HomeMy WebLinkAboutResolution No. 02-C028E
RESOLUTION NO. 02-C28
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA APPROVING AND AUTHORIZING EXECUTION OF A
FUNDING AND ACQUISITION AGREEMENT RELATING TO
COMMUNITY FACILITIES DISTRICT NO.2002-1(MOUNTAIN
COVE)
WHEREAS, there has been presented to the City Council (the "City Council") an
agreement entitled "Funding and Acquisition Agreement Relating to Community Facilities District
No. 2002-1 (Mountain Cove) of the City of Azusa (the "Agreement") to be entered into between the
City, on behalf of Community Facilities District No. 2002-1 (Mountain Cove) and Azusa Associates,
LLC (the "Owner") as owner of land to be served by Community Facilities District No. 2002-1
(Mountain Cove) (the "District"); and
WHEREAS, pursuant to the Agreement, the City agrees to proceed with the
formation of the District for the purposes of financing through the sale of bonds the construction,
acquisition, furnishing and equipping of public facilities which are necessary to meet increased
demands placed upon the City as a result of the development within the boundaries of the District;
and
WHEREAS, the District, if formed, will levy and collect special taxes on the property
within the District to pay the principal and interest on the bonded indebtedness; and
WHEREAS, the Owner will receive certain benefits, upon the formation of the District
by signing the Agreement prior to the formation of the District; and
WHEREAS, the City Council has determined that the Agreement should therefore be
approved;
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE
CITY OF AZUSA, CALIFORNIA that the Agreement approved and the City Manager is authorized
to execute and deliver the Agreement on behalf of the City in the form presented to the City Council
at the meeting at which this resolution is adopted, with such changes therein as the officer executing
the same may approve, such approval to be conclusively evidenced by the execution and delivery
thereof.
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
ADOPTED AND APPROVED this 4" day of Y2reh, 2002.
ATTEST:
City lerk o�
Mayor
1, Vera Mendoza, City Clerk of the City of Azusa, do hereby certify that the foregoing
Resolution No. 02-C28 was duly introduced and adopted at a regular meeting of the City Council
of the City of Azusa held on he 4" day of March, 2002, by the following vote of the Council:
AYES: COUNCILMEMBERS: HARDISON, STANFORD, ROCHA, CHAGNON,
MADRID
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE