HomeMy WebLinkAboutCC Reso No 2011-120RESOLUTION NO. 2011 -120
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE AMOUNTS
NOT TO EXCEED $4,000,000, $6,500,000, $7,000,000, $9,000,000,
$6,500,000 AND $7,000,000 WITHIN IMPROVEMENT AREA A,
IMPROVEMENT AREA B, IMPROVEMENT AREA C, IMPROVEMENT
AREA D, IMPROVEMENT AREA E AND IMPROVEMENT AREA F,
RESPECTIVELY, OF THE CITY OF LAKE ELSINORE COMMUNITY
FACILITIES DISTRICT NO. 2006 -1 (SUMMERLY) AND CALLING A
SPECIAL ELECTION
WHEREAS, the City Council (the "Council') of the City of Lake Elsinore (the
"City ") has previously established the City of Lake Elsinore Community Facilities District
No. 2006 -1 (Summerly) (the "CFD "), pursuant to the Mello -Roos Community Facilities
Act of 1982, as amended, (the "Act'), to finance a portion of the cost of providing parks,
open space and storm drain maintenance services (the "Services ") that are in addition
to those provided in the territory within the CFD prior to the formation of the CFD, and to
finance 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 and other governmental facilities, which the City is authorized by
law to construct, own or operate (the "Facilities "); and
WHEREAS, the Council has received a petition requesting the institution of
proceedings to (i) dissolve Improvement Area No. 1, Improvement Area No. 2 and
Improvement Area No. 3 of the CFD, (ii) designate new improvement areas within the
CFD for the purpose of financing various public improvements, (iii) authorize the levy of
special taxes within each of the new improvement areas of the CFD, (iv) authorizing the
issuance of bonds for each of the new improvement areas of the CFD, and (v) establish
an appropriations limit for each of the new improvements of the CFD;
WHEREAS, the Council has heretofore adopted Resolution No. 2011 -005
('Resolution No. 2011- 005 ") dissolving Improvement Area No. 1 (except for APNs 371-
311 -005, 371 - 311 -006, 371 - 311 -007, 371 - 311 -008, 371 - 311 -009, 371 - 311 -016, 371-
324 -003, 371 - 324 -009, 371 - 324 -010), Improvement Area No. 2 and Improvement Area
No. 3 of the CFD and designating portions of the CFD as Improvement Area A,
Improvement Area B, Improvement Area C, Improvement Area D, Improvement Area E,
and Improvement Area F (each an "Improvement Area," and collectively, the
"Improvement Areas ") pursuant to the Act; and
WHEREAS, the Council has heretofore adopted Resolution No. 2011 -119
('Resolution Determining Validity ") determining the validity of prior proceedings; and
WHEREAS, in order to finance the Facilities it is necessary to incur bonded
indebtedness in the amounts not to exceed $4,000,000, $6,500,000, $7,000,000,
$9,000,000, $6,500,000 and $7,000,000 for Improvement Area A, Improvement Area B,
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Improvement Area C, Improvement Area D, Improvement Area E and Improvement
Area F, respectively, the repayment of which is to be secured by special taxes levied in
accordance with Section 53340 et seq. of the Act on certain properties within the
respective Improvement Areas.
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.
2006 -1 (Summerly), does hereby resolve as follows:
Section 1. The above recitals are true and correct.
Section 2. It is necessary to incur bonded indebtedness in amounts not to
exceed $4,000,000, $6,500,000, $7,000,000, $9,000,000, $6,500,000 and $7,000,000
for Improvement Area A, Improvement Area B, Improvement Area C, Improvement Area
D, Improvement Area E and Improvement Area F, respectively, to finance the costs of
the Facilities for the respective Improvement Areas.
Section 3. The indebtedness will be incurred for the purpose of financing the
costs of acquiring the Facilities, the financing of the costs associated with the issuance
of the bonds and all other costs necessary to finance the Facilities which are permitted
to be financed pursuant to the Act.
Section 4. Each Improvement Area will pay for the bonded indebtedness for
such Improvement Area.
Section 5. The bonds shall be issued in one or more series at a maximum
interest rate not to exceed 12 percent per annum or such rate not in excess of the
maximum rate permitted by law at the time the bonds are issued, and payable annually
or semiannually as determined by the Council. The term of the bonds shall be
determined pursuant to a resolution of the Council authorizing the issuance of the
bonds, but such term shall in no event exceed 40 years or such longer term as is then
permitted by law.
Section 6. Pursuant to and in compliance with the provisions of Article 1.5
(commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the
Government Code, the Council hereby establishes the following accountability
measures pertaining to any bonded indebtedness incurred by or on behalf of the City:
(a) Such bonded indebtedness shall be incurred for the specific
purposes set forth in Section 3 above.
(b) The proceeds of any such bonded indebtedness shall be applied
only to the specific purposes identified in Section 3 above.
(c) The document or documents establishing the terms and conditions
for the issuance of any such bonded indebtedness shall provide for the creation of an
account or accounts into which the proceeds of such bonded indebtedness shall be
deposited.
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(d) The City Manager, or his or her designee, acting for and on behalf
of the City, shall annually file a report with the Council as required by Government Code
Section 53411.
Section 7. Pursuant to Government Code Section 53326, the Council hereby
determines to submit to the qualified electors of each Improvement Area a proposition
(the "Services Proposition ") to levy special taxes on property within such Improvement
Area in accordance with the rate and method of apportionment specified in the
Resolution Determining Validity. The form of the Services Proposition is attached as
Exhibit "A."
Section 8. Pursuant to Government Code Section 53353.5, the Council hereby
determines to submit to the qualified electors of the respective Improvement Areas a
combined proposition (the "Facilities Proposition ") to: (1) levy special taxes on property
within the Improvement Areas in accordance with the rate and method of apportionment
of special tax specified in the Resolution Determining Validity; (2) incur bonded
indebtedness in the amounts not to exceed $4,000,000, $6,500,000, $7,000,000,
$9,000,000, $6,500,000 and $7,000,000, respectively; and (3) establish an
appropriations limit as defined by subdivision (h) of Section 8 of Article XIIIB of the
California Constitution, for the respective Improvement Areas. Said appropriations limit
shall equal the maximum amount of bonded indebtedness authorized to be incurred for
the respective Improvement Areas. The form of the Facilities Proposition is attached as
Exhibit "B."
Section 9. A special election is hereby called on the Services Proposition set
forth in Section 7 above.
Section 10. A special election is hereby called on the Facilities Proposition set
forth in Section 8 above.
Section 11. The time for notice having been waived by the qualified electors, the
date of the special election on the Services Proposition and on the Facilities Proposition
shall be on the 8th day of March, 2011. There being no registered voters residing within
the territory of the Improvement Areas at the time of the protest hearing and ninety (90)
days prior thereto, there being only two landowners in Improvement Area A and one
landowner in the other Improvement Areas, and the requirements of Section 53326 of
the Government Code having been waived by the landowners, the ballot for the special
election shall be mail or hand delivered to the landowners within the Improvement
Areas. The voter ballot shall be returned to the City Clerk at 130 S. Main Street, Lake
Elsinore, California 92530, no later than 11:00 o'clock p.m. on March 8, 2011.
However, the election may be closed within the concurrence of the City Clerk, as soon
as the ballot is returned.
Section 12. Notice of said election and written argument for or against the
measure have been waived by the landowner.
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Section 13. Each Improvement Area, as applicable, shall constitute a single
election precinct for the purpose of holding said special election.
Section 14. The Council hereby directs that the special election be conducted
by the City Clerk, as the elections official.
Section 15. 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 8th day of March, 2011.
AMY BHUTTA
MAYOR
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE } SS
I, VIRGINIA J. BLOOM, City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2011 -120 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 8th day of March, 2011, and that
the same was adopted by the following vote:
AYES: HICKMAN, MELENDEZ, TISDALE, MAYOR PRO TEM MAGEE,
AND MAYOR BHUTTA
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
76997504.2
EXHIBIT A
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2006 -1 (SUMMERLY)
IMPROVEMENT AREA
SERVICES SPECIAL TAX ELECTION
March 8, 2011
To vote, mark an "X" in the voting square after the word "YES" or after the word
"NO." All marks otherwise made are forbidden.
This ballot is provided to , as owner or authorized
representative of such owner of land within Improvement Area _ of the City of Lake
Elsinore Community Facilities District No. 2006 -1 (Summerly) and represents
vote(s).
If you wrongly mark, tear, or deface this ballot, return it to the City Clerk of the
City of Lake Elsinore at 130 S. Main Street, Lake Elsinore, California 92530.
PROPOSITION: Shall City of Lake Elsinore Community
Facilities District No. 2006 -1 (Summerly) be authorized to
levy special taxes pursuant to the rate and method of
apportionment of special taxes (the "Special Tax Formula ")
set forth in Exhibit A of Resolution Determining Validity
adopted on March 8, 2011 ('Resolution Determining
Validity') to finance the authorized services and
administrative expenses as provided for in the Resolution
Determining Validity?
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A-t
YES
NO
EXHIBIT B
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2006 -1 (SUMMERLY)
IMPROVEMENT AREA NO.
SPECIAL TAX ELECTION
March 8, 2011
To vote, mark an "X" in the voting square after the word "YES" or after the word
"NO." All marks otherwise made are forbidden.
This ballot is provided to , as owner or authorized
representative of such owner of land within Improvement Area of the City of Lake
Elsinore Community Facilities District No. 2006 -1 (Summerly) and represents
vote(s).
If you wrongly mark, tear, or deface this ballot, return it to the City Clerk of the
City of Lake Elsinore at 130 S. Main Street, Lake Elsinore, California 92530.
PROPOSITION: Shall Improvement Area _ of the City of
Lake Elsinore Community Facilities District No. 2006 -1
(Summerly) (the "CFD "), subject to the accountability
measures provided for in Resolution Calling Special Election
adopted on March 8, 2011, incur an indebtedness and be
authorized to issue bonds in an amount not to exceed
$ with interest at a rate or rates established at
such time as the bonds are sold in one or more series at
fixed or variable interest rates, however not to exceed any
applicable statutory rate for such bonds, the proceeds of
which will be used to finance the certain public facilities (the
"Facilities ") as described in Resolution Determining Validity
adopted on March 8, 2011 ('Resolution Determining
Validity "); and, subject to the accountability measures
provided for in the Resolution Determining Validity, shall a
special tax be levied to pay the principal of and interest on
such indebtedness and bonds and to otherwise finance the
Facilities; and shall an appropriations limit be established for
Improvement Area of the CFD pursuant to Article XIIIB
of the California Constitution, said appropriations limit to be
equal to the maximum amount of bonded indebtedness
authorized to be incurred for Improvement Area ?
76997504.2 B -1
YES
NO