HomeMy WebLinkAbout96-115 - Resolutions..... RESOLUTION NO. 96-115
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, APPROVING THE
FINANCING AND REFINANCING OF A PORTION OF THE
RANCHO REDEVELOPMENT PROJECT BY THE RANCHO
CUCAMONGA REDEVELOPMENT AGENCY AND OTHER
MATTERS RELATING THERETO
WHEREAS, the Rancho Cucamonga Redevelopment Agency (the "Agency") is
authorized pursuant to Chapter 8 (commencing with Section 33000) of Part 1 of Division 24 of the
California Health and Safety Code (the "Act") to issue bonds for any of its corporate purposes;
and
WHEREAS, the Agency, in connection with its Rancho Redevelopment Project (the
"Project"), has indicated its intention to issue not to exceed $40,000,000 aggregate principal
amount of its Rancho Redevelopment Project 1996 Housing Set-Aside Tax Allocation Bonds (the
"Bonds"), the proceeds of which will be used to finance and refinance a portion of the Project for
the purposes of increasing, improving and preserving the community's supply of low-and
moderate-income housing available at affordable housing cost;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1: Approval of Financing. This City Council hereby approves the
refinancing and financing of a portion of the Project by means of the issuance of
not to exceed $40,000,000 principal amount of the Agency's Rancho
Redevelopment Project 1996 Housing Set-Aside Tax Allocation Bonds pursuant to
provisions of the Act, all subject to the requirements of the Act to finance and
refinance a portion of the Project for the purposes of increasing, improving and
preserving the community's supply of low-and moderate-income housing available
at affordable housing cost; and it is hereby determined that such use, inside or
outside the Project will be of benefit to the Project. This approval is intended to
satisfy the requirements of Health and Safety Code Sections 33334.2(g) and
33640.
SECTION 2: Subordination Agreements. The forms of Estoppel, Acknowledgment
and Subordination Agreement among the City, the Agency and Southern California
Housing Development Corporation; Estoppel, Acknowledgment and Subordinate
Agreement among the City, the Agency and Northtown Housing Development
Corporation; and the Subordination Agreement among the City, the Agency and the
California Housing Finance Agency presented at this meeting are hereby approved
and the Mayor or any other councilmember of the and the City Clerk are hereby
authorized and directed, for and in the name of and on behalf of the City, to
execute, acknowledge and deliver said Subordination Agreements in substantially
Resolution No. 96-115
Page 2
the forms hereby presented at this meeting with such insubstantial changes therein
as the officers executing the same may approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
SECTION 3: Effective Date. This Resolution shall take effect immediately upon
adoption.
ATTEST:
AYES:
NOES: None
ABSENT: None
PASSED, APPROVED, AND ADOPTED this 21st day of August, 1996.
Alexander, Biane, Curatalo, Gutierrez, Williams
William J. ATnder, ~ayor
DelSra J.(Adams, 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 regular meeting of said City Council held on the 21st
day of August, 1996.
Executed this 22nd day of August, 1996, at Rancho Cucamonga, California.
Debra J./Adams, CMC, City Clerk