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Agenda Item
ASR
Control 21-001005 |
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MEETING DATE: |
12/07/21 |
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legal entity taking action: |
Community Facilities District No. 2021-1 |
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board of supervisors
district(s): |
5 |
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SUBMITTING
Agency/Department: |
County Executive Office (Approved) |
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Department contact
person(s): |
Suzanne Luster (714) 834-3362 |
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Louis McClure (714) 834-5999 |
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Subject: Certification of Community
Facilities District Election Results and Ordinance
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ceo CONCUR |
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Clerk of the Board |
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Concur |
Approved Resolution to Form |
Discussion |
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3 Votes Board Majority |
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Budgeted: N/A |
Current Year Cost:
See Financial Impact Section |
Annual Cost:
See Financial Impact Section |
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Staffing Impact: |
No |
# of Positions:
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Sole Source:
N/A |
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Current Fiscal Year Revenue: N/A
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Prior Board Action: 11/23/2021
#1, 10/19/2021 #22, 1/12/2021 #20 |
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RECOMMENDED ACTION(S):
Acting as the Legislative Body of Community Facilities District No. 2021-1 of the County of Orange (Rienda), approve the following recommended actions:
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1. |
Adopt the attached Resolution certifying election results and authorizing filing of a validation action. |
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2. |
Read the title of the Ordinance. |
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3. |
Order the further reading of the Ordinance be waived. |
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4. |
Consider the matter. |
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5. |
Direct that this matter be placed on the agenda for the next regularly scheduled Board of Supervisors meeting for adoption. |
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6. |
At the set time, consider the matter and adopt the ordinance. |
SUMMARY:
Approval of the recommended actions will provide the future community with an efficient financing mechanism by which facilities, roads and other infrastructure may be built.
BACKGROUND INFORMATION:
On November 23, 2021, the Board of Supervisors (Board) adopted Resolutions establishing Community Facilities District No. 2021-1 (District) and determining the necessity to incur bonded indebtedness within the District and calling an election therein. Also on November 23, 2021, the qualified electors approved, by more than a two-thirds vote, the levy of a special tax and the issuance of bonds within the District. A certificate from the Orange County Registrar of Voters canvassing the results of the election is attached as Exhibit B to the resolution.
The County Executive Office requests the Board's adoption of the attached resolution authorizing the following actions:
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1. |
Certify the results of the November 23, 2021, special tax and special bond election; |
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2. |
Direct the Clerk of the Board to record, within 15 days of the adoption of this resolution, a Notice of Special Tax Lien with respect to the District; and |
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3. |
Direct the commencement of proceedings with respect to any and all issues arising in connection with the formation of the District, the incurrence of bonded indebtedness and the levy of the special tax, which properly may be brought before the Court in such a proceeding including, but not limited to, the validity of any and all actions taken or to be taken with respect to the election, the issuance of bonded indebtedness and the financing of facilities as approved by the electors. |
Board approval is required to commence validation proceedings, as recommended by County Counsel. These proceedings validate any and all actions taken or to be taken with respect to the formation of the District, the levy of a special tax and the incurrence of bonded indebtedness, in the event that such actions are challenged through legal action. The proceedings take approximately 90 days to complete, including a 30-day appeal period.
The attached ordinance, which establishes the manner in which the special tax is levied and collected within the District, is presented for the Board's consideration. Adoption of the ordinance requires that your Board read the title of the ordinance, order the further reading of the ordinance be waived and direct that this matter be placed on the agenda for the next regularly scheduled Board meeting for adoption. Authorization for the adoption of the ordinance is pursuant to the provisions of Government Code Section 53340.
Prior Board Action
On October 19, 2021, the Board adopted a resolution of intention to establish the District and a resolution of intention to incur bonded indebtedness within the District. On November 23, 2021, the Board adopted resolutions establishing the District and determining the necessity to incur bonded indebtedness in an amount not to exceed $165 million. On January 12, 2021, the Board approved a Reimbursement Agreement, under which RMV PA 3 Development, LLC (Developer) is required to periodically advance funds to the County to cover all costs associated with retaining the financing professionals, as well as County staff time.
FINANCIAL IMPACT:
All costs incurred by the County to undertake the analyses required to form the District and finance the facilities and improvements are covered under a Reimbursement Agreement between the County and the Developer approved by your Board on January 12, 2021. Under the Reimbursement Agreement, the Developer is required to periodically advance funds to the County to cover all costs associated with retaining the financing professionals, as well as County staff time. If bonds are issued, there is no financial impact to the County as repayment of the bonds will be paid by special taxes of the District.
STAFFING IMPACT:
N/A
ATTACHMENT(S):
Attachment A - Resolution Certifying Election Results
Attachment B - Ordinance Authorizing the Levy of Special Taxes
Attachment C - Section 53340 of the Government Code