HomeMy WebLinkAboutResolution 2006-077 N.C.S. 05/01/2006 Resolution No. 2006-077 N.C.S.
of the City of Petaluma, California
A RESOLUTION OF INTENTION TO INCUR BONDED INDEBTEDNESS
CITY OF PETALUMA
Special Tax District No. 2006-01
(Theatre District Area)
WHEREAS, this Council has this date adopted its "Resolution of Intention to Establish a
Special. Tax District", stating its intention to form the "City of Petaluma Special Tax District No.
2006-01 (Theatre District Area)" (the "TD") pursuant to 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, for the purpose of financing certain public improvements (the "Facilities") and
services (the "Services") as further provided in that Resolution; and
WHEREAS, this Council estimates the amount required for the financing of the costs of
the Facilities to be the sum of not to exceed $3,500,000 and
WHEREAS, in order to finance the costs of the Facilities it is necessary to incur bonded
indebtedness in the amount of not to exceed $4,500,000 on behalf of the TD.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. Bonded Debt. It is necessary to incur bonded indebtedness within the boundaries
of the proposed TD in the amount of up to $4,500,000 to finance the costs of the
Facilities.
2. Purposes of Bonded Debt. The bonded indebtedness is proposed to be incurred
for the purpose of financing the costs of the Facilities, including 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 the
Code and Section 53345.3 of the Mello-Roos Community Facilities Act of 1982,
as amended (the "Act"), which is incorporated in the Code pursuant to Section
4.40.130 of the Code.
3. Terms of Bonds. This Council, acting as legislative body for the TD intends to
authorize the issuance and sale of bonds in the maximum aggregate principal
amount of not to exceed $4,500,000 bearing interest payable semi-annually or in
such other manner as this 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 40 years from the date of the
issuance of the bonds.
Resolution No. 2006-077 N.C.S. Page 1
4. Public Hearing. June 19, 2006 at 3:00 p.m. or as soon as possible thereafter, in
the Council Chambers, 11 English Street, Petaluma, California, be, and the same
are hereby appointed and fixed as the time and place when and where this
Council, as legislative body for the TD, 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 of the
City on behalf of the TD.
5. Notices of Hearing. The City Clerk is hereby directed to cause notice of the
public hearing to be given by publication one time in a newspaper of general
circulation circulated within the TD. The publication of the notice shall be
completed at least 5 days before the date specified above for the public hearing.
The City Clerk may also cause notice of the hearing to be given to each property
owner within the TD by first class mail, postage prepaid, to each such owner's
addresses as it appear on the most recent tax records of Sonoma County or as
otherwise known to the City Clerk to be correct. Each of the notices shall be
substantially in the form specified in Section 53346 of the Act, with the form
..summarizing the provisions hereof hereby specifically approved.
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 A prove as to
Council of the City of Petahima at a Regular meeting on the 15` day of May, 2006, fo
by the following vote: ~1
City Att~ y
AYES: Vice Mayor Canevaro, Healy, Nau, Torliatt
NOES: None
ABSENT: Mayor Glass, Harris, O'Brien
ABSTAIN: None
ATTEST:
City Clerk r
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