1. RECITALS. The above recitals are all true and correct.
2. NECESSITY FOR BONDED INDEBTEDNESS. The Board of Education hereby expressly declares and states that it is necessary to incur a bonded indebtedness for CFD No. 16 and the Improvement Area therein as authorized under the terms and provisions of the Act.
3. PURPOSES OF BONDED INDEBTEDNESS.
A. Bonded indebtedness of CFD No. 16 as a whole. The specific purposes for the proposed bonded indebtedness for CFD No. 16 as a whole are as follows:
To finance the acquisition or construction of the School Facilities consisting of the types of facilities described in Exhibit A hereto, appurtenances and appurtenant work and any and all of those applicable incidental costs described in and authorized by Government Code Section 53345.3.
B. Bonded indebtedness for the Improvement Area. The specific purposes for the proposed bonded indebtedness for Improvement Area are as follows:
To finance a portion of the costs of the acquisition or construction of the City Improvements consisting of the types of facilities described in Exhibit B hereto, appurtenances and appurtenant work and any and all of those applicable incidental costs described in and authorized by Government Code Section 53345.3.
4. TERRITORY TO PAY FOR BONDED INDEBTEDNESS.
A. This Board of Education determines that the whole of CFD No. 16 will pay for the bonded indebtedness referred to in 3.A. above. A general description of CFD No. 16 is as follows:
All property within the boundaries of CFD No. 16, as shown on the boundary map thereof (the “Boundary Map”) as previously presented to and approved by this the Board of Education, designated by the name of CFD No. 16 and a copy of which is on file in the Planning Office. The boundary map of CFD No. 16 has been recorded pursuant to Section 3111 of the Streets and Highways Code of the State of California in the Office of the County Recorder of the County of San Diego (the “County”) on September 24, 2014 as Document No. 2014-0413414 at Page 58 of Book 44 of the Book of Maps of Assessment and Community Facilities Districts for the County.
B. This Board of Education determines that the Improvement Area shall pay for the bonded indebtedness of such Improvement Area referred to in 3.B. above. A general description of each Improvement Area is as follows:
All property within the boundaries of the Improvement Area, as shown on the boundary map thereof (the “Boundary Map”) as previously presented to and approved by this the Board of Education, designated by the name of CFD No. 16 and the Improvement Area and a copy of which is on file in the Planning Office. The boundary map of the Improvement Area has been recorded pursuant to Section 3111 of the Streets and Highways Code of the State of California in the Office of the County Recorder of the County on September 24, 2014 as Document No. 2014-0413415 at Page 59 of Book 44 of the Book of Maps of Assessment and Community Facilities Districts for the County.
5. BOND AMOUNT. The amount of the proposed bonded indebtedness, including the cost of the facilities, together with all incidental expenses, shall not exceed the following:
A. $26,000,000 of bonds of CFD No. 16 for the purposes set forth in 3.A. above;
B. $25,500,000 of bonds of CFD No. 16 for the Improvement Area for the purposes set forth in 3.B. above.
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6. BOND TERM. This Board of Education hereby further determines that the maximum term of bonds and/or any series of bonds shall not exceed forty (40) years, and such bonds may be issued in differing series, at differing times. The maximum rate of interest to be paid on such bonds may not exceed the greater of either twelve percent (12%) per annum or the maximum rate permitted by law at the time of sale of any of such bonds. The bonds, except where other funds are made available, shall be paid exclusively from the annual levy of special taxes, and are not secured by any other taxing power or funds of CFD No. 16 or the School District.
7. ACCOUNTABILITY MEASURES. Pursuant to and in compliance with the provisions of Article 1.5 (commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code, this Board of Education hereby establishes the following accountability measures pertaining to any bonded indebtedness incurred by or on behalf of CFD No. 16:
A. Such bonded indebtedness shall be incurred for the applicable specific purposes set forth in the applicable subsection of Section 3 above.
B. The proceeds of any such bonded indebtedness shall be applied only the applicable specific purposes identified in Section 3 above.
C. The document or documents establishing the terms and conditions for the issuance of any such bonded indebtedness shall provide for the creation of an account into which the proceeds of such indebtedness shall be deposited.
D. The Superintendent, acting for and on behalf of CFD No. 16, shall annually file a report with this Board of Education as required by Government Code Section 53411.
8. ELECTION. The propositions related to the incurring of the bonded indebtedness shall be submitted to the appropriate qualified voters, together with ballot propositions to authorize the levy of special taxes within CFD No. 16 and the Improvement Area and to establish an appropriations limit for CFD No. 16 and the Improvement Area, at a special election to be held on November 17, 2014, and such election shall be a special election to be conducted by the Superintendent (the “Election Official”). If any proposition for the levy of a special tax and any proposition for incurring a bonded indebtedness receive the approval of more than two-thirds (2/3) of the votes cast on each respective proposition, bonds may be authorized, issued and sold for the applicable purpose set forth herein and the applicable special tax may be levied as provided in Resolution No. 03-2015. If the proposition to establish the appropriations limit for CFD No. 16 or for the Improvement Area receives the approval of a majority of the votes cast on such proposition, such appropriations limit shall be established.
9. BALLOTS. The ballot proposals to be submitted to the qualified electors at the election for CFD No. 16 and the Improvement Area shall generally be as set forth in Exhibit C hereto.
10. VOTE. The appropriate mark placed in the voting square after the word "YES" shall be counted in favor of the adoption of the proposition, and the appropriate mark placed in the voting square after the word “NO” in the manner as authorized, shall be counted against the adoption of such proposition.
11. ELECTION PROCEDURE. The Election Official is hereby authorized to take or cause to be taken any and all steps necessary for the holding of such election. The Election Official shall perform and render or cause to be performed and rendered all services and proceedings incidental to and connected with the conduct of the election, which services shall include, but not be limited to, the following activities as are appropriate to the election:
A. Prepare and furnish necessary election supplies for the conduct of the election.
B. Cause to be printed the requisite number of official ballots, tally sheets, and other necessary forms. C. Furnish and address official ballots for the qualified electors of CFD No. 16 and Improvement Area,
as applicable
D. Cause the official ballots to be delivered to the qualified electors or their authorized representatives, as required by law.
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F. Sort and assemble the election material and supplies in preparation for the canvassing of the returns.
G. Canvass the returns of the election.
H. Furnish a tabulation of the number of votes given in the election.
I. Make all arrangements and take the necessary steps to pay all costs of the election incurred as result of services performed by CFD No. 16 and pay costs and expenses of all election officials. J. Conduct and handle all other matters relating to the proceedings and conduct of the election in the
manner and form as required by law.
12. This Resolution shall take effect upon its adoption.
PASSED AND ADOPTED on November 17, 2014, by the following vote:
AYES: NOES: ABSTAIN: ABSENT:
STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO )
This is to certify that the foregoing document is a true copy of the Resolution of the Board of Education of the Poway Unified School District of San Diego County.
___________________________________________ Andy Patapow, Clerk of the Board of Education
A - 160350.00070\9395736.1
Exhibit A
Poway Unified School District
Community Facilities District No. 16 (Del Sur East II) DESCRIPTION OF SCHOOL FACILITIES
The School Facilities proposed to be financed by Poway Unified School District Community Facilities District No. 16 (Del Sur East II) ("CFD No. 16") under the Mello-Roos Community Facilities Act of 1982, as amended (the "Act") are as follows.
"School Facilities" means the acquisition, planning, construction, and/or financing of those school facilities, including classrooms, multi-purpose, administration and auxiliary space at each school, central support and administrative facilities, interim housing, transportation, and special education facilities, together with furniture, equipment, and technology needed by the Poway Unified School District ("District") in order to serve directly or indirectly the student population to be generated as a result of the development of the property within CFD No. 16, together with all land or interests in land required for the construction of such facilities and all land or interests in land required to be provided by District as mitigation of environmental impacts associated with the development of such school facilities as well as all that portion of the related incidental expenses and the costs to District related to the negotiation, execution, and implementation of the Third Supplement to the Subarea I Black Mountain Ranch Phase II School Impact Mitigation Agreement dated as of September 16, 2014 (the "Third Supplement"), between District and Black Mountain Ranch LCC. "School Facilities" shall also mean the acquisition, planning, construction, and/or financing of other additional school facilities ("Supplemental School
Facilities"), including classrooms, multi-purpose, administration and auxiliary space at each school, central
support and administrative facilities, interim housing, transportation, and special education facilities, together with furniture, equipment, and technology, needed by District to serve the student population of District and which are financed in whole or in part from the revenues of special taxes levied in any fiscal year on Developed Property within any Improvement Area in excess of that required to satisfy the special tax requirements for such Improvement Area for such fiscal year provided that: (a) all of the Taxable Property in such Improvement Area is Developed Property; (b) Improvement Area Bonds have been issued in the maximum principal amount authorized to be issued for such Improvement Area or Owner and District have agreed that no additional Improvement Area Bonds shall be issued for such Improvement Area; and (c) such Improvement Area has funded the Purchase Price of City Improvements from all moneys deposited in the Improvement Fund established pursuant to the Indenture related to each Series of Improvement Area Bonds issued for such Improvement Area. Capitalized terms used in this paragraph and not defined in the foregoing resolution shall have the meanings given such terms in the Third Supplement.
The School Facilities shall also include the attributable costs of engineering, design, planning, materials testing, coordination, construction staking, and construction, together with the expenses related to the issuance and sale of any "debt" as defined in Section 53317(d) of the Act, including, but not limited to, underwriters' discount, appraisals, market studies, reserve fund, capitalized interest, bond counsel, special tax consultant, bond and official statement printing, administrative expenses of the School District, CFD No. 16, and bond trustee or fiscal agent related to CFD No. 16, and any such debt and all other incidental expenses.
The School Facilities shall be constructed, whether or not acquired in their completed states, pursuant to plans and specifications approved by District. The School Facilities listed in this Exhibit A are representative of the types of improvements authorized to be financed by CFD No. 16. Detailed scope and limits of specific projects will be determined as appropriate, consistent with the standards of District. Addition, deletion, or modification of descriptions of School Facilities may be made consistent with the requirements of the Board of Education of District, CFD No. 16, and the Act.
B - 160350.00070\9395736.1
Exhibit B
Poway Unified School District
Community Facilities District No. 16 (Del Sur East II) DESCRIPTION OF CITY IMPROVEMENTS
"City Improvements" means the acquisition, planning, construction, and/or financing of those improvements to be owned by the City of San Diego (the "City"), including the following:
A. Transportation Improvements B. Park Improvements
C. Fire Station Improvements D. Library Improvements E. Water/Sewer Improvements
F. City Approved Construction Plans and Drawings for Camino Del Sur paid for by Owner G. Non - Future Benefit Assessment - Streets and Arterials to Support School Facilities
The City Improvements shall also include the attributable costs of right of way acquisition, grading and site preparation, slope and erosion control, sanitary sewers, storm drainage, water distribution facilities, traffic signals, street lighting, street paving, curb, gutter, sidewalk, median, landscaping, dry utilities, engineering, design, planning, materials testing, coordination, construction staking and construction, construction management and supervision, together with the expenses related to the issuance and sale of any "debt" as defined in Section 53317(d) of the Act, including, but not limited to, underwriters' discount, appraisals, market studies, reserve fund, capitalized interest, bond counsel, special tax consultant, bond and official statement printing, administrative expenses of the School District allocated to the City Improvements, CFD No. 16, and bond trustee or fiscal agent related to the Improvement Areas in CFD No. 16, and any such debt and all other incidental expenses.
The City Improvements shall be constructed, whether or not acquired in their completed states, pursuant to plans and specifications approved by the City.
The City Improvements listed in this Exhibit B are representative of the types of improvements that are to be owned, operated, and maintained by the City and to be financed by CFD No. 16. Detailed scope and limits of specific projects will be determined as appropriate, consistent with the standards of the City. Addition, deletion, or modification of descriptions of City Improvements may be made consistent with the requirements of the City subject to the approval by the Board of Education of the School District, CFD No. 16, and the Act.
C - 160350.00070\9395736.1
EXHIBIT C
Poway Unified School District
Community Facilities District No. 16 (Del Sur East II) BALLOT PROPOSITIONS
Ballot for CFD No. 16 Election CFD NO. 16 PROPOSITION A
Shall Poway Unified School District Community Facilities District No. 16 (Del Sur East II), subject to the accountability measures set forth in California Government Code Section 50075.1, levy a special tax throughout CFD No. 16 pursuant to the rate and method of apportionment thereof set forth in Attachment 1 to this ballot for the purposes of paying debt service on bonded indebtedness of CFD No. 16, replenishing the reserve fund for such indebtedness, paying costs of administering such indebtedness and CFD No. 16, and paying directly for the School Facilities described in Attachment 2 to this ballot?