1990 RES R-133-90 - 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 WHEREAS, pursuant to Section 53313.5 of the California Government Code, a community facilities district may finance the purchase of facilities, the construction of which has been completed, as determined by the legislative body, before the resolution of formation to establish the district has been adopted, pursuant to Section 53325.1 of that Code, except that a community facilities district may finance the purchase of facilities completed after the adoption of the resolution of formation if the facilities are constructed as if they had been constructed under the direction and supervision, or under the authority of the local agency; and WHEREAS, there has been presented to the City Council two agreements each entitled "Funding, Construction and Acquisition Agreement, relating to City of Colton Community Facilities District No. 90-1 (Mount Vernon Corridor)" between the City and Sultan Financial Corporation and Lebanof f -McKnight Development Group, respectively (the "Owners")(the "Agreements") which provides, inter alia, (i) for the advance of funds by the Owners to the City to pay costs incurred and to be incurred by the City relating to the establishment of the District, and the reimbursement by the City to the Owners from the proceeds of the sale of the bonds of the District of the funds advanced, and (ii) for the design and construction of the public facilities to be financed with the proceeds of the sale of bonds of the District by the Owners, pursuant to the provisions of Section 53313.5 of the California Government Code, and for acquisition by the City of such facilities from the proceeds of the sale of the bonds of the District; and -2-