Loading...
HomeMy WebLinkAbout02-328 - Resolutions RESOLUTION NO. 02-328 A 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 AND 2 OF PROPOSED CITY OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO. 2003-01 RECITALS: WHEREAS, the CITY COUNCIL (the "City Council") of the CITY OF RANCHO CUCAMONGA, California (the "City') has heretofore adopted Resolution No. 02-327 (the "Resolution of Intention"), stating the City Council's intention to form City of Rancho Cucamonga Community Facilities District No. 2003-01 (the "District"), and two 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$20,000,000; 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 $16,000,000 for Improvement Area No. 1 and $4,000,000 for Improvement Area No. 2, the repayment of which is to be secured by special taxes levied in accordance with Section 53340 et sec. 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 No. 1 of the proposed District in an amount not to exceed $16,000,000 and within the boundaries of Improvement Area No. 2 of the proposed District in an amount not to exceed $4,000,000 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 cost of the construction, acquisition, completion and inspection of the Facilities, including incidental expenses, as more completely set forth in the Resolution of Intention, including Exhibit"A"thereto. Resolution No. 02-328 Page 2 of 3 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 one or more series of bonds for Improvement Area No. 1 in the maximum aggregate principal amount of $16,000,000 and one or more series of bonds for Improvement Area No. 2 in the maximum aggregate principal amount of $4,000,000, 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 30 years from the date of issuance of such series of bonds. SECTION 4: Hearing. A public hearing (the "Hearing") on the proposed debt issue shall be held February 5, 2003 at 7:00 p.m. or as 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 $16,000,000 and $4,000,000, respectively, shall be submitted to the qualified electors of Improvement Area No. 1 and Improvement Area No. 2, 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. 02-328 Page 3 of 3 PASSED, APPROVED, AND ADOPTED this 18`h day of December 2002. AYES: Alexander, Gutierrez, Howdyshell, Kurth, Williams NOES: None ABSENT: None ABSTAINED: None f� William J. Alexan r, ayor ATTEST: Debra J. Adam , CMC, City Clerk 1, 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, at a Regular Meeting of said City Council held on the 18`h day of December 2002. Executed this 1g'" day of December 2002, at Rancho Cucamonga, California. kap 2L Debra J. Adam"MC,MC, City Clerk