HomeMy WebLinkAbout01-190 - Resolutions RESOLUTION NO. 01-190
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA AS THE LEGISLATIVE BODY OF CITY
OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT
NO. 2001-01, AUTHORIZING THE ISSUANCE OF CITY OF
RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO.
2001 A1,IMPROVEMENT AREA NO. 1 AND IMPROVEMENT AREA
NO. 2 SPECIAL TAX BONDS, SERIES 2001-A, THE ISSUANCE
OF CITY OF RANCHO CUCAMONGA COMMUNITY FACILITIES
DISTRICT NO. 2001-01, IMPROVEMENT AREA NO. 3 SPECIAL
TAX BONDS, SERIES 2001-B, AND THE EXECUTION AND
DELIVERY OF FISCAL AGENT AGREEMENTS, CONTINUING
DISCLOSURE AGREEMENTS, DISCLOSURE AGREEMENTS, A
PURCHASE CONTRACT AND AN OFFICIAL STATEMENT AND
APPROVING A PRELIMINARY OFFICIAL STATEMENT IN
CONNECTION THEREWITH
RECITALS:
A. The City Council (the "City Council")of the City of Rancho Cucamonga
(the "City"), as the legislative body of the City of Rancho Cucamonga
Community Facilities District No. 2001-01, proposes to issue (i) City of
Rancho Cucamonga Community Facilities District No. 2001-01,
Improvement Area No. 1 and Improvement Area No. 2 Special Tax
Bonds, Series 2001-A (the "Series 2001-A Bonds") and (ii) City of
Rancho Cucamonga Community Facilities District No. 2001-01,
Improvement Area No. 3 Special Tax Bonds, Series 2001-B(the"Series
2001-B Bonds") (collectively the "Bonds") for the purpose of financing
certain public facilities.
B. The City Council, as the legislative body of the District, desires to enter
into Fiscal Agent Agreements, Continuing Disclosure Agreements,
Disclosure Agreements and a Purchase Contract, and to deliver a
Preliminary Official Statement and a final Official Statement with respect
to the Bonds.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA DOES HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:
SECTION 1: The foregoing recitals are true and correct and this City Council
hereby so finds and determines.
SECTION 2: The issuance of not to exceed $15,000,000 principal amount of
Series 2001-A Bonds,to be designated"City of Rancho Cucamonga
i iti District No. 2001-01 Improvement Community Faces Di I s Area No. 1
and Improvement Area No.2 Special Tax Bonds, Series 2001-A,"is
Resolution No. 01-190
Page 2 of 5
hereby approved. The form of the Fiscal Agent Agreement (the
"Series 2001-A Fiscal Agent Agreement")by and between the District
and Wells Fargo Bank, National Association ("Wells Fargo"), as
Fiscal Agent, on file with the City Clerk and incorporated herein by
reference, is hereby approved. The Mayor of the City of Rancho
Cucamonga or his designee (the "Mayor") and the City Manager of
the City of Rancho Cucamonga or his designee(the"City Manager'),
or either of them, is hereby authorized and directed to execute and
deliver the Series 2001-A Fiscal Agent Agreement in substantially the
form hereby approved, with such additions, changes, deletions and
insertions in the interest of the District as may be approved by the
such officer in consultation with Richards,Watson&Gershon("Bond
Counsel") (such approval to be conclusively evidenced by such
officer's execution of the Series 2001-A Fiscal Agent Agreement).
SECTION 3: The issuance of not to exceed $2,000,000 principal amount of Series
2001-B Bonds, to be designated "City of Rancho Cucamonga
Community Facilities District No. 2001-01, Improvement Area No. 3,
Series 2001-B" is hereby approved. The form of the Fiscal Agent
Agreement by and between the District and Wells Fargo, as Fiscal
Agent (the "Series 2001-B Fiscal Agent Agreement" and together
with the Series 2001-A Fiscal Agent Agreement, the "Fiscal Agent
Agreements"), on file with the City Clerk and incorporated herein by
reference, is hereby approved. The Mayor and the City Manager, or
either of them, is hereby authorized and directed to execute and
deliver the Series 2001-B Fiscal Agent Agreement in substantially the
form hereby approved, with such additions, changes, deletions and
insertions in the interest of the District as may be approved by the
such officer in consultation with Bond Counsel (such approval to be
conclusively evidenced by such officer's execution of the Series
2001-B Fiscal Agent Agreement).
SECTION 4: The form of Continuing Disclosure Agreement (the "Continuing
Disclosure Agreements") regarding each of Bonds, by and between
the District and Wells Fargo,as Dissemination Agent,on file with the
City Clerk and incorporated herein by reference, are hereby
approved. The Mayor and the City Manager, or either of them, is
hereby authorized and directed to execute and deliver each
Continuing Disclosure Agreement in substantially the form hereby
approved, with such additions, changes, deletions and insertions in
the interest of the District as may be approved by such officer in
consultation with Bond Counsel (such approval to be conclusively
evidenced by such officer's execution of the Continuing Disclosure
Agreement).
Resolution No. 01-190
Page 3 of 5
SECTION 5: The form of the Disclosure Agreement (the "Disclosure Agreement
for Series 2001-A")by and between the District and Cucamonga 220,
LP, a California Limited Partnership, on file with the City Clerk and
incorporated herein by reference, is hereby approved. The Mayor
and the City Manager, or either of them, is hereby authorized and
directed to execute and deliver the Disclosure Agreement for Series
2001-A in substantially the form hereby approved, with such
additions, changes, deletions and insertions in the interest of the
District as may be approved by such officer in consultation with Bond
Counsel (such approval to be conclusively evidenced by such
officer's execution of the Disclosure Agreement for Series 2001-A).
SECTION 6: The form of the Disclosure Agreement (the "Disclosure Agreement
for Series 2001-B") by and between the District and CSM&C
Expansion, LLC, a California Limited Liability Corporation,on file with
the City Clerk and incorporated herein by reference, is hereby
approved. The Mayor and the City Manager, or either of them, is
hereby authorized and directed to execute and deliver the Disclosure
Agreement for Series 2001-B in substantially the form hereby
approved, with such additions, changes, deletions and insertions in
the interest of the District as may be approved by such officer in
consultation with Bond Counsel (such approval to be conclusively
evidenced by such officer's execution of the Disclosure Agreement
for Series 2001-B).
SECTION 7: The form of Purchase Contract relating to the Bonds between the
District and Stone&Youngberg, LLC (the"Underwriter"),on file with
the City Clerk and incorporated herein by reference, is hereby
approved. The Mayor and the City Manager, or either of them, is
hereby authorized and directed to accept the offer of the Underwriter
to purchase the Bonds as reflected in the Purchase Contract and to
execute and deliver the Purchase Contract in substantially the form
hereby approved, with such additions, changes, deletions and
insertions in the interest of the District as may be approved by the
such officer in consultation with Bond Counsel (such approval to be
conclusively evidenced by such officer's execution of the Purchase
Contract); provided, however, that such additions, changes or
insertions in the Purchase Contract shall not result in (a) a principal
amount of Series 2001-A Bonds in excess of $15,000,000 or a
principal amount of Series 2001-B Bonds in excess of $2,000,000,
(b)an average interest rate on the Series 2001-A Bonds in excess of
7% per annum or an average interest rate on the Series 2001-B
Bonds in excess of 7% per annum, (c) an underwriter's discount in
excess of 2 % with respect to the Series 2001-A Bonds or an
underwriter's discount in excess of 2 % with respect to the Series
2001-B Bonds, or (d) a final maturity later than September 1, 2032
with respect to the Series 2001-A Bonds or a final maturity later than
September 1, 2032 with respect to the Series 2001-B Bonds.
Resolution No. 01-190
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SECTION 8: The form of Preliminary Official Statement relating to the Bonds, on
file with the City Clerk and incorporated herein by reference, is
hereby approved with such additions, changes, deletions and
insertions in the interest of the District as may be approved by the
Mayor or City Manager in consultation with Bond Counsel and Best,
Best&Krieger, as Underwriter's Counsel,and the Mayor and the City
Manager, or either of them, is hereby authorized to execute a
certificate deeming such Preliminary Official Statement final as of its
date,except for certain final pricing and related information,pursuant
to Securities and Exchange Commission Rule 15c2-12 (with the
execution of such certificate by the Mayor of City Manager
constituting conclusive evidence of approval of any such additions,
changes or insertions thereto). The Underwriter is hereby authorized
to distribute said Preliminary Official Statement as so deemed final to
prospective purchasers of the Bonds. The Mayor and the City
Manager,or either of them, is hereby authorized and directed,for and
in the name and on behalf of the District, to execute a final Official
Statement in substantially the form of such deemed final Preliminary
Official Statement, including such final pricing and related information
and with such additions thereto or changes therein as hereafter
become necessary in the interest of the District and which are
approved by such officer in consultation with Bond Counsel (such
approval to be conclusively evidenced by such officer's execution of
such Official Statement). The Underwriter is hereby authorized to
distribute copies of such final Official Statement to all purchasers of
the Bonds.
SECTION 9: The Mayor, the City Clerk and the City Manager are, and each of
them hereby is, authorized and directed to execute and deliver any
and all documents and instruments and to do and cause to be done
any and all acts and things necessary or proper for carrying out the
issuance of the Bonds and the transactions contemplated by the
Fiscal Agent Agreements, the Continuing Disclosure Agreements,
the Disclosure Agreements, the Purchase Contract, the Official
Statement and this Resolution.
SECTION 10: All actions heretofore taken by the Mayor, the City Clerk and the City
Manager with respect to the issuance and sale of the Bonds, or in
connection with or related to any of the agreements referenced
herein, are hereby approved, confirmed and ratified.
SECTION 11: This Resolution shall become effective immediately upon adoption.
Resolution No. 01-190
Page 5 of 5
PASSED, APPROVED, AND ADOPTED this 15th day of August, 2001.
AYES: Alexander, Biane, Curatalo, Dutton, Williams
NOES: None
ABSENT: None
ABSTAINED: None
C,ll
William J. xander, May r
ATTEST:
xk&'. 1; —
Debra J. Adam MC, City Clerk
I, DEBRA J.ADAMS,CITY CLERK of the City of Rancho Cucamonga,California,do
hereby certify that the foregoing Resolution was duly passed, approved and adopted by the City
Council of the City of Rancho Cucamonga, California,at a Regular Meeting of said City Council held
on the 15th day of August, 2001.
Executed this 16th day of August, 2001, at Rancho Cucamonga, California.
9l -t-&
DebrN J. Adams, CMC, City Clerk