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Home My WebLink AboutCC Reso No 2011-062 City Council ResoRESOLUTION NO. 2011-062 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. 95-1 (LAKE ELSINORE CITY CENTER PUBLIC IMPROVEMENTS), AUTHORIZING THE ISSUANCE OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 95-1 (LAKE ELSINORE CITY CENTER PUBLIC IMPROVEMENTS) SPECIAL TAX BONDS, 2011 SERIES, APPROVING THE ISSUANCE OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE BONDS (1996 SERIES E REFUNDING), 2011 SERIES B, 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. 95-1 (Lake Elsinore City Center Public Improvements) (the "District") pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act'); and WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority") has previously issued its 1996 Local Agency Revenue Bonds, Series E (the "Prior Authority Bonds") for the purpose of assisting the District in financing certain public improvements (the "Facilities") relating to the "Lake Elsinore City Center" located at the northwest quadrant of Grape Street and Railroad Canyon Road adjacent to Interstate Highway 15; and WHEREAS, the Council, as the legislative body of the District, desires to authorize the issuance of bonds designated "City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements) Special Tax Bonds, 2011 Series (the "Local Obligations") for the purpose of refinancing the Facilities; and WHEREAS, for the purpose of assisting the District in refinancing the Facilities, the Authority has determined to issue its Local Agency Revenue Bonds (1996 Series E Refunding), 2011 Series B ( the "Authority Bonds"); and WHEREAS, the Authority intends to use a portion of the proceeds of the Authority Bonds to purchase the Local Obligations pursuant to a Commitment Agreement and Purchase Contract (the "Commitment Agreement and Purchase Contract") to be entered into between the Authority and the District, which proceeds will be directed by the District to cause the refunding of the Prior Authority Bonds; 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. 95-1 (Lake Elsinore City Center Public Improvements), does hereby resolve as follows: Section 1. The foregoing recitals are true and correct and the City hereby so finds and determines. Section 2. The Council, as the legislative body of the District, hereby authorizes the issuance of the Local Obligations in the aggregate principal amount not to exceed $1,500,000. Section 3. The 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 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 Council, 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 Local Obligations shall bear interest at a rate not to exceed 7.0%. Section 6. The Council, as the legislative body of the District, hereby approves the sale of the Authority Bonds to the Underwriter pursuant to 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 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 Local Obligations 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 Local Obligations and the consummation of the transactions as described herein. Section 9. 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 November, 2011. BRL-E~ MAYOR A T"bb" VIRGINI LOO CITY CLERK APPROVED AS TO FORM: BAR AR A ZEID LEIBOLD CITY ATTORNEY CITY OF LAKE ELSINORE STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Virginia J. Bloom, City Clerk of the City of Lake Elsinore, California, hereby certify that Resolution No. 2011-062 was adopted by the City Council of the City of Lake Elsinore, California, at a regular meeting held on the 8h day of November 2011 and that the same was adopted by the following vote: AYES NOES: ABSENT: ABSTAIN Mayor Pro Tern Magee, Council Member Hickman, Council Member Melendez, Council Member Weber and Mayor Tisdale None None None Virgini . BIo City Cle