Loading...
HomeMy WebLinkAbout90-129 - Resolutions RESOLUTION NO. 90-129 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, APPROVING FINANCING AND 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 $7,750,000.00 aggregate principal amount of its Rancho Redevelopment Project Tax Allocation Bonds, 1984 Series A (the "1984 Bonds") and has also heretofore issued $10,500,000.00 aggregate principal amount of Rancho Redevelopment Project Refunding Tax Allocation Bonds, 1987 Series A (the "1987 Bonds"); and WHEREAS, the Agency has incurred an obligation to the City of Rancho Cucamonga (the "City") in the amount of $1,495,455.00 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 reimburse- ment 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 $125,000,000.00 aggregate principal amount of Rancho Redevelopment Project, 1990 Tax Allocation Bonds, (the "Bonds"), the proceeds of which will be used to refund the 1987 Bonds which in turn refinanced 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 port~on of the Project by the Agency was duly published at least 14 days prior to March 21, 1990 in a newspaper of general circulation in the City of Rancho Cucamonga, which notice set 7:00 p.m. on March 21, 1990, 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 WHEREAS, this City Council has duly held said public meeting and hearing with respect to said portion of the Project 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. Resolution No. 90-129 Page 2 NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does hereby resolve, determine and order as follows: SECTION 1: Approval of Financinq. This City Council hereby approves the financing and 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 $125,000,000.00 principal amount of the Agency's Rancho Redevelopment Project, 1990 Tax Allocation Bonds, pursuant to provisions of the Refunding Law and the Act. This approval is intended to satisfy the requirements of Section 147(f) of the Code. SECTION 2: Effective Date. This Resolution shall take effect immediately upon adoption. PASSED, APPROVED, and ADOPTED this 21st day of March, 1990. AYES: Alexander, Brown, Buquet, Stout NO E S: No n e ABSENT: Wright Dennis L. Stout, Mayor ATT E ST: ~City Clerk I, 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 21st day of March, 1990. Executed this 22nd day of March, 1990 at Rancho Cucamonga, California.