Resolution Number 08-08-05-10RESOLUTION NO. 08-08-05- 10
' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, DETERMINING THAT THE PUBLIC
INTEREST AND NECESSITY DEMAND THE ACQUISITION AND/OR
IMPROVEMENT OF OPEN SPACE AND FINANCING THROUGH THE
ISSUANCE OF GENERAL OBLIGATION BONDS (OPEN SPACE,
NATURAL AREAS, AND CLEAN WATER PROTECTION AND
PRESERVATION MEASURE).
WHEREAS, the City is authorized to issue general obligation bonds to finance
municipal improvements pursuant to certain provisions of the California Government
Code, including Article 1, commencing with Section 43600, of Chapter 4 of Division 4 of
Title 4 and including Article 4.5, commencing with Section 53506, of Chapter 3 of Part 1
of Division 2 of Title 5 (collectively, the 'Bond Law"); and
WHEREAS, the City intends to issue general obligation bonds (the 'Bonds")
under and pursuant to the Bond Law to finance the acquisition and improvement of
open space; and
WHEREAS, in order to initiate proceedings under the Bond Law to provide for
' financing the acquisition and improvement of open space, the City Council must make
certain findings and determinations.
NOW, THEREFORE, BE IT RESOLVED that the City Council hereby finds and
determines as follows:
SECTION 1. Declaration of Necessity to Issue Bonds. The public interest and
necessity demand, and it is the intention of the City Council to require, the acquisition
and improvement of open space and to issue the Bonds to finance the cost thereof,
subject to the completion of the proceedings required by the Bond Law.
SECTION 2. Maximum Amount. The cost of the acquisition and improvement
of open space is not to exceed $30 million. Said estimated costs include provision for
legal and other fees, and other costs and expenses, which are incidental to or
connected with the authorization, issuance and sale of the Bonds.
SECTION 3. Findings. The City Council hereby finds and determines that the
costs of acquisition and improvement of open space require an expenditure by the City
greater than the amount allowed for it by the annual tax levy of the City. The principal
amount of the Bonds will not exceed the estimated cost of $30 million.
SECTION 4. Issuance of the Bonds. This Resolution is adopted, and the Bonds,
if approved by two-thirds of all qualified voters voting on the issuance of the Bonds, are
to be issued pursuant to the Bond Law.
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SECTION 5. Effective Date. This Resolution shall take effect upon its adoption
by two-thirds of all members of the City Council. The Mayor shall sign this Resolution
and the City Clerk shall attest and certify to the passage and adoption thereof.
PASSED, APPROVED AND ADOPTED thj*6 -dpy of /gust, 2008.
ATTEST:
R. MONAHAN. CITY CLERK
JOE WTO, MA
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STATE OF CALIFORNIA )
'COUNTY OF ORANGE
CITY OF SAN JUAN CAPISTRANO )
I, MARGARET R. MONAHAN, appointed City Clerk of the City of San Juan Capistrano, do hereby
certify that the foregoing Resolution No. 08-08-05-10 was duly adopted by the City Council of the
City of San Juan Capistrano at a Regular meeting thereof, held the 5t" day of August 2008, by the
following vote:
AYES: COUNCIL MEMBERS: Allevato, Nielsen, Hribar, Uso and Mayor Soto
NOES: COUNCIL MEMBER: None
ABSENT: COUNCIL MEBone
R RET R. MONAHAN, City Clerk