1998 RES R-64-98 - Laserfiche WebLink

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I RESOLUTION NO. R-64-98 2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON AUTHORIZING THE ISSUANCE OF COMMUNITY FACILITIES DISTRICT NO. 89-2, CITY OF 3 COLTON, 1998 SPECIAL TAX REFUNDING BONDS FOR AND ON BEHALF OF COMMUNITY FACILITIES DISTRICT NO. 89-2, CITY OF COLTON, APPROVING AND 4 DIRECTING THE EXECUTION OF A FISCAL AGENT AGREEMENT AND AN ESCROW AGREEMENT, APPROVING SALE OF SUCH BONDS, AND APPROVING 5 OTHER RELATED DOCUMENTS AND ACTIONS, INCLUDING ADOPTING A STATEMENT OF GOALS AND POLICIES 6 7 RESOLVED, by the City Council of the City of Colton (the "City") that: 8 WHEREAS, the City Council has conducted proceedings under and pursuant to the Mello - 9 Roos Community Facilities Act of 1982, as amended (the "Act"), to form Community Facilities 10 District No. 89-2, City of Colton (the "District"), to authorize the levy of special taxes upon the land I I within the District, and to issue bonds secured by said special taxes to finance certain facilities; and 12 WHEREAS, the City Council, as legislative body of the District, authorized the issuance of 13 bonds of the City for the District in the original principal amount of $3,395,000 designated 14 Community Facilities District No. 89-2, City of Colton Special Tax Bonds, Series A (the "Prior 15 Bonds"), the Prior Bonds having been issued pursuant to the Act and Resolution No. 89-2-1 of the 16 City Council adopted on February 6, 1990 (the "Prior Resolution"); and I i� WHEREAS, the City Council has determined that due to favorable interest rates, it is in the 7 18 �, I best interests of the City and the District that the Prior Bonds be refunded; and 1 ; WHEREAS, there has been submitted to the City Council a Fiscal Agent Agreement, dated 19 as of July 1, 1998 (the "Fiscal Agent Agreement") between the City, on behalf of the District, and 20 21 Union Bank of California, N.A. (the "Fiscal Agent"), providing for the issuance of special tax 22 refunding bonds (the "Bonds") of the City for the District, and the City Council, with the aid of City 23 staff, has reviewed the Fiscal Agent Agreement and found it to be in proper order, and now desires 24 to approve the Fiscal Agent Agreement and the issuance of the Bonds; and 25 WHEREAS, there has been presented to the City Council an Escrow Agreement (the 26 "Escrow Agreement"), providing for the creation of a refunding fund which will be used to refund and 27 redeem the Prior Bonds, and the City Council now desires to approve such agreement in connection 28 with the refunding of the Prior Bonds; and OCk981760025