Resolution No. 3818�f0
RESOLUTION NO. 3818
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CYPRESS AMENDING THE FUNDING AND ACQUISITION
AGREEMENT WITH CYPRESS HOMES, INC.
WHEREAS, the City Council (the "City Council ") of
the City of Cypress (the "City "), located in Orange County,
California, has heretofore undertaken proceedings and
declared the necessity to issue bonds on behalf of the
Community Facilities District No. 1 (Sorrento Homes) of the
City of Cypress (the "District ") pursuant to the terms and
provisions of the Mello -Roos Community Facilities Act of
1982, as amended, being Chapter 2.5, Part 1, Division 2,
Title 5, of the Government Code of the State of California
(the "Act "); and
WHEREAS, the District was formed for the purpose of
providing financing for the construction, installation,
rehabilitation and /or acquisition of certain public
facilities to benefit land within the District (hereinafter
the "Facilities "); and
WHEREAS, the District has undertaken proceedings to
issue Bonds in an aggregate principal amount not in excess
of exceed $15,500,000 (the "Bonds ") to fund the
construction, installation, rehabilitation and /or
acquisition of the Facilities; and
WHEREAS, the City and Cypress Homes, Inc. (the
"Owner "), the landowner of the property within the District,
have entered into a Funding and Acquisition Agreement, dated
February 12, 1990 (the "Funding Agreement ") in connection
with the District; and
WHEREAS, it is in the best interests of the City to
amend the Exhibit D of the Funding Agreement to include
grading of public streets as a Facility which may be funded
by the District.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
CYPRESS DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. Each of the above recitals is true and
correct.
SECTION 2. Exhibit D to the Funding Agreement is
hereby modified as shown on Exhibit "1" attached hereto and
incorporated herein by this reference.
SECTION 3. Except as expressly modified herein,
the Funding Agreement shall continued unmodified in full
force and effect.
SECTION 4. The City Clerk shall certify the
adoption of this Resolution.
PASSED AND ADOPTED by the City Council of the City
of Cypress at a regular meeting held on the 10th day of
September, 1990.
ATTEST:
CITY CLERK of
(Mayor Pro Tem)
MAYOR OF HE CITY OF CYPRESS
THE CITY OF CYPRESS
STATE OF CALIFORNIA
COUNTY OF ORANGE
)
ss
)
I, DARRELL ESSEX, City Clerk of the City of
Cypress, DO HEREBY CERTIFY that the .foregoing Resolution was
duly adopted at a regular meeting of the said City Council
held on the 10th day of September,, 1990, by the following
roll call vote:
AYES: 4 COUNCIL MEMBERS:
NOES: 0 COUNCIL MEMBERS:
ABSENT: 1 COUNCIL MEMBERS:
ABSTAINED: 0 COUNCIL MEMBERS:
2
Arnold, Bowman, Kanel and Kerry
None
Age
None
CITY CLERK F THE/ ITY OF CYPRESS
EXHIBIT "1"
FACILITIES
Partway Landscaping
Includes soil preparation, finish
grading, automatic irrigation,
sodded turf, ground covers (rooted
cuttings, shrubs and vines, and
trees) for perimeter streets,
onsite collector street, and entry
monument.
- Design and engineering costs.
Drainage Pees
onsite Streets
Includes curb and gutter, local
depression, sidewalk, drive
approach, access ramp, grading,
asphalt concrete pavement,
aggregate base, and street signs
for all interior streets,
including internal collector
street.
- Design and engineering costs.
Offsite Traffic and Lis Ling Improvement
Includes new traffic signal -
ization, upgrading of existing
signalization within the proposed
right -of -way of Ball Road, Orange
Avenue, Denni Street and Moody
Street, including design and
engineering costs.
School Facilities
Sewer System
Includes 8" and 10" VC pipe,
VCP laterals and manholes in
onsite streets.
4"
all
- Design and engineering costs.
Storm Drain system
Includes 18" through 60" RC pipe,
junction structures, manholes and
catch basins in all onsite
streets.
- Design and engineering costs.
Estimated Coat
$ 587,000.00
20,000.00
736,050.00
3,743,661.00
228,917.00
654,000.00
3,002,013.00
1,235,284.00
153,716.00
1,174,140.00
169.860.00
Total $ 11,704,641.00