HomeMy WebLinkAbout88-638 - Resolutions RESC~UTION NO. 88-638
A RESC~UTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAM~NGA, CALIFORNIA, PROVIDING 'PAYMENTS MADE BY THE CITY
IN CONNECTION WITH'THE ACQUISITION OF 5AND R~LATING TO THE
NORTHEAST ETIWANDA COM}~3NIT¥ PARK'PROJECT 'ARE TO' 'BE MADE
IN ANTICIPATION'OF REIMBURSEMENT' FROM THE PROCEEDS OF'A
PLANNED LEASE FINANCING WITH CERTIFICATES OF PARTICIPATION
TO 'BE' ACCOMPLISHED 'BY' THE CITY AND' ~CJTHORIZING AND
DIRECTING CERTAIN ACTIONS WITH RESPECT'THERETO
WHEREAS, the City Council of the City of Rancho Cucamonga !the "City")
does hereby resolve as follows:
WHERF~, the City is proposing to proceed with a lease financing with
certificates of- participation; and
WHEREAS, in connection therewith, the City proposes to finance the
acquisition of certain land relating to the northwest Etlwanda CommUnity Park
project (the "Project") and it is in the best interest of the City, Tis in the
public interest and is for the public benefit that the City set forth its
e~"pectation of reimbursement from the proceeds of such proposed'financing;
NOW, THERE~RE, the City Council of the City of Rancho Cu. camonga does
hereby resolve, det~rmlne and order as follows:
SECTION 1. Any payments made by the City from its general fUnd or
other available monies in connection with the Project, prior to the
cons,~mmation 'of the prop.6sed lease financing with certificates of
participation, are intended to be made strictly in anticipation of
reimbursement therefor from the proceeds of such financing.
SECTION 2. The Mayor, the City Manager and other appropriate
officials' of' the City are hereby authorized and directed to do any and all
things and take any and all actions which may be necessary or advisable in
accordance with this Resolution.
SECTION 3. This Resolution shall take effect immediately.
PASSED, APPROVED, and ADOPTED this 19th day of October, 1988.
AYES: Buquet, King, Brown, Stout, Wright
NOES: None
ABSENT: None
Resolution No. 88-638
Page 2
Dennis L. Stout, Mayor
ATTEST:
Beverly A~Authelet, City Clerk
I, BEVE~Y A. AUTHELET, CITY (~ERK of the City df Ranc~ Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed,
approved, and adopted by the City Council of the City of Rancho Cucamdnga,
California, at a regular meeting of said City Council held on the 19th day of
October, 1988.
Executed this 20th day of October, 1988 at Rancho Cucamonga,
California. ''
Beverly'. Authelet, City Clerk