HomeMy WebLinkAboutCC Reso No 2014-002 CFD 2007-5 Red KiteRESOLUTION NO. 2014 -002
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE APPROVING A DEPOSIT AND REIMBURSEMENT
AGREEMENT, A CITY FEE DEPOSIT AND REIMBURSEMENT
AGREEMENT AND AN EVMWD FEE DEPOSIT AND
REIMBURSEMENT AGREEMENT RELATING TO THE CITY OF LAKE
ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2007 -5 (RED
KITE)
WHEREAS, the City Council (the "Council ") of the City of Lake Elsinore (the
"City ") has formed the City of Lake Elsinore Community Facilities District No. 2007 -5
(Red Kite) (the "CFD ") pursuant to the Mello -Roos Community Facilities Act of 1982, as
amended (the "Act "); and
WHEREAS, the developer with respect to the CFD intends to make a security
deposit with the City and Elsinore Valley Municipal Water District ( "EVMWD ") to cover
certain City capital fees and EVMWD capital fees, respectively, which are eligible for
refund upon the sale of bonds by the CFD and the payment of such City capital fees
and EVMWD capital fees from the proceeds of such bonds;
WHEREAS, such developer will provide for the advancement of funds to be used
to pay costs incurred in connection with the preparation of the agreements being
considered by the Council;
NOW, THEREFORE, the City Council of the City of Lake Elsinore, California,
does hereby resolve as follows:
Section 1. The City Council hereby approves the Deposit and Reimbursement
Agreement, the City Fee Deposit and Reimbursement Agreement and the EVMWD Fee
Deposit and Reimbursement Agreement (the "Agreements ") in substantially the forms
presented to the Council at this meeting. The Mayor, the City Manager and the Director
of Administrative Services are hereby authorized to execute the Agreements with such
revisions, amendments and completions as shall be approved by the officer executing
the same, such approval to be conclusively evidenced by the execution and delivery
thereof.
Section 2. This Resolution shall take effect from and after the date of its
passage and adoption.
Resolution No. 2014 -002
Page 2 of 2
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council
of the City of Lake Elsinore, California, this 14th day of January, 2014.
ATTEST:
Virgini6 13100 City Clerk
APPROVED AS TO FORM:
ara Z. Lobold, City Attorney
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. 2014 -002 was adopted by the City Council of the City of Lake Elsinore,
California, at a regular meeting held on the 14 day of January 2014, and that the same
was adopted by the following vote:
AYES: Council Member Tisdale, Council Member Magee, Mayor Pro Tern Manos
and Mayor Johnson
NOES: None
ABSENT: Council Member Hickman
ABSTAIN: None
Virgini . Blo m, City Clerk