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HomeMy WebLinkAboutRes - 2026.15 - Intention to Incur Bonded Indebtedness Within CFD No. 2026-1 Highland EastRESOLUTION NO. 2026.15 A RESOLUTION OF EAST VALLEY WATER DISTRICT OF INTENTION TO INCUR BONDED INDEBTEDNESS WITHIN COMMUNITY FACILITIES DISTRICT NO. 2026- 1 (HIGHLAND EAST) OF EAST VALLEY WATER DISTRICT WHEREAS, the East Valley Water District (the "District"), a county water district that is duly organized and existing under and by virtue of the laws of the State of California (the "State"), has received a request from TPG AG EHC III (LEN) CA 6, L.P., a Delaware limited partnership ("Landbank"), to establish a community facilities district to aid in the development of the property described in Exhibit A to Resolution No. 2026.14 (the "Resolution of Intention") adopted on the date of this Resolution of Intention (the "Property"); and WHEREAS, upon receipt of the request from Landbank as provided in Section 53339.2 of the Mello-Roos Community Facilities Act of 1982 (California Government Code Section 53311 et seq., the "Act"), the Board of Directors of the District (the "Board") instituted proceedings to establish Community Facilities District No. 2026-1 (Highland East) of East Valley Water District (the "Community Facilities District"), with boundaries coterminous with the Property. The Resolution oflntention stated the Board's intention to establish the Community Facilities District and to finance: (1) the purchase, construction, expansion, improvement or rehabilitation of the public facilities described in Exhibit B to the Resolution of Intention, including all furnishings, equipment and supplies related thereto (collectively, the "Facilities"); and (2) the incidental expenses to be incurred in connection with financing the Facilities, forming the Community Facilities District and administering the Community Facilities District (the "Incidental Expenses"); and WHEREAS, in order to finance the Facilities and Incidental Expenses, the Board intends to authorize the issuance of bonds in an amount not to exceed $6,000,000 for the Community Facilities District, the repayment of which is to be secured by special taxes levied in accordance with Section 53328 of the Act on all property in the Community Facilities District, other than those properties exempted from taxation in the rate and method of apportionment set forth in Exhibit C to the Resolution of Intention; NOW, THEREFORE, BE IT RESOLVED AND ORDERED: SECTION 1. Findings. The Board hereby specifically finds and declares that each of the statements, findings and determinations of the District set forth in the above recitals and in the preambles of the documents approved herein are true and correct. SECTION 2. Necessity to Incur Indebtedness. It is necessary to incur bonded indebtedness within the boundaries of the Community Facilities District in an amount not to exceed $6,000,000 for the Community Facilities District, in order to finance certain of the costs of the Facilities and Incidental Expenses, as permitted by the Act. SECTION 3. Purp ose oflndebtedness. The indebtedness will be incurred for the purpose of financing the costs of the Facilities and the Incidental Expenses, including, but not limited to, the funding of reserve funds for the bonds, the financing of costs associated with the issuance of 4939-l 666-1933v6/022497-0020 East Valley Water District Resolution 2026.15 Page 1 of3 the bonds and all other costs and expenses necessary to finance the Facilities which are permitted to be financed pursuant to the Act. SECTION 4. Bonds. It is the intention of the Board to authorize the sale of bonds for the Community Facilities District in one or more series, which bonds may be issued to fund Facilities costs and Incidental Expenses in the maximum aggregate principal amount set forth in Section 2, and which bonds may bear interest at a rate not in excess of the maximum rate permitted by law at the time that the bonds are issued. The term of the bonds of each series shall be determined pursuant to a resolution of the Board authorizing the issuance of the bonds of such series, but such term shall in no event exceed 31 years from the September 1 next following the date of issuance of the bonds of such series, or such longer term as is then permitted by law. SECTION 5. Public Hearin g. A combined public hearing (the "Hearing") on the establishment of the Community Facilities District, the proposed rate and method of apportionment of special taxes for the Community Facilities District and the proposed issuance of bonds for the Community Facilities District to finance the Facilities and the Incidental Expenses shall be held at 5:00 p.m., or as soon thereafter as practicable, on December 9, 2026, at the District, 31111 Greenspot Road, Highland, California 92346. At the time and place set forth in this Resolution of Intention for the Hearing, any interested persons, including all persons owning land or registered to vote within the proposed Community Facilities District, may appear and be heard. SECTION 6. Notice . The Secretary of the District is hereby authorized and directed to publish a notice (the "Notice") of the Hearing pursuant to Section 6061 of the Government Code in a newspaper of general circulation published in the area of the Community Facilities District. The Secretary of the District is further authorized and directed to mail a copy of the Notice to each of the landowners within the boundaries of the Community Facilities District at least fifteen (15) days prior to the Hearing. The Notice shall contain the text or a summary of this Resolution of Intention, the time and place of the Hearing, a statement that the testimony of all interested persons or taxpayers will be heard, a description of the protest rights of the registered voters and landowners in the Community Facilities District and a description of the proposed voting procedure for the elections required by the Act. Such publication shall be completed at least seven (7) days prior to the date of the Hearing. SECTION 7. Other Actions. The President or Vice President of the Board or the General Manager or Chief Financial Officer of the District or the designee thereof and any other proper officers of the District, acting singly, are hereby authorized and directed to do any and all things and to execute and deliver any and all documents and certificates which such officers may deem necessary or advisable in order to effectuate the purposes of this Resolution of Intention, and such actions previously taken by such officers are hereby ratified and confirmed. SECTION 8. Effect. This Resolution shall take effect immediately . 4939-1666-1933v6/022497-0020 East Valley Water District Resolution 2026 .15 Page 2 of3 Ayes: Directors: Carrillo, Coats, Goodrich, Morales, Smith Noes: None Abstain: None Absent: None ATTEST: Secretary, Board of Directors October 28, 2026 Board President I HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution 2026.15 adopted by the Board of Directors of East Valley Water District at its Regular Meeting held October 28, 2026. M~ Secretary, Board of Directors 4939-1666-l 933v6/022497-0020 East Valley Water District Resolution 2026.15 Page 3 of3