HomeMy WebLinkAbout89-319 - Resolutions RESOLUTION NO. 89-319
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, AUTHORIZING PRELIMINARY ISSUANCE
OF BONDS OF A COMMUNITY FACILITIES DISTRICT
WHEREAS, the City Council of the City of Rancho Cucamonga,
California, (hereinafter referred to as the "legislative body of the local
Agency"), has heretofore undertaken proceedings and declared the necessity to
issue bonds on behalf of 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. Said Community Facilities District is designated and known as
COMMUNITY FACILITIES DISTRICT NO. 88-2 (hereinafter referred to as the
"District"); and
WHEREAS, pursuant to law an election was held and the following
proposition was approved by more than 2/3's of the voters voting at said
election:
PROPOSITION A
CITY OF RANCHO CUCAMONGA, COMMUNITY FACILITIES DISTRICT
NO. 88-2, AUTHORIZATION TO INCUR BONDED INDEBTEDNESS AND
AUTHORIZATION FOR SPECIAL TAX LEVY
Shall Community Facilities District No. 88-2, City of
Rancho Cucamonga, be authorized to 1) incur a bonded
indebtedness in an amount not to exceed $4,000,000.00,
to be paid by special taxes as established by the
District, with interest rates not exceeding the maximum
authorized by law at the time of issuance, to finance YES
the construction, acquisition and installation of certain
drainage and flood control facilities, together with
appurtenances and appurtenant work, including acquisition NO
where necessary, 2) to levy special taxes to pay for said
facilities and additional police protection services
and/or any authorized and issued bonded indebtedness, and
3) establish an Article XIIIB appropriations limit equal
to the maximum authorized special taxes which may be
levied in any fiscal year?
and,
WHEREAS, this legislative body now desires to preliminarily authorize the
issuance of such special tax bonds.
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga
does hereby resolve as follows:
Resolution No. 89-319
Page 2
SECTION 1: That the above recitals are all true and correct.
SECTION 2: That the legislative body hereby authorizes the issuance
of all special tax bonds of community Facilities District No. 88-2. The exact
terms and conditions of the issuance of such special tax bonds shall be subject
to the provisions of the "Mello-Roos Community Facilities Act of 1982", as
amended, and such further Resolution or Resolutions of Issuance as shall be
adopted by this legislative body.
SECTION 3: That Brown & Diven, Bond Counsel, is hereby authorized
and directed to forthwith file and prosecute to final judgment, an action
pursuant to Government Code Section 53359 and Code of Civil Procedure Section
860, et seq., to validate the proceedings pertaining to the formation of the
District, the levy of authorized special taxes within said District and the
issuance of the special tax bonds as authorized herein.
PASSED, APPROVED, and ADOPTED this 5th day of July, 1989.
AYES: Alexander, Brown, Stout
NOES: Wright
Dennis L. Stout, Mayor
ATTEST:
I, BEVERLY A. AUTHELET, 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 5th day of
July, 1989.
Executed this 6th day of July, 1989 at Rancho Cucamonga, California.
~orly A.~utnelet, City'C~e~ ~>