HomeMy WebLinkAboutReso 2000-374 RESOLUTION NO. 2000-374
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING A REIMBURSEMENT
AGREEMENT WITH THE OTAY RANCH COMPANY
ASSOCIATED WITH THE SECOND BOND SALE OF
COMMUNITY FACILITIES DISTRICT NO. 99-1 (OTAY
RANCH VILLAGES 1 AND 5), AUTHORIZING THE MAYOR
TO EXECUTE SAID AGREEMENT AND DIRECTING STAFF
TO INITIATE THE PROCEEDINGS FOR THE SECOND BOND
SERIES
WHEREAS, Community Facilities District No. 99-1 was formed to finance the
construction of Olympic Parkway; and
WHEREAS, the first round of bonds were dated March 1, 2000, in the amount of $23
million; and
WHEREAS, the district was sized larger than the first bond sale amount to allow for a
second bond sale as the value of the property increased; and
WHEREAS, the developer, the Otay Ranch Company, has advanced $78,500 to begin the
proceeding, leading to the second bond sale; and
WHEREAS, the Reimbursement Agreement outlines the developer's requirement to
advance funds for all staff and consultant costs associated with the second bond sale.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista
does hereby approve a Reimbursement Agreement with the Otay Ranch Company associated
with the second bond sale of Community Facilities District No. 99-1 (Otay Ranch Villages 1 and
5), a copy of which shall be kept on file in the Office of the City Clerk.
BE IT FLIRTHER RESOLVED that the Mayor of the City of Chula Vista is hereby
authorized and directed to execute said agreement on behalf of the City of Chula Vista.
BE IT FURTHER RESOLVED that staff is hereby directed to initiate the proceedings for
the second bond series.
Presented by Approved as to form by
' ~pitt ~M.d~eny d
~ublic Works Director City Attorney
Resolution 2000-374
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 24th day of October, 2000, by the following vote:
AYES: Councilmembers: Davis, Moot, Padilla, Salas, and Horton
NAYS: Coanci lmembers: None
ABSENT: Councilmembers: None
Shirley Hotter,' Mayor
ATTEST:
S~i~san Bigelow, City C~k
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. 2000-374 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 24th day of October, 2000.
Executed this 24th day of October, 2000.
Susan Bigelow, City Cl~r~