TO: LINDA REICH, CITY MANAGER
FROM: ROB BURNS, DIRECTOR OF FINANCE
SUBJECT
title
Issuance of Bonds Community Facilities District 2003-03 Improvement Area 10.
end
RECOMMENDATION
recommendation
1) Adopt Resolution No. 2024-019 of the City Council of the City of Chino, acting as the legislative body for Community Facilities District No. 2003-03 IA10 of the City of Chino (the "District"), approving the issuance of the bonds and the substantially final forms of the Preliminary Official Statement, Fiscal Agent Agreement, Bond Purchase Agreement, Continuing Disclosure Agreement, and Appraisal Report (collectively, the "Bond Documents"); and 2) approve the Bond Counsel Agreement with Stradling, Yocca, Carlson & Rauth in the amount of $75,000.
body
FISCAL IMPACT
1) The Preliminary Official Statement relates to limited obligation special tax bonds (the "Bonds") of the District. The Bonds will be special obligations of the District, payable solely from special taxes levied on the taxable property within Community Facilities District No. 2003-03 IA10, and amounts held by the Fiscal Agent under the Fiscal Agent Agreement. There are no City of Chino funds pledged to the repayment of the Bonds; and 2) there is no financial impact to the City in the approval of the Bond Counsel Agreement as the cost is paid from the bond proceed when the bonds are issued.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Financial Stability
* Responsible Long-Range Planning
Revenue:
Expenditure:
Transfer In:
Transfer Out:
BACKGROUND
Lewis Operating Corporation (Lewis) is the primary land developer in The Preserve. Lewis is currently developing their land with residential, commercial and community facilities. As part of the development of The Preserve, the City of Chino is req...
Click here for full text