HomeMy WebLinkAboutReso 2000-266 RESOLUTION NO. 2000-266
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROPRIATING AN ADDITIONAL $19,216
EACH FOR CFD'S 97-3, 99-1, AND 2000-1 TO COVER COSTS
FOR FINANCIAL SERVICES FOR BONDED DISTRICTS
WHEREAS, the amount of $23,384 was originally budgeted for each of the following
CFD's: 97-3, 99-1 and 2000-I; and
WHEREAS, this amount did not include all of the costs associated with a bonded district,
such as arbitrage calculations, continuing disclosure and payments to the trustee; and
WHEREAS, additionally, each district needs to pay a share of the cost (approximately $7600
each) for the development of a model for calculating buy down amounts where the taxes and bonded
assessments exceed 2 percent of the purchase price; and
WHEREAS, it is requested that an additional $19,216 be appropriated for each of these
districts, for a total of $57,648, to pay for these administrative costs as these increases are allowable
by the bond indenture and will be charged to the property owners within the districts.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby appropriate an additional $19,216 each for CFD's 97-3, 99-1, and 2000-1 from the revenue
accounts for these districts to cover costs for financial services for bonded districts.
Presented by Approved as to form by
Resolution 2000-266 "'1
Page 2 ,
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 1st day of August, 2000, by the following vote:
AYES: Councilmembers: Davis, Moot, Padilla, Salas, and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Shirley Horror:, Mayor
ATTEST:
Susan Bigelow, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2000-266 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the lst day of August, 2000.
Executed this 1st day of August, 2000.
Susan Bigelow, City Clerk