HomeMy WebLinkAbout03-001 - Resolutions RESOLUTION NO. 03-001
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA AUTHORIZING THE INCURRENCE
OF DEBT BY THE RANCHO CUCAMONGA REDEVELOPMENT
AGENCY
RECITALS:
WHEREAS, the City Council of the City of Rancho Cucamonga has approved
and adopted a redevelopment plan for the Rancho Redevelopment Project (the
`Redevelopment Project) of the Rancho Cucamonga Redevelopment Agency (the "Agency");
and
WHEREAS, the Agency has heretofore issued tax allocation bonds for the
purpose of financing or refinancing costs of the Redevelopment Project; and
WHEREAS, the City of Rancho Cucamonga (the "City') and the Agency have
heretofore entered into a joint powers agreement establishing the Rancho Cucamonga Public
Financing Authority (the "Authority') for the purpose of issuing bonds or incurring other
obligations to be used to provide financial assistance to the City and the Agency; and
WHEREAS, the Authority is authorized to Article 4, Chapter 5, Division 7, Title 1
of the Government Code to make loans to the Agency to provide financing for public capital
improvements and to issue revenues bonds or incur other indebtedness for that purpose; and
WHEREAS, in order to finance additional redevelopment programs, projects and
activities with respect to the Redevelopment Project, the Agency has requested that Authority to
fund a loan (the "Loan") to the Agency pursuant to a Loan Agreement dated as of January 1,
2003 between that Agency and the Authority (the "Loan Agreement') in an aggregate principal
amount of not to exceed $110,000,000 in order to provide funds to the Agency for such
purpose; and
WHEREAS, such Loan will be secured by a pledge and lien on the tax increment
revenues derived by the Agency from the Redevelopment Project.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA DOES HEREBY FIND, DETERMINE, ORDER AND RESOLVE, AS
FOLLOWS:
SECTION 1: The City Council hereby approves the incurrence of debt by the
Agency to the Authority pursuant to the Loan Agreement, in an
aggregate principal amount not to exceed $110,000,000.
SECTION 2: This Resolution shall take effect from and after the date of its
passage and adoption.
Resolution No. 03-001
Page 2 of 2
PASSED, APPROVED, AND ADOPTED this 61h day of January 2003.
AYES: Alexander, Gutierrez, Howdyshell, Kurth, Williams
NOES: None
ABSENT: None
ABSTAINED: None
William . Alexander, ayor
ATTEST:
D bra J. Ada(*d, CMC, 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 Special Meeting
of said City Council held on the 6`h day of January 2003.
Executed this 7`h day of January 2003, at Rancho Cucamonga, California.
De ra J. Adams, MC, City Clerk