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Auditor-Controller recommending the Board adopt Resolution 047-2015 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. 2001-1 (Promontory).
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DEPARTMENT RECOMMENDATION
In 2005 the County issued $7,950,000 of Mello Roos bonds for this Community Facilities District (CFD). Because interest rates are low, now appears to be an ideal time to refinance these bonds. Further, because of the current real estate market new lots are being created in Promontory at this time. The newly created lots generate additional special taxes which allows for the issuance of additional bonds. In accordance with the County's Development Agreement for the Promontory 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 Promontory subdivision.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 developer now desires to proceed with the refinancing of the original bond issue and the issuance of the additional 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 additional Special Tax Bonds for the CFD. The Resolution approves the issuance of bonds in accordance with a Fiscal Agent Agreements, the form of which is approved by the Resolution. At a future meeting anticipated to be at least 60 days in the future, a Bond Purchase Agreement for sale of the Bonds to Stifel, Nicolaus & Company, as underwriter, and a Preliminary Official Statement, in forms to be presented at that meeti...
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