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Auditor-Controller and the Assessment and Community Facilities District Screening Committee recommending the Board adopt and authorize the Chair to sign “Resolution 049-2019 Authorizing the Issuance and Sale of Special Tax Bonds and Approving and Authorizing Forms of Fiscal Agent Agreement, Preliminary Official Statement and Bond Purchase Agreement; and Authorizing Additional Actions in Connection Therewith for Community Facilities District No. 2018-1 (Bass Lake Hills).”
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DISCUSSION / BACKGROUND
In accordance with Section 3.7 of the County's Community Benefit and Development Agreement with Lennar Winncrest, LLC for each of the Hawk View, Bell Ranch and Bell Woods areas of the Bass Lake Specific Plan, the County is required to assist the Developer in obtaining community facilities district financing for infrastructure needed for the three subdivisions. The purpose of the CFD is to fund the construction of certain major infrastructure improvements, and to pay certain impact fees associated with projects of this nature. Per the Board’s Resolution 172-2018 adopted August 28, 2018 the CFD is authorized to issue total indebtedness in an amount not to exceed $25,000,000 to finance the authorized improvements and fees.
In connection with the request, on August 28, 2018, the Board, by resolution, formed its Community Facilities District No. 2018-1 (Bass Lake Hills) (the "CFD"). At the same meeting, the Board held a public hearing and conducted a special election in which unanimous approval was given to the levy of a special tax of the CFD and the issuance of bonds for the CFD.
Today’s resolution seeks approval of the first series of bonds and authorizes the issuance of bonds for the CFD in an amount not to exceed $13,000,000, and approve the form of certain documents and matters related thereto, including a Fiscal Agent Agreement which is the document that sets forth the terms and conditions for the bonds prior to determination of interest rates. The Resolut...
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