HomeMy WebLinkAbout18-127 - Resolution RESOLUTION NO. 18-127
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, CALLING A PUBLIC HEARING REGARDING
THE FINANCING OF THE DESIGN, CONSTRUCTION AND ACQUISITION OF
A FIBER OPTICS NETWORK
WHEREAS, the Rancho Cucamonga Public Finance Authority (the "Authority") is a joint
exercise of powers authority formed pursuant to a Joint Exercise of Powers Agreement (the
"Agreement") by and between the City of Rancho Cucamonga (the "City") and the Rancho
Cucamonga Fire Protection District, and is authorized under said Agreement and under the laws
of the State of California, specifically Article 4 of Chapter 5 of Division 7 of Title 1 of the
Government Code of the State of California (the "Act") to finance acquisition of public capital
improvements for the City; and
WHEREAS, the Authority wishes to issue its bonds (the "2019 Bonds") for the purpose of
providing funds to enable the City to design, construct, acquire and equip a fiber optics network
for public purposes and benefits (the "2019 Project"); and
WHEREAS, Government Code Sections 6586 and 6586.5 state the City may participate
in financings with the Authority to (a) achieve savings in effective interest rates, bond preparation,
bond underwriting and/or bond issuance costs and/or (b) provide for the more efficient delivery of
local agency services to residential and commercial development or(c) employment benefits from
undertaking the Project in a timely fashion or (d) more efficient delivery of local agency services
to residential and commercial development; and
WHEREAS, the City believes the Project will allow for more efficient delivery of City
services to residential and commercial development; and
WHEREAS, pursuant to Section 6586.5 of the California Government Code, the City
Council must hold a public hearing and give notice of such hearing to consider the financing of
the 2019 Project in accordance with the terms of the Government Code;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City
Council as follows:
1. Recitals True and Correct. The City Council finds that the above stated recitals
are true and correct.
2. Setting Public Hearing. Pursuant to the Act, the City Council hereby calls for a
public hearing to be held on December 19,2018, at 7:00 p.m. at 10500 Civic Center Drive, Rancho
Cucamonga, California 91730.
3. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
Resolution No. 18-127 - Page 1 of 2
PASSED, APPROVED, AND ADOPTED this 5th day of December, 2018.
L. Dennis Michael, Mayor
ATTEST:
da . Troyan, City Clerk Services Director
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF RANCHO CUCAMONGA )
I, Linda A. Troyan, City Clerk Services Director of the City of Rancho
Cucamonga, do hereby certify that the foregoing Resolution was duly passed, approved, and
adopted by the City Council of the City of Rancho Cucamonga; at a Regular Meeting of said
Council held on the 5th day of December 2018.
AYES: Alexander, Kennedy, Michael, Williams
NOES: None
ABSENT: Spagnolo
ABSTAINED: None
Executed this 6th day of December, 2018, at Rancho Cucamonga, California.
L:Li a A. Troyan, City Cler Services Director
Resolution No. 18-127 - Page 2 of 2