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File #: 14-1655    Version:
Type: Agenda Item Status: Approved
File created: 12/5/2014 In control: Board of Supervisors
On agenda: 4/7/2015 Final action: 4/7/2015
Title: Auditor-Controller recommending the Board adopt Resolution 044-2015 Authorizing the Issuance of Special Tax Bonds and Approving and Authorizing A Form of Fiscal Agent Agreement and Authorizing Additional Action in Connection Therewith for Community Facilities District No. 2014-1 (Carson Creek).
Attachments: 1. 4A - Carson Creek Issue Sp Tx JHarn Ltr 03-20-15 4-7-15, 2. 4B - Reso Issue Sp Tx Bonds and Approve Form of FA Agmt 4-7-15, 3. 4C - Fiscal Agt Agmt 3.24.15 4-7-15, 4. 4D - Blue Route (Reso Issue Sp Tx and FA Agmt) 4-7-15, 5. Executed Resolution 044-2015 4-7-15 item 2.pdf, 6. Executed Ordinance 5019 2-10-15 item 3.pdf, 7. 2A - Resolution of Formation 01-27-15, 8. 2B - Reso Determining Necess to Incur Bond Indebtedness 01-27-15, 9. 2C - Resolution Calling Election 01-27-15, 10. 2D - Reso Declaring Election Results 01-27-15, 11. 2E - Ordinance 01-27-15, 12. 2F - Carson Creek Formation JHarn Ltr 01-20-15 1-27-15, 13. Executed Resolution 016-2015 1-27-15 item 36.pdf, 14. Executed Resolution 017-2015 1-27-15 item 36.pdf, 15. Executed Resolution 018-2015 1-27-15 item 36.pdf, 16. Executed Resolution 019-2015 1-27-15 item 36.pdf, 17. Recorded Notice of Special Tax Lien 1-27-15 item 36.pdf, 18. A - Carson Creek ROI JHarn Ltr 12-16-14, 19. B - Carson Creek Resolution of Intention 12-16-14, 20. C - Carson Creek Boundary Map 12-16-14, 21. D - Blue Route 12-16-14, 22. Executed Resolution 246-2014 12-16-14 item 4.pdf
Title
Auditor-Controller recommending the Board adopt Resolution 044-2015 Authorizing the Issuance of Special Tax Bonds and Approving and Authorizing A Form of Fiscal Agent Agreement and Authorizing Additional Action in Connection Therewith for Community Facilities District No. 2014-1 (Carson Creek).
Body
Fiscal Impact/Change to Net County Cost
None.
Reason for Recommendation
The Board of Supervisors will recall that the developer of Carson Creek (Lennar) submitted an application to the County to form a Community Facilities District for the Carson Creek project. In accordance with the County's Development Agreement for the Carson Creek Specific Plan Public Facilities Financing Plan, the County is required to assist the Developer in obtaining community facilities district or assessment district financing for infrastructure needed for the Carson Creek subdivision. In connection with the request, on January 27, 2015, the Board, by resolution, formed its Community Facilities District No. 2014-1 (Carson Creek) (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.

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. The CFD is authorized to issue indebtedness in an amount not to exceed $50,000,000 to finance the authorized improvements and fees.

The developer now desires to proceed with the issuance of the first series of Special Tax Bonds for and on behalf of the CFD and has requested the Board of Supervisors to adopt the attached Resolution to commence the approval process. This is the first of what will be two resolutions approving the issuance of the first series of Special Tax Bonds for the CFD. The Resolution approves the issuance of bonds in accordance with a Fiscal Agent Agreemen...

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