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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7I <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />California Government Code, establishing Community Facilities <br />District No. 87-1 of the City of Colton, County of San Bernar- <br />dino, State of California; and <br />WHEREAS, the City Council has determined that it is <br />necessary for the Community Facilities District to incur a <br />bonded indebtedness for the purpose of providing public faci- <br />lities which are necessary to the development of the property <br />therein; <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED <br />BY THE CITY COUNCIL OF THE CITY OF COLTON AS FOLLOWS: <br />Section 1. Necessity. It is necessary for the Commu- <br />nity Facilities District to incur a bonded indebtedness in an <br />amount not to exceed $3,500,000 for the purpose of providing the <br />public facilities specified in Resolution No. R-130-87, the <br />resolution of intention for the Community Facilities District, <br />which are (i) storm drainage facilities, (ii) a fire station, <br />including equipment and furnishings therefor, and a 1,500 gallon <br />per minute pumper truck, (iii) a multipurpose community <br />building, including equipment and furnishings therefor, and <br />(iv) expansion and rehabilitation of streets. <br />Section 2. Payment of Bonded Indebtedness. The whole <br />of the territory within the Community Facilities District will <br />pay for the bonded indebtedness. <br />Section 3. Amount of Debt; Terms of Bonds. The amount <br />of the bonded indebtedness to be incurred shall not exceed <br />$3,500,000. The maximum term of the bonds shall not exceed <br />40 years. The maximum annual rate of interest to be paid semi- <br />-2- <br />