HomeMy WebLinkAbout87-235 - Resolutions RESOLUTION NO. 87-235
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA APPROVING REFINANCING OF A PORTION
OF THE RANCHO REDEVELOPMENT PROJECT BY THE RANCHO
CUCAMONGA REDEVELOPMENT AGENCY
WHEREAS, the Rancho Cucamonga Redevelopment Agency (the "Agency") is
authorized pursuant to Chapter 8 (commencing with Section 33000) of Part I of
Division 24 of the California Health and Safety Code (the "Act") to issue
bonds for any of its corporate purposes; and
WHEREAS, the Agency is authorized pursuant to Sections 53580 through
53590 of the Government Code of the State of California (the "Refunding Law")
to issue its refunding bonds; and
WHEREAS, the Agency has heretofore issued $7,750,000 aggregate
principal amount of its Rancho Redevelopment Project Tax Allocation Bonds,
1984 Series A (the "1984 Bonds"); and
WHEREAS, the Agency has incurred an obligation to the City of Rancho
Cucamonga (the "City") in the amount of $1,495,455 as repayment to the City
of expenditures made by the City on behalf of the Agency with respect to
various public improvements provided for in the redevelopment plan for the
Rancho Redevelopment Project, which repayment obligation is evidenced by a
reimbursement agreement between the Agency and the City dated as of May 1,
1987 (the "Agency Obligation"); and
WHEREAS, the Agency in order to provide for the refinancing of a portion
of the Rancho Redevelopment Project (the "Project"), has indicated its
intention to issue up to $10,150,000 aggregate principal amount of Rancho
Redevelopment Project Refunding Tax Allocation Bonds, 1987 Series A (the
"Bonds"), the proceeds of which will be used to refund the 1984 Bonds and a
portion of the Agency Obligation; and
WHEREAS, notice of a public hearing to be conducted by this City Council
with respect to the proposed refinancing of a portion of the Project by the
Agency was duly published at least 14 days prior to May 6, 1987 in a
newspaper of general circulation in the City of Rancho Cucamonga, which
notice set 7:00 p.m. on May 6, 1987, and the City Council chambers at the
Lions Park Community Center as the time and place for said hearing; and
WHEREAS, this City Council is the applicable governmental unit to conduct
said public hearing for purposes of Section 147(f) of the Internal Revenue
Code of 1986, as amended (the "Code"); and
Resol uti on No. 87-235
Page 2
WHEREAS, this City Council has duly held said public meeting and hearing
with respect to said portion of the Proj~.ct proposed to be refinanced and its
proposed refinancing by the Agency, all in accordance with Section 147(f) of
the Code, at which public hearing interested individuals were given a
reasonable opportunity to express their views on the proposed refinancing of
a portion of the Project by the Agency.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY
COUNCIL OF THE CITY OF RANCHO CUCAMONGA AS FOLLOWS:
Section 1. Approval of Financing. This City Council hereby approves the
refinancing of a portion of the Project, which constitutes a "redevelopment
activity" as such term is defined in the Act, by means of the issuance of up
to $10,150,000 principal amount of the Agency's Rancho Redevelopment Project
Refunding Tax Allocation Bonds, 1987 Series A, pursuant to provisions of the
Refunding Law and the Act. This approval is intended to satisfy the
requirements of Health and Safety Code Section 33640 and Section 147(f) of
the Code.
Section 2. Effective Date. This Resolution shall take effect
immediately upon adoption.
PASSED, APPROVED, and ADOPTED this 6th day of May, 1987.
AYES: King, Brown, Stout, Wright
NOES: None
ABSENT: Buquet
Authelet, City Clerk
I, BEVERLY A. AUTHELET, 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 6th day of
May, 1987.
Resolution No. 87-235
Page 3
Executed this 6th day of May, 1987 at Rancho Cucamonga, California.
B6~erly ~. Authelet, City Clerk