Title
CONSIDERATION OF APPROVAL OF THE REFUNDING OF THE 2002 CERTIFICATES OF PARTICIPATION TO GENERATE DEBT SERVICE SAVINGS TO BE SHARED BETWEEN THE GENERAL FUND AND THE PUBLIC FACILITIES DEVELOPMENT IMPACT FEE FUND
A. RESOLUTION NO. 2014-037 OF THE CITY OF CHULA VISTA MAKING REQUIRED FINDINGS, AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS IN CONNECTION WITH THE SALE AND DELIVERY OF THE 2014 REFUNDING CERTIFICATES OF PARTICIPATION (POLICE FACILITY PROJECT), IN A PRINCIPAL AMOUNT NOT TO EXCEED $49,000,000 AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH.
B. RESOLUTION NO. 2014-001 OF THE CHULA VISTA PUBLIC FINANCING AUTHORITY APPROVING THE EXECUTION AND DELIVERY OF DOCUMENTS IN CONNECTION WITH THE SALE AND DELIVERY OF THE CITY OF CHULA VISTA 2014 REFUNDING CERTIFICATES OF PARTICIPATION (POLICE FACILITY PROJECT), IN A PRINCIPAL AMOUNT NOT TO EXCEED $49,000,000 AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH.
Recommended Action
RECOMMENDED ACTION: Council adopt Resolution A and Authority adopt Resolution B.
Body
SUMMARY
The Chula Vista Public Financing Authority issued $60,145,000 City of Chula Vista 2002 Certificates of Participation for financing the acquisition and construction of the City's police headquarters building. At this time the financial market conditions appear favorable for a refunding of this bond issue.
ENVIRONMENTAL REVIEW
The Environmental Review Coordinator has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the requested actions are not a "Project" as defined under Section 15378 of the State CEQA Guidelines because it will not result in a physical change to the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the actions proposed are not subject to CEQA.
BOARD/COMMISSION RECOMMENDATION
Not applicable.
DISCUSSION
On May 14, 2002, the City Council of t...
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