DATE: November 6, 2024
TO: Honorable Mayor and City Councilmembers
FROM: Financial Services Department
TITLE: RESOLUTIONS AUTHORIZING THE ISSUANCE OF OCEANSIDE PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE REFUNDING BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $11,000,000
RECOMMENDATION
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Staff recommends that the City Council, acting as the legislative body of Community Facilities District No. 2001-1 of the City of Oceanside (Morro Hills Development), and the Board of Directors of the Oceanside Public Financing Authority (the "Authority), adopt resolutions authorizing the issuance of Local Agency Revenue Refunding Bonds in an aggregate principal amount not to exceed eleven million dollars ($11,000,000) and approving certain documents and taking certain other actions in connection therewith.
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BACKGROUND AND ANALYSIS
In 2002, the City completed proceedings to form Community Facilities District No. 2001-1 (Morro Hills Development) (the "CFD") and Improvement Area 1 within the CFD (the "Improvement Area"). The CFD area, which was marketed under the name "Arrowood," has been fully built out for some time now, except for a 1.3-acre undeveloped commercial site, and consists of 1,006 completed single family homes, as well as various completed amenities, including a golf course. The Improvement Area contains 827 single-family homes, which are also located within the boundaries of the CFD. Due to various prepayments of special taxes, 824 of the 1,006 single-family homes located within the CFD remain subject to CFD and/or Improvement Area special taxes. The CFD originally issued bonds back in 2003 and 2004 to reimburse the developer of Arrowood for the costs of certain public improvement and fees associated with the development. The Improvement Area issued bonds originally in 2004 to pay for the costs of new Bonsall Unified School District elementary school.
In 2013, the CFD issued its $6,710,000 CFD 2001-1 (Morro Hills Development) Special...
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