HomeMy WebLinkAbout10-139 - Resolutions RESOLUTION NO. 10-139
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, APPROVING AN
AMENDMENT TO CITY COUNCIL RESOLUTION NO. 82-147,
SECTION 3, CONCERNING INTEREST RATE FOR
DEVELOPER TO DEVELOPER REIMBURSEMENT
AGREEMENTS
WHEREAS, said previous City Council Resolution No. 82-147 was approved on
August 4, 1982; and
WHEREAS, Section 3 of said City Council Resolution does not accurately reflect
current and variable economic conditions; and
WHEREAS, in order to alleviate the financial burden to imposed upon developers
and subdividers by reason on their installing, at their initial expense, public improvements which
have supplemental size or capacity or which otherwise service property not included within the
subdivision or development, the City Council finds and determines that a reasonable rate of
interest should be paid with respect to amounts subject to reimbursement; and
NOW, THEREFORE, BE IT RESOLVED THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, that Section 3 of City Council Resolution No. 82-147 be replaced
with the following: The City Council determines that a rate based on ENR (Engineering News
Record) City Cost Index Rate (Los Angeles) per annum simple interest is fair and reasonable
and all reimbursement agreements entered into between the City and a Developer or subdivider
shall contain provisions for interest at said rate, unless otherwise specifically determined by the
City Council.
Please see Me fallowfog page
for formal adoption,certlgcadon and signatures
PASSED, APPROVED, AND ADOPTED this 15` day of September 2010.
AYES: Gutierrez, Kurth, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
Donald J. Kurth, M.D--, Mayor
ATTEST:
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ice C. Reynolds, City Verk
I, JANICE C. REYNOLDS, 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 1st day of September 2010.
Executed this 2ntl day of September 2010, at Rancho Cucamonga, California.
J nice C. Reynolds, City Mrk
Resolution No. 10-139 - Page 2 of 2