HomeMy WebLinkAbout94-026 - ResolutionsRESOI/3TIONNO. 94-026
A RESOLUTION OF THE CITY (IX~CTL OF THE CITY OF RANCHO
DISTRICTNO. 93-3 (P0OTHIILMARKETPIACE)
~, the CITY (IX~CIL of the CITY OF RANCHO
CALIFORNIA, has previously under~ak~n proceed/~ and formed a
Facilities District pursuant to the terms and p~ovisiu~s of the '94ello-~Dos"
C~ ..... ~nity Facilities Act of 1982", being Chapter 2.5, Part 1, Divisic~ 2,
Title 5 of the Government Code of the State of California (the "Act"). This
C~um/nity Facilities District is designated as ~ ~.ITIES DISTRICT
NO. 93-3 (~L MARKETPLACE) (hereinafter referred to as the "District");
and,
WHerEAS, following approval by the qualified electors of the
District, the legislative body did enact Ordinance No. 518 authorizing the
levy of a special tax, as further describedtherein, within the District; and,
WHEREAS, this legislative body now desires to specify conditions
under which the obligation to pay said special tax may be prepaid and
permanently satisfied.
NOW, ~RE, the City Council of the City ofRanchoOlcAmongadoes
hereby resolve as follows:
SECTION 1. ~nat the above recitals are all true and correct.
SECTION 2. ~nat this legislative body does hereby declare that the
special tax obligation for any land may be prepaid and permanently satisfied
at any time upon the payment to the District of tb~ amount determined
purusuant to Exhibit "A" attached hereto and incorporated binrein by this
reference.
PASSED, ~, and ADO~ this 16th day of February, 1994.
Alexander, Buquet, Gutierrez, Stout, Williams
NOES: None
ABS~:~T: None
Dennis L. Stout, Mayor
J. A~. ,~s, Cit~ Clerk
Resolution No. 94-026
P~ge2
I, DEBRA J. ADAMS, CITY ~.k~K of the City of Rancho Cucamonga, California, do
hereby certify that the foregoing Resolution was duly p~.~d, approved, and
adopted by the City Oouncil of the City of Rancho ~, California, at a
regular meeting of said City Oouncil held on the 16th day of February, 1994.
Executed this 17th day of February, 1994, at Rancho Cucamonga,
California.
J. Adams, CitylClerk
Resol~ion ~.94~26
Page3
EXHIBIT A
~ FAC~.ITIES DISTRICT NO. 93-3
OF THE CITY OF RANCMO ~
~C~ OF PREPAYMenT OF SPECIAL TAX OBLIGATION
The owner of land located within Cuamunity Facilities District No.
93-3 (Foothill Marketplace) (the "District") of the City of Rancho O~/a
(the "City") and subject to the levy of the Special Tax may prepay and
~nently satisfy the Special Tax obligation applicable to such land by
paying to the Treasurer of the City of Rancho O~A~nga (the '~k~kasurer") the
sum of all of the follc~ing:
(a)
The amount of any delinquent Special Taxes previously levied on such
land, together with any penalties and interest thereon accrued to the
date of prepayment;
(b) The proportionate share of the cutstanding bonds of the District
allocable to such land calculatd as follows:
Divide the maximum Special Tax which may be levied annually on
such land by the aggregate maximum Special Tax which may be
levied annualy on all land within the District;
(2) Multiply the quotient determined pursuant to (1) above times an
amount equal to the total outstanding bonds of the District;
(c)
An allowance for the redemption premium, calculated by multiplying
the redemption premium percentage times the proportionate share of
the outstanding bonds of the District allocable to such land
calculated pursuant to (b) above;
(d)
A fee, fixed by the District, for the cost of administering the
prepayment and the advance redemption of the bonds of the District as
a result of such prepayment;
(e) Interest accrued to the redemption date of the bonds of the District
to be redeemed from the proceeds of the prepayment;
(f)
A credit for the reserve fund, if any, established for the bonds of
the District, such credit to be calculated by multiplying the
quotient determined pursuant to (b) (1) above times the amount on
deposit in the reserve fund on the date of prepayment; and
(g) A credit for Special Taxes levied for the current fiscal year, posted
to the tax roll and actually paid and received by the District.