AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 11/7/2018
TO: Honorable Mayor and City Council Members
FROM: Administrative Services Department
SUBJECT:
Title
City Council consideration to adopt Resolution No. 2018-117 authorizing the issuance of bonds of Community Facilities District No. 2017-2 (Valencia/Seville) designated 2018 Special Tax Bonds, appointing Fiscal Agent, approving Fiscal Agent Agreement and Purchase Contract and authorizing negotiation of terms of the sale of said Bonds, approving Preliminary Official Statement and authorizing preparation of Final Official Statement and approving Continuing Disclosure Certificate.
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RECOMMENDED ACTION:
Recommended action
That the City Council:
1. Adopt Resolution No. 2018-117 authorizing the issuance of bonds of Community Facilities District No. 2017-2 (Valencia/Seville) designated 2018 Special Tax Bonds (the "Bonds"), appointing Fiscal Agent, approving Fiscal Agent Agreement and Purchase Contract and authorizing negotiation of terms of the sale of said Bonds, approving Preliminary Official Statement and authorizing preparation of Final Official Statement and approving Continuing Disclosure Certificate.
2. Authorize the City Manager and the Assistant City Manager/Administrative Services Director to execute all related service agreements and purchase orders for the financing team.
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ANALYSIS:
On July 19, 2017, Community Facilities District No. 2017-2 (Valencia/Seville) (the "District") was established by Resolution 2017-058 (the "Resolution of Formation") by the City Council; on the same date the City Council adopted Resolution 2017-059 (the "Resolution of Necessity") determining the necessity for the District to incur a bonded indebtedness in an aggregate principal amount not to exceed $5,000,000. Also on July 19, 2017, consolidated elections were held within the District on the propositions of whether a bonded indebtedness in an aggregate principal amount of not to exceed $5,...
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