1989 RES R-130-89(89-2-1) - Laserfiche WebLink

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the City Council of the City of Colton and shall an appropriations limit be established for Community Facilities Dis- trict No. 89-2 pursuant to Article XIIIB of the California Constitution, said appropriations limit to be equal to the amount of all proceeds of the special tax collected annually, as adjusted for changes in the cost of living and changes population?; and WHEREAS, on October 3, 1989, the Legislative Body will adopt Ordinance No. 89-2-1 authorizing the levy of a Special Tax in the Community Facilities District; and, WIiEREAS, no bonds of the above-referenced authorization to date have been issued and sold, and at this time it is the desire of this Legislative Body to proceed to issue Bonds of Series A in the amount of $9,000,000; NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: ARTICLE I. DEFINITIONS Section 1.01 As used in this Resolution, the following terms shall have the following meanings: "Act" means the "Mello-Roos Community Facilities Act of 1982," as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California. "Additional Bonds" means any additional bonds issued by the Community Facilities District as permitted by Section 8.04 of this Resolution payable from the Special Taxes on a parity with the Bonds. "Annual Debt Service" means, for each Debt Service Year, the sum of (1) the interest falling due on the Outstanding Bonds in such Debt Service Year, assuming that the Outstanding Serial Bonds are retired as scheduled and the Outstanding Term Bonds are redeemed as scheduled; (2) the principal amount of Outstanding Serial Bonds falling due by their terms in such Debt Service Year, and (3) the minimum amount of the Outstanding Term Bonds required to be paid or called and redeemed in such Debt Service Year, together with the redemption premium, if any, thereon. "Authorized ReDresentative" means any of the officials of the City designated in Section 9.03 of this Resolution. -2-