1992 ORD O-25-92 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14' 15 16 17 18 19 20 21 22 23 24 25 26 27 28 KRW61346 City of Colton 1990 Special Tax Bonds (the "Bonds"); and WHEREAS, pursuant to Section 53340 of the Act, the City Council is authorized, by adoption of this Ordinance to levy the Special Taxes authorized at the Election at the rates and in the manner set forth in the Rate and Method of Apportionment (as defined below); NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLTON, acting as the legislative body of Community Facilities District No. 90-1 (Mount Vernon Corridor), as follows: Section 1. By the passage of this Ordinance, the City Council hereby authorizes and imposes the levy of the Special Tax, as authorized by the qualified electors voting at the Election, at the rates and in the manner set forth in the rate and method of apportionment of the Special Tax as set forth in Exhibit "C" to Resolution No. R-120-90 (the "Rate and Method of Apportionment") in an amount necessary to pay all of the costs of acquiring, constructing and/or equipping the facilities, periodic costs, costs of the Special Tax levy and collection, and all other costs authorized by the Act and the CFD proceedings, including amounts payable with respect to the principal of, premium, if any, and interest on the Bonds. The Rate and Method of Apportionment is set forth as Exhibit "A" attached hereto and incorporated herein by this reference, and the actual amount of the Special Taxes and the assessors's parcels upon which those Special Taxes shall be levied is set forth on Exhibit "B" attached hereto and incorporated herein by this reference. Section 2. The City Council is hereby further authorized for each of the following years, either by ordinance or -3-