HomeMy WebLinkAbout87-260 - Resolutions RESOLUTION NO. 87-260
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA MAKING A CONTRIBUTION TO THE RANCHO
CUCAMONGA REDEVELOPMENT AGENCY IN AN AMOUNT NOT TO
EXCEED $100,000
WHEREAS, this City Council has heretofore approved the refinancing by the
Rancho Cucamonga Redevelopment Agency (the "Agency") of a portion of the
Rancho Redevelopment Project through the issuance by the Agency of its Rancho
Redevelopment Project Refunding Tax Allocation Bonds, 1987 Series A, in an
aggregate principal amount of $9,300,000 (the "Bonds);
WHEREAS, this City Council wishes to assist the Agency in paying certain
costs in connection with the issuance of the Bonds in excess of those
permitted to be paid from the proceeds of the Bonds.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY
COUNCIL OF THE CITY OF RANCHO CUCAMONGA AS FOLLOWS:
Section 1. Contribution to Agency. This City Council hereby agrees to
advance as a contribution to or on behalf of the Agency to assist in
financing costs of issuing the Bonds an amount not to exceed $100,000, the
final amount to be determined by the City Manager in consultation with the
Underwriter for the Bonds and Bond Counsel to the Agency.
Section 2. Effective Date. This Resolution shal 1 take effect
immediately upon adoption.
PASSED, APPROVED, and ADOPTED this 20th day of May, 1987.
AYES: Brown, Stout, King, Wright
NOES: None
ABSENT: Buquet
D~nnis L. Stout, Mayor
ATTEST:
Beverly ~. Authelet, City Clerk