AgdaPkt 2002-07-15 - Laserfiche WebLink

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7.2-/;>7_ CITY OF REDWOOD CITY - '. RESOLUTION NO. RESOLUTION OF THE COUNCIL OF THE CITY OF REDWOOD CITY ACTING AS THE LEGISLATIVE BODY OF THE COMMUNITY FACILITIES DISTRICT No. 99-1 AUTHORIZING THE ANNUAL LEVY OF SPECIAL TAX FOR FISCAL YEAR 2002/2003 Resolved, by the City Council (the "Legislative Body") of the City of Redwood City, California (the "City") as follows: WHEREAS, the Legislative Body has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as mended (the "Act"), to form the City of Redwood City Community Facilities District No. 99-1 (shores Transportation Improvement Project) (the "District"), to authorize the levy of special taxes upon the land within the District, and to issue bonds secured by said special taxes to finance certain facilities; and WHEREAS, the L.egisla*.?~e Body ?~as, pursuant to Ordinance No. 2180, enacted on August 23, 1999 (the "Ordinance"), as authorized by section 53340 of the California Government Code, authorized the levy of a special tax to pay for costs and expenses related to the District, and the Legislative Body desires to establish the specific rate of the special tax to be collected for the next fiscal year. NOW, THEREFORE, it is hereby determined and ordered as follows: Sectionl. The above recitals are all true and correct. Section 2. The specific rate and amount of the special tax to be collected to pay for costs and expenses for Fiscal Year 2002/2003 for the District is hereby determined and established as set forth in Exhibit A, attached hereto and incorporated by reference. Section 3. The rate determined and as set forth above does not exceed the amount as previously authorized by the Ordinance and is not in excess of that amount previously approved by the qualified elector of the District, and is in accordance with Proposition 218, Section XIIID of the California State Constitution. Section 4. That the proceeds of the special tax shall be used to pay, in whole or in part, the costs of the following, in the following order of priority: (a) Payment of principal of and interest on any outstanding authorized bonded indebtedness; (b) Necessary replenishment or expenditure of bond reserve funds, other reserve funds or accumulation of funds for future payments including any amount required by Federal law to be rebated to the United States on the same debt; (c) Payment of costs and expenses of authorized public facilities; (d) Repayment of advances and loans, if appropriate; and (e) Payment of District administrative costs.