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Public Notice

07 19 2016 CC Public Hearing

Posted: Jul 11, 2016

The City of Tracy City Council will hold a public hearing on Tuesday, July 19, 2016, at 7:00 p.m., or as soon thereafter as possible, in the Tracy City Council Chambers, 333 Civic Center Plaza, Tracy, to consider the following

NOTICE OF PUBLIC HEARING

To Incur Bonded Indebtedness and Other Debt
 
CITY OF TRACY
Community Facilities District No. 2016-1 (Tracy Hills)
 
On June 7, 2016, the City Council (the “City Council”) of the City of Tracy (the “City”), County of San Joaquin, State of California adopted its “Resolution of Intention To Incur Bonded Indebtedness and Other Debt” (the “Resolution”) for (i) “City of Tracy Community Facilities District No. 2016-1 (Tracy Hills)” (the “CFD”), (ii) “Improvement Area No. 1 of the City of Tracy Community Facilities District No. 2016-1 (Tracy Hills)” (“Improvement Area No. 1”) and (iii) a future annexation area for the CFD (the “Future Annexation Area”) under the Mello-Roos Community Facilities Act of 1982 (the “Act”). Under the Act and the Resolution, the City Council gives notice as follows:
 
1.         Reference is hereby made to the entire text of the above Resolution, a complete copy of which is on file with the City Clerk of the City. The text of the Resolution is summarized as follows:
 
a.         The City Council has adopted its Resolution of Intention to Establish a Community Facilities District, stating its intention to form the CFD, Improvement Area No. 1 and the Future Annexation Area for the purpose of financing, among other things, all or part of certain public facilities (the “Facilities”), as further provided in that Resolution of Intention.
 
b.         The City Council estimates the amount required to finance the costs of the Facilities to be not more than $285,000,000 and, in order to finance such costs, it is necessary to incur bonded indebtedness and other debt (as defined in the Act) in the amount of not more than $285,000,000.
 
c.         The proposed bonded indebtedness and other debt is to finance the Facilities, including acquisition and improvement costs and all costs incidental to or connected with the accomplishment of such purposes and of the financing thereof, as permitted by the Act.
 
d.         The City Council intends to authorize the issuance and sale of bonds and other forms of debt (as defined in the Act) payable from the Improvement Area No. 1 Special Tax in the aggregate principal amount of not more than $70,000,000 (the “Improvement Area No. 1 Indebtedness Limit”). The City Council intends to authorize the issuance and sale of bonds and other forms of debt (as defined in the Act) payable from special taxes levied in the portion of the CFD that is not in Improvement Area No. 1 in the aggregate principal amount of not more than $215,000,000. The designation as an improvement area of any territory annexing to the CFD, the maximum amount of bonded indebtedness and other debt for such improvement area, the rate and method of apportionment of special tax for such improvement area and the appropriations limit for such improvement area shall be identified and approved in the unanimous approval executed by property owners in connection with their annexation to the CFD.
 
The City Council intends to authorize the issuance and sale of bonds and other forms of debt (as defined in the Act) payable from a special tax levied in each Future Improvement Area (collectively, the “Future Annexation Area Bonds”) in the aggregate principal amount determined at the time of annexation of such territory as a separate improvement area.
 
2.         On Tuesday, July 19, 2016, at 7:00 p.m. or as soon as possible thereafter, in the City Council Chambers, 333 Civic Center Plaza, Tracy, California, the City Council will hold a public hearing on the necessity of incurring the above amount of bonded indebtedness and other debt for the CFD and Improvement Area No. 1.
 
3.         At public hearing the testimony of all interested persons, including voters and/or persons owning property in the area of the proposed CFD, for and against the proposed bonded debt and other debt, will be heard. Interested persons may submit written protests or comment to the City.
 
 
Dated as of June 7, 2016                                                                   City of Tracy
 
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