City Council Agenda
Memo to:
Manteca City Council
From:
Shay Narayan, Finance Director
Prepared by:
Shay Narayan, Finance Director
Date:
October 1, 2024
Subject:
Issuance of Special Tax Bonds for and on behalf of Improvement Area No. 2 of the City of Manteca Community Facilities District No. 2023-1 (Villa Ticino West Facilities)
Recommendation:
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Adopt a Resolution authorizing the issuance of Special Tax Bonds for and on behalf of Improvement Area No. 2 of the City of Manteca Community Facilities District No. 2023-1 (Villa Ticino West Facilities), approving and directing the execution of a Fiscal Agent Agreement and Bond Purchase Agreement, approving the form of Preliminary Official Statement, approving sale of such bonds, and approving other related documents and actions.
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Background:
City of Manteca Community Facilities District (CFD) No. 2023-1 (Villa Ticino West Facilities) (the "District") was formed and established by the City on June 20, 2023, following a public hearing by the City Council, as legislative body of the District, and a landowner election which authorized the incurrence of bonded indebtedness in an aggregate principal amount of not to exceed $24,000,000 and approved the levy of special taxes. The District was formed with an initial "Improvement Area No. 1" and with land outside of that boundary designated as a "Future Annexation Area" expected to be bonded in the future as development of homes in the Villa Ticino West project proceeded. The principal amount of bonded indebtedness allocated to Improvement Area No. 1 was $6,500,000 and for land within the Future Annexation Area was $17,500,000. On April 30, 2024, $5,825,000 of bonded indebtedness for Improvement Area No. 1 of CFD No. 2023-1 (Villa Ticino West Facilities) Special Tax Bonds Series 2024 were issued.
In June 2024, in accordance with the CFD formation proceedings, owners of land within the Future Annexation Area submitted unanimous approval forms to (i) a...
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