HomeMy WebLinkAbout82-147 - ResolutionsRESOLUTION NO. 82-147
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, ESTABLISHING A
POLICY WITH RESPECT TO PAYMENT OF INTEREST ON
REIMBURSEMENT AGREEMENTS
The City Council of the City of Rancho Cucamonga, California,
does resolve as follows:
SECTION I: Various provisions of state law and City ordinances
allow the City of Rancho Cucamonga to enter into reimbursement agreements
with developers and subdividers of real property in the City when those
developers and subdividers have installed public improvements which are
of supplemental size or capacity or which otherwise serve property not
included within the boundaries of the subdivision or development.
SECTION 2: In order to alleviate the financial burden imposed
upon developers and subdividers by reason of their installing, at their
initial expense, public improvements which have supplemental size or
capacity or which otherwise service property not included within the
subdivision or development, the City Council finds and determines that a
reasonable rate of interest should be paid with respect to amounts
subject to reimbursement.
SECTION 3: The City Council determines that a rate of ten
percent (10%) per annum simple interest is fair and reasonable and all
reimbursement agreements entered into between the City and a developer
or subdivider shall contain provisions for interest at said rate, unless
otherwise specifically determined by the City Council.
SECTION 4: The phrase "all sums necessary to pay the reim-
bursement sum apportioned to such lot or parcel by the terms of the
reimbursement agreement" as that phrase is used in Section 12.08.075 of
the Rancho Cucamonga Municipal Code, shall include interest imposed at
the aforesaid rate or as otherwise determined by the City Council.
SECTION 5: Whenever a reimbursement Agreement is to be entered
into for a development project, specific notice shall be given to all
affected property owners as for the provisions of such proposed agreement.
A copy of the proposed agreement shall be sent by certified mail to all
such affected property owners at least 10 days prior to the date said
agreement is approved by the City.
PASSED, APPROVED, and ADOPTED this 4th day of August, 1982.
AYES: Dahl, Buquet, Schlosser, Frost, Mikels
NOES: None
ABSENT: None
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ATTEST:
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