HomeMy WebLinkAbout85-242 - ResolutionsRESOLUTION NO. 8~-242
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHv
CUCAMONGA, CALIFORNIA, ACCEPTING PURCHASE AGREEMENT AND
MAKING AWARD FOR SALE OF BONDS IN A COMMUNITY FACILITIES
DISTRICT
WHEREAS, the City Council of the City of Rancho Cucamonga, Calltornia,
(heroinafter referred to as the "legislative body of the local A~ency"), has
instituted proceedings, held a public hearing, conducted an election and has
authorized the sale of bonds under the terms and provisions of the '~ello-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 heroinafter be referred to as
COMMUNITY FACILITIES DISTRICT NO. 84-1
(DAY CREEK DRAINAGE SYSTEM)
(hereinafter referred to as the '~istrict"); and
WHEREAS, it was determined by this legislative body that it was
necessary to incur a bonded indebtedness to pay for all or a portion of puOlic
capital facilities of said District, and the proposition relatzng to the
incurring of a bonded indebtedness has received a favorable 2/3's vote of the
qualified electors voting at the authorized election; and
WHEREAS, there has now been received, in proper form, a proposal
and/or purchase agreement (heroinafter referred to as ~urchase ~reement") for
the purchase of bonds to issue under these proceedings, and said Purchase
A~reement received is considered to best serve the interests of the property
owners and residents within the boundaries of the District and determined that
acceptance of this proposal at a private sale will result in a lower interest
cost on the bonds.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1: That the above recitals are all true and correct.
SECTION 2: That the written Purchase A~reement received from STONE &
YOUNGBERG relating to the purchase of certain special tax Community Facilities
District bonds designated as CITY OF RANCHO CUCAMONGA, COMMIINITY FACILITIES
DISTRICT NO. 84-1 (DAY CREEK DRAINAGE SYSTEM), MELLO-ROOS SPECIAL TAX BONDS,
SERIES '~" is hereby accepted and approved. The City Manager is hereby
authorized to make minor changes and modifications not of a suDstantatlve
nature to the Purchase ASreement to comply with terms and conditions as
requested by insurers or rating agencies. Any such changes shall be suoject to
written approval of Bond Counsel, and any change of a suDstantatxve nature
shall be submitted to the City Council for final approval.
SECTION 3: That said sale of bonds is subject to all the terms and
conditions as set forth in the Resolution of Intention to incur indebtedness,
the Resolution authorizing the issuance of bonds and the accepted Purchase
A~reoment, and all other bond authorization documentation.
SECTION 4: The Treasurer is hereby authorized and directed to
immediately have bonds printed, and sa~d Treasurer shall have said bonus signed
and delivered to said purchaser upon the receipt of the amount of monies due
pursuant to said Purchase A~reement and upon the performance of all conditions
as set forth in said Purchase A~reement.
SECTION 5: That the interest rate and/or rates on sa~d bonds be fixed
at the rate and/or rates as set forth in the accepted Purchase Agreement.
Resolution No. 85-242
Page 2
SECTION 6: The above sale and acceptance of the Purchase Agreement
has been made without advertising for bids, as authorized by Section 53360.4 of
the Government Code of the State of California, as it is hereby determined by
this legislative body that said sale would result in a lower interest cost on
the bonds.
PASSED, APPROVED, and ADOPTED this 7th day of August, 1985.
AYES: Wright, Buquet, MikeIs, Dahl, Ring
NOES: None
ABSENT: None
/~n D', Mik~ls, Mayor '
ATYES T:
Beverl~A. Authelet, City Clerk
I, BEVERLY A. AUTHELET, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed,
approved, and adopted by the City Council of the City of Rancho Cucamonga,
California, at a regular meeting of said City Council held on the 7th day of
August, 1985.
Executed this 8th day of August, 1985 at Rancho Cucamonga, Calxfornia.
Beverly ~. Authelet, City Clerk