HomeMy WebLinkAboutReso 123-24 Declaring Intention to Incur Bonded Indebtedness to Finance the Acquisition & Construction of Certain Public Facilities in and for City of Dublin Community Facilities Distrct No. 2024-1 Dublin CentreDocusign Envelope ID: F39A608D-ABEC-44F2-A81A-92873E95C8FA
RESOLUTION NO. 123 — 24
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
DECLARING INTENTION TO INCUR BONDED INDEBTEDNESS TO FINANCE THE
ACQUISITION AND CONSTRUCTION OF CERTAIN PUBLIC FACILITIES IN AND
FOR CITY OF DUBLIN COMMUNITY FACILITIES DISTRICT NO. 2024-1 (DUBLIN
CENTRE)
WHEREAS, the City Council of the City of Dublin (the "City Council") has this date
adopted its resolution entitled, "Declaring Intention to Form a Community Facilities District
and Levy Special Taxes in City of Dublin Community Facilities District No. 2024-1 (Dublin
Centre) to Finance Certain Public Services and the Acquisition and Construction of
Certain Public Facilities in and for such Community Facilities District" (the "Resolution of
Intention"), stating its intention to form the City of Dublin Community Facilities District No.
2024-1 (Dublin Centre) (the "CFD") pursuant to the Mello -Roos Community Facilities Act
of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section
53311, of the California Government Code (the "Act"), for the purpose of financing certain
public facilities (the "Facilities") and public services, as further provided in that Resolution
of Intention; and
WHEREAS, in order to finance a portion of the costs of the Facilities it is necessary
to incur bonded indebtedness in the amount of not to exceed $55,000,000 on behalf of
the CFD; and
WHEREAS, United States Income Tax Regulations section 1.150-2 provides
generally that proceeds of tax-exempt debt are not deemed to be expended when such
proceeds are used for reimbursement of expenditures made prior to the date of issuance
of such debt unless certain procedures are followed, one of which is a requirement that
(with certain exceptions), prior to the payment of any such expenditure, the issuer
declares an intention to reimburse such expenditure; and
WHEREAS, it is in the public interest and for the public benefit that the City
declares its official intent to reimburse itself and/or other local agencies constructing
and/or acquiring the Facilities on whose behalf the City will issue debt the expenditures
related to the Facilities with the proceeds of bonded indebtedness and other debt issued
by the City for the CFD.
NOW, THEREFORE, BE IT RESOLVED THAT the City Council of the City of
Dublin hereby finds, determines and resolves as follows:
1. The City Council declares and finds that in order to finance the acquisition
and construction of the Facilities, which are described in the Resolution of Intention, it is
necessary to incur a bonded indebtedness in one or more series.
Reso. No. 123-24, Item 7.1, Adopted 10/15/2024 Page 1 of 3
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2. The purpose for which the proposed debt is to be incurred is to provide the
funds necessary to pay for the cost of the Facilities. The City hereby declares its intention
to reimburse itself and/or other local agencies constructing and/or acquiring the Facilities
certain expenditures for the Facilities from the proceeds of the bonded indebtedness and
other debt described in this Resolution, including costs of the Facilities paid by the City
and/or other local agencies on whose behalf the City will issue debt for the CFD prior to
the date of issuance of such bonded indebtedness and other debt not in excess of the
amount described herein.
3. The maximum aggregate principal amount of the proposed debt is
$55,000,000. Indebtedness subject to this limit shall only include indebtedness evidenced
by bonds or notes and shall not include bonds described in Section 53364.2(e) of the Act.
4. It is the intention of the City Council that any such bonds issued shall be
made callable in accordance with the terms of the Act and as more specifically to be set
forth in any resolution authorizing issuance of the bonds, and shall be issued in such
series and bear interest payable semi-annually or in such other manner as the City
Council shall determine, at a rate not to exceed the maximum rate of interest as may be
authorized by applicable law at the time of sale of such bonds, and shall mature not to
exceed 40 years from the date of the issuance thereof.
5. In the event any series of bonds issued under the authorization is refunded
to produce savings meeting the requirement of Section 53362.5 of the Act, all or a portion
of the savings achieved through the issuance of refunding bonds may be used to finance
Facilities insofar as the savings component provides capacity for bonded indebtedness
in excess of that being refunded, and such additional bonded indebtedness shall not
reduce and may exceed the amount of bonded indebtedness authorized herein.
6. The City Council hereby sets November 19, 2024, at 7:00 p.m., at the City
of Dublin Civic Center Council Chambers located at 100 Civic Plaza, Dublin, California
94568, as the time and place for a hearing by the City Council on the proposed bond
issue. At that time and place any persons interested, including any persons owning
property in the CFD, will be heard.
7. The City Clerk is hereby directed to cause notice of said public hearing to
be given by one-time publication in a newspaper of general circulation circulated within
the CFD. The publication of said notice shall be completed at least 7 days before the
date herein set for said public hearing. Such notice shall be substantially in the form
specified in Section 53346 of the Act, with the form summarizing the provisions hereof
hereby specifically approved.
8. This Resolution shall take effect from and after its adoption.
Reso. No. 123-24, Item 7.1, Adopted 10/15/2024 Page 2 of 3
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PASSED, APPROVED AND ADOPTED this 15th day of October 2024, by the
following vote:
AYES: Councilmembers Hu, Josey, Thalblum and Mayor McCorriston
NOES: Councilmembers Qaadri
ABSENT:
ABSTAIN:
ATTEST:
�DocuSigned by:
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City Clerk
Reso. No. 123-24, Item 7.1, Adopted 10/15/2024 Page 3 of 3
Signed by:
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