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HomeMy WebLinkAboutCC Reso No 2012-046 City Council ResoRESOLUTION NO. 2012 -046 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, DECLARING ITS INTENTION TO REFUND THE OUTSTANDING BONDS OF ASSESSMENT DISTRICT NO. 93 -1 (CANYON HILLS); TO LEVY REASSESSMENTS AS SECURITY FOR THE REFUNDING BONDS; AND TO CONTINUE THE LIEN OF THE ORIGINAL ASSESSMENTS ON CERTAIN PARCELS OF PROPERTY IN THE ASSESSMENT DISTRICT WHEREAS, the City of Lake Elsinore (the "City ") has previously issued and sold bonds for Assessment District No. 93 -1 (Canyon Hills) (the "Assessment District') designated "City of Lake Elsinore Assessment District No. 93 -1 (Canyon Hills) Limited Obligation Refunding Improvement Bonds, Series 2000 (the "2000 Bonds ") in the original aggregate principal amount of $19,875,000; and WHEREAS, the City Council has determined that the public interest requires the refunding of the 2000 Bonds as permitted by and pursuant to proceedings to be conducted in accordance with the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 (commencing with Section 9500) of the Streets and Highways Code of the State of California (the 'Refunding Act'); NOW, THEREFORE, the City Council of the City of Lake Elsinore, California, does hereby resolve as follows: Section 1. The City Council determines that the public interest requires the refunding of the 2000 Bonds and declares its intention to refund the 2000 Bonds, to issue certain refunding bonds (the 'Refunding Bonds ") and to levy reassessments on the parcels of property in the Assessment District as security for the Refunding Bonds, all pursuant to the Refunding Act. It is further the intention of the City Council to continue the liens of the existing reassessments levied on parcels of property in the Assessment District, which secure the payment of the principal of and interest of the 2000 Bonds, as security for the payment of the unpaid installments of such reassessments and the penalties and interest thereon, including the installments of such reassessments which have been posted to and are to be collected on the tax assessment roll for the 2012 -13 fiscal year and all unpaid and delinquent installments of such reassessments which were posted to the tax assessment roll for prior fiscal years. Section 2. The City Manager is authorized and directed to have Francisco & Associates, Inc.; the firm employed by the City to assist the City in the reassessment proceedings which are to be conducted pursuant to the Refunding Act (the 'Reassessment Engineer "), prepare and file with the City Clerk a report containing all of the matters required by Section 9523 of the Streets and Highways Code of the State of California (the "Report"). The Reassessment Engineer shall further assume that the maximum interest rate on the Refunding Bonds will be a percent to be determined by the underwriter for the Refunding Bonds with the approval of the City Manager. Upon receipt of the Report, the City Clerk shall present it to the City Council for consideration. 77958659.2 Section 3. The maximum rate of interest on the Refunding Bonds shall not F1exceed 6.75% per annum. Section 4. The City staff shall determine and make a recommendation to the City Council as to whether it is in the best interests of the City and the owners of parcels of property in the Assessment District as to which annual installments of the reassessments thereon are unpaid and delinquent to include such delinquent installments, and the penalties and interest thereon, in the reassessments which will be levied on such parcels as security for the payment of the principal of and interest on the Refunding Bonds. Section 5. The City Council determines, pursuant to Section 8769 of the Streets and Highways Code of the State of California, that the City will not obligate itself to advance available funds from City moneys to cure any deficiency which may occur in the bond redemption fund for the Refunding Bonds. Section 6. The provisions of Part 11.1 of the Improvement Bond Act of 1915, providing an alternative procedure for the advance payment of assessments and the calling of bonds, shall apply to the reassessments and Refunding Bonds. Section 7. 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 F1 name and on behalf of the City, to do any and all things and take any and all other actions, including the publication of any notices necessary or desirable in order to consummate the transactions as described herein. Certification and any of the other duties and responsibilities assigned to the City Clerk pursuant to this Resolution may be performed by an Assistant or a Deputy City Clerk with the same force and effect as if performed by the City Clerk hereunder. F Section 8. This Resolution shall take effect from and after the date of its passage and adoption. 77958659.2 2 r PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Lake Elsinore, California, this 23rd day of October, 2012. f]�� D 0 BRIAN DALE MAYOR D AS TO CITY ATTORNEY CITY OF LAKE ELSINORE 77958659.2 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. 2012 -046 was adopted by the City Council of the City of Lake Elsinore, California, at a regular meeting held on the 23`d day of October 2012, and that the same was adopted by the following vote: AYES: Mayor Pro Tern Hickman, Council Member Magee, Council Member Melendez, Council Member Weber, and Mayor Tisdale NOES: None ABSENT: None ABSTAIN: None Virgi i . B m,-CMC City Clerk