HomeMy WebLinkAbout99-165 - Resolutions RESOLUTION NO. 99-165
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO CUCAMONGA, CALIFORNIA, TO INCUR
BONDED INDEBTEDNESS IN THE AMOUNT OF NOT TO
EXCEED $30 MILLION WITHIN PROPOSED CITY OF RANCHO
CUCAMONGA COMMUNITY FACILITIES DISTRICT NO. 99-1
(CENTRAL PARK)
RECITALS:
WHEREAS, the City Council (the "City Council") of the City of Rancho Cucamonga,
California (the "City~') has heretofore adopted Resolution No.99-164 (The "Resolution of Intention"),
stating the City Council's intention to form City of Rancho Cucamonga Community Facilities District
No~ 99-1 (Central Park), (the "District"), pursuent to the Mello-Roos Community Facilities Act of
1982, as amended, commencing with Section 53311 of the California Government Code (the "Act"),
to finance facilities and services to serve the District as further provided in the Resolution of
Intention (the "Facilities and Services"); and
WHEREAS, the City Council estimates that the amount required to finance the
construction of the Facilities is the sum of $3(:1 million; and
WHEREAS, in order to finance the Facilities it is necessary to incur bonded
indebtedness on behalf of the District in the amount not to exceed $30 million, the repayment of
which is to be secured by special taxes levied in accordance with Section 53340 et seq. of the Act
on all non-exernpt property within the District.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1.
Bonded Indebtedness. It is necessary to incur bonded
indebtedness within the boundaries of the proposed
District in the amount not to exceed $30 million to finance
the costs of '[he Facilities for the District.
SECTION 2.
Purpose. The bonded indebtedness will be incurred for the
purpose of financing the costs of designing and
constructing the Facilities, including, but not limited to the
financing of the costs associated with the issuance of the
bonds and all other costs necessary to finance the
Facilities which are permitted to be financed pursuant to
the Act. The whole of the District shall pay for the
bonded indebtedness.
Resolution No. 99-165
Page 2
SECTION 3.
Terms. It is the intent of the City Council, acting as the legislative
body of the District, to authorize the issuance and sale of
bonds in one or more series, in the maximum aggregate
principal amount of riot to exceed $30 million at a
maximum interest rate not in excess of 12 percent per
annum or such rate not in excess of the maximum rate
permitted by law at the time the bonds are issued. The
term of the bonds shall be determined pursuant to a
resolution of the City Council authorizing the issuance of
the bonds, but such term shall in no event exceed 40
years or such longer term as is then permitted by law.
SECTION 4.
Hearing. A public hearing (the "Hearing") on the proposed debt
issue shall be held September 1, 1999 at 7:00 o'clock
P.M. or as soon thereafter as practicable, at the
chambers of the City Council of the City of Rancho
Cucamonga, 10500 Civic Center Drive, Rancho
Cucamonga, California 91730. Any interested persons,
including all persons owning land or registered to vote
within the proposed District, may appear and be heard at
the Hearing
SECTION 5.
Voting. The proposition to incur bonded indebtedness in the
maximum aggregate principal amount not to exceed $ 30
million shall be submitted to the qualified electors of the
District at a special election. The polls shall be open at
7:00 A.M. on the day of the election and shall remain
open continuously from that time until 8:00 P.M. of the
same day when the polls shall be closed, except as
provided in Section 14401 of the California Elections
Code.
SECTION 6.
Published Notice. The City Clerk is hereby directed to publish a
notice ("Notice") of the Hearing and the special bond
election pursuant to Section 6061 of the Government
Code in a newspaper of general circulation circulated
within the proposed District. Such Notice shall be
substantially in the form specified in Section 53346 of the
Act. The publication of the Notice shall be completed at
least 7 days before the date herein set for the Hearing.
Resolution No. 99-165
Page 3
PASSED, APPROVED, AND ADOPTED this 21st day of July, 1999.
AYES: Alexander, Biane, Curatalo, Dutton, Williams
NOES: None
ABSENT: None
ABSTAINED: None
William J. Mayor
ATTEST:
Debra J. CMC, 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 July, 1999.
Executed this 22® day of July, 1999, at Rancho Cucamonga, California.
Debra J. Adar~'§, CMC, City Clerk