Title
A Resolution Authorizing Issuance of Debt by the Banning Lewis Ranch Regional Metropolitan District No. 1 in the Form of Limited Tax General Obligation Bonds, Subordinate Cash Flow Bonds, and Junior Subordinate Cash Flow Bonds, Series 2018A, Series 2018B and Series 2018C in the Estimated Aggregate Principal Amount of $13,794,000 and Rescinding Resolution No. 108-18
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Department
Body
Summary:
On October 9, 2018, City Council approved Resolution 108-18 with numerical errors inadvertently inserted by City staff. The attached revised resolution corrects these errors consistent with the bond documents presented at that that hearing, consistent with this cover memo as presented at that hearing and consistent with the PowerPoint presentation provided with the September 24, 2018 Work Session introducing this item.
This is a request to approve issuance of formal debt in an aggregate amount of up to $13,794,000 by the Banning Lewis Ranch Regional Metropolitan District No. 1 ("District") in the form of marketed Series A and B bond issues, and a developer-held Series C bond issue which will be subordinate to the other bonds. The City's Special District Policy and the District's approved service plan require that City Council's approval be obtained prior to issuing any debt.
This request will be heard at the October 9, 2018 City Council meeting at which time approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Article 7-100.
Previous Council Action:
The Banning Lewis Ranch Metropolitan Districts No. 1-7 ("Districts") were established by election in November 2005, following approval by Council of an initial service plan in that year (Resolution No. 162-05. On April 24, 2018 Council approved a Second Amended and Restated service plan the District- the Banning Lewis ...
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