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Auditor-Controller, on behalf of the Bond Screening Committee, recommending the Board adopt and authorize the Chair to sign Resolution 106-2015 Authorizing and Approving Form of Preliminary Official Statement and Bond Purchase Agreement; Authorizing Changes Thereto and Additional Actions in Connection Therewith for the Issuance, Sale, Execution, and Delivery of Special Tax Bonds for Community Facilities District No. 2001-1. (Promontory Specific Plan)
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DEPARTMENT RECOMMENDATION
The Auditor-Controller on behalf of the Bond Screening Committee is recommending the Board adopt Resolution Authorizing and Approving Forms of Preliminary Official Statement and Purchase Agreement; Authorizing Changes Thereto and Additional Actions in Connection Therewith for the Issuance of Special Tax Bonds for Community Facilities District No. 2001-1 (Promontory Specific Plan).
DISCUSSION / BACKGROUND
In accordance with the County's Development Agreement for the Promontory Specific Plan, in 2002 the County issued, sold and delivered its $10,940,000 original principal amount of CFD 2001-1 Special Tax Bonds Series 2002 and the $7,950,000 original principal amount of the CFD 2001-1 Special Tax Bonds Series 2005 to finance facilities necessary for development of property within the CFD.
In accordance with the County's Development Agreement, 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 Bond Screening Committee believes it is prudent to proceed with the refinancing of the original bond issue. The developer desires to proceed with the issuance of the additional Special Tax Bonds Series 2015 (for and on behalf of the CFD). This refunding may result in a lower interest cost...
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