city of Chula Vista

File #: 15-0239    Name:
Type: Action Item Status: Passed
In control: City Council
On agenda: 6/16/2015 Final action: 6/16/2015
Title: CONSIDERATION OF APPROVAL TO PURSUE THE REFINANCING OF 2004 AND 2006 CERTIFICATES OF PARTICIPATION A. RESOLUTION NO. 2015-150 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA MAKING REQUIRED FINDINGS, AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS RELATING TO THE SALE AND DELIVERY OF NOT TO EXCEED $47,000,000 2015 REFUNDING CERTIFICATES OF PARTICIPATION, (CIVIC CENTER PROJECT), AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH B. RESOLUTION NO. 2015-001 OF THE PUBLIC FINANCING AUTHORITY OF THE CITY OF CHULA VISTA APPROVING THE EXECUTION AND DELIVERY OF DOCUMENTS IN CONNECTION WITH THE SALE AND DELIVERY OF THE CITY OF CHULA VISTA 2015 REFUNDING CERTIFICATES OF PARTICIPATION, (CIVIC CENTER PROJECT) IN A PRINCIPAL AMOUNT NOT TO EXCEED $47,000,000 AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH
Sponsors: Phil Davis
Attachments: 1. Item 14 - Resolution A, 2. Item 14 - Resolution B, 3. Item 14 - Escrow agreement.pdf, 4. Item 14 - Continuing Disclosure Agreement.pdf, 5. Item 14 - Second amendment to site lease.pdf, 6. Item 14 - Bond Purchase Agreement.pdf, 7. Item 14 - First supplement to amended and restated trust agreement.pdf, 8. Item 14 - Second amendment to assignment agreement.pdf, 9. Item 14 - Second amendment to lease purchase agreement.pdf, 10. Preliminary Official Statement
Title
CONSIDERATION OF APPROVAL TO PURSUE THE REFINANCING OF 2004 AND 2006 CERTIFICATES OF PARTICIPATION

A. RESOLUTION NO. 2015-150 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA MAKING REQUIRED FINDINGS, AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS RELATING TO THE SALE AND DELIVERY OF NOT TO EXCEED $47,000,000 2015 REFUNDING CERTIFICATES OF PARTICIPATION, (CIVIC CENTER PROJECT), AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH

B. RESOLUTION NO. 2015-001 OF THE PUBLIC FINANCING AUTHORITY OF THE CITY OF CHULA VISTA APPROVING THE EXECUTION AND DELIVERY OF DOCUMENTS IN CONNECTION WITH THE SALE AND DELIVERY OF THE CITY OF CHULA VISTA 2015 REFUNDING CERTIFICATES OF PARTICIPATION, (CIVIC CENTER PROJECT) IN A PRINCIPAL AMOUNT NOT TO EXCEED $47,000,000 AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH

Body
RECOMMENDED ACTION
Recommended Action
Council adopt Resolution A and Public Financing Authority adopt Resolution B.

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SUMMARY
The Chula Vista Public Financing Authority (the "Authority") has assisted the City in financing Phases 1 and 2 for the construction of the City's Civic Center building and other improvements through the execution and delivery of the $37,240,000 City of Chula Vista 2004 Certificates of Participation and the $20,325,000 City of Chula Vista 2006 Certificates of Participation. At this time the financial market conditions appear favorable for a refinancing of the two bond issues.

ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that project, refunding of bonds is not a "Project" as defined under Section 15378(b)(5) of the State CEQA Guidelines because it is a fiscal activity that will not result in a physical change to the environment; therefore, pursuant to Section 15060(b)(4) of the State CEQA Guidelines the actions proposed are not subject to C...

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