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Auditor-Controller recommending the Board:
1) Adopt and authorize the Chair to sign Resolution 050-2016 to rescind Resolution 044-2015 regarding the issuance of a Special Tax Bond for CFD 2014-1 (Carson Creek); and
2) Adopt and authorize the Chair to sign Resolution 051-2016 Authorizing the Issuance of Special Tax Bonds for CFD 2014-1 (Carson Creek).
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DEPARTMENT RECOMMENDATION
The Auditor-Controller recommending the Board adopt (i) Resolution Rescinding Prior Resolution Authorizing the Issuance of Special Tax Bonds and Actions in Connection Therewith for Community Facilities District No. 2014-1 (Carson Creek); and (ii) Resolution Authorizing the Issuance of Special Tax Bonds and Approving and Authorizing Additional Action in Connection Therewith for Community Facilities District No. 2014-1 (Carson Creek).
DISCUSSION / BACKGROUND
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 im...
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