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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />RESOLUTION NO. R-79-03 <br />RESOLUTION OF THE CITY OF COLTON, CALIFORNIA <br />AUTHORIZING THE LEVY OF A SPECIAL TAX IN COMMUNITY <br />FACILITIES DISTRICT NO. 90-1 <br />WHEREAS, the CITY COUNCIL of the CITY OF COLTON, CALIFORNIA <br />previously undertook proceedings to form a community facilities district (this Community <br />Facilities District is designated as COMMUNITY FACILITIES DISTRICT NO. 90-1 and is <br />referred to herein as the "District"), and conducted an election and received a favorable vote <br />from the qualified electors authorizing the levy of a special tax in the District, all as authorized <br />pursuant to the terms and provisions of the "Mello -Roos Community Facilities Act of 1982", <br />being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of <br />California (the "Act"); and <br />WHEREAS, the Act authorized the City Council to levy the special taxes at <br />the rate and apportion them in the manner as approved by the qualified electors and further <br />authorized the City Council to thereafter provide, by resolution, for the levy of the special tax <br />in the current tax year or future tax years at the same rate or at a lower rate than the rate <br />provided by the ordinance; and <br />WHEREAS, the City Council desires to authorize the levy of the special <br />tax by resolution for the current and all future tax years. <br />NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: <br />SECTION 1. That the above recitals are all true and correct. <br />SECTION 2. That the City Council does, by the passage of this <br />resolution, authorize the levy of special taxes at the rate and formula as set forth in Exhibit <br />"A" attached hereto, referenced and so incorporated. <br />SECTION 3. That the City Council is hereby further authorized, by <br />Resolution, to determine the specific special tax rate and amount to be levied for the then <br />current tax year or future tax years, except that the special tax rate to be levied shall not <br />exceed that as set forth in Exhibit "A", but the special tax may be levied at a lower rate. <br />SECTION 4. The proceeds of the above authorized and levied special <br />tax may only be used to pay, in whole or in part, the costs of the following: <br />A. Payment of principal of and interest on any outstanding authorized <br />bonded indebtedness; <br />B. Necessary replenishment of bond reserve funds or other reserve <br />funds; <br />Page 1 <br />