HomeMy WebLinkAbout01-087 - Resolutions RESOLUTION NO. 01-087
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO CUCAMONGA TO INCUR BONDED
INDEBTEDNESS WITHIN EACH OF THE PROPOSED
IMPROVEMENT AREA NOS. 1,2 AND 3 OF PROPOSED CITY OF
RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO.
2001-01
RECITALS:
WHEREAS, the CITY COUNCIL (the "City Council") of the CITY OF RANCHO
CUCAMONGA, California (the "City") has heretofore adopted Resolution No. 01-086 (the
"Resolution of Intention"), stating the City Council's intention to form City of Rancho Cucamonga
Community Facilities District No.2001-01 (the"District"),and three improvement areas therein (each
an"Improvement Area"), pursuant to the Mello-Roos Community Facilities Act of 1982,as amended,
commencing with Section 53311 of the California Government Code (the"Act"), to finance facilities
to serve the District, including incidental expenses, as further provided in the Resolution of Intention
(the "Facilities"); and
WHEREAS, the City Council estimates that the amount required to finance the
Facilities is the sum of$27,000,000; and
WHEREAS, in order to finance the Facilities it is necessary to incur bonded
indebtedness on behalf of the Improvement Areas in the amounts of not to exceed $15,000,000 for
Improvement Area Nos. 1 and 2 and $12,000,000 for Improvement Area No. 3, the repayment of
which is to be secured by special taxes levied in accordance with Section 53340 et seq. of the Act
on all non-exempt property within the District.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. BONDED INDEBTEDNESS. It is necessary to incur bonded
indebtedness within the boundaries of Improvement Area Nos. 1 and
2 of the proposed District in an amount not to exceed $15,000,000
and within the boundaries of Improvement Area No. 3 in an amount
not to exceed $12,000,000 to finance the costs of the Facilities for
the District.
SECTION 2. PURPOSE. The bonded indebtedness for each Improvement Area
will be incurred for the purpose of financing the costs of designing
and constructing the Facilities, including, but not limited to, the
financing of the costs associated with the issuance of the bonds and
all other costs necessary to finance the Facilities which are permitted
to be financed pursuant to the Act.
Resolution No. 01-087
Page 2 of
SECTION 3. TERMS. It is the intent of the City Council, acting as the legislative
body of the District, to authorize the issuance and sale of a series of
bonds for Improvement Area Nos. 1 and 2 in the maximum aggregate
principal amount of $15,000,000 and a series of bonds for
Improvement Area No. 3 in the maximum aggregate principal amount
of$12,000,000, at a maximum interest rate of 12 percent per annum
or such rate not in excess of the maximum rate permitted by law at
the time the bonds are issued. The term of the bonds of each series
shall be determined pursuant to a resolution of the City Council
authorizing the issuance of such series, but such term shall in no
event exceed 31 years from the date of issuance of such series of
bonds or such longer term as is then permitted by law.
SECTION 4. HEARING. A public hearing (the "Hearing") on the proposed debt
issue shall be held June 6, 2001 at 7:00 p.m.oras soon thereafter as
practicable,at the chambers of the City Council of the City of Rancho
Cucamonga, 10500 Civic Center, Rancho Cucamonga, California
91730. Any interested persons, including all persons owning land or
registered to vote within the proposed District, may appear and be
heard at the Hearing.
SECTION 5. VOTING. The propositions to incur bonded indebtedness in the
maximum aggregate principal amounts of $15,000,000 and
$12,000,000, respectively,shall be submitted to the qualified electors
of Improvement Areas Nos. 1 and 2 and Improvement Area No. 3,
respectively, at a special election. Ballots shall be distributed to the
qualified electors by mail with return postage prepaid or by personal
service.
SECTION 6. PUBLISHED NOTICE. The City Clerk is hereby directed to publish a
notice ("Notice") of the Hearing and the special bond election
pursuant to Section 6061 of the Government Code in a newspaper of
general circulation circulated within the proposed District. Such
Notice shall be substantially in the form specified in Section 53346 of
the Act. The publication of the Notice shall be completed at least 7
days before the date herein set for the Hearing.
SECTION 7. MAILED NOTICE. The City Clerk is hereby directed to send a copy
of the Notice of the Hearing by first-class mail, postage prepaid, to
each registered voter and to each landowner within the proposed
District as shown on the last equalized assessment roll. Mailing of
the Notice shall be completed at least 15 days prior to the date of the
Hearing.
Resolution No. 01-087
Page 3 of 3
PASSED, APPROVED, AND ADOPTED this 18`h day of April 2001.
AYES: Alexander, Biane, Dutton, Williams
NOES: None
ABSENT: None
ABSTAINED: None
e
William J. Alexa r, Mayor
ATTEST:
L&W
e ra J. AdarW, CMC, City Clerk
I, DEBRA J.ADAMS,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,ata Regular Meeting of said City Council held
on the 18`h day of April 2001.
Executed this 19`h day of April, at Rancho Cucamonga, California.
/L AO
ebra J. Ada CMC, City ClerR—