HomeMy WebLinkAboutCC Reso No 1989-56RESOLUTION PJO. 89-56
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAICE ELSINORE ACCEPTING A PETITION~ DESIGNATING
BOND COUNSEL AND UNDERARITER AND DIRECTING STAFF
TO PROCEED TO ESTABLISH A COMMUNITY FACILITIES DISTRICT
WHEREAS, the City of Lake Elsinore (the "City") has
received a Petition for Formation of a Community Facilities
District (the "District") from owners of property within the
District, pursuant to the provisions of the Mello-Roos
Community Facilities Act of 1982, being Chapter 2.5, Part 1,
Division 2, title 5 of the government Code of the State of
California (the "Act'~), for the levy of a special taxes to
pay for the construction and/or acquisition of certain
specified public facilities (the "Project") and for the
issuance of special tax bonds in such proceedings under the
Act; and
WHEREAS, in order to proceed with the processing of the
District in accordance with the Act, the City wishes to
designate and retain Bond Counsel to conduct said proceedings
and to direct City staff to proceed with the formation of the
District and the authorization and sale of special tax bonds
thereof; and
WHEREAS, the City also wishes to designate and
retain an Underwriter to advise the City in the structuring
of the financing and the sale of bonds and to purchase the
bonds of the District upon authorization thereof: and
PTHEREAS, the Project will be of benefit to the City
and its residents;
NOWs THEREFORE~ BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF LAKE ELSINORE~ AS FOLLOWS9
Section 1. The City hereby accepts the petition of
property owners for the formation of the District pursuant to
the provisions of the Act.
Section 2. The City hereby designates orrick,
Herrington & Sutcliffe and Harper and Burns as Co-Bond
Counsel (hereinafter "Bond Counsel") to the City for the
project described in the petition and directs the City
Manager to enter into an Agreement for Bond Counsel Services
in conjunction therewith.
Section 3. The City further designates
Pliller & Schroeder Financial. Inc. as Underwriter (hereinafter
the 11Underwriter") for the financing of the Project to advise
the City in the structuring of the financing and the sale of
bonds and to purchase the bonds of the District upon
authorization thereof.
RESOLUTION N0. 89-56
Page Two
~; Section 4. The appropriate staff inembers of the City
are hereby authorized and directed to proceed with the
t~~...~i: ~... ..C Yl.~ T: r}...: Y
~.,~,~,u,.~..... ..~ ,,...: .,~,....~c,. and sale of s~ecial tax bonds,
~ pursuant to the terms and provisions of the Act and the
approval of all subsequent proceedings by the City Council.
Section 5. The City recognizes that certain property
owners within the District, or others on their; behalf,
have advanced or may advance moneys to pay for engineering
and other costs of the Project or the District, and it is the
intent of the City to reimburse such costs, without interest,
to the extent such costs are verified and approved by the
City and are eligible under the Act, to the parties making
such advances; such costs shall be reimbursed only from bond
proceeds of the District.
Section 6. This resolution shall take effect
immediately upon its passage and adoption.
PASSED, APPROVED AND ADOPTED this 24th day of
___Uctober , 1989.
AYES:
NOES:
ABSENT:
ABSTENTIONS:
COUNCILMEMBERS:
COUNCILP4EP1BERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
BUCK, DOP1IfJGUEZ;"STA.RKEY, N!ASHBURN, WINKLER
NONE
NONE ._
NONE
APPROVED AS TO FORM AND LEGALITY:
JOHN R. HARPE~, ~ITY ATTORNEY
CITY OF LAKE LS NORE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
, I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
np HEREBY CERT2FY that the foregoing Resolution duly zdopt~d bp the
City Council of the City of Lake Elsinore at a regular meeting
of said Council on the 24th day of October, 1989, and that it was
so adopted by the following vote:
AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY
WASABURN~ WINKLER
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
~BSTAIN: COUNCILMEMBERS: NONE
y~~ \`\\~~=w~l
VI~KI LY'iVN D, CITY CLERK
" CITY OF LAKE EL,SItYORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. 89-56 of said Council, and that the
same has not been amended or repealed.
D TED: October 25, 1989
, VI~f:KT LYNNE '.ASAD, CITY CL RK
i CITY-OF LAKE ELSINORE
(SEAL)