HomeMy WebLinkAbout85-34 - ResolutionsRESOLUTION NO. 85-34
A RESOLUTION OF TIlE CITY COUNCIL OF TliE CITY OF RANCliO
CUCAMONGA, CALIFORNIA, AUTHORIZING TI~E ISSUANCE OF CERTAIN
BONDS TO FINANCE FACILITIES IN A COMMUNITY FACILITIES
DISTRICT
WNEREAS, the City Council of the City of Rancho Cucamonga, California
(hereinafter referred to as the "legislative body of the local Agency"),
established a Community Facilities District, pursuant to the terms and
provisions of the '~ello-Roos Community Facilities Act of 1982" (the '~ct"),
being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the
State of California, said community facilities district referred to as
COMMUNITY FACILITIES DISTRICT NO. 1
(hereinafter referred to as the '~istrict"); and
WHEREAS, pursuant to Resolution adopted by the legislative body and
pursuant to the provisions of law, a special election was duly and regularly
held relating to the levy of a special tax and the incurring of a bonded
indebtedness in the Community Facilities District, at which election there was
submitted to the qualified voters of said District the following proposition,
to wit:
PROPOSITION
CITY OF RANCRO CUCAMONGA (COMMUNITY FACILITIES DISTRICT NO.
84-1, DAY CREEK DRAINAGE SYSTEM) AUTHORIZATION TO INCUR
BONDED INDEBTEDNESS AND AUTHORIZATION FOR SPECIAL TAX LEVY
Shall the City of Rsncho Cucamonga, Community
Facilities District No. 84-1 (Day Creek
Drainage System) incur a bonded indebtedness
in an amount not to exceed $20,225,000.00,
to finance certain public capital drainage
improvements to meet the needs of new
development within the Community Facilities
District, including all appurtenant work
necessary and incidental expenses, said
indebtedness to be secured by annually
levied special taxes?
YES
NO
The rate and apportionment of the special tax shall generally
fol lows:
be as
The Community Facilities District has been divided into two zones:
ZONE '~": General areas to be served by the drainage facilities,
exclusive of Zone '~".
ZONE '~": A limited area, being only partially served by drainage
facilities. Zone '~" consists of those properties bounded on the
South by FOOTHILL BOULEVARD, on the East by ROCHESTER AVENUE, on the
North by BASELINE ROAD, and on the West by the prolongation of
MILLIKEN AVENUE.
The rate, method and formula for the levy of the special tax for the
respective zones, being Zone '~" and Zone "B", is as follows, based
upon a bond amount not to exceed $20,225,000.00, payable over a period
of years not to exceed twenty (20) years.
ZONE "A": NOT TO EXCEED $550.00 PER ACRE.
Kesolution No. 85-34
Page 2
ZONE '~":
NOT TO EXCEED $550.00 PER ACRE FOR 190 ACRES. At such time
as the final drainage plan is established for Zone "B",
only those properties that drain into the DAY CREEK CHANNEL
shall be subject to the special drainage fee. Areas of
Zone '~" in excess of 190 acres that do drain into the DAY
CREEK CHANNEL shall be subject to a drainage fee.
; and
WHEREAS, said proposition received the affirmative vote and assent of
more than two-thirds (2/3) of all of the qualified electors voting on said
proposition; and
WHEREAS, at this time this legislative body, acting in its capacity as
the governing body of the District, is desirous to proceed to authorize the
issuance of bonds to finance the improvements in said District, as authorized
by the Act and for the purposes set forth in said ballot proposition; and
WHEREAS, this legislative body is also desirous to authorize the
validation of said bonds and the special tax securing payment thereon.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
SECTION i: That the above recitals are all true and correct.
SECTION 2: That this legislative body does hereby authorize the
issuance of bonds of the Community Facilities District No. I of the City of
Rancho Cucamonga (the "Bonds") pursuant to the authorization of the '~ello-Roos
Community Facilities Act of 1982" (the '~ct"), being Chapter 2.5, Part l,
Division 2, Title 5 of the Government Code of the State of California, and said
bonds shall be issued to finance the facilities as set forth in the above
ballot proposition. The bonds shall be designated "CITY OF RANCHO CUCAMONGA,
COMMUNITY FACILITIES DISTRICT NO. 1, BONDS", shall be in an amount not to
exceed $20,225,000.00, and shall be issuable in denominations of $5,000 or any
integral multiple thereof. For further specific particulars and conditions
relating to the terms and conditions of the sale of bonds, a Notice of Sale
shall be presented and considered by this legislative body prior to the
acceptance of any proposal.
SECTION 3: That F. MacKenzie Brown, Inc., Bond Counsel, is hereby
authorized and directed to forthwith file and prosecute to final jud&qnent an
action in the Superior Court to determine the validity of the proceedings, the
authorization of the special tax and enforceability of the bonds.
PASSED, APPROVED, and ADOPTED this 6th day of February, 1985.
AYES: Wright, Buquet, MikeIs, Dahl, King
NOES: None
ABSENT: None
ATTEST:
Bevejly~AAuth~let, City Clerk