TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
title
Issuance of Bonds Community Facilities District 2022-1 (Falloncrest).
end
RECOMMENDATION
recommendation
Adopt Resolution No. 2025-049 of the City Council of the City of Chino, acting as the legislative body for Community Facilities District No. 2022-1 (Falloncrest) 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").
body
FISCAL IMPACT
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 the District, 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. There is no financial impact to the City in the approval of the Bond Counsel Agreement as the cost is paid from the Bond proceeds of the District contingent upon the Bonds being 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
After receiving a petition from KB HOME Coastal, Inc. ("KB Home"), the City Council initiated proceedings to form the District on November 1, 2022 with the adoption of Resolution Nos. 2022-077 and 2022-078 (the "Resolutions of Intention"). The Resolutions of Intention called for a public hearing on the formation of the District on December 6, 2022. Following the noticed...
Click here for full text