City Council

11. RESOLUTIONS AND APPROPRIATIONS RELATED TO SALE OF BONDS\nFOR UNDERGROUND UTILITY ASSESSMENT DISTRICT 2014-2 (WOODS\nCOVE)\nRecommendations:\n(1) Adopt the attached resolutions for Underground Utility Assessment District\n2014-2 (Woods Cove) titled:\na. “A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF\nLAGUNA BEACH, CALIFORNIA, DETERMINING UNPAID\nASSESSMENTS IN UNDERGROUND UTILITY ASSESSMENT\nDISTRICT NO. 2014-2 (WOODS COVE) AND THE MANNER OF\nPAYMENT THEREOF AND LISTING BONDS ISSUED ON THE\nSECURITY THEREOF;”\nb. “A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF\nLAGUNA BEACH, CALIFORNIA, AUTHORIZING THE\nISSUANCE OF CITY OF LAGUNA BEACH UNDERGROUND\nUTILITY ASSESSMENT DISTRICT NO. 2014-2 (WOODS COVE)\nLIMITED OBLIGATION IMPROVEMENT BONDS, AWARDING\nTHE SALE OF SUCH BONDS, APPROVING FISCAL AGENT\nAGREEMENT, OFFICIAL STATEMENT, BOND PURCHASE\nAGREEMENT, AND CONTINUING DISCLOSURE CERTIFICATE\nAND AUTHORIZING THE CITY MANAGER, OR ASSISTANT\nCITY MANAGER/CHIEF FINANCIAL OFFICER TO\nNEGOTIATE THE TERMS OF THE PURCHASE OF THE BONDS;\n(2) Approve the purchase of Underground Utility Assessment District 2014-2\n(Woods Cove) public offering municipal serial bonds at a 25-year term with a true\ninterest cost of 4.56%;\n(3) Authorize the use of the Utility Underground Assessment Deferment Loan\nProgram for qualified applicants;\n(4) Determine if one applicant who does not meet the eligibility criteria can qualify\nfor the Deferment Loan Program;\n(5) Appropriate $16,450,801 for construction and other related expenses within\nUnderground Utility Assessment District 2014-2 (Woods Cove), increase revenues\nby the same amount, and authorize the City Manager to expend all appropriated\nfunds; and\n(6) Authorize the City Manager to enter into necessary utility company agreements\nand make advance payments to the utility companies for their construction\nservices for a total amount of $3,375,041.