MEETING DATE:
SEPTEMBER 23, 2014
SUBJECT:
Title
RESOLUTION NOS. PFA 2014-71, 2014-7980 & SMPFA 2014-009 - AUTHORIZATION TO ISSUE REFUNDING BONDS FOR COMMUNITY FACILITIES DISTRICT NO. 91-01 (TWIN OAKS VALLEY RANCH) AND CERTAIN IMPROVEMENT AREAS WITHIN COMMUNITY FACILITIES DISTRICT NO. 99-01 (SAN ELIJO HILLS)
Body
Recommendation
Recommendation
Staff recommends the City Council adopt the attached resolutions authorizing the issuance of bonds by the San Marcos Public Financing Authority (the "Authority") and related Special Tax Refunding Bonds by the City of San Marcos Community Facilities District No. 91-01 (Twin Oaks Valley Ranch) (the "CFD 91-01) and the City of San Marcos Community Facilities District No. 99-01 (San Elijo Hills) (the "CFD 99-01).
Body
Board or Commission Action
Not applicable
Relevant Council Strategic Theme
Good Governance
Relevant Department Goal
Not applicable
Introduction
In 2004, the San Marcos Public Facilities Authority (the "Public Facilities Authority") issued its $33,805,000 Special Tax Revenue Refunding Bonds, 2004 Series A and its $3,690,000 Special Tax Revenue Refunding Bonds, 2004 Series B to refinance certain prior local obligations issued by CFD 91-01 and Improvement Areas A1, A2, B1, B2, C1, D1, G3, H1A, H1B, M, N1, N2, R1 and R2 of CFD 99-01.
In 2006, the Public Facilities Authority issued its $13,660,000 Special Tax Revenue Bonds, 2006 Series A the proceeds of which were ultimately used to finance the acquisition and construction of certain public facilities and infrastructure improvements necessary to support the planned development within Improvement Areas F2/V2, J, T and V1A of CFD 99-01. In December 2012, San Elijo Hill Estates, LLC and San Elijo Hills Development Company, LLC provided sufficient funds to redeem all $2,760,000 of the outstanding T Special Tax Bonds.
Since then, all of the parcels within CFD 91-01 and Improvement Areas A1, A2, B1, B2, C1, D1, F2/V2, G3, H1A, H1B,...
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