Staff recommends that the City Council adopt a resolution authorizing the issuance of special tax bonds for, and on behalf of, the City of Roseville Villages at Sierra Vista Community Facilities District (CFD) No. 1 (Public Facilities), approving and directing the execution of a Supplement to Fiscal Agent Agreement, approving the form of the Preliminary Official Statement, approving the sale of such bonds, approving and directing the execution of a Bond Purchase Agreement, and approving other related documents and actions. The attached resolution authorizes the execution and delivery of the following documents required for Villages at Sierra Vista CFD No. 1 (Public Facilities):

• Supplemental Agreement No. 2 to Fiscal Agent Agreement
• Preliminary Official Statement
• Bond Purchase Agreement

Villages at Sierra Vista CFD No. 1 (Public Facilities) was formed May 2, 2018, with Resolution 18-119. On July 23, 2019, the first series of bonds were issued for $12,540,000. On July 15, 2020, the second series of bonds were issued for $9,835,000. The current outstanding principal balance of the two outstanding series of bonds is $22,330,000.

The 2021 bonds are being issued at the developer's request, in an amount not to exceed $11,500,000 to: (1) construct and acquire certain public facilities of benefit to the CFD; (2) establish a debt service reserve fund for the 2021 bonds, and (3) pay the costs of issuing the 2021 bonds. The 2021 bonds are the third series of bonds being issued for this CFD. The maximum authorized indebtedness for the District is $310,000,000.

The California Environmental Quality Act (CEQA) does not apply to activities that will not result in a direct or reasonably foreseeable indirect physical change in the environment, or is otherwise not considered a project as defined by CEQA Statute §21065 and CEQA State Guidelines §15060(c)(3) and §15378. Adoption of the resolutions meets the above criteria and is not subject to CEQA. No additional environmental review is required.

COMPLIANCE STATEMENT

In accordance with Government Code 5852.1, the following information consists of estimates of certain costs and charges for the Bonds that have been provided by the City's municipal financial advisor, which has been represented by such party to have been provided in good faith: (1) estimated true interest costs of the Bonds: 3.36%; (2) estimated finance charge of the Bonds (sum of all fees and charges paid to third parties): $435,805; (3) estimated amount of proceeds of the Bonds received by the City (net of finance charges, reserves and capitalized interest, if any): $10,219,000; and (4) estimated total payment amount (the sum total of all payments to pay debt service on the Bonds plus the finance charge not paid with proceeds of the Bonds) calculated to the final maturity of the Bonds: $19,103,689.

Goal F - Invest in well-planned infrastructure and growth

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Dominick Casey, City Manager