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Home My WebLink AboutCC RES 91-137 CITY OF PALM DESERT RESOLDTION NO. 91-137 A RESOLUTION OF INTENTION TO ZNCUR BONDED INDEBTEDNESS OF THE PROPOSED CITY OF PALM DESERT COMMUNITY FACILITIES DISTRICT N0. 91-1 { INDIAN RIDGE PUBLIC IMPROVEMENTS) PURSUANT TO THE MELLO-ROOS COMMUNITY FACILITIES ACT OF 1982 . R E � I T g � ,� : 1 . This City Council has this date adopted its Resolution entitled ��A Resolution Of Intention To Establish A Community Facilities District And To Authorize The Levy Of Special Taxes Pursuant Ta The Mello-Roos Community Facilities Act of 1982 " , statinq its intention to form a community facilities district pursuant to Mello-Roos Community Facilities Act of I982, as amended (the "Act" ) , Chapter 2. 5 of Part 1 of Division 2 of Title 5 of the California Government Code, for the purpose of financinq certain public improvements (the "Facilities " ) , as further provided in said Resolution; and 2 . This City Council estimates the amount required for the financinq of the Facilities to be the sum of $25, 823,671; and 3 . In order to finance the Facilities it is necessary to incur bonded indebtedness in an amount not to exceed $35, 000, 000. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE AS FOLLOWS: Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed City of Palm Desert Community Facilities District No. 91-1 ( Indian Ridge Public Improvements) (the "District" ) in an amount not to exceed $35,000,000 to finance the Facilities . Section 2 . - The bonded indebtedness is proposed to be incurred for the purpose of financinq the Facilities, includinq acquisition and improvement costs and all costs incidental to or connected with the accomplishment of said purposes and of the financing thereof, as permitted by Section 53345 . 3 of the Act. RE�OLLTIO� �.-,J . 91-13% -- Section 3 . This City Council, acting as a legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of not to exceed 535, 000, 000, bearing interest payable semi-annually or in such other manner as this 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 maturing not to exceed 4Q years fram the date of the issuance of said bonds. 5ection 4. Thursday, January 23, 1992, at 7: 00 p.m. , in the regular meeting place of this City Council, in City Hall, City Council Chambers, 73-510 Fred Waring Drive, Palm Desert, California, shall be, and the same are hereby appointed and fixed as the time and place when and where this City Council, as legislative body for the District, will conduct a public hearing on the proposed debt issuance and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the City of Palm Desert for the District. Section 5. The City Clerk is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven (7) days before the date herein set for said public hearing. Said notice shall be substantially in the form of Exhibit A hereto. r. , PASSED, APPROVED AND ADOPTED by the City Council for the � City of Palm Desert this 12th day of December 1991, by the following vote: AYES: BENSON, CRIT�S , SNYDER, WILSO"d, KELLY NOES: NONE ABSENT: NONE ABSTAIN: NONE � - RZ S. LL , MA R � _ � , (l/ / �/1� /, '� J 'I �•f: i ! f� � �� ; SHEZLA R. GI IGAN, CLERK ' CITY OF PALM DESERT;� IFORNIA 2 .t.�� _� � � � � .1 _ l • J �� E%HIBIT A NOTICE OF PUBLIC HEARING City of Palm Desert Community Facilities District No. 91-1 ( Indian Ridge Public Improvements) Notice is hereby qiven that on December 12, 1991, the City Council of the City of Palm Desert adopted a Resolution entitled "A Resolution Of Intention To Incur Bonded Indebtedness Of The Proposed City Of Palm Desert Community Facilities District No. 1 ( Indian Ridqe Public Improvements) Pursuant To The Mello-Roos Community Facilities Act of 1982 " . Pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act" ) the City Council hereby qives notice as follows : A. The text of said Resolution is as followss 1 . This City Council has this date adopted its Resolution entitled "A Resolution Of Intention To Establish A Community Facilities District And To Authorize The Levy Of Special Taxes Pursuant To The Mello-Roos Community Facilities Act Of 1982 " , statinq its intention to form a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act~ ) , Chapter 2 . 5 of Part 1 of Division 2 of Title 5 of the California Government Code, for the purpose of financinq certain public improvements (the "Facilities" ) , as further provided in said Resolution; and 2 . This City Council estimates the amount required for the financinq of the Facilities to be the swn of 525, 823 , 671; and 3 . In order to finance the Facilities it is necessary to incur bonded indebtedness in an amount not to exceed $35,000,000 . NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE AS FOLLOWS: Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed City of Palm Desert Community Facilities District No. 91-1 (Indian Ridge Public Improvements) (the "District" ) in an amount not to exceed $35, 000,000 to finance the Facilities . A-1 LA2/BAA:436 _._.._. �.... _ - _�\I .�J . '� - . L_.. `- �ection 2 . The bonded indebtedness is proposed to be incurred for the pur.pose of financinq the Facilities, includinq acquisition and improvement costs and all costs incidental to or connected with the accomplishment of said purposes and of the financing thereof, as permitted by Section 53345 . 3 of the Act. Section 3 . This City Council, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aqqregate principal amount of not to exceed $35, 000, 000, bearinq interest payable semi-annually or in such other manner as this 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 maturinq not to exceed 40 years from the date of the issuance of said bonds . Section 4 . Thursday, January 23, 1992, at 7 : 00 p.m. , in the reqular meeting place of this City Council, in the City Hall, City Council Chambers, 73-510 Fred Warinq Drive, Palm Desert, California, shall be, and the same are hereby appointed and fixed at the time and place when and where this City Council, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the City of Palm Desert for the District. - �ection 5. The City Clerk is hereby directed to cause notice of said public hearinq to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven ( 7 ) days before the date herein set for said public hearinq. Said notice shall be substantially int he form of Exhibit A hereto. B. The hearinq referred to in the aforesaid Resolution shall be at the time and place specified in said Resolution. C. At that time and place any person interested, including persons owninq property in the area of the proposed community facilities_ district, will be heard upon the proposed debt issue. Dated: �� ".�,-c� , 19 91 � � _� y C1 City of Pal Desert A-2 LA2/BAA:436