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HomeMy WebLinkAbout04-296 - ResolutionsRESOLUTION NO. 04-296 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, DECLARING NECESSITY TO INCUR A BONDED INDEBTEDNESS FOR COMMUNITY FACILITIES DISTRICT NO. 2004-01 (RANCHO ETIWANDA ESTATES), SUBMITTING TO THE QUALIFIED ELECTORS OF SUCH COMMUNITY FACILITIES DISTRICT SEPARATE PROPOSITIONS TO AUTHORIZE THE LEVY OF A SPECIAL TAX THEREIN, TO AUTHORIZE SUCH COMMUNITY FACILITIES DISTRICT TO INCUR A BONDED INDEBTEDNESS SECURED BY THE LEVY OF SUCH SPECIAL TAX TO FINANCE CERTAIN TYPES OF PUBLIC FACILITIES AND TO ESTABLISH AN APPROPRIATIONS LIMIT FOR SUCH COMMUNITY FACILITIES DISTRICT, AND GIVING NOTICE THEREON WHEREAS, the City Council (the "City Council") of the City of Rancho Cucamonga (the "City") has received a petition from the owners and developer of certain property in the City (the "Owner") requesting that the City Council conduct proceedings pursuant to Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the California Government Code, commonly known as the "Mello -Roos Community Facilities Act of 1982," for the establishment of a community facilities district and the issuance and sale of bonds for the financing of certain public facilities which are necessary to meet increased demands placed upon the City as a result of development which will occur within said proposed community facilities district and that the proposed community facilities district be authorized to issue bonds and incur a bonded indebtedness for such purposes in the aggregate principal amount of $45,000,000; and WHEREAS, pursuant to Section 53321 of the California Government Code, the City Council has adopted a resolution declaring its intention to establish proposed Community Facilities District No. 2004-01 (Rancho Etiwanda Estates) (the "District") for the purpose of financing the design, construction and acquisition of such public facilities for the property to be included therein; and WHEREAS, at this time the City Council desires to proceed to make the determination of necessity to incur a bonded indebtedness for the District, to declare the purposes for such debt, and to authorize the submittal to the qualified electors of the District, being the landowners of the District, of a proposition to authorize the District to incur such indebtedness all as authorized and required by the Act; WHEREAS, the City Council further desires to authorize the submittal of additional propositions to such qualified electors of the District to (a) authorize the levy of special taxes within the District and (b) to establish an appropriation limit for the District; WHEREAS, all of the qualified electors of the District have waived the time limits specified in the Act pertaining to the conduct of the election and the requirements for impartial legal analysis and arguments have also been waived by the unanimous consent of the qualified electors of the District; and Resolution No. 04-296 Page 2of7 WHEREAS, the City Clerk, as the Election Official, has concurred in the shortening of time for conducting the election. NOW, THEREFORE, BE IT RESOLVED AND DETERMINED by the City Council of the City of Rancho Cucamonga as follows: SECTION 1: RECITALS. The above recitals are all true and correct. SECTION 2: NECESSITY TO INCUR BONDED INDEBTEDNESS. The City Council hereby expressly declares and states that it is necessary to incur a bonded indebtedness of the District as authorized under the terms and provisions of the Act, in order to finance the public facilities described in Exhibit A attached hereto and incorporated herein by this reference which are necessary to meet increased demands placed upon the City as a result of development which will occur within the District. SECTION 3: BOND INDEBTEDNESS. The specific purposes for the proposed bonded indebtedness are as follows: To finance the costs of the acquisition or construction of certain public facilities described in Exhibit A hereto (the "Facilities") which is incorporated herein by this reference, appurtenances and appurtenant work and any and all of those applicable incidental costs described in and authorized by Government Code Section 53345.3. SECTION 4: TERRITORY TO PAY FOR BONDED INDEBTEDNESS. This City Council determines that the property within the entire District will pay for the bonded indebtedness referred to in Section 3 above. A general description of the District is as follows: All property within the boundaries of Community Facilities District No. 2004-01 (Rancho Etiwanda Estates), as shown on a map of the boundaries of such District as previously approved by the City Council, such map designated by the name of this District, a copy of which is on file in the Office of the City Clerk. SECTION 5: BOND AMOUNT. The amount of the proposed bonded indebtedness, including the cost of the Facilities, together with all incidental expenses, shall not exceed $45,000,000. Resolution No. 04-296 Page 3of7 SECTION 6: BOND TERM. This City Council hereby further determines that the maximum term of bonds and/or any series shall not exceed forty (40) years, and such bonds may be issued in differing series, at differing times. The maximum rate of interest to be paid on such bonds may not exceed the greater of either twelve percent (12%) per annum or the maximum rate permitted by law at the time of sale of any of such bonds. The bonds, except where other funds are made available, shall be paid exclusively from the annual levy of the special tax within the District, and are not secured by any other taxing power or funds of the District or the City. SECTION 7: ACCOUNTABILITY MEASURES. Pursuant to and in compliance with the provisions of Article 1.5 (commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code, this City Council hereby establishes the following accountability measures pertaining to any bonded indebtedness incurred by or on behalf of the District: A. Such bonded indebtedness shall be incurred for the applicable specific purposes set forth in the Section 3. B. The proceeds of any such bonded indebtedness shall be applied only to the applicable specific purposes identified in Section 3. C. The document or documents establishing the terms and conditions for the issuance of any such bonded indebtedness shall provide for the creation of an account into which the proceeds of such indebtedness shall be deposited. D. The City Manager or his or her designee, acting for and on behalf of the District, shall annually file a report with this City Council as required by Government Code Section 53411. SECTION 8: ELECTION. The propositions related to the incurring of the bonded indebtedness shall be submitted to the appropriate qualified voters, together with ballot propositions to authorize the levy of special taxes within the District and to establish an appropriations limit for the District, at a special election to be held on September 15, 2004, and such election shall be a special election to be conducted by the City Clerk (the "Election Official'). If any proposition for the levy of the special tax and any proposition for incurring the bonded indebtedness receives the approval of two-thirds (2/3) or more of the votes cast on each respective proposition, bonds may be authorized, issued and sold Resolution No. 04-296 Page 4 of 7 for the applicable purposes set forth herein and the applicable special tax may be levied as provided in Resolution Forming and Establishing Community Facilities District No. 2004-01 (Rancho Etiwanda Estates) and Authorizing the Submittal of Special Taxes to the Qualified Electors Thereof. If the proposition to establish the appropriations limit for the District receives the approval of a majority of the votes cast on such proposition, such appropriations limit shall be established. SECTION 9: BALLOTS. The ballot proposals to be submitted to the qualified voters of the District at the election shall generally be as follows: PROPOSITION A Shall the City of Rancho Cucamonga Community Facilities District No. 2004-01 (Rancho Etiwanda Estates), subject to accountability measures set forth in Resolution No. 04-295, levy a special tax throughout such district pursuant to the rate and method of apportionment thereof set forth in such resolution for the purposes of paying debt service on bonds of such district, replenishing the reserve fund for such bonds, paying costs of administering such indebtedness and such district and paying directly for the public facilities described in such resolution? Shall the City of Rancho Cucamonga Community Facilities District No. 2004-01 (Rancho Etiwanda Estates), subject to accountability measures set forth in Resolution No. 04-296, incur a bonded indebtedness of such district in an amount not to exceed $45,000,000 for the specific purposes set forth in such resolution? PROPOSITION C Shall the City of Rancho Cucamonga Community Facilities District No. 2004-01 (Rancho Etiwanda Estates) establish an Article XIIIB appropriations limit equal to $45,000,000? SECTION 10: VOTE. The appropriate mark placed on the line in front of the word "YES" shall be counted in favor of the adoption of the proposition, and the appropriate mark placed on the line in front of the word "NO" in the manner as authorized, shall be counted against the adoption of such proposition. Resolution No. 04-296 Page 5 of 7 SECTION 11: ELECTION PROCEDURE. The Election Official is hereby authorized to take any and all steps necessary for the holding of such election. The Election Official shall perform and render all services and proceedings incidental to and connected with the conduct of the election, which services shall include, but not be limited to, the following activities as are appropriate to the election: A. Prepare and furnish to the election officers necessary election supplies for the conduct of the election. B. Cause to be printed the requisite number of official ballots, tally sheets and other necessary forms. C. Furnish and address official ballots for the qualified electors. D. Cause the official ballots to be delivered to the qualified electors or their authorized representatives, as required by law. E. Receive the returns of the election and supplies. F. Sort and assemble the election material and supplies in preparation for the canvassing of the returns. G. Canvass the returns of the election. H. Furnish a tabulation of the number of votes given in the election. I. Make all arrangements and take the necessary steps to pay all costs of the election incurred as result of services performed by the District and pay costs and expenses of all election officials. J. Conduct and handle all other matters relating to the proceedings and conduct of the election in the manner and form as required by law. Please see the following page for formal adoption, certification and signatures Resolution No. 04-296 Page 6of7 PASSED, APPROVED, AND ADOPTED this 15th day of September 2004. AYES: Alexander, Gutierrez, Howdyshell, Kurth, Williams NOES: None ABSENT: None ABSTAINED: Non ATTEST: ebra J. Ad5jDe, 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 Adjourned Meeting of said City Council held on the 15th day of September 2004. Executed this 16th day of September 2004, at Rancho Cucamonga, California. 1-7 Debra J. AdarrkCMt, City Clerk Resolution No. 04-296 Page 7 of 7 EXHIBIT A DESCRIPTION OF PUBLIC FACILITIES The public facilities authorized to be financed by the District are generally described as follows: 1. Day Creek Boulevard — grading, storm drain, sewer, water, dry utilities, streets and landscaping. 2. Etiwanda Avenue — grading, sewer, water, dry utilities, streets and landscaping. 3. Cucamonga Valley Water District ("CVWD") reservoir transmission main. 4. Storm drain facilities including the northern property line storm drain and the Etiwanda Avenue storm drain. 5. Park facilities. 6. Equestrian facilities. 7. School facilities to be owned by the Etiwanda School District. 8. School facilities to be owned by the Chaffey Joint Union High School District. 9. Water and sewer facilities to be owned by CVWD which are authorized to be financed from the proceeds of capacity charges levied by CVWD. 10. Flood control facilities to be owned by the San Bernardino County Flood Control District. 11. Open space to be owned by the County of San Bernardino