HomeMy WebLinkAbout10 Gray's Crossing Agenda Item # /
I Sam
Memorandum
To: Board of Directors
From: Steve Hollabaugh
Date: January 30, 2004
Date of Board Meeting: February 4, 2004
Subject: Rescinding Gray's Crossing Resolution of Intent
1. WHY THIS MATTER IS BEFORE THE BOARD
Only the Board can adopt the attached resolution repealing the Resolutions of Intention
passed on August 6, 2003.
2. HISTORY
The Board had previously adopted two resolutions (Nos. 2003-32 and 2003-34, the
"Resolutions of Intention") relating to the formation of a community facilities district and
the issuance of bonds for the Gray's Crossing project on August 6, 2003. Among other
things, the Resolutions of Intention called for a public hearing at which matters relating
to the proposed community facilities district and the Bonds could be considered. The
public hearing has been continued from time to time because of uncertainties
associated with the precise nature of the Gray's Crossing project, as it might be
approved by the Town of Truckee.
3. NEW INFORMATION
There are still sufficient uncertainties with respect to the project that it would not be
appropriate to form the community facilities district or continue with proceedings leading
to the authorization of bonds at this time. Under the provisions of the Mello-Roos Act,
the public hearings cannot be continued any longer.
4. RECOMMENDATION
I recommend the board adopt the resolution repealing Resolutions 2003-32 and 2003-
34 relating to proposed TDPUD Community Facilities District No, 03-2 (Gray's
Crossing).
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R Polu ion No . 2004- XXX
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TRUCKEE DONNER PUBLIC UTILITY DISTRICT REPEALING ITS
RESOLUTIONS NOS. 2003-32 AND 2003-34 RELATING TO PROPOSED
TRUCKEE DONNER PUBLIC UTILITY DISTRICT COMMUNITY FACILITIES
DISTRICT NO. 03-2 (GRAY'S CROSSING)
WHEREAS, pursuant to its Resolution No. 2003-32, adopted on August 6, 2003, this Board of
Directors instituted proceedings to form Truckee Donner Public Utility District Community
Facilities District No. 03-2 (Gray's Crossing) (the"Community Facilities District") pursuant to the
Mello-Roos Community Facilities Act of 1982, as amended (the "Act") in order to finance (i) the
cost of purchasing, constructing, expanding, improving or rehabilitating certain facilities and all
appurtenances and appurtenant work associated with the foregoing (collectively the"Facilities")
and (ii) the incidental expenses to be incurred in connection with financing the Facilities,
including costs associated with the creation of the Community Facilities District and the issuance
of bonds, the establishment and replenishment of bond reserve and special reserve funds (the
"Incidental Expenses"); and
WHEREAS, in order to finance the Facilities and Incidental Expenses, pursuant to its Resolution
No. 2003-34, adopted on August 6, 2003 (together with Resolution No. 2003-32, the
"Resolutions of Intention"), this Board of Directors declared its intention to authorize the issuance
of bonds in the maximum aggregate principal amount of$30,000,000, the repayment of which is
to be secured by special taxes levied in accordance with the Act on all taxable property in the
Community Facilities District (the "Bonds"); and
WHEREAS, the Resolutions of Intention called for a public hearing to be held on October 1,
2003 (the "Public Hearing"), at which matters relating to the Community Facilities District, the
Facilities and the Bonds could be considered; and
WHEREAS, the Public Hearing has been continued from time to time to the date hereof ; and
WHEREAS, based on the information heretofore made available to it,this Board of Directors has
determined that it would not be advisable to form the Community Facilities District or to authorize
the issuance of the Bonds at this time; and
WHEREAS, the Act prevents any further continuation of the Public Hearing and this Board
therefore wishes to terminate the proceedings for the formation of the Community Facilities
District and the authorization of the Bonds;
.......................
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE TRUCKEE DONNER PUBLIC
UTILITY DISTRICT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The Resolutions of Intention are hereby repealed, and no further actions shall be
taken in connection with the formation of the Community Facilities District or the authorization of
the Bonds unless and until this Board adopts new resolutions of intention pursuant to the Act.
Section 3. The officers of the Truckee Donner Public Utility District are hereby authorized and
directed to take any and all actions necessary or convenient in order to implement this
Resolution.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors as follows:
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the
District on the fourth day of February, 2004 by the following roll call vote:
AYES:
NOES:
ABSENT:
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
James A. Maass, President
ATTEST:
Peter L. Holzmeister, District Clerk