HomeMy WebLinkAbout05-203 - Resolutions RESOLUTION NO. 05-203
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA,CALIFORNIA,APPROVING THE FORM
OF AN ACQUISITION/FINANCING AGREEMENT PERTAINING TO
COMMUNITY FACILITIES DISTRICT NO. 2000-3 (RANCHO
SUMMIT)
WHEREAS, the CITY COUNCIL of the CITY OF RANCHO CUCAMONGA,
CALIFORNIA(the"City Council")has previously undertaken proceedings to create and did establish
a Community Facilities District pursuant to the terms and provisions of the"Mello-Roos Community
Facilities Act of 1982," being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the
State of California (the "Act'). This Community Facilities District is referred to as COMMUNITY
FACILITIES DISTRICT NO. 2000-03 (RANCHO SUMMIT) (the "District'); and
WHEREAS, the qualified electors of the District, voting in a special election held on
October 11, 2000, approved the authorization to (a)finance park improvements including clearing
and grading of such park sites, park hardscape and restrooms, street improvements and parkway
hardscape(the"Authorized Facilities); (b)levy special taxes within the District pursuant to a rate and
method of apportionment of such special taxes (the "Existing RMA") and (c) to incur a bonded
indebtedness of the amount not to exceed $3,000,000 (the "Existing Bond Authorization"); and
WHEREAS, subsequent to the formation of the District and such election, Pulte
Home Corporation ("Owner"),the current ownerand developerofthe propertywithin the District,has
requested that the City Council, acting as the legislative body of the District, initiate proceedings to
consider modifications to (a) the Authorized Facilities to be financed from the proceeds bonds
issued by the District which are secured by the levy of such special taxes, (b)the Existing RMA and
(c) the Existing Bond Authorization; and
WHEREAS,this City Council did initiate such proceedings and did call for and order
to be held an election to submit to the qualified electors of the District separate propositions relating
to the proposed modification of the Authorized Facilities, the Existing RMA and the Existing Bond
Authorization; and
WHEREAS, the qualified electors of the District approved the modification of the
Authorized Facilities, the Existing RMA and the Existing Bond Authorization; and
WHEREAS, in furtherance of the purposes of the District, the City and the Owner
have negotiated the terms and conditions pursuant to which the Authorized Facilities are to be
acquired or constructed by the City and bonds are to be issued to finance the acquisition or
construction of such Authorized Facilities and such terms and conditions have been memorialized in
an Acquisition/Financing Agreement by and between the City and the Owner (the
"Acquisition/Financing Agreement'),the form of which has been presented to this City Council for its
consideration and approval.
NOW,THEREFORE, BE IT RESOLVED AND DETERMINED by the City Council of
the City of Rancho Cucamonga as follows:
SECTION 1: The above recitals are all true and correct.
Resolution No. 05-203
Page 2 of 2
SECTION 2: The form of Acquisition/Financing Agreement, herewith submitted,is
approved substantially in the form submitted.The City Manager or his
designee is hereby authorized to execute the final form of such.
agreement on behalf of the City. The City Manager or his designee,
subject to the review of the City Attorney and Best Best & Krieger
LLP, Bond Counsel, are each authorized to approve changes in such
agreement deemed to be in the best interests of the City,approval of
such changes to be evidenced by the execution of such agreement.
PASSED, APPROVED, AND ADOPTED this 15" day of June 2005.
AYES: Alexander, Gutierrez, Michael, Williams
NOES: None
ABSENT: Spagnolo
ABSTAINED: None
t
iam J. Ale n r, Mayor
ATTEST:
Debra J. Ada MC, City Clerk
I, DEBRAJ.ADAMS,CITY CLERK of the Cityof 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 15'" day of June 2005.
Executed this 16`h day of June 2005, at Rancho Cucamonga, California.
4y-cla- 14,
Debra J. Adams, C, City Clerk