Adoption of an Ordinance Adding a New Chapter 15.12 Community Facilities District Financing to the Culver City Municipal Code. Item Number: C 4 City of Culver City California Agenda Item Report Meeting Date: 08/13/12 CITY COUNCIL AGENDA ITEM: Adoption of an Ordinance Adding a New Chapter 15.12 Community Facilities District Financing to the Culver City Municipal Code. Contact Person/Dept.: Elaine Gerety Warner/CDD Fiscal Impact: Yes No X Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (Email) Agendas and Meetings City Council (08/09/12) Department Approval: Sol Blumenfeld (08/07/12) Chief Financial Officer Approval: Jeff Muir (08/08/12) City Attorney Approval: Carol Schwab (by H. Baker) (08/08/12) City Manager Approval: John M. Nachbar (08/09/12) General Fund: Yes No X Attachments: X Phone Number: (310) 253 5777 Action Item: RECOMMENDATION: Staff recommends the City Council adopt an Ordinance adding a new Chapter 15.12 Community Facilities District Financing to the Culver City Municipal Code (Attachment 1). BACKGROUND/DISCUSSION: At the City Council meeting of August 6 2012 the City Council introduced the Ordinance by a unanimous vote (4 0 Vice Mayor Cooper was absent). The motion to introduce the Ordinance included direction to staff to clarify the language of Section 15.12.040 relating to the adoption of local goals and policies. Staff has revised the language to clarify that the timing of the adoption of the goals and policies as required in State law is permissive but the adoption of the goals and policies continues to be mandatory. Section 15.12.040 now reads: Notwithstanding Government Code Section 53312.7(a) the local goals and policies required in connection with any proceedings taken special tax levied or bonds issued pursuant to this Chapter may be adopted at any time prior to or during the proceedings to establish a community facilities district. The Ordinance is brought back tonight for adoption. FISCAL ANAL...
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