2003 RES R-76-03 - Laserfiche WebLink

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oil RESOLUTION NO. R-76-03 3 RESOLUTION OF THE CITY OF COLTON, CALIFORNIA 4 AUTHORIZING THE LEVY OF A SPECIAL TAX IN COMMUNITY FACILITIES DISTRICT NO. 88-1 5 6 WHEREAS, the CITY COUNCIL of the CITY OF COLTON, CALIFORNIA 7 previously undertook proceedings to form a community facilities district (this Community 8 Facilities District is designated as COMMUNITY FACILITIES DISTRICT NO. 88-1 and is referred to herein as the "District"), and conducted an election and received a favorable vote 9 from the qualified electors authorizing the levy of a special tax in the District, all as authorized 10 pursuant to the terms and provisions of the "Mello -Roos Community Facilities Act of 1982", 11 being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of 12 California (the "Act"); and 13 WHEREAS, the Act authorized the City Council to levy the special taxes at the rate and apportion them in the manner as approved by the qualified electors and further 14 authorized the City Council to thereafter provide, by resolution, for the levy of the special tax 15 in the current tax year or future tax years at the same rate or at a lower rate than the rate 16 provided by the ordinance; and 17 WHEREAS, the City Council desires to authorize the levy of the special 18 tax by resolution for the current and all future tax years. 19I I NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. 20 SECTION 2. That the City Council does, b the y passage of this 21 resolution, authorize the levy of special taxes at the rate and formula as set forth in Exhibit 22 "A" attached hereto, referenced and so incorporated. SECTION 3. That the City Council is hereby further authorized, by 23 Resolution, to determine the specific special tax rate and amount to be levied for the then 24 current tax year or future tax years, except that the special tax rate to be levied shall not exceed that as set forth in Exhibit "A", but the special tax may be levied at a lower rate. 25 SECTION 4. The proceeds of the above authorized and levied special 26 tax may only be used to pay, in whole or in part, the costs of the following: 27 A. Payment of principal of and interest on any outstanding authorized 28 bonded indebtedness; B. Necessary replenishment of bond reserve funds or other reserve 29 funds; Page 1