Title
Ordinance Amending Non-Coded Ordinance Number 1026 as Amended by Non-Coded Ordinance Number 1043 Entitled "Ordinance Establishing a Special Assessment for the Peninsula Town Center Community Development Authority and Authorizing an Amended and Restated Collection Agreement with the Community Development Authority"
Purpose
PURPOSE/BACKGROUND:
The City Council approved the levy of a special assessment (the "Assessment") on real property in the Peninsula Town Center Community Development Authority (the "CDA") by Non-Coded Ordinance Number 1026, entitled "Ordinance Establishing a Special Assessment for the Peninsula Town Center Community Development Authority and Authorizing a Collection Agreement with the Community Development Authority", adopted October 25, 2006 (the "Ordinance 1026").
The City Council, by Non-Coded Ordinance Number 1043 adopted August 16, 2007 (together with Ordinance 1026, the “Assessment Ordinance”), to increase the maximum amount of the Assessment from $212,178,801 to $232,000,000 to provide that the Assessment will be in an amount sufficient to pay debt service on the Series 2007 Bonds and all other amounts required to be paid from the Assessment.
The CDA, by Resolution adopted December 5, 2017 and as amended and restated on April 11, 2018, approved the issuance and sale of Special Obligation Refunding Bonds, Series 2018 to refund the outstanding Series 2007 Bond obligations of the CDA, to extend the maturity of the bonds for an additional 8 years, and to pay certain costs relating to the issuance of the 2018 Bonds which requires the continuing levy of the Assessment on the real property in the CDA in the maximum amount of $155,845,095 representing the Assessment remaining on the date of their meeting.
The City Council, by Resolution of even date herewith, is being asked to approve the CDA’s issuance and sale of the Special Obligation Refunding Bonds and the execution of an Amended and Restated Memorandum of Understanding betw...
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