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HomeMy WebLinkAbout91-278 - Resolutions RESOLIII~ON NO. 91-278 A RESOLI/CIONOF~ONOFTHECITYOOUNCILOFTHECITY OF RAN(]{O ~, CALIFORNIA, TO INCUR BONDED IND~C~ESS IN AN AGGRMGATE PRINCIPAL AMOUNT NOT TO EXCY~Fn $55,000,000.00 WITHIN PROPOSFn ~ FACILITIES DISTRICT NO. 91-1 (VICTOR/A~) OF THE CITY OFRANCMO~ WHEREAS, after receiving a petition signed by the property owner (the "Owner") of not less than ten percent (10%) of the area of land (the 'Sfictoria C~m~unity") proposed to be included within the hereinafter mentioned c~L~nity facilities district, the City Council of the City of Rancho Cucamonga (the "City Council") has heretofore adopted Resolution No. 91-277 stating its intention to form Community Facilities District No. 91-1 (Victoria C~m~rtity) of the City of Rancho Cucamonga (Victoria C~m~Lunity) (the "Ccmmmuzity Facilities District No. 91-1) pursuant to the Mello-Roos C~,,~muzity Facilities Act of 1982 (the "Act"), as amended, to finance (1) the following facilities: (1) traffic signalization; (2) street improvements; (3) sewer facilities; (4) water facilities; (5) storm drainage and flood control facilities; (6) utilities, including, but not limited to, natural gas transmission and electric generation and transmission facilities; (7) any other public facilities which the City and the District are authorized to contribute revenue to, own, operate or construct; (8) park improvements; and (9) acquisition of all necessary real property, rights-of-way and easements for the above-described facilities (the "Facilities") and (B) the incidental expenses to be incurred in connection with financing the Facilities, all to fulfill the demand for services resulting from development within the City and the District; and WHEREAS, the City Council estimates that the amount required to finance the Facilities and incidental expenses is approximately $55,000,000.00; and WHEREAS, in order to finance the design, acquisition and/or construction of the Facilities and incidental expenses, the City Council intends to incur bonded indebtedness in an aggregate principal amount not to exceed $55,000,000.00, the repayment of which is to be secured by special taxes levied in accordance with Section 53328 of the Act on all property in the proposed C~.,unity Facilities District No. 91-1 (Victoria C~mmuzity) other than those properties excluded in the rate and method of apportionment set forth as Exhibit "B" to Resolution No. 91-277. NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does hereby resolve, determine and order as follows: S~2TION 1: The above recitals are true and correct. SECTION 2: It is necessary to incur bonded indebtedness within the boundaries of proposed C~u~unity Facilities District No. 91-1 (Victoria C~m~unity) in an aggregate principal amount not to exceed $55,000,000.00 to finance a portion of the costs of the Facilities for the District. Resolution No. 91-278 Page 2 SECTION 3: The indebtedness will be incurred for the purpose of financing the costs of designing, constructing and acquiring and inspecting the Facilities, acquiring necessary land and rights-of-way, equipment and property therefor, and fulfilling contractual c~.,,~tments and carrying out the powers and purposes of C~L~unity Facilities District No. 91-1 (Victoria C~aLUL~/nity), including, but not limited to, the financing of costs associated with the issuance of the bonds and all other costs and incidental expenses necessary to finance the Facilities which are permitted to be financed pur~]ant to the Act. SECTION 4: It is the intent of the City Council to authorize the sale of bonds in one or more series, in the maximum aggregate principal amount of $55,000,000.00 at a maximum interest rate not in excess of twelve percent (12%) per annum or a higher rate not in excess of the maximum rate permitted by law at the time that the bonds are issued. The term of the bonds shall be determined pursuant to a resolution of this City Ommncil authorizing the issuance of the bonds, but such term shall in no event exceed forty (40) years or such longer term as is then permitted by law. SE~fION 5: A public hearing (the "Hearing") on the proposed debt issue shall be held at 7:00 o'clock P.M. or as soon thereafter as practicable, on November 6, 1991, at the City Council Chambers, 10500 Civic Center Drive, Rancho Cucamonga, California 91730. SECTION 6: At the time and place set forth in this Resolution for the Hearing, any interested persons, including all persons owning land or registered to vote within proposed Co~m~,unity Facilities District No. 91-1 (Victoria C~[.~unity) , may appear and be heard. SECTION 7: The City Clerk of the City Council is hereby directed to publish a notice (the "Notice") of the Hearing pursuant to Section 6061 of the Govez~.L~nt Code in a newspaper of general circulation published in the area of the proposed C~,,~nity Facilities District No. 91-1 (Victoria C~m,unity). Such publication shall be c~leted at least seven (7) days prior to the date of the Hearing. SECTION 8: The City Clerk of the City Council is hereby directed to send a copy of the Notice of the Hearing by first-class mail, postage prepaid, Facilities District No. 91-1 (Victoria C~,u~,~nity) as shown on the last equalized assessment roll. Said mailing shall be completed not less than fifteen (15) days prior to the date of the Hearing. PASS~D, APPROVED, and ADOPTED this 18th day of September, 1991. AYES: Alexander, Buquet, Stout, Williams, Wright NOES: None ABSENT: None Resolution No. 91-278 Page 3 D~a J. Ad~, City Clerk I, DEBRA J. ADAMS, CITY cLRRK 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 18th day of ~, 1991. Executed this 19th day of September, 1991 at Rancho Cucamonga, California. a J. ~-~, City Clerk --