1988 JUN 29 ADJ MIN - Laserfiche WebLink

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ADJOURNED COUNCIL MEETING June 29, 1988 In accordance with notice duly and legally given, an Adjourned Regular Meeting of the City Council of the City of Colton was held on the above given date at 5:30 p.m., in the Council Chambers of City Hall, Mayor Gonzales presiding. ROLL CALL: Council Members present were Rios, Cisneros, Rehrer, Garcia, and Mayor Gonzales. Also present were City Manager Benest, City Attorney Edwards, Assistant City Manager Keane, Fiscal Operations Manager Young, and City Clerk Ramos. COMMUNITY FACILITIES DISTRICT NO. 87-1: Assistant City Manager Keane reported earlier this year, the City completed proceedings for the formation of a Mello -Roos Community Facilities District (CFD 87-1) in a portion of the West Valley area' of the City. Ms. Keane stated it is now proposed to issue bonds in this district in an aggregate principal amount of $1.5 million for the the purpose of financing drainage and flood control improvements with- in the district. The bonds will be repaid from special taxes levied annually on property within the district and will not be an obligation or liability of the City. Ms. Keane said all necessary proceedings for the establishment of the district have been completed, including a court action validating the proceedings. Ms. Keane reported the City advertised for bids to construct storm drain improvements for CFD 87-1. Bids were opened on June 23, 1988. Eight bids were received; a bid analysis is in the Agenda material,and Staff and NBS/Lowry, the City's Assessment Engineers on this project, are recommending the low bidder, Bonadiman-McCain. Engineer's preliminary estimate was $1.1 million; the recommended bid is for $8419585. CFD 87-1 has sufficient debt authorization to fund this project. Ms. Keane stated in order to proceed with this financing, Council must authorize the issuance and sale of bonds. This may be accomplished by adopting the two resolutions attached to this report. The first resolution, R-51-88, authorizes the issuance of bonds under the terms and provisions identified therein. The resolution also appoints Union Bank as fiscal agent, approves the form of preliminary official statement prepared by Financing Consultant, M.F. Whipple & Co., authorizes the preparation of a final statement based on the preliminary statement, with changes as may be approved by the projects bond counsel, Best, Best & Krieger. 1