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HomeMy WebLinkAbout90-005 - ResolutionsRESOLUTION NO. FD 90-005 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE RANCHO CUCAMONGA FIRE PROTECTION DISTRICT, CITY OF RANCHO CUCAMONGA, CALIFORNIA, APPROVING A SUBORDINATION AGREEMENT WITH THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY AND OTHER MATTERS RELATING THERETO WHEREAS, the Rancho Cucamonga Fire Protection District (the "District"), successor in interest to the Foothill Fire Protection District, the Rancho Cucamonga Redevelopment Agency (the "Agency") and the City of Rancho Cucamonga (the "City") have heretofore entered into an agreement for cooperation (the "Agreement") dated April 22, 1982; and WHEREAS, pursuant to the Agreement certain tax increment revenues received by the Agency are to be used by the Agency to finance or refinance certain public improvements described in the Agreement, including the District's Fire Station No. 4; and WHEREAS, the Agency proposes to issue its Rancho Redevelopmerit Project 1990 Tax Allocation Bonds (the "Bonds"), the proceeds of which will be used, among other things, to finance or refinance public improvements described in the Agreement; and WHEREAS, the Agreement provides that tax increment revenues received by the Agency in excess of those needed to pay debt service for the bonds associated with the public improvements provided by the Agency pursuant to the Agreement shall, upon the request of the District, be paid over to the District to be used as specified in the Agreement; and WHEREAS, the District and the Agency desire to confirm that payments to the District of tax increment will be made only after the debt service on the Bonds and any other bonds issued by the Agency on a parity with the Bonds has been paid; NOW, THEREFORE, the Board of Directors of the Rancho Cucamonga Fire Protection District of the City of Rancho Cucamonga does hereby resolve, determine and order as follows: SECTION 1: Subordination Agreement. The form of Subordination Agreement (the "Subordination Agreement") dated as of March 1, 1990 among the District, the Agency and the City, providing generally for the subordination of payments to the District under the Agreement to the payment of principal and interest on the Bonds or any parity bonds of the Agency is hereby approved and the President or any other officer of the District and the Secretary are hereby authorized and directed, for and in the name of and on behalf of the District, to execute, acknowledge and deliver said Subordination Agreement in substantially the form 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 2: Effective Date. adoption. This Resolution shall take effect upon Resolution No. FD 90-005 Page 2 AYES: NO ES: No ne ABSENT: None PASSED, APPROVED, and ADOPTED this 21st day of February, 1990. Alexander, Brown, Buquet, Stout, Wright dent ATTEST: D~j. Ada~u~ms~cretar~ I, DEBRA J. ADAMS, SECRETARY of the Rancho Cucamonga Fire Protection District do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the Board of Directors of the Rancho Cucamonga Fire Protection District, at a regular meeting of said Board held on the 21st day of February, 1990. Executed this 22nd day of February, 1990 at Rancho Cucamonga, California. D Secretary