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HomeMy WebLinkAboutCC Reso No 2012-047 City Council ResoRESOLUTION NO. 2012 -047 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, MAKING CERTAIN FINDINGS, APPROVING A REPORT OF THE REASSESSMENT ENGINEER AND CONFIRMING THE REASSESSMENT, AUTHORIZING THE ISSUANCE OF CITY OF LAKE ELSINORE ASSESSMENT DISTRICT NO. 93 -1 LIMITED OBLIGATION REFUNDING IMPROVEMENT BONDS, 2012 SERIES A, APPROVING THE ISSUANCE OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE REFUNDING BONDS (ASSESSMENT DISTRICT NO. 93 -1), 2012 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 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, Pursuant to 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'), the City Council of the City (the "City Council ") has adopted a resolution of intention to refund the 2000 Bonds and to levy reassessments (the 'Reassessments ") as security for the refunding bonds; and WHEREAS, Pursuant to the Refunding Act and the Resolution of Intention, Francisco & Associates, Inc. (the 'Reassessment Engineer") has prepared and filed with the City Clerk a report containing the matters required by the Refunding Act, and such report (the 'Report") has been presented to the City Council for consideration; and WHEREAS, The City Council has determined that it is in the best interests of the City and the owners of property within the Assessment District that the 2000 Bonds be defeased, refunded and redeemed, and that refunding bonds be issued pursuant to the Refunding Act for that purpose; and WHEREAS, In order to accomplish the defeasance, refunding and redemption of the 2000 Bonds, it is proposed that the City will issue not to exceed $15,500,000 aggregate principal amount of refunding bonds to be designated "City of Lake Elsinore Assessment District No. 93 -1 Limited Obligation Refunding Improvement Bonds, 2012 Series A" (the 'Bonds ") to be secured by reassessments on property within the Assessment District, which Bonds will be purchased by the Lake Elsinore Public Financing Authority (the "Authority "); and 77958655.2 t WHEREAS, the Authority intends to issue its Local Agency Revenue Refunding Bonds (Assessment District No. 93 -1), 2012 Series B (the "Authority Bonds "), the proceeds of which will be used to purchase the Bonds; 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; NOW, THEREFORE, the City Council of the City of Lake Elsinore, California, does hereby resolve as follows: Section 1. The City Council hereby finds that all of the conditions set forth in Section 9525 of the Refunding Act are satisfied, including that (a) each estimated annual installment of principal and interest on the Reassessments (other than any amounts added to such annual installments due to delinquencies if determined to be included) is less than the corresponding annual installment of principal and interest on the portion of the original reassessment pertaining to the 2000 Bonds by the same percentage for all subdivisions of land within the Assessment District; (b) the number of years to maturity of the Bonds is not more than the number of years to the last maturity of the 2000 Bonds; and (c) the principal amount of the Reassessments (other than and amounts added to such principal amount due to delinquencies if determined to be included) on each subdivision of land is less than the unpaid principal amount of the portion of the original reassessment pertaining to the 2000 Bonds by the same percentage for each corresponding subdivision of land within the Assessment District. Section 2. The City Council hereby finally approves and adopts the Report and confirms the reassessments contained therein. The Reassessment Engineer's itemized total costs and expenses in connection therewith contained in the Report are finally adopted and approved. The diagram showing the Assessment District, and the boundaries and dimensions of the respective subdivisions which have been given a separate number upon said diagram (the "Diagram "), are finally approved and confirmed as the Diagram of the properties to be reassessed to pay the costs and expenses of the refunding. Section 3. The City Clerk shall deliver to the City Engineer, acting as the superintendent of streets, the Reassessments, together with the Diagram, and the City Engineer shall record the same in his office, and such recordation shall constitute the reassessment roll. The City Clerk shall sign a Notice of Reassessment, provide for the filing of the Diagram with the Riverside County Recorder and thereupon record the Notice of Reassessment with the Riverside County Recorder. Section 4. The City Council hereby authorizes the issuance of the Bonds in the aggregate principal amount not to exceed $15,500,000. Section 5. The City Council 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 77958655.2 2 "Responsible Officer "), are hereby authorized to execute the Fiscal Agent Agreement in Fj 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 6. The City Council 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 7. The City Council 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 6.75 %. �i Section 8. The City Council 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. F1 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. 77958655.2 3 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. "Dpa BRIAN TIS ALE MAYOR ATTEST: U&- uft�) VIRGINI LOO CITY CLERK APPROVED AS TO CITY ATTOR14EY CITY OF LAKE ELSINORE 77958655.2 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 -047 was adopted by the City Council of the City of Lake Elsinore, California, at a regular meeting held on the 23rd day of October 2012, and that the same was adopted by the following vote: AYES: Council Member Melendez, Council Member Magee, Council Member Weber, Mayor Pro Tern Hickman and Mayor Tisdale NOES: None ABSENT: None ABSTAIN: None Vi`rginiaJ jViooni, C City t