HomeMy WebLinkAbout91-376 - Resolutions RESOLUTION NO. 91-376
A RESOLUITON OF THE CITY OOUNCIL OF THE CITY OF RAN(~O
CUCAMONGA, CATIFORNIA, DET~I~INGTHENECESSITYTO INCUR
BONDED INDEBTEDNESS IN THE AMOUNT OF $55,000,000.00
WITHIN ~ FACILITIES DISTRICT NO. 91-1 (VIC/ORIA
~) OF THECITYOFRANC~O~AND C2~TLTNG~T
WHERFAS, the City Council of the City of Rancho Cucamonga (the "City
Council") adopted R~solution No. 91-277 stating its intention to form
Cc~munity Facilities District No. 91-1 (Victoria C~mL~nity), of the City of
Rancho Cucamonga ("~ty Facilities District No. 91-1 (Victoria
Community)" or the "District") pursuant to the Mello-Roos C~LuL~nity Facilities
Act of 1982, as amended (the "Act"); and
WHERFAS, the City Council also adopted Resolution No. 91-278 stating
its intention to incur bonded indebtedness in the amount of $55,000,000.00
within proposed Cuu.t,~rnity Facilities District No. 91-1 (Victoria C~,z~nity) to
finance the costs of planning, designing, constructing, acquiring, modifying,
improving or rehabilitating certain real and other tangible property with an
estimated useful life of five (5) years or longer, consisting of certain
public facilities to be owned, operated and maintained by either the City of
Rancho Cucamonga or other appropriate public agencies (collectively the
"Facilities"), all as described in Resolution No. 91-277 and the Report (the
"Report) prepared and filed with this City Council as required by Section
53321.5 of the Government Code, to serve the area within Ccmu,~nity Facilities
District No. 91-1 (Victoria Community); and
WHERFAS, notice was published as required by law relative to the
intention of the City Council to form proposed C~,,~z~nity Facilities District
No. 91-1 (Victoria Ommmmity) and to incur bonded indebtedness in the amount
of $55,000,000.00 within the boundaries of proposed C~,,,~nity Facilities
District No. 91-1 (Victoria C~,,,~ulity); and
WHEREAS, on November 6, 1991, November 20, 1991, and December 4,
1991, this City Council held a notice of public hearing as required by law to
determine whether it should proceed with the formation of C~m~nity Facilities
District No. 91-1 (Victoria C~m~lnity), issue bonds to pay for the Facilities
and authorize the rate and method of apportionment of a special tax to be
levied within C~m,~nity Facilities District No. 91-1 (Victoria C~mu~nity) in
accordance with the procedures contained in the Act to pay (i) the Facilities
(including incidental expenses for the design, planning, engineering and
inspection of the Facilities), (ii) the principal and interest and other
periodic costs on the bonds proposed to be issued to finance the Facilities,
including replenishment of a reserve fund and remarketing, credit enhancemmnt
and liquidity facility fees (including such fees for insets which serve
as the basis of a reserve fund in lieu of cash), (iii) the costs of forming
the District and administering the levy and collection of the special tax and
all other administrative costs of the special tax levy and bond issue; and
Resolution No. 91-376
Page 2
WHEREAS, at said hearing all persons desiring to be heard on all
matters pertaining to the formation of C~nity Facilities District No. 91-1
(Victoria Cc~m~mnity), the levy of a special tax and the issuance of bonds to
pay for a portion of the Facilities were heard and a full and fair hearing was
held; and
WHEREAS, the City Council subsequent to such hearing adopted
Resolution No. 91-383 establishing C~,,~nity Facilities District No. 91-1
(Victoria C~.,~nity); and
WHEREAS, the City Council desires to make the necessary f~ to
incur bonded indetfcedness within the District, to declare the purpose for said
debt, and to authorize the sulm~ttal of a combined proposition to the voters
of the District, being the landowners of the proposed District, all as
authorized and required by law.
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does
hereby resolve, determine, and order as follows:
S~TION 1: It is necessary to incur bonded ind~ in a maximum
aggregate principal amount not to exceed · $55,000,000.00 within Cc~,~nity
Facilities District No. 91-1 (Victoria C~nity).
SECTION 2: The indebtedness is to be incurred for the purpose of
financing the costs of planning, designing, constructing, acquiring, modify-
ing, improving or rehabilitating the Facilities, as described in Resolution
No. 91-277 and the Report, and for the purpose of fulfilling contractual
c~tments, including the reimbursement of funds advanced for the payment of
costs of the Facilities and costs incurred in creating C~,,,,~-,nity Facilities
District No. 91-1 (Victoria ~ty), and carrying out the powers and
purposes of C~m,~/ity Facilities District No. 91-1 (Victoria C~,~nity
Facilities District No. 91-1 (Victoria C~,.,~nity), including, but not limited
to, the costs of selling bonds to finance such costs of acquisition and
construction, the establishment of reserve funds and remarketing, credit
enhance~_nt and liquidity facility fees (including such fees which may serve
as the basis of a reserve fund in lieu of cash).
SECTION 3: The whole of the property within Community Facilities
District No. 91-1 (Victoria Cc~.~nity) shall pay for the bonded indebtedness
pursuant to the levy of the special tax authorized by Resolution No. 91-383
establishing Community Facilities District No. 91-1 (Victoria C~nity).
SECTION 4: The maximum term of the bonds to be issued shall in no
event exceed forty (40) years.
SECTION 5: The bonds shall bear interest at the rate or rates not to
exceed the maximum interest r~te permitted by law, payable semiannually,
exoept the first interest payment may be for a period of less than six (6)
months, with the actual rate or rates and times of payment to be determined at
the time or times of sale thereof.
Resolution No. 91-376
Page 3
S~"TION 6: The bonds issued by Community Facilities District No.
91-1 (Victoria C~,~nity) may bear a variable interest rate, provided that
such variable rate or the fixed rate shall not excccd the maximum rate
permitted by Section 53531 of the Gove~..tent Code, or any other applicable
provision of law limiting the maximum interest rate on the bonds.
S~fION 7: Pur~ant to Section 53351 of the Government Code, a
special mailed ballot election is hereby called for C~mLunity Facilities
District No. 91-1 (Victoria Community) on the proposition of incurring the
bonded ind--. The proposed propositions relative to incurring bonded
indebtedness in the maximum aggregate principal amount of $55,000,000.00, and
authorizing the levy of the special tax within Community Facilities District
No. 91-1 (Victoria C~Lm,unity) shall be combined into one (1) ballot proposi-
tion for the District pursuant to Section 53353.5 of the ~ Code. The
proposed oc~b~ proposition is attached hereto as Emhibit "A".
S~LTION 8: The date of the special mailed ballot election for
Community Facilities District 91-1 (Victoria Cc~mm~ty) on the proposition of
incurring the bonded indebtedness, authorizing the levy of the special tax and
establishing an appropriations limit for the District shall be on the 3rd day
of March, 1992. The City Clerk of the City of Rancho Cucamonga is hereby
authorized and requested to conduct the election.
S~CTION 9: It is hereby found that there are fewer than twelve (12)
registered voters within the territory of proposed O~,~ulity Facilities
District No. 91-1 (Victoria C~Lm~nity). ~nerefore, pur~nt to Section 53326
of the Gove~.~nt code, each landowner within the District who is the owner of
record on the date hereof or the authorized representative thereof shall have
one (1) vote for each acre or portion thereof that he or she owns within
Community Facilities District No. 91-1 (Victoria C~Lm~nity), as provided in
Section 53326 of the Goverrm~t Code.
S~ITON 10: The City Clerk is directed to transmit a copy of the
measure to the City Attorney who shall prepare an impartial analysis of the
me~sure not to exceed five hundred (500) words in length showing the effect of
the measure on the existing law and the operation of the measure. The
analysis shall be sulmnit~ to the City Clerk on or before January 6, 1992.
S~fION 11: City Council or any member or members thereof authorized
by the City Council, or any individual voter who is eligible to vote on the
measure, or bona fide association of citizens, or any cc~bination of voters
and associations, may file a written argument for or against the measure. No
argument shall exceed three hundred (300) words in length. All arguments must
be received in the office of the City Clerk of the City of Rancho Cucamonga no
later than 5:00 o'clock P.M. on January 6, 1992. The City Clerk shall cause
an argument for and an argument against the measure to be printed and enclosed
with each sample ballot.
Resolution No. 91-376
Page 4
SECTION 12: If any person sut~its an argument against the measure,
and an argument ba~ been filed in favor of the measure, the City Clerk shall
immediately send copies of the arguments to the persons filing the argument in
favor of the measure. ~ne persons filing the argument in favor of the measure
my prepare and sut~it a rebuttal argument not exceeding two hundred and fifty
(250) words. The City Clerk shall send copies of the argument in favor of the
measure to the persons filing the a~-~ment against the measure, who my
prepare and sul~it a rebuttal to the argument in favor of the measure not
exceeding two hundred and fifty (250) words. All rebuttal arguments must be
received in the office of the City Clerk no later than 5:00 o'clock P.M. on
January 16, 1992.
S~fION 13: The City Clerk is directed to give notice of this elec-
tion by causing the publication of this ~solution one (1) time in a newspaper
of general circulation circulating within the area of the District.
S~CTION 14: ~nis Resolution shall become effective upon its adoption.
PASS~D, APPROVED, and ADO~ this 4th day of December, 1991.
AYES: Alexander, Buquet, Stout, Williams, Wright
NOES: None
ABS~T: None
Benrd.s ~. Stout, Mayor
A2WES'W:
I~ Dm:~ J. ADg.~ ~ cr.~]:~ of the City of Rancho Cucamor~t~
Califorrd. a, cio herol~ cortif~ that: the foregoing Resolution was duly passed,
approved, ancl adept, ed by the City O:a.mcil of the City of Rar~o Cuca~r~,
Cal±forrd.a, at a regular mtSJ'~j' of said City Council held on the lth day of
Ex~ this 5th day of ~, 1991 at; l:~.n~o Cucamonga,
California.
Dol~a ~. gr~a~{~, City Clerk
Resolution No. 91-376
Page 5
EXHIBIT "A"
OI~CI~ BATI ~
FACTLT~ES DISTRICT ~. 9I-i
OF ~
OF ~ ~
~ 3, 1992
You are entitled to cast votes.
To vote, stamp a cross (+) in the voting square after the word "YES"
or after the word "NO". All marks otherwise made are forbidden. All
distinguishing marks are forbidden and make the ballot void.
If you wrongly mark, tear, or deface this ballot, return it to the
City Clerk and obtain another.
PROPOSITION NO. A: Shall C~,,~unity Facilities District
No. 91-1 (Victoria Conmunity) of the City of Rancho
Cucamonga (the "District") incur an indebtedness and
issue bonds in the maximum aggregate principal amount of
$55,000,000.00, with interest at a rate or rates not to
exceed the maximum interest rate permitted by law, the
proceeds of which will be used to finance the construction,
purchase, modification, expansion, improvement or rehabili-
tation of public facilities to be owned, operated and
maintained by either the City of Rancho Cucamonga or other
appropriate public agencies (collectively, the "Facilities"),
as provided in Resolution No. 91-277 of the City Council
of the City of Rancho Cucamonga, and shall a special tax YES
with a rate and method of apportionment as provided in
the Resolution of the City Council of the City of Rancho NO
Cucamonga establishing the District, adopted on November
6, 1991, be levied to pay for the Facilities, for the
creation or replenishment of any necessary reserve funds,
for any incidental expenses of the District, any expenses
associated with the Facilities or the bonds, and for the
payment of the principal of and interest on such bonds?
7862u/2683/002 A-1
Resolution No. 91-376
Page 6
PROPOSITION NO. B: For eachyear c~mL~ncingwith fiscal
year 1991/92, shall the appropriations limit, as defined
by subdivision (h) of Section 8 of ArticleXIII B of the YES
California Constitution, for C~,m~nity Facilities District
No. 91-1 (Victoria C~,m~nity) of the City of Rancho
Cucamonga bean a mount equal to $55,000,000.00? NO
7862u/2683/002 A-2