1998 AGN NOV 10 I01 - Laserfiche WebLink

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13148-03 JH:DJO:brf 11/4/98 RESOLUTION NO. AUTHORIZING THE ISSUANCE OF REFUNDING SPECIAL TAX BONDS, AND APPROVING AND AU'THORIZING RELAT'ED DOCUMENTS AND AC'I'IONS CITY OF COLTON Community Facilities District No. 90-1 (Mount Vernon Corridor) RESOLVED, by the City Council (the "Council") of the City of Colton (the "City"), County of San Bernardino, State of California, that: WHEREAS, this Council has conducted proceedings under and pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311 of the California Government Code (the "Act"), to form Community Facilities District No. 90-1 (Mount Vernon Corridor) (the "CFD"), and, for the CFD authorized the levy of special taxes upon the land within the CFD, and to issue bonds secured by such special taxes the proceeds of which were used to finance certain public facilities (the "Facilities"), all as described in those proceedings; WHEREAS, the Council of the City heretofore authorized, issued, sold and delivered its $4,755,000 Community Facilities District No. 90-1 (Mount Vernon Corridor) of the City of Colton 1990 Special Tax Bonds (the "1990 Bonds"); and WHEREAS, this Council now wishes to provide for the issuance of the special tax bonds to refund, in advance of their stated maturities, the 1990 Bonds and there have been submitted to this Council certain documents described below providing for the issuance of the special tax bonds for the CFD and the use of the proceeds of those bonds, and this Council with the aid of its staff, has reviewed the documents and found them to be in proper order; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of the special tax bonds and the levy of the special taxes as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Colton as follows: Section 1. Law Applicable. For the purposes of these proceedings in and for the CFD, the Act shall be the authority for the issuance of the Bonds. Section 2. Bonds Authorized. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement, (as hereafter defined) the bonds of the City for the CFD designated "City of Colton, Community Facilities District No. 90-1 (Mount Vernon Corridor), Refunding Special Tax Bonds, Series 1998" (the "Bonds") in an aggregate principal amount not to exceed $2,800,000 are hereby authorized to be issued. The Bonds shall be dated and executed in the forms, be in the denominations, mature, be payable at the place and in the priorities and bear interest at the rates as set forth in and otherwise as provided in the Fiscal Agent Agreement (defined below). The Council hereby finds that the Bonds constitute "refunding bonds" within the meaning of the Act because the proceeds thereof will be used to refund the 1990 Bonds. For the purposes of these proceedings for the issuance of the Bonds, the Council hereby determines