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HomeMy WebLinkAboutCC Reso No 2010-063RESOLUTION NO. 2010-063 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2003-2 (CANYON HILLS), AUTHORIZING THE ISSUANCE OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2003-2 (CANYON HILLS) SPECIAL TAX BONDS, 2010 SERIES (IMPROVEMENT AREA C), APPROVING THE ISSUANCE OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE BONDS (CANYON HILLS IA C) 2010 SERIES A, AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, A COMMITMENT AGREEMENT AND PURCHASE CONTRACT, A PURCHASE CONTRACT AND A CONTINUING DISCLOSURE AGREEMENT WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "City") has previously formed the City of Lake Elsinore Community Facilities District No. 2003-2 (Canyon Hills) (the "District") pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act'); and WHEREAS, the City desires to issue not to exceed $8,000,000 aggregate principal amount of bonds designated "City of Lake Elsinore Community Facilities District No. 2003-2 (Canyon Hills) Special Tax Bonds, 2010 Series (Improvement Area C" (the 'Bonds"), to be purchased by the Lake Elsinore Public Financing Authority (the "Authority"), for the purpose of financing the purchase, construction, expansion or rehabilitation of certain real and other tangible property with an estimated useful life of five years or longer, including public infrastructure facilities which the City or the District is authorized by law to construct, own or operate, which are necessary to meet increased demands placed upon the City as a result of development or rehabilitation occurring within the District (the " Facilities"); and WHEREAS, the Authority intends to issue its Local Agency Revenue Bonds (Canyon Hills IA C) 2010 Series A (the "Authority Bonds"), the proceeds of which will be used to purchase the Bonds; and WHEREAS, the City has heretofore held a public hearing pursuant to Section 6586.5 of Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California (the 'Bond Law"); and WHEREAS, proposed forms of a Fiscal Agent Agreement, a Commitment Agreement and Purchase Contract, a Purchase Contract and a Continuing Disclosure Agreement have been presented to the City Council and are on file with the City Clerk; Resolution No. 2010-063 Page 2 of 5 NOW, THEREFORE, the City Council of the City of Lake Elsinore, California, acting as the legislative body of City of Lake Elsinore Community Facilities District No. 2003-2 (Canyon Hills), does hereby resolve as follows: Section 1. The City Council, as the legislative body of the District, hereby authorizes the issuance of the Bonds in the aggregate principal amount not to exceed $8,000,000. Section 2. The City hereby finds and determines that (i) the Facilities are to be located within the boundaries of the City and (ii) there are significant public benefits arising from the Authority's issuance of the Authority Bonds to finance the Facilities, including, but not limited to, employment benefits from undertaking the acquisition of the Facilities in a timely fashion, as contemplated by Section 6586 of the Bond Law. Section 3. The City Council, as the legislative body of the District, hereby approves the Fiscal Agent Agreement in substantially the form on file with the City Clerk. The Mayor, the City Manager, the Director of Administrative Services, and any designee of any of them (each, a "Responsible Officer') are hereby authorized to execute the Fiscal Agent Agreement in substantially the form presented hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof by any Responsible Officer. Section 4. The City Council, as the legislative body of the District, hereby approves the Continuing Disclosure Agreement in substantially the form on file with the City Clerk. Any Responsible Officer is hereby authorized to execute the Continuing Disclosure Agreement in substantially the form presented hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof by any Responsible Officer. Section 5. The City Council, acting on its behalf and as the legislative body of the District, hereby approves the Commitment Agreement and Purchase Contract, in substantially the form on file with the City Clerk. Any Responsible Officer is hereby authorized to execute the Commitment Agreement and Purchase Contract, in substantially the form presented hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof by any Responsible Officer, provided that, the Bonds shall bear interest at a rate not to exceed 7.0%. Section 6. The City Council, acting on its behalf and as the legislative body of the District, hereby approves the sale of the Authority Bonds to the Underwriter pursuant to Resolution No. 2010-063 Page 3 of 5 and in accordance with the Purchase Contract, in substantially the form on file with the City Clerk. Any Responsible Officer is hereby authorized to execute the Purchase Contract, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof by-any Responsible Officer. Section 7. Pursuant to Section 53344.1 of the Act, the Council hereby reserves to itself, in its sole discretion, the right and authority by subsequent resolution to allow any owner of property within the District, subject to the provisions of Section 53344.1 of the Act and those conditions as it may impose, and any applicable prepayment penalties as prescribed in the bond indenture or comparable instrument or document, to tender to the District treasurer or fiscal agent in full payment or part payment of any installment of the special taxes or the interest or penalties thereon which may be due or delinquent, but for which a bill has been received, any bond or other obligation secured thereby, the bond or other obligation to be taken at par and credit to be given for the accrued interest shown thereby computed to the date of tender. Section 8. The City hereby adopts the Policies and Guidelines Regarding Post- Issuance Compliance with Federal Tax Requirements Applicable to Tax-Exempt Bonds in the form presented to this meeting and on file with the City Clerk. Section 9. The City Manager, the Director of Administrative Services, the City Clerk and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City and the District, to do any and all things and take any and all other actions, including the publication of any notices necessary or desirable in connection with the sale of the Bonds and execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds and the consummation of the transactions as described herein. Section 10. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Lake Elsinore, California, this 12th day of October, 2010. MELISSA LENDEZ MAYOR 3 Resolution No. 2010-063 Page 4 of 5 ATTEST: C LCOWL ,CMC - CITY CLERK AS TO CITY ATTORNEY CITY OF LAKE ELSINORE 4 Resolution No. 2010-063 Page 5 of 5 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, CAROL COWLEY, City Clerk of the City of Lake Elsinore, California, hereby certify that Resolution No. 2010-063 was adopted by the City Council of the City of Lake Elsinore, California, at a regular meeting held on the 12th day of October, 2010, and that the same was adopted by the following vote: AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, MAGEE, MAYOR PRO-TEM BHUTTA AND MAYOR MELENDEZ NOES: NONE ABSENT: NONE ABSTAIN: NONE CA LC L Y, ClMff~ CITY CLERK