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HomeMy WebLinkAboutResolution 2006-129 N.C.S. 07/17/2006 Resolution No. 2006-129 N.C.S. of the City of Petaluma, California RESOLUTION DETERMINING NECESSITY TO INCUR BONDED INDEBTEDNESS CITY OF PETALUMA Special Tax District No. 2006-01 (Theatre District Area) RESOLVED by the City Council (the "Council") of the City of Petaluma (the "City"), State of California that: WIFIEREAS, under the City of Petaluma Special Tax Procedure Code (the "Code"), which is located at Chapter 4.40 of Title 4 of the Petaluma Municipal Code, this City Council is authorized to establish a special tax district and to act as the legislative body for a special tax district; and, WHEREAS, the Code incorporates the Mello-Roos Community Facilities Act of 1982 (the ``Act") into the Code; and, WHEREAS, on May 1, 2006, the City Council (this "Council") of the City of Petaluma (the "City") adopted a resolution entitled "A Resolution of Intention to Establish a Special Tax District" (the "Resolution of Intention") stating its intention to form "City of Petaluma Special Tax District No. 2006-01 (Theatre District Area)" (the "TD"), pursuant to the Code; and, WHEREAS, on May 1, 2006, this Council also adopted a resolution entitled "A Resolution of Intention to Incur Bonded Indebtedness" (the "Resolution of Intention to Incur Indebtedness") stating its intention to incur bonded indebtedness within the boundaries of the TD for the purpose of financing the costs of certain facilities specified in the Resolution of Intention; and, WHEREAS, this Council has held a noticed public hearing as required by the Code about the determination to proceed with the formation of the TD, the provision of the facilities by the TD and the rate and method of apportionment of the special tax to be levied within the TD to pay, among other things, the principal and interest on the proposed bonded indebtedness in the 'TD and the administrative costs of the City relative to the TD; and, WHEREAS, subsequent to the public hearing, this Council adopted a resolution entitled "Resolution of Formation of Special Tax District" (the "Resolution of Formation"); and, WHEREAS, this Council has also held a noticed public hearing as required by the Code relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness; and, WHEREAS, written protests with respect to incurrence of bonded indebtedness have not been filed with the City Clerk by 50% or more of the registered voters residing within the territory of the TD or property owners of one-half or more of the area of land within the TD and not exempt from the proposed special tax. Resolution No. 2006-129 N.C.S. Page 1 NOW, T'IIEREFORE, IT IS ORDERED as follows: 1. Recitals. The foregoing recitals are true and correct. 2. Necessity. This Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $2,100,000 within the boundaries of the TD for the purpose of financing the costs of all or a portion of the facilities defined in the Resolution of Formation (the "Facilities"), as provided in the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds to finance all or a. portion of the Facilities and the costs of the City in establishing and administering the TD. 3. Entire TD Liable. The whole of the TD shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit "B" to the Resolution of Formation. 4. Bonds. Bonds in the maximum amount of $2,100,000 are hereby authorized subject to voter approval. The bonds may be issued in such series and mature and bear interest at such rate or rates, payable semiannually or in such other manner, all as this City Council or its designee shall determine, at the time or times of sale of such bonds; 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 and the bonds or any series thereof shall have a maximum term of not to exceed forty years. 5. Election. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors ofthe TD and shall be consolidated with elections on the proposition of levying special taxes within the TD and the establishment of an appropriations limit for the TD pursuant to the Code, including but not limited 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 this Council. 6. Effective Date. This Resolution shall take effect upon its adoption. Under the power and authority conferred upon this Council by the Charter of said City. REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Appro s to Council of the City of Petaluma at a Regular meeting on the 17°i day of July, 2006, f rm: by the following vote: City Atto AYES: Mayor Glass, Harris, Healy, Nau, O'Brien, Torliatt NOES: None ABSENT: None ABSTAIN: None '1 J ATTEST: J City Clerk Mayor Resolution No. 2006-129 N.C.S. Page 2