Title
AUTHORIZING THE ISSUANCE AND SALE OF COTTONFLOWER COMMUNITY FACILITIES DISTRICT GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017
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RECOMMENDATION:
ADOPT RESOLUTION CTTNFLWRCFD RES 17-057 AUTHORIZING THE ISSUANCE AND SALE OF ITS DISTRICT GENERAL OBLIGATION REFUNDING BONDS, SERIES 2017, IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $2,300,000; DELEGATING THE AUTHORITY TO APPROVE CERTAIN MATTERS WITH RESPECT TO THE BONDS BEING REFUNDED; PROVIDING FOR THE ANNUAL LEVY OF A TAX FOR THE PAYMENT OF THE BONDS; APPROVING THE FORM OF THE BONDS AND CERTAIN DOCUMENTS AND AUTHORIZING COMPLETION, EXECUTION AND DELIVERY THEREOF; 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 CTTNFLWRCFD RES 17-057 which authorizes the issuance and sale of not to exceed $2,300,000 principal amount of District General Obligation Refunding Bonds, Series 2017, for Cottonflower Community Facilities District, for the purpose of decreasing the District's debt service under its outstanding general obligation debt. Also, CTTNFLWRCFD RES 17-057 approves, in substantially the forms presented, documents relating to the issuance and administration of the refunding bonds. (Doug Sandstrom, District Treasurer)