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Home My WebLink About84-56 - ResolutionsRESOLUTION NO. 84-56 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, DECLARING NECESSITY TO INCUR A BONDED INDEBTEDNESS, AND SUBMITTING TO THE QUALIFIED VOTERS OF A COMMUNITY FACILITIES DISTRICT A PROPOSITION TO INCUR A BONDED INDEBTEDNESS SECURED BY A SPECIAL TAX LEVY TO PAY FOR CERTAIN CAPITAL FACILITIES IN A COMMUNITY FACILITIES DISTRICT, AND GIVING NOTICE THEREON WHEREAS, the CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, (hereinafter referred to as the "legislative body of the local Agency"), has previously declared its intention and held and conducted a public hearing relating to the issuance of bonds to be secured by special taxes to pay for certain capital facilities in a community facilities district, as authorized 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 shall hereinafter be referred to as COMMUNITY FACILITIES DISTRICT NO. 84-1 (DAY CREEK DRAINAGE SYSTEM) (hereinafter referred to as the "District"); and WHEREAS, at this time this legislative body is desirous to proceed to make the necessary findings to incur the bonded indebtedness, to declare the purpose for said debt, and to authorize the submittal of a combined proposition to the voters of said District, all as authorized and required by law. NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: SECTION 1: That the above recitals are all true and correct. SECTION 2: That the purpose for the proposed bonded indebtedness and facilities proposed to be financed through the issuance of said bonds, is generally described as follows: To finance the construction and installation of certain public capital drainage facilities, together with appurtenances and appurtenant work, and all incidental expenses, to serve and provide drainage protection to properties within the boundaries of the proposed Community Facilities District. SECTION 3: That this legislative body further expressly declares and states that it is necessary to incur a bonded indebtedness as authorized under the terms and provisions of the "Mello-Roos Community Facilities Act of 1982", in order to finance the above-described public capital facilities. SECTION 4: That the whole of the District will pay for the above-referenced bonded indebtedness. A general description of the District is as follows: Certa. properties lying within the following described boundaries: Southerly by FOURTH STREET Westerly by MILLIKEN AVENUE Northerly by the Northerly City limits of the City of Rancho Cucamonga (HIGHLAND AVENUE and WILSON AVENUE) Easterly generally by ETIWANDA AVENUE Resolution No. 84-56 Page 2 SECTION 5: That the amount of the proposed bonded indebtedness, including the cost of the facilities, together with all incidental expenses, is generally as follows: SAID PROJECT FACILITIES, INCLUDING INCIDENTAL EXPENSES, SHALL NOT EXCEED $20,225,000.00 For further particulars, reference is made to the "COMMUNITY FACILITIES DISTRICT REPORT", as on file in the Office of the City Clerk. SECTION 6: That it is hereby further determined that serial bonds shall be issued to generally be payable in twenty (20) annual installments from their date, and said bonds may be issued in differing series, at differing times. The maximum rate of interest to be paid on said bonds shall not exceed the greater of either twelve percent 12%) per annum or the maximum rate permitted by law at the time of sale of any of said bonds. The interest on said bonds shall be payable semi-annually, and the principal on said.bonds shall be paid annually, with all payments being made to the registered owner of said bonds, as authorized by law. SECTION 7: It is expressly stated and declared that the proposition relating to the incurring of the bonded indebtedness shall be submitted to the voters and be consolidated with the authorization to levy the special tax, and said special election shall be held on the 26th day of June, 1984, and said election shall be a special mailed ballot election conducted by the County Registrar of Voters. If the proposition for the levy of the special tax and the incurring of a bonded indebtedness receives the approval of more than two-thirds (2/3) of the votes cast on the proposition, bonds may be authorized, issued and sold for the purposes set forth herein. The bonds may be issued in differing series, and said bonds, except where other funds are made available, shall be paid exclusively from the annual levy of the authorized special tax, and are not secured by any other taxing power or funds of the City of Rancho Cucamonga. SECTION 8: Ballots cast shall be received by the official from whom they were obtained no later than 12 o'clock midnight on election day. SECTION 9: That the combined ballot proposal to be submitted to the qualified voters by special mailed ballot election shall generally be as follows: PROPOSITION A CITY OF RANCHO CUCAMONGA (COMMUNITY FACILITIES DISTRICT NO. 84-1, DAY CREEK DRAINAGE SYSTEM) AUTHORIZATION TO INCUR BONDED INDEBTEDNESS AND AUTHORIZATION FOR SPECIAL TAX LEVY Shall the City of Rancho Cucamonga, Community Facilities District No. 84-1 (Day Creek Drainage System) incur a bonded indebtedness in an amount not to exceed $20,225,000.00 to finance certain public capital drainage improvements to meet the needs of new development within the Community Facilities District, including all appurtenant work necessary and incidental expenses, said indebtedness to be secured by annually levied special taxes? YES NO Resolution No. 84-56 Page 3 The rate and method of apportionment of the special tax shall generally be as follows: The Community Facilities District has been divided into two zones: ZONE "A": General areas to be served by the drainage facilities, exclusive of Zone "B". ZONE "B": A limited area, being only partially served by drainage facilities. Zone "B" consists of those properties bounded on the South by FOOTHILL BOULEVARD, on the East by ROCHESTER AVENUE, on the North by BASE LINE ROAD, and on the West by the prolongation of MILLIKEN AVENUE. The rate method and formula for the levy of the special tax for the respective zones, being Zone "A" and Zone "B", is as follows, based upon a bond amount not to exceed $20,225,000.00, payable over a period of years not to exc-ed twenty (20) years. ZONE "A": NOT TO EXCEED $550.00 PER ACRE. ZONE "B": NOT TO EXCEED $550.00 PER ACRE FOR 190 ACRES. At such time as the final drainage plan is established for Zone "B", only those properties that drain into the DAY CREEK CHANNEL shall be subject to the special drainage fee. Areas of Zone "B" in excess of 190 acres that do drain into the DAY CREEK CHANNEL shall be subject to a drainage fee. SECTION 10: That the appropriate mark placed in the voting square after the word "YES" shall be counted in favor of the adoption of the proposition, and the appropriate mark placed in the voting square after the word "NO" in the manner as authorized, shall be counted against the adoption of said proposition. SECTION 11: That the special election hereby called for the date as previously specified shall be, and is hereby ordered to be a special mailed ballot election to be held on said date, with voting to be done by landowners in the manner and form as authorized pursuant to the Elections Code of the State of California. SECTION 12: The City Clerk shall cause this Resolution to be published once a week for two successive weeks in the DAILY REPORT. This Resolution shall constitute the notice of the special bond election and authorization to levy a special tax. Resolution No. 84-56 Page 4 PASSED, APPROVED, and ADOPTED this 7th day of March, 1984. AYES: Dahl, Buquet, Mikels, Schlosser, Frost NOES: None ABSENT: None ATTEST: Lauren M. Wasserman, City Clerk