HomeMy WebLinkAbout2001-12-18; City Council; Resolution 2001-3731
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RESOLUTION NO. 2001-373
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, SELECTING
THE FINANCING TEAM FOR THE FORMATION OF CERTAIN
FINANCING DISTRICTS AND RELATED BOND ISSUANCES AND
AUTHORIZING THE FINANCE DIRECTOR TO SIGN CERTAIN
DEPOSIT/REIMBURSEMENT AGREEMENTS
WHEREAS, the City Council of the City of Carlsbad has adopted goals focusing
on improving the transportation system within the City through completion of certain
road segments; and
WHEREAS, a number of developers have approached the City staff with
requests to assist them in the financing of the roads by forming financing districts that
will spread the costs of the public improvement over those properties that are benefiting
from the improvements; and
WHEREAS, such a request came before council at their meeting of July 10,
2001, at which time Council directed staff to begin work on the establishment of a
financing district for certain road improvements including Poinsettia Lane and El Fuerte;
and
WHEREAS, additional requests have been received or are anticipated from the
property owners for two other road improvements; commonly known as Cannon Road
and College Boulevard improvements; and Faraday Avenue and Melrose Avenue
improvements; and
WHEREAS, current policies require that the proponents of the district deposit
sufficient funds to pay all fees and costs of the district; and
WHEREAS, staff is recommending that Stone and Youngberg (S&Y) be selected
as the underwriter and Best Best and Krieger be selected as the bond counsel based
on their experience and past performance with the City.
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Carlsbad, California, as follows:
1. That the above recitations are true and correct.
2. That staff is authorized to begin work on the formation of a financing
district for the Cannon Road and College Boulevard improvements and/or the Faraday
Avenue and Melrose Avenue improvements upon the receipt of a deposit and a written
request from the property owners. The deposit will be in an amount as determined by
the Finance Director.
3. That the Finance Director is authorized to sign Deposit/Reimbursement
Agreements as needed, in a form as shown in Appendix A, upon approval by the City
Attorney and receipt of the deposit.
4. That staff is authorized to work with Stone and Youngberg as the
underwriter and Best Best and Krieger as the bond counsel in the formation of the
above-mentioned special districts and related bond issues.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad
City Council held on the 18th day of DECEMBER 9 2001 by the
following vote, to wit:
AYES: Council Members Lewis, Kulchin, Finnila, Nygaard, Hall
NOES: None
ABSENT: None
KAREN R. KUNDTZ, Assistant City Clerk
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