Reso 2022-128 B Resolution to Incur Bonded Indebtedness for CFD No. 2022-1

Home

IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2022-128 RESOLUTION OF INTENTION OF THE CITY OF SAN LEANDRO CITY COUNCIL TO INCUR BONDED INDEBTEDNESS TO FINANCE THE ACQUISITION AND CONSTRUCTION OF PUBLIC FACILITIES IN AND FOR THE CITY OF SAN LEANDRO COMMUNITY FACILITIES DISTRICT NO.2022-1 (MONARCH BAY SHORELINE FACILITIES & SERVICES) WHEREAS, the City Council duly adopted Resolution No. 127 (the "Resolution of Intention") on this date, thereby declaring its intention to (1) establish a community facilities district under the Mello -Roos Community Facilities Act of 1982, set forth at Government Code sections 53311 through 53368.3 (the "Act"), to be known and designated as the "City of San Leandro Community Facilities District No. 2022-1 (Monarch Bay Shoreline Facilities & Services)" (the "CFD"); and (2) levy a special tax within the CFD to finance the provision of certain public services and the acquisition and construction of certain public facilities, including through the financing of governmentally imposed development impact fees used to finance public facilities (the "Facilities"), all as set out in the Resolution of Intention. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Leandro as follows: SECTION 1. The City Council finds that the statements in the Background are true. SECTION 2. The City Council hereby declares that public convenience and necessity require the incurring of bonded indebtedness to finance the acquisition and construction of the Facilities, which indebtedness may take the form of bonds or other debt (as defined in the Act) (collectively, "Debt"). SECTION 3. The aggregate amount of the proposed Debt to be incurred to finance the acquisition and construction of the Facilities for the CFD may not exceed $91 million, which amount includes all costs and estimated costs incidental to, or connected with, the accomplishment of the purpose for which the Debt is proposed to be incurred, including the estimated costs of acquisition of land and rights -of -way; capacity or connection fees; satisfaction of contractual obligations relating to expenses or the advancement of funds for expenses existing at the time the Debt issued under the Act; fees for architectural, engineering, inspection, legal, fiscal, and financial -consultant services; bond and other reserve funds; discount fees; interest on any Debt estimated to be due and payable within two years of issuance of the Debt; election costs; and all costs of issuance or incurrence of the Debt, including fees for bond counsel and disclosure counsel, costs of obtaining credit ratings, bond -insurance premiums, fees for letters of credit and other credit -enhancement costs, and printing costs.