HomeMy WebLinkAboutCC Reso 2022-36 RESOLUTION NO. 2022-36
RESOLUTION DETERMINING THE NECESSITY TO INCUR BONDED
INDEBTEDNESS IN AMOUNT NOT TO EXCEED $39,000,000 FOR THE
CITY OF CATHEDRAL CITY COMMUNITY FACILITIES DISTRICT NO.
2022-1 (CATHEDRAL CITY PARK & RECREATION SERVICES)
WHEREAS, the City Council (the"Council") of the City of Cathedral City (the"City")
has previously adopted local goals and policies related to the formation of community
facilities districts under 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"); and
WHEREAS, on June 22, 2022, the Council adopted its Resolution No. 2022-32,
"Resolution of Intention to Form a Community Facilities District and Levy a Special Tax
in the City of Cathedral City Community Facilities District No. 2022-1 (Cathedral City Park
& Recreation Services), to Fund Public Services and Finance the Development of Certain
Public Facilities" (the "Resolution of Intention"), stating its intention to form the "City of
Cathedral City Community Facilities District No. 2022-1 (Cathedral City Park& Recreation
Services)" (the "CFD"), pursuant to the Act; and
WHEREAS, on June 22, 2022, the Council also adopted its Resolution No. 2022-
33, "Resolution of Intention to Incur Bonded Indebtedness in Amount Not To Exceed
$39,000,000 in and for the City of Cathedral City Community Facilities District No. 2022-
1 (Cathedral City Park & Recreation Services) to Finance the Development of Certain
Public Facilities" (the "Resolution of Intention to Incur Indebtedness") stating its intention
to incur bonded indebtedness for the CFD for the purpose of financing the costs of certain
facilities specified in the Resolution of Intention; and
WHEREAS, on the date hereof, the Council held a noticed public hearing as
required by the Act about the determination to proceed with the formation of the CFD, the
provision of certain public facilities and services by the CFD and the rate and method of
apportionment of the special tax to be levied within the CFD to pay the principal and
interest on the proposed bonded indebtedness in the CFD and the administrative costs
of the City relative to the CFD; and
WHEREAS, subsequent to the public hearing, the Council adopted a resolution
entitled, "Resolution to Form the City of Cathedral City Community Facilities District No.
2022-1 (Cathedral City Park & Recreation Services) and Levy a Special Tax within the
CFD to Fund Public Services and Finance the Development of Certain Public Facilities"
(the "Resolution of Formation"); and
WHEREAS, on the date hereof, the Council also held a noticed public hearing as
required by the Act relative to the matters material to the questions set forth in the
Resolution of Intention to Incur Indebtedness; and
WHEREAS, at the hearing, all interested persons desiring to be heard on all
matters pertaining to the formation of the CFD, the incurrence of bonded indebtedness
for the CFD and related matters were heard and a full and fair hearing was held; and
WHEREAS, written protests with respect to the questions set forth in the
Resolution of Intention to Incur Indebtedness have not been filed with the City Clerk by
50% or more of the registered voters residing within the territory of the CFD or property
owners of one-half or more of the area of land within the CFD and not exempt from the
proposed special tax.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CATHEDRAL CITY
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Recitals. The foregoing recitals are true and correct.
Section 2. Necessity. The Council deems it necessary to incur bonded
indebtedness in the maximum aggregate principal amount of $39,000,000 for the CFD
for the purpose of financing the costs of all or a portion of the facilities defined in the
Resolution of Formation (the "Facilities"), including, but not limited to, the costs of issuing
and selling bonds to finance all or a portion of the Facilities.
Section 3. Bonds or Other Debt for CFD. Bonds or other debt in the maximum
amount of$39,000,000 for the CFD are hereby authorized, subject to voter approval. The
bonds or other debt may be issued or incurred in one or more series and mature and bear
interest at such rate or rates, payable semiannually or in such other manner, all as the
Council, as the legislative body of the CFD, shall determine, at the time or times of sale
of such bonds or other debt; provided, however, that the interest rate or rates shall not to
exceed the maximum interest rate permitted by applicable law at the time of sale of the
bonds or other debt, and any particular series of bonds or other debt shall have a
maximum term of not to exceed forty (40) years.
Section 4. Election. The proposition of incurring the bonded indebtedness
herein authorized shall be submitted to the qualified electors of the CFD and shall be
consolidated with elections on the proposition of levying special taxes within the CFD and
the establishment of an appropriations limit for the CFD pursuant to Section 53353.5 of
the Act. The time, place and further particulars and conditions of such election shall be
as specified by separate resolution of the Council.
Section 5. Effective Date. This Resolution shall take effect upon its adoption.
PASSED, APPROVED AND ADOPTED this 3rd day of August 2022, by the following
vote:
AYES: Councilmembers Gregory, Ross and Carnevale; Mayor Pro Tern
Lamb and Mayor Gutierrez
NOES: None
ABSENT: None
ABSTAIN: None
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rnesto Gutierrez, Mayor
ATTEST:
Ai Ai AAA
Tracey R.1 ermosillo, City Clerk
APPROVED AS TO FORM:
Eric S. Vail, City Attorney
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