Laserfiche WebLink
WHEREAS, the Council estimates that the amount required <br />to finance the Facilities is $9,000,000; and <br />WHEREAS, in order to finance the Facilities it is neces- <br />sary to incur bonded indebtedness in the amount of <br />$9,000,000, the repayment of which is to be secured by <br />special taxes levied in accordance with Section 53340 et seq. <br />of the Act on all property within Community Facilities <br />District No. 89-2, other than public properties, utility <br />properties and properties encumbered with public or utility <br />easements making impractical their utilization for other than <br />the purpose set forth in the easement; <br />NOW, THEREFORE, the City Council of the City of Colton <br />does hereby resolve, determine and order as follows: <br />Section 1. The above recitals are true and correct. <br />Section 2. It is necessary to incur bonded indebtedness <br />within proposed Community Facilities District No. 89-2 in the <br />amount of $9,000,000 to finance the costs of the Facilities <br />for the City. <br />Section 3. The indebtedness will be incurred for the <br />purpose of financing the costs of designing, constructing and <br />acquiring the Facilities, the acquisition of necessary <br />equipment and property therefor and fulfilling contractual <br />commitments and carrying out the powers and purposes of Com- <br />munity Facilities District No. 89-2, including, but not by <br />way of limitation, the financing of the costs associated with <br />-2- <br />