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File #: 16-0712    Version: 1
Type: Agenda Item Status: Approved
File created: 6/23/2016 In control: Board of Supervisors
On agenda: 6/28/2016 Final action: 6/28/2016
Title: Auditor-Controller, on behalf of the Assessment and Community Facilities District Screening Committee, recommending the Board adopt and authorize the Chair to sign Resolution 110-2016 authorizing the Issuance of Special Tax Bonds and Approving and Authorizing Forms of Fiscal Agent Agreements, and Authorizing Changes Thereto; and Authorizing Additional Actions in Connection Therewith for Community Facilities District 2005-1 (Blackstone).
Attachments: 1. A - BLKSTN Reso to Issue Ltr JHarn 06-24-16 BOS 6-28-16, 2. B - Reso to Issue BLKSTN 06-28-16, 3. C - DRAFT Prelim Offering Statement 06-28-16, 4. D - DRAFT Blackstone Junior Fiscal Agt Agmt 6.21.16 BOS 6-28-16, 5. E - DRAFT Blackstone Senior Fiscal Agt Agmt 6.21.16 BOS 6-28-16, 6. F - DRAFT Bond Purchase Agreement 6-28-16, 7. G - Reso to Issue Blue Route 6-28-16, 8. H - FA Agmt Blue Routed 6-28-16, 9. I - BPA Blue Route 6-28-16, 10. Executed Resolution 110-2016
Title
Auditor-Controller, on behalf of the Assessment and Community Facilities District Screening Committee, recommending the Board adopt and authorize the Chair to sign Resolution 110-2016 authorizing the Issuance of Special Tax Bonds and Approving and Authorizing Forms of Fiscal Agent Agreements, and Authorizing Changes Thereto; and Authorizing Additional Actions in Connection Therewith for Community Facilities District 2005-1 (Blackstone).
Body
DEPARTMENT RECOMMENDATION
The Auditor-Controller, on behalf of the Assessment and Community Facilities District Screening Committee (“Committee”), recommends the Board adopt “Resolution 110-2016 Authorizing the Issuance of Special Tax Bonds and Approving and Authorizing Forms of Fiscal Agent Agreements, and Authorizing Changes Thereto; and Authorizing Additional Actions in Connection Therewith for Community Facilities District No. 2005-1 (Blackstone).”

DISCUSSION / BACKGROUND
The Board of Supervisors will recall that in 2005 it formed Community Facilities District No. 2005-1 (Blackstone) under the Mello-Roos Community Facilities Act and authorized the levy of special taxes on land within the CFD. Shortly after formation, the County issued, on behalf of the CFD, $32,655,000 original principal amount of County of El Dorado Community Facilities District No. 2005-1 (Blackstone) Special Tax Bonds, secured by the CFD special taxes, with no general fund liability. The CFD is authorized to issue indebtedness in an amount not to exceed $35,000,000 to finance authorized improvements; proceeds of the 2005 Bonds were used to finance the construction of a portion of certain major infrastructure improvements associated with projects of this nature.

The current favorable low interest rates afford an opportunity to refinance the 2005 Bonds to generate interest cost savings over the remaining life of the 2005 Bonds, which savings can be realized by property owners in the CFD. Staff has been working with the County’s consultant...

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