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Adopt Resolution Approving Joint Community Facilities Agreement (Agreement) with the California Municipal Finance Authority (Authority) and Southwood Limited
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Summary: In order to fund obligations to District No. 14 associated with the Stoneridge Ranch development, the Developer has proposed establishing a Community Facilities District (CFD) through the Authority pursuant to the Mello-Roos Community Facilities Act of 1982 (Mello-Roos Act). In accordance with the Mello-Roos Act, the Authority is the agency forming the CFD. In order to receive bond proceeds, the District must be party to the Agreement. The District will have no obligations for issuing any CFD bonds or for repaying any bonds that might be issued. The proposed Resolution, a copy of which is attached, authorizes the Chief Engineer and General Manager to execute the Agreement. Staff has determined that Resolution and Agreement do not constitute a “Project” under the California Environmental Quality Act (CEQA) pursuant to California Public Resources Code Section 21065 and Title 14 of the California Code of Regulations (“CEQA Guidelines”) Section 15378. This item is consistent with the Districts’ Guiding Principle of commitment to fiscal responsibility and prudent financial stewardship.