPOSED CO*Ni!IUNITY
FACILITIES DISTRICT NO.95-i OF THE CITY OF LA
QUNTA
WHEREAS, the City Council of the City of La Quinta the City Council") upon receipt
of a petition as provided in Section 53318 of the Government Code of the State of California
instituted proceedings to form Community Facilities District No. 95-i of the City of La Quinta
the Community Facilities District No.95-i") pursuant to the MeIl*Roos Community Facilities
Act of 1982 the Act"), as amended, pursuant to Resolution No.95-73 adopted by the City
Council on the date hereof to finance 1) the purchase, construction, expansion, improvement or
rehabilitation of public facilities identified in Exhibit A" hereto and incorporated herein by this
reference, including all furnishings, equipment and supplies related thereto collectively, the
Facilities"); and 2) the incidental expenses to be incurred in financing the Facilities and forming
and administering the District the Incidental Expenses"); and
WHEREAS, the City Council estimates that the amount required to finance the Facilities
and Incidental Expenses is approximately $12,000,000; and
WHEREAS, in order to finance the Facilities and incidental Expenses, the City Council
intends to authorize the issuance of bonds in the maximum aggregate principal amount of
$12,000,000, the repayment of which is to be secured by special taxes levied in accordance with
Section 53328 of the Act on all property in the proposed Community Facilities District No.95-i,
other than those properties exempted from taxation in the rate and method of apportionment set
forth in Exhibit C" to Resolution No. 95-73;
THE CITY COUNCIL OF THE CITY OF LA QUINTA HEREBY FINDS,
DETERMINES, RESOLVES, AND OBDERS AS FOLLOWS:
* Se**on1. The above recitals are true and correct.
Sedion2. It is necessary to incur bonded indebtedness within the boundaries of
proposed Community Facihues District No.95-I in an amount not to exceed $12,000,000 to
finance certain of the costs of the Facilities and Incidental Expenses, as pertnitted by the Act and
federal tax law.
Section 3. The indebtedness will be incurred for the purpose of financing the costs of
* the Facilities and the incidental Expenses, including, but not limited to, the funding of rese?ve
funds for the bonds, the financing of costs associated with the issuance of the bonds and all other
costs and expenses necessary to finance the Facilities which are pertniued to be fmanced pursuant
to the Act.
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Section 4. It is the intent of the City Council to authorize the sale of bonds in one or
more series, in the maximum aggregate principal amount of $12,000,000 and at a maximum
interest rate not in excess of 12 percent per annum, or a higher rate not in excess of the
maximum rate permitted by law at the time that the bonds are issued. The term of the bonds of
each series shall be determined pursuant to a resolution of this City Council authorizing the
issuance of the bonds of such series, but such term shall in no event exceed 30 years from the
date of issuance of the bonds of such series, or such longer term as is then permitted by law.
SectionS. A public hearing the Hearing") on the proposed debt issue shall be held
at 7:00 p.m. or as soon thereafter as practicable, on November 21, 1995, at the City Council
Chambers, City Hall, 78495 Calle Tampico, * Quinta, California.
Section 6. At the time and place set forth in this Resolution for the Hearing, any
interested persons, including all persons owning land or registered to vote within proposed
Community Facilities District No.95-i, may appear and be heard.
Section 7. The City Clerk is hereby directed to publish a notice the Notice") of the
Hearing pursuant to Section 6061 of the Government Code in a newspaper of general circulation
published in the area of the proposed Community Facilities District No.95-I. Such publication
shall be completed at least seven days prior to the date of the Hearing. The City Clerk is further
directed to mail a copy of the Notice to each of the landowners within the boundaries of proposed
Community Facilities District No.95-i at least 15 days prior to the Hearing.
PASSED, APPROVED AND ADO*D THIS 17th DAY OF OCrOBER,
1995.
Mayor 0 C ity of Quinta, California
SEAL)
California
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Reso No. 95-74
STATE OF CALIFORNIA CLERK'S CERTIFICATE
COUNTY OF RIVERSIDE 55. RE ADOPTION OF RESOL*ON
CITY OF LA QUINTA
I, SAUNDRA JUHOLA, Clerk of the City of 1 Quinta, DO HEREBY CE*FY that
the foregoing Resolution was duly adopted by the City at a regular meeting of the City held on
the l7thday of October, 1995, and that the same was passed and adopted by the following vote:
AYES: Council Members Bangerter, Cathcart, Perkins, Sniff,
Mayor Pena
NOES: None
ABSENT: None
ABSTAIN: None
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EXHIBIT A
Types of Fadlities To Be
Financed By Community
Fadlities District No.95-i
The proposed public facilities include:
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
2 to finance the incidental expenses to be incurred, including:
a) the cost of engineering, planning and designing the Facilities;
*) all costs associated with the creation of the District, the issuance of the
bonds, the determination of the amount of special taxes to be levied, costs
otherwise incurred in order to carry out the authorieed purposes of the
District and adrninistering the District collectively, the *Incidental
Expenees").
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