CITY OF MERCED - File #: 15-391

• File #: 15-391
• Version: 1
• Type: Report Item
• Status: Passed
• File created: 12/28/2015
• In control: City Council/Public Finance and Economic Development Authority/Parking Authority/Successor Agency to the Redevelopment Agency
• On agenda: 1/19/2016
• Final action: 1/19/2016
• Title: SUBJECT: Authorization to Issue Refunding Bonds for the Community Facilities District No. 2003-1 (Bellevue Ranch East) of the City of Merced. REPORT IN BRIEF Consider Refunding Bonds for Bellevue Ranch East. RECOMMENDATION City Council - Acting as the Legislative Body of Community Facilities District No. 2003-1 (Bellevue Ranch East) of the City of Merced, adopt a motion: A. Adopting Resolution 2016-03, a Resolution of the City Council of the City of Merced, California, acting as the legislative body of Community Facilities District No. 2003-1 (Bellevue Ranch East) of the City of Merced authorizing the issuance of Community Facilities District No. 2003-1 (Bellevue Ranch East) of the City of Merced, 2016 Special Tax Refunding Bonds in the aggregate principal amount not to exceed $10,000,000, authorizing the sale of such bonds upon certain terms and conditions, approving an Official Statement, approving the execution and delivery of a Fiscal Agent Agreement, approving an Escro...

Date	Ver.	Action By	Action	Result
1/19/2016	1	City Council/Public Finance and Economic Development Authority/Parking Authority/Successor Agency to the Redevelopment Agency	approved	Pass

Report Prepared by: Bradley Grant - Finance Officer

Title
SUBJECT: Authorization to Issue Refunding Bonds for the Community Facilities District No. 2003-1 (Bellevue Ranch East) of the City of Merced.

REPORT IN BRIEF
Consider Refunding Bonds for Bellevue Ranch East.

RECOMMENDATION
City Council - Acting as the Legislative Body of Community Facilities District No. 2003-1 (Bellevue Ranch East) of the City of Merced, adopt a motion:
A. Adopting Resolution 2016-03, a Resolution of the City Council of the City of Merced, California, acting as the legislative body of Community Facilities District No. 2003-1 (Bellevue Ranch East) of the City of Merced authorizing the issuance of Community Facilities District No. 2003-1 (Bellevue Ranch East) of the City of Merced, 2016 Special Tax Refunding Bonds in the aggregate principal amount not to exceed $10,000,000, authorizing the sale of such bonds upon certain terms and conditions, approving an Official Statement, approving the execution and delivery of a Fiscal Agent Agreement, approving an Escrow Agreement, approving a Bond Purchase Agreement and a Continuing Disclosure Agreement and authorizing the execution of necessary documents and certificates and related actions; and,

B. Authorizing the City Manager or City Attorney or Finance Officer to execute necessary documents, certificates and related actions; and,

C. Authorizing the Finance Officer to make necessary budget adjustments.

Body
ALTERNATIVES
1. Approve the action as recommended.
2. Request modification or amendment to the documents and provide direction to City staff regarding the same.
3. Decline to authorize action as recommended.

AUTHORITY
Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the California Government Code (the "Act"), commonly known as the "Mello-Roos Community Facilities Act of 1982," and the City's CFD Goals and Policies and Sections 405 and 1105 of the City of Merced Charter.
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