TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Refunding of Community Facilities District Bonds.
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RECOMMENDATION
recommendation
1) Adopt Resolution Nos. 2025-050, 2025-051, 2025-052, and 2025-053 authorizing the issuance of the 2025 Special Tax Refunding Bonds; 2) adopt Chino Public Financing Authority Resolution No. FA 2025-001, approving the substantially final forms of the Indenture of Trust, Preliminary Official Statement; Bond Purchase Agreement; and Continuing Disclosure Agreement for the 2025 Pooled CFD Refunding; and 3) authorize the City Manager to execute all necessary documents on behalf of the City.
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FISCAL IMPACT
The refunding of these Community Facilities District bonds will provide for total savings of approximately $2,102,681 over the remaining life of the bonds, representing average annual savings of $210,268 or $1,749,748 net present value savings.
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:
* Positive City Image
* Financial Stability
Revenue: 1001000-51200
Expenditure:
Transfer In:
Transfer Out:
BACKGROUND
Over the course of the last 25 years, developers have utilized Community Facilities Districts (CFDs) to help finance public infrastructure improvements associated with residential and industrial developments. Eligible public improvements consist of backbone infrastructure, such as sewer, water and gas lines, storm drain connections, streets, curb and gutters, as well as additional public facilities financed in lieu of receiving Development Impact Fees.
CFDs issue bonds to finance the construction of the previously mentioned public improvements. Repayment of these bonds occurs through an annual special tax levy on the property owners within the CFDs. This special tax levy is designed...
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