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NOW, THEREFORE, BE IT RESOLVED by the City Council of the Town of Los Altos <br /> Hills as follows: <br /> Section 1. On the date hereof, the City Council held a public hearing and the City <br /> Council hereby finds and declares that the issuance of bonds by California Communities in <br /> connection with the CaliforniaFIRST Program will provide significant public benefits, including <br /> without limitation, savings in effective interest rate, bond preparation, bond underwriting and <br /> bond issuance costs and reductions in effective user charges levied b water and electricity <br /> 9 Y Y <br /> providers within the boundaries of the Town of Los Altos Hills. <br /> Section 2. In connection with the_CaliforniaFIRST Program, the Town of Los Altos <br /> Hills hereby consents to the conduct of special assessment proceedings by California <br /> Communities pursuant to Chapter 29 on any property within the Proposed Boundaries and the <br /> issuance of Bonds under the 1915 Act; provided, that <br /> (1) Such proceedings are conducted pursuant to one or more Resolutions of <br /> Intention in substantially the form of the ROI; <br /> (2) The Participating Property Owners, who shall be the legal owners of such <br /> property, execute a contract pursuant to Chapter 29 and comply with other applicable <br /> provisions of California law in order to accomplish the valid levy-of assessments; and <br /> (3) The Town will not be responsible for the conduct of any assessment <br /> proceedings; the levy or collection of assessments or any required remedial action in the <br /> case of delinquencies in such assessment payments; or the issuance, sale or <br /> administration of the Bonds or any other bonds issued in connection with the <br /> CaliforniaFIRST Program. <br /> (4) The issuance of Bonds will occur following receipt of a final judgment in a <br /> validation action filed by California Communities pursuant to Code of Civil Procedure <br /> Section 860 that the Bonds are legal obligations of California Communities. <br /> Section 3. Pursuant to the requirements of Chapter 29, California Communities has <br /> prepared and will update from time to time the "Program Report" for the CaliforniaFIRST <br /> Program (the "Program Report"), and California Communities will undertake assessment <br /> ' proceedings and the financing of Improvements as set forth in the Program Report. <br /> Section 4. The appropriate officials and staff of the Town are hereby authorized and <br /> directed to make applications for the CaliforniaFIRST program available to all property owners <br /> who wish to finance Improvements; provided, that California Communities shall be responsible <br /> for providing such applications and related materials at its own expense. The following staff <br /> persons, together with any other staff persons chosen by the City Manager from time to time, <br /> are hereby designated as the contact persons for California Communities in connection with the <br /> CaliforniaFIRST Program: Planning Director. <br /> Section 5. The appropriate officials and staff of the Town are hereby authorized and <br /> directed to execute and deliver such closing certificates, requisitions, agreements and related <br /> documents as are reasonably required by California Communities in accordance with the <br /> Program Report to implement the CaliforniaFIRST Program for Participating Property Owners. <br /> 2 <br />