HomeMy WebLinkAbout1991-05-14; City Council; Resolution 91-1490
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RESOLUTION NO. 9 1 - 14 9
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD AUTHORIZING THE
CREATION OF THE COMMUNITY FACILITIES
DISTRICT NO. 1 FUND AND THE TRANSFER OF
EXPENDITURES FROM THE GENERAL FUND, AND
AUTHORIZING A LOAN OF FUNDS TO THE
COMMUNITY FACILITIES DISTRICT NO. 1
WHEREAS, the voters within Community Facilities District No. 1, hereinafte
as "CFD", have approved the creation of a Mello-Roos Community Facilities Distric
for the construction of certain public improvements; and
WHEREAS, the City of Carlsbad has expended general fund monies to sup
cost of engineering, legal, and financial services related to the creation of CFD
expectation that all expenditures would be repaid from CFD if approved; and
WHEREAS, CFD will be assessing a tax against property within the boundarj
CFD in fiscal year 1991-92 thereby creating a cash flow into the CFD which will prt
ability to repay some or all of the funds advanced by the general fund during the fc
process; and
WHEREAS, some additional tax assessment related costs remain to b+
between the date of formation and the end of this fiscal year.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
CITY OF CARLSBAD as follows:
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That all CFD expenditures of funds, encumbrances, or contracts recorded ii
of Carlsbad General Fund shall be transferred to the CFD fund and that thj
shall represent a debt to be repaid to the City of Carlsbad General fund at ti
possible time.
That an additional amount of $50,000 shall be loaned to the CFD to cow
assessment services, and fiscal consulting services between this date and the I
fiscal year.
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3. That the amount of the contracts with NBSLowry for special tax services re
the formation of the CFD shall be increased by $40,000.
4. That the contract with Kadie, Jensen, Johnson and Bodner for fiscal consulting I
related to the formation of the CFD shall be increased by $10,000.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City
, 1991, by the following vote
Council Members Lewis, Kulchin, Larson, Nygaard and Stantor
of the City of Carlsbad on the 14th day of May
AYES:
NOES: None
ABSENT: None
ATTEST:
Lz&at& 4. i?& nLETHA L. RAUTENKRANZ, CityIClerk
(Seal)