city of Chula Vista

File #: 17-0496    Name:
Type: Public Hearing Status: Agenda Ready
In control: City Council
On agenda: 11/21/2017 Final action:
Title: A. RESOLUTION NO. 2017-215 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE ISSUANCE OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY'S LEASE REVENUE BONDS, SERIES 2017A [NEW CLEAN RENEWABLE ENERGY BONDS (FEDERALLY TAXABLE) AND LEASE REVENUE BONDS SERIES 2017B (TAX-EXEMPT)]; AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT WITH RESPECT TO THE OFFERING AND SALE OF THE BONDS AND THE EXECUTION OF DOCUMENTS AND THE TAKING OF RELATED ACTIONS NECESSARY TO ISSUE SUCH BONDS B. RESOLUTION NO. 2017-003 OF THE BOARD OF DIRECTORS OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF THE AUTHORITY'S LEASE REVENUE BONDS SERIES 2017A [NEW CLEAN RENEWABLE ENERGY BONDS (FEDERALLY TAXABLE) AND LEASE REVENUE BONDS SERIES 2017B (TAX-EXEMPT)] AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT WITH RESPECT TO THE OFFERING AND SALE OF THE BONDS AND THE EXECUTION OF DOCUMENTS AND THE TAKING OF RELATED ACTIONS NECESSARY TO ISSUE SUCH BONDS
Attachments: 1. Attachment 1 - Indenture, 2. Attachment 2 - Lease Agreement, 3. Attachment 3 - Site Lease, 4. Attachment 4 - Continuing Disclosure Agreement, 5. Attachment 5 - Assignment Agreement, 6. Attachment 6 - Bond Purchase Agreement, 7. Attachment 7 - Preliminary Official Statement, 8. Attachment 8 - Public Hearing Notice, 9. Resolution A, 10. Resolution B
Title
A. RESOLUTION NO. 2017-215 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE ISSUANCE OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY'S LEASE REVENUE BONDS, SERIES 2017A [NEW CLEAN RENEWABLE ENERGY BONDS (FEDERALLY TAXABLE) AND LEASE REVENUE BONDS SERIES 2017B (TAX-EXEMPT)]; AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT WITH RESPECT TO THE OFFERING AND SALE OF THE BONDS AND THE EXECUTION OF DOCUMENTS AND THE TAKING OF RELATED ACTIONS NECESSARY TO ISSUE SUCH BONDS

B. RESOLUTION NO. 2017-003 OF THE BOARD OF DIRECTORS OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF THE AUTHORITY'S LEASE REVENUE BONDS SERIES 2017A [NEW CLEAN RENEWABLE ENERGY BONDS (FEDERALLY TAXABLE) AND LEASE REVENUE BONDS SERIES 2017B (TAX-EXEMPT)] AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT WITH RESPECT TO THE OFFERING AND SALE OF THE BONDS AND THE EXECUTION OF DOCUMENTS AND THE TAKING OF RELATED ACTIONS NECESSARY TO ISSUE SUCH BONDS

Body
RECOMMENDED ACTION
Recommended Action
Council conduct the public hearing and adopt resolution A. Municipal Financing Authority adopt resolution B.

Body
SUMMARY
The City applied for and received an allocation from the IRS to issue New Clean Renewable Energy Bonds (CREBs) to finance the acquisition and installation of the solar photovoltaic installations (Equipment) at various facilities throughout the City. The Equipment is expected to generate 4.1 million KWh of energy. This action will approve the issuance of Bonds by the Chula Vista Municipal Financing Authority ("Authority") to fund approximately $13 million of costs to acquire and install the Equipment.

ENVIRONMENTAL REVIEW

Environmental Notice
Environmental Notice
The Project qualifies for a Class 3 Categorical Exemption pursuant to Section 15303 (New Construction or Conversion of Small Structures) of the California Environmental Quality Act State Guidelines.

Body
Environmental Determination
The Director of Developmen...

Click here for full text