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HomeMy WebLinkAbout93-015 - ResolutionsRESOLUTION NO. FD 93-015 A RESOLUIIONOFTHEBOARDOF DIRECTORS OFTHERANf}K) CUCAM3NGA FIRE P}~3T~CIION DISIRICT ESTABLISHING THE T~MS AND CONDITIONS F~R ~ME PREPEe4ENE OF SPECIAL TAXES APPLICABLE TO P~O~ A33~UIPaD BY A PUBLIC E WITHIN OCM~t~qlTY FACILITIES DISTRICT NO. 88-1 WHEREAS, the Board of Directors (the "Board") of the Rancho O~?amonga Fire Protection District (tba "Fire Protection District") (formerly the Foothill Fire Protection District) did _un~e___-vtake proceedings to and did form a c~.,unity facilities district pursuant to the provisions of the '~ello-Roos C~m,unity Facilities Act of 1982", as ~ (the "Act"), being Chapter 2.5, Part 1, Division 2, Title 5 of the ~ Code of the State of California, for the purpose of financing the acquisition cr ocmstruction of a fire station and equipment therefor and the provision of fire protection and fire suppression services within the boundaries of said c~,.,unity facilities district, being designated OCM~jNITY FACILITIES DISTRICT NO. 88-1 (the "CFD 88-1"); and, MeRFAS, the qualified electors within CFD 88-1 did su~ly vote to approve the levy of a special tax within CFD 88-1 to pay debt service on any indebtedness of CFD 88-1 issued or entered into to finance the acquisition or construction of the fire station and equipment, to pay d/rectly for the costs of the construction or acquisition of the fire station and equipment, to pay costs of providing fire protection and suppression services within CFD 88- 1 or to pay the costs of administration of CFD 88-1; and, WHEREAS, in its resolution of intention to form CFD 88-1, the Board did provide that such Board may, by resolution, esteblish terms and conditions pursuant to which the special tax obligation for property within CFD 88-1 may be prepaid and permanently satisfied; and, WHEREAS, the Board desires to establish such terms and conditions pursuant to which the special tax obligation may be prepaid and permanently satisfied for property acquired within CFD 88-1 by a public agency. NC~, ~RE, BE IT RESOLVED by the Board of Directors of the Rancho Cucamonga Fire Protection District as follows: S~CTION 1. The foregoing recitals are true and correct. S~iTION 2. The special tax obligation on property within CFD 88-1 acquired by a public agency may be prepaid and permanently satisfied by the payment of the sum calculated pursuant to the provisions set forth below: A. When CFD 88-1 receives a request from a public agency to prepay the special tax obligation applicable to property acc~ed or to be acquired by such public agency (the "Public Agency Property"), the Fire Chief shall, acting on behalf of CFD 88-1, determine or cause to be determined tba following: (1) The projected special tax revenues to bereceived from all properties within CFD 88-1 with the exception of the Public Agency Property based upon the best available information of the City of Rancho Cucamonga as to future develo[mentwithinCFD 88-1; and Resolution No. FD 93-015 Page 2 (2) The net present value of the Vacant Property tax applicable to the Public Agency Property based upon such reasonable assumptions as the Fire Chief shall utilize. B. If the projected special tax revenues frce all other properties within CFD 88-1 when cumbined with the amount equal to the net present value of the Vacant Property tax as applied to the Public Agency Property is sufficient to pay debt service on any outstanding or proposed indebtedness of CFD 88-1, to pay directly for the construction or acquisition of the fire station and equipment, to pay for the provision of that portion of the fire protection and suppression services within CFD 88-1 to be finanoed by CFD 88-1 and to pay the costs of administration of CFD 88-1 (cumulatively, the "Special Tax Revenue Requirement"), the amount necessary to prepay the special tax obligation for Public Agency Property shall be equal to the net present value of the Vacant Property tax applicable thereto as calculated by the Fire Chief. C. If the projected special taxes frc~ all other properties within CFD 88-1 when cenbined with the amount equal to the net present value of the Vacant Property tax applied to the Public ~x3ency Property proposed to be prepaid are less than the Special Tax Revenue Requirement, the amount necessary to pre~ay the special tax obligation for such property shall be equal to the net present value of the Vacant Property tax applicable to the Public Ar3ency Property plus the amount of the deficiency in the Special Tax Revenue Requi~ applicable to the Public Agency Property as determined by the F/re Chief. PASSED, APPROV~D, and ADOPTED this 6th day of October, 1993. AYES: Alexander, Gutierrez, Stout, Williams NOES: None ABS~]~T: Buquet Dennis L. Stout, Mayor Resolution No. FD 93-015 Page3 I, DFRRA J. ADAMS, SECRETARY of the Rancho O~,smonga Fire Protection District do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the Board of Dire of the Rancho CucamorrJa Fire Protection District, at a regular meeting of said Board held on the 6th day of October, 1993. Executed this 7th day of October, 1993 at Rancho Cucamonga, California.