TITLE
AUTHORIZE ISSUANCE AND SALE OF DISTRICT GENERAL OBLIGATION REFUNDING BONDS, SERIES 2015, FOR COMMUNITY FACILITIES UTILITIES DISTRICT NO. 1
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RECOMMENDATION:
ADOPT RESOLUTION CFUD#1 RES 15-096 AUTHORIZING THE ISSUANCE AND SALE OF ITS DISTRICT GENERAL OBLIGATION REFUNDING BONDS, SERIES 2015 IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $7,015,000; DELEGATING THE AUTHORITY TO APPROVE CERTAIN MATTERS WITH RESPECT TO THE BONDS AND THE BONDS BEING REFUNDED; PROVIDING FOR THE ANNUAL LEVY OF A TAX FOR THE PAYMENT OF THE BONDS; AUTHORIZING THE APPOINTMENT OF A REGISTRAR, TRANSFER AGENT AND PAYING AGENT, A DEPOSITORY TRUSTEE AND A DISSEMINATION AGENT; APPROVING THE FORM OF THE BONDS AND CERTAIN DOCUMENTS AND AUTHORIZING COMPLETION, EXECUTION AND DELIVERY THEREOF; DELEGATING THE AUTHORITY TO APPROVE AND DEEM FINAL A FORM OF OFFICIAL STATEMENT; APPROVING THE SALE OF THE BONDS TO THE PURCHASER THEREOF; AND RATIFYING ALL ACTIONS TAKEN OR TO BE TAKEN TO FURTHER THIS RESOLUTION.
PURPOSE:
District Board will consider CFUD#1 RES 15-096 which authorizes the issuance and sale of not to exceed $7,015,000 principal amount of General Obligation Refunding Bonds, Series 2015 for the Community Facilities Utilities District No. 1, for the purpose of decreasing the District's debt service under its outstanding general obligation debt. Also, CFUD#1 RES 15-096 approves, in substantially the forms presented, various documents relating to the issuance and administration of the bonds after issuance. (Larry Lange, Finance Director)