HomeMy WebLinkAbout88-385 - Resolutions RESOLUTION NO. 88-385
A RESOLUTION OF T~E CIT~ COUNCIL OF THE CIT~ OF RANCMO
CUCAMDNGA, CALIFORNIA, PROVIDING THAT PAYMENTS MADE BY THE
CITY IN CONNECTION WITH THE AOQUISITION OF LAND AND THE
DESIGN AND CONSTRUCTION OF FACILITIES RELATING TO THE 99
ACRE CENTRAL PARK PROJECT ARE TO BE MADE IN ANTICIPATION
OF REI~URSEMENT FROM THE PROCEEDS OF A PLANNED LEASE
FINANCING WITH CERTIFICATES OF PARTICIPATION TO BE
ACCOMPLISHED BY THE CITY AND AUTHORIZING AND DIRECTING
CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the City Council of the City of Rancho Cucamonga (the
"City"):
WI{EREAS, the City is proposing to proceed with a lease financing with
certificates of participation; and
WHEREAS, in connection therewith, the City proposes to finance the
acquisition of certain land and the design and construction of certain
facilities relating to the 99 acre Central Park project (the "Project") and it
is in the best interest of the City, is in the public interest and is for the
public benefit that the City set forth its expectation of reimbursement from
the proceeds of such proposed financing;
NOW, THEREFORE, IT IS RESOLVED, DETERMINED AND ORDERED by the City
Council of the City of Rancho Cucamonga, as follows:
SECTION 1: Any payments made by the City from its general fund in
connection with the Project prior to the consummation of the proposed lease
financing with certificates of participation are intended to be made strictly
in anticipation of reimbursement therefor from the proceeds of such financing.
SECTION 2: The Mayor or the City Manager is hereby authorized and
directed to do any and all things and take any and all actions which may be
necessary or advisable in accordance with this Resolution.
SECTION 3: This Resolution shall take effect immediately.
PASSED, APPROVED, and ADOPTED this 15th day of June, 1988.
A~ES: Brown, Buquet, Stout, King, Wright
NOES: None
ABSENT: None
Resolution No. 88-385
Page 2
Dennis L. Stout, Mayor
ATTEST:
~vei-~y A. A~thelet, g~t~ dlerk~
I, BEVERLY A. AUTHELET, CITY CLERK of the City of Rancho
Cucamonga, California, do hereby certify that the foregoing Resolution ~as duly
passed, approved, and adopted by the City Council of the City of Rancho
Cucnmonga, Californla, at a regular meeting of said City Council held on the
15th day of June, 1988.
Executed this 16th day of June, 1988 at Rancho Cucamonga, California.
~ve~ly A. Authelet; eit~ dler~/~