HomeMy WebLinkAbout93-228 - ResolutionsRESOLUTIONNO. 93-228
A RESOLUi~ON OF THE CITY ~ OF ~ CITY OF RANCHO
QJJAT~FI]~) V~ OF THE ~ FACTT.~ D~CT
WHEREAS, the CITY O0t~CIL of the CITY OF ~ ~,
(]%LI~, (hereinafter referred to as the "legislative body of the local
Agency'), has px~vi~usly declared its intentic~ and held an~ oc~cm~__~t~ a
public hearing relating to the issuar~e of bunds to be secured by special
taxes to pay for certain public capital facilities in a curereality facilities
district, as authurized pursuant to the terms and provisions of the '9~ello-
Room C~munity Facilities Act of 1982", being Chapter 2.5, Part 1, Divisic~ 2,
Title 5 of the Gove~-~t Code of the State of California (the "Act"); said
NO. 93-3 (FOOTHILL MARKEiTTACE) (hereinafter referred to as the "District");
and,
WHEREAS, at this time this legislative body is desirous to proceed to
make the neo~ry findings to incur the bonded indebtedness, to declare the
purpose for said debt, and to authc~ize the submittal of a cc~b~
proposition to the voters of said District, being the lar~k~Tm~s of the
proposed District, all as authorized and required by law; and,
WHEREAS, a special election is to be held in the City of Rancho
Cucamonga, California, (hereinafter referred to as the "local Agency'), at
which time there will be ~,hni'tted to tb~ qualified electors of said District
certain px~positions relating to the authorization to levy a special tax, the
inoarring of a bonded ' _~rr~__btedness in order to pay for certain capital
facilities to serve the District and the est_mblishment of an ~iations
limit for the District, pursuant to the provisions of the ALPc, as referenoed
above.
NOW, THEREFORE, the City Council of the City of Rancho ~ does
hereby resolve as follows:
S~CTION 1. That the above recitals are all true and correct.
$~L'TION 2. That this legislative body hereby expressly declares and
states that it is n~c~ry to incur a _bor~ed_____ indebted~es~ as authorized under
the terms and provision of the Act, in order to f~ the below described
public capital facilities.
PURPOSE OF BOND ISSUE
SECTION 3. That the purpose for the proposed bonded indebtedness and
facilities proposed to be financed through the issuance of said bonds, is
generally described as follc~s:
Resolution No. 93-228
Page2
To finance the acquisition and/or construction of certain
public capital facilities, generally described as street improvements to
Foothill Boulevard frc~ Interstate 15 to Etiwanda Avenue and to Etiwanda
Avenue from Foothill Boulevard to approximately 1,000 feet southerly of
Foothill Boulevard; storm drain improv-~ments from Foothill Boulevard southerly
and westerly to Arrow Route; sewer ~ from Foothill Boulevard and
Etiwanda Avenue westerly and southerly to ~row Route; on-site water
im~ within the District; wate~ imurov~ents in Foothill Boulevard and
Eti~ Avenue; a portion of the Arrow Route storm drain facility, a portion
of the Foothill Boulevard and Interstate 15 interchange imp~¥~-~nts and
BOUNDARIES OF DISIRICT
S~CI~ON 4. That the whole of the District will pay for the above-
referenced bonded indebtedness. A general description of the district is as
follc~s:
All property within the boundaries of ~
FACILITIES DIgIRICT NO. 93-3 (FOOTHILL MARKETPIACE), as shown on a map as
previously approved by this C~,,,~nity Facilities District, a copy of which is
on file in the office of the City Clerk.
SfL-TION 5. That the amount of the proposed bonded i;~c~%ess,
including the cost of the facilities, together with all incidental expenses,
contingencies and financing oosts is generally estimated to be:
$5,100,000.00
~bject to
Said costs are represented in current dollars and are
escalation to provide for increases for future phases of
S~CTION 6. ~hat it is hereby further determired that bonds shall be
issued and the maximum t~rm of b~nds ar~/or any series shall not e~oeed forty
(40) years, and said bonds may be issued in differing series, at differing
times. ~he maximum rate of int_~_~est to be paid on said bonds shall not exceed
the greater of either twelve percent (12%) per annum or the maximum rate
permitted by law at the time of sale of any of said bc~ds. The interest on
said bc~ds shall be payable semi-a~ually, and the principal on said bonds
of said bond~ ~, as authorized by law. The bonds, except where other funds are
made available, shall be paid exclusively from the annual levy of the special
Facilities District or the City.
Resolution No. 93-228
Page3
S~I~ON 7. The proposition related to the incurring of tb~ bonded
indebt~d_ness shall be consolidated with the px~position relat/ng to the levy
of the special tax, shall be combined into c~e ballot proposition, and shall
be sumbitted to the qualified voters at the special election to be held on the
1ST DAY OF D~4BER, 1993, and said election shall be oonducted by the City
Clerk (hereinafter referred to as "Election Official"). If the oombined
proposition for the levy of the special tax and the incurring of the bonded
i~d_~_bt_~_~ess reoeive the appxDval of more tha~ ~ (2/3) of the votes
cast on the proposition, bonds may be authorized, issued and sold for the
purposes set forth herein and the special tax may be levied as -~-~i_~gd~__ for in
the Resoluton of Formation.
S~CTION 8. That f_he ballot proposal to be suhnitted to the qualified
voters at the elcetion shall generally be as folly:
Shall the City of Rancho Cucamor~/a, C(am,~nity
Facilities District No. 93-3 (Foothill Marketplace),
Oounty of San Bernardino, 1) incur indebt~3d_ness in
an amount not to exceed $5,100,000.00, to finance
acquisition of authorized public improvements, 2) levy
special taxes to pay for said. facilities, i~debtedness
of the District, bond and special tax administration,
and 3) establish an Article XIIIB appropriations limit
equal to the maximum authorized special taxes which
may be levied in any fiscal year?
The rate and method of apportionment of the special
tax shall generally be as follows:
Each parcel of taxable Property shall be subject to a Maximum Special Tax rate
of $20,000 per acre and shall be levied as long as necessary for each parcel
of Taxable Property to pay for authorized facilities and to discharge
authorized bond obligations of other debt of CFD No. 93-3.
M~thod of ADDortionment of the Special Tax
The Oouncil shall determine the amount of money requird to be collected from
Tax_~ble Property in CFD No. 93-3 in each Fiscal Year. Such amount shall
include the sums necessary to pay for current debt service on indebtedr~ss of
CFD No. 93-3, to create or replenish reserve funds determined nec~y by CFD
No. 93-3, and to pay administrative expenses, construction expenses and
acquisition expenses to be paid frc~ Special Tax proceeds (the "Special Tax
P~quir~_nt"). The Council shall levy the Special Tax as follows until the
amount of the levy equals the Special Tax Requ4rement:
Resolution No. 93-228
Page4
An equal percentage of the Maximum Special Tax Rate applicable to all Tawable
Plv~petLy shall be levied on each parcel of Ta~mhle Property f~r such Fiscal
Year.
S~2TION 9. That the app~iate mark placed in the voting square
after the w~rd "YES" shall be oounted in favor of the adoption of the
of said Ufoposition.
S~CTI~ 10. The Election Official is hereby authorized to take any
and all steps necessary for the holding of said election. Said Election
Official shall perform and render all services and proceedings incidental to
and connected with the c~nduct of said election, and said services shall
include, but not be limited to the follc~ing activities as are app~r4ariate to
the subject election:
1. Prepare and furnish to the election officers
neoessary election supplies for the conduct of the election.
2. Cause to be printed the requisite number of official
ballots, talley sheets and other necessary forms.
3. Furnish official ballots for the qualified electors
of the C~'mt~nity Facilities District.
e
Cause the official ballots to be presented as
5. Receive the returns of the election material and
supplies in preparation for the ca~rassing of the returns.
6. Sort and assemble the election material and supplies
in ureparation f~r the canvassing of the returns.
7. ~ the returns of the election.
Furnish a tabulation of the number of votes given in
9. Make all arrangements and take the nece~ry steps
to pay all costs of the election incurred as a result of servioes performed by
the District and pay costs and expenses of all election officials.
10. Conduct and handle all other matters relating to the
~:eedirz3s and cc~duct of the election in the manner and form as required by
law.
Resolutic~ No. 93-228
Page5
PASSFD, APPROVED, and ADOPlOD this 1st day of December, 1993.
AYES:
NOES:
ABS~T: ~
Alexander, Buquet, Gutierrez, Stout, Williams
None
None
De/~ra J. Ad~s, City Clerk
I, DEBRA J. ADAMS, CITY CLF~K of the City of P~o O]~mmonga, California, do
hereby certify that the foregoing Resolution was duly p~.~ed, approved, and
adopted by the City Council of the City of Rancho O,cmmonga, California, at a
regular meeting of said City Council held on the 1st day of r~c~mh~r, 1993.
Executed this 2rid day of December, 1993, at Rancho O~cam~,
California.
City Clerk