HomeMy WebLinkAbout1992-07-14 - RESOLUTIONS - INDEBTEDNESS WITHIN CFD (2)RESOLUTION NO. CFD 92-1-1
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA CLARITA, CALIFORNIA ACTING
ON BEHALF OF COMMUNITY FACILITIES
DISTRICT NO. 92-1, DETERMINING THE
NECESSITY TO INCUR BONDED INDEBTEDNESS IN
THE AMOUNT OF NOT -TO -EXCEED $20,000,000
WITHIN COMMUNITY FACILITIES DISTRICT NO.
92-1 OF THE CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
WHEREAS, the City Council (the "Council") of the City of
Santa Clarita, California (the "City") has heretofore adopted
Resolution No. 92-109 stating its intention to form Community
Facilities District No. 92-1 of the City of Santa Clarita
(Valencia Town Center) ("Community Facilities District No.
..- 92-1" or "CFD No. 92-1") pursuant to the Mello -Roos Community
Facilities Act of"1982, as amended, (the "Act"); and
WHEREAS, the Council has heretofore adopted Resolution
No. 92-110 stating its intention to incur bonded indebtedness
in the amount of not -to -exceed $20,000,000 within proposed
Community Facilities District No. 92-1 for the purpose of
financing certain public facilities ("Facilities"), to serve
the area within Community Facilities District No. 92-1; and
WHEREAS, on July 14, 1992, this Council held a noticed
hearing as required by law relative to the proposed formation
of Community Facilities District No. 92-1; and
WHEREAS, at said hearing all persons not exempt from the
r.., special tax desiring to be heard on all matters pertaining to
the formation of Community Facilities District No. 92-1 were
heard and a full and fair hearing was held; and
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WHEREAS, at said hearing evidence was presented to the
Council on said matters before it, and this Council at the
conclusion of said hearing is fully advised in the premises;
and
WHEREAS, the Council subsequent to such hearing adopted
Resolution No. 92-172 establishing Community Facilities Dis-
trict No. 92-1; and
NOW, THEREFORE, the City Council of the City of Santa
Clarita, California, acting as the legislative body of
Community Facilities District No. 92-1, does hereby resolve,
determine and order as follows:
Section 1, it is necessary to incur bonded indebtedness
in an aggregate principal amount of not -to -exceed $20,000,000
within Community Facilities District No. 92=1.
Section 2. The bonded indebtedness is incurred for the
purpose of financing the purchase, construction, expansion or
rehabilitation of ceftain real and other tangible property
with an estimated useful life of five years or longer,
including sewer, street, fire protection, bridge, paseo and
drainage improvements and other governmental facilities which
the City and other public entities are authorized by law to
construct, own or operate, within or without Community
Facilities District No. 92-1, which are necessary to meet
increased demands placed upon the City and other public
entities as a result of development or rehabilitation
occurring within Community Facilities District No. 92-1, and
to fulfill contractual commitments and carry out, the powers
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and purposes of Community Facilities District No. 92-1,
including but not by way of limitation, the costs of selling
bonds to finance such costs of acquisition and construction.
Section 3. The whole of Community Facilities District
No. 92-1 shall pay for the bonded indebtedness.
Section 4. The maximum term of the bonds to be issued
shall in no event exceed forty (40) years from the date of
issue of each series of bonds.
Section S. The bonds shall bear interest at a rate or
rates established at such time as the bonds are sold in one
or more series at a fixed or variable interest rate, however
not to exceed any applicable statutory rate for such bonds,
payable semiannually, the actual rate or rates and times of
payment to be determined at the time or times of sale
thereof.
Section 6. The bonds issued by Community Facilities
District No. 92-1 may -bear a variable interest rate, provided
that such variable rate shall not exceed the maximum rate
permitted by any applicable provision of law limiting the
maximum interest rate on the bonds. To the extent permitted
by law, an amount equal to the interim variable interest rate,
which from time to time may exceed the maximum interest rate
permitted by law, may be added to the principal amount due
under the bonds.
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PASSED and ADOPTED by the City Council of the City of
Santa Clarita, California at a regular meeting held on the
14th day of July , 1992.
CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA ACTING
AS THE LEGISLATIVE BODY OF
COMMUNITY FACILITIES DISTRICT NO.
92-1
Mayor
ATT ST:
ITY CLERK
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I.HEREBY CERTIFY that the foregoing resolution was duly
adopted by the City Council of the City of Santa Clarita,
California, at a regular meeting thereof, held on the 14th
day of July , 1992, by the following vote of the Council
AYES: Councilmembers Boyer, Darcy, Beidt, Pederson, Klajic
NOES: Councilmembers None
ABSENT: Councilmembers None
6ITY CLERK
I, DONNA GRINDEY, City Clerk of the City of Santa
Clarita, California, DO HEREBY CERTIFY that the above and
foregoing is a full, true and correct copy of Resolution No.
CFD 92-1- 1 and that the same has not been amended or
repealed.
DATED:
9/146/014040-0001/051
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1992.
Clarita, Califofnia