HomeMy WebLinkAbout84-29 - ResolutionsRESOLUTION NO. 84-29
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, ESTABLISHING A SPECIAL REVOLVING FUND
FOR THE PURPOSE OF PAYING FOR CERTAIN COSTS AND EXPENSES
RELATING TO 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"), is
considering the formation 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. This 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, Sections 53314 and 53314.5 specifically authorize the
transfer of funds and the establishment of a special revolving fund to provide
certain monies in advance, said monies to be used as a loan for the payment of
certain preliminary costs and expenses, including but not limited to the
payment of current expenses, acquisition of property, engineering services, and
the construction of public capital facilities, all relating to said District;
and
WHEREAS, at this time this legislative body is desirous to establish a
special fund for providing certain monies to be utilized on a preliminary
basis, said monies to be repaid upon the levy of any special tax.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
SECTION 1: That the above recitals are all true and correct.
SECTION 2: That the legislative body does hereby establish a special
Revolving Fund designated by the name of this District; said Fund to be used as
a revolving fund, and any monies loaned to said Fund shall be repaid upon the
levy of any special tax.
SECTION 3: Any monies advanced to said Fund shall constitute a loan
and be repaid from tax revenues or other lawful monies available from the
District, plus interest, and said interest shall be the current rate per annum
received on similar kinds of investments by this Agency.
SECTION 4: Any advancement from said Fund shall be for a period of
years not exceeding five (5).
SECTION 5: That this special Revolving Fund is formed under the
authorization of Sections 53314 and 53314.5 of the Government Code of the State
of California.
Resolution No. 84-29
Page 2
PASSED, APPROVED, and ADOPTED this 1st day of February, 1984.
AYES: Dahl, Buquet, Mikels, Schlosser, Frost
NOES: None
ATTEST:
ABSENT: None
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