HomeMy WebLinkAboutRES 2003-34 - Board TRUCKEE DONNER
PUblic Utility District
Resolution No. 2003-34
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TRUCKEE DONNER PUBLIC UTILITY DISTRICT DECLARING ITS
INTENTION TO INCUR BONDED INDEBTEDNESS IN THE
AMOUNT NOT TO EXCEED $30,000,000 WITHIN PROPOSED
TRUCKEE DONNER PUBLIC UTILITY DISTRICT COMMUNITY
FACILITIES DISTRICT NO. 03-2 (GRAY'S CROSSING)
WHEREAS, pursuant to a resolution adopted on the date hereof (the "Companion
Resolution"), this Board of Directors has 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 the facilities listed on Appendix A to the Companion
Resolution, 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, this Board of Directors estimates that the amount required to finance
the Facilities and Incidental Expenses is approximately $30,000,000; and
WHEREAS, in order to finance the Facilities and Incidental Expenses, subject to the
satisfaction of all applicable requirements of law, this Board of Directors intends 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 property in the Community Facilities District, other than those properties exempted from
taxation in the rate and method of apportionment set forth in Appendix C to the Companion
Resolution;
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. It is necessary to incur bonded indebtedness within the boundaries of
the Community Facilities District in an amount not to exceed $30,000,000 to finance certain
of the costs of the Facilities and Incidental Expenses, as permitted by the Act.
Section 3. The indebtedness will be incurred for the purpose of financing the
costs of the Facilities and the Incidental Expenses, including, but not limited to, the funding
of reserve funds for the bonds, the financing of costs associated with the issuance of the
bonds and all other costs and expenses necessary to finance the Facilities which are
permitted to be financed pursuant to the Act.
Section 4. It is the intent of this Board of Directors to authorize the sale of bonds
in one or more series, in the maximum aggregate principal amount specified in Section 2,
and at a maximum interest rate not in excess of 12 percent per annum, or a higher rate not
in excess of the maximum rate permitted by law at the time that the bonds are issued. The
term of the bonds of each series shall be determined pursuant to a resolution of this Board
of Directors authorizing the issuance of the bonds of such series, but such term shall in no
event exceed 40 years from the date of issuance of the bonds of such series, or such longer
term as is then permitted by law.
Section 5. A public hearing (the "Hearing") on the proposed debt issue shall be
held at 7:00 p.m., or as soon thereafter as practicable, on October 1, 2003, in the board
room of this Board of Directors, 11570 Donner Pass Road, Truckee, California 96160.
Section 6. At the time and place set forth in this Resolution for the Hearing, any
interested persons, including all persons owning land or registered to vote within the
Community Facilities District, may appear and be heard.
Section 7. The Clerk of the Truckee Donner Public Utility District is hereby
directed to publish a notice (the "Notice") of the Hearing pursuant to Section 6061 of the
Government Code in a newspaper of general circulation published in the area of the
Community Facilities District. Such publication shall be completed at least seven days prior
to the date of the Hearing.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within
the District on August 6, 2003 by the following roll call vote:
AYES: Directors Aguera, Hemig and Van Gundy
NOES: Director Sutton
ABSENT: None
RECUSE: Directors Maass
TRUCKEE DONN PUBLIC UTILITY DISTRICT
J. n mig, resident
ATTE :
/a.
Peter L. Holzmeister, District Clerk