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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <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 />RESOLUTION NO. R-86-88 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, CALIFORNIA, AUTHORIZING PRELIMINARY <br />ISSUANCE OF BONDS OF A COMMUNITY FACILITIES <br />DISTRICT <br />WHEREAS, the CITY COUNCIL of the CITY OF COLTON, CALIFORNIA <br />(hereinafter referred to as the "legislative body of the local <br />Agency") has heretofore undertaken proceedings and declared the <br />necessity to issue bonds on behalf of a Community Facilities <br />District pursuant to the terms and provisions of the "Mello -Roos <br />Community Facilities Act of 1982", being Chapter 2.5, Part 1, <br />Division 2, Title 5 of the Government Code of the State of <br />California. Said Community Facilities District is designated and <br />known as COMMUNITY FACILITIES DISTRICT NO. 88-1 (hereinafter <br />referred to as the "District"); and, <br />WHEREAS, pursuant to law an election was held and the <br />following proposition was approved by more than 2/3's of the <br />voters voting at said election: <br />Shall the City of Colton, Community Facilities <br />District No. 88-1, County of San Bernardino, be <br />authorized to (a) incur a bonded indebtedness <br />in an amount not to exceed $4,000,000.00, with YES X <br />interest at a rate or rates not to exceed the <br />maximum interest rate permitted by law at the <br />time of issuance, to finance the construction NO <br />and installation of a major drainage improvement J <br />designated as CITRUS STREET STORM DRAIN, certain <br />park improvements consisting of landscaping, irrigation and appur- <br />tenant work, and the construction of necessary paving and resur- <br />facing within the boundaries of the District, (b) to levy a <br />special tax to pay for (i) said facilities and/or pay for any <br />authorized and issued bonded indebtedness; and (ii) the costs of <br />necessary and additional police protection services which are in <br />addition to the extent of such services as are currently provided <br />to the territory within the proposed District, and (c) establish <br />an Article XIIIB appropriations limit, in the amount of $600,000? <br />and, <br />