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Home My WebLink AboutCC Reso No 2014-011 District No. 2006-1(Summerly)RESOLUTION NO. 2014 -011 RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, TO INCUR BONDED INDEBTEDNESS IN THE AMOUNTS NOT TO EXCEED $4,000,000, $6,500,000, $7,500,000, $5,500,000, $8,000,000, $9,000,000 AND $12,500,000 WITHIN IMPROVEMENT AREA CC, IMPROVEMENT AREA DD, IMPROVEMENT AREA EE, IMPROVEMENT AREA FF, IMPROVEMENT AREA GG, IMPROVEMENT AREA HH AND IMPROVEMENT AREA II, RESPECTIVELY, OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2006 -1 (SUMMERLY) WHEREAS, the City Council (the "Council') of the City of Lake Elsinore (the "City ") has previously established City of Lake Elsinore Community Facilities District No. 2006 -1 (Summerly) (the "CFD "), pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, (the "Act'), to finance the purchase, construction, expansion or rehabilitation of certain real and other tangible property with an estimated useful life of five years or longer, including public infrastructure facilities and other governmental facilities, which are necessary to meet increased demands placed upon the City as a result of development or rehabilitation occurring within the proposed CFD (the "Facilities "); and WHEREAS, the Council has received a petition requesting the institution of proceedings to (i) dissolve Improvement Areas C, E and F of the CFD, (ii) file a notice of cessation of special tax on APNs 371- 270 -017, 371 - 270 -018 and 371 - 270 -021 within Improvement Area B, (iii) designate new improvement areas within the CFD for the purpose of financing various public improvements, (iv) authorize the levy of special taxes within each of the new improvement areas of the CFD, (v) authorizing the issuance of bonds for each of the new improvement areas of the CFD, and (vi) establish an appropriations limit for each of the new improvements of the CFD; and WHEREAS, the Council has heretofore adopted Resolution No. 2014 -010, dissolving Improvement Areas C, D, E and F, and discharging special tax liens on properties within such improvement areas, authorizing the filing of a notice of cessation of special tax on APNs 371 - 270 -017, 371- 270 -018 and 371 - 270 -021 within Improvement Area B and designating new Improvement Area CC, Improvement Area DD, Improvement Area EE, Improvement Area FF, Improvement Area GG, Improvement Area HH and Improvement Area II (each a "New Improvement Area," and collectively, the "New Improvement Areas "); and WHEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness in the amounts not to exceed $4,000,000, $7,500,000, $5,500,000, $8,000,000, $9,000,000 and $12,500,000 for Improvement Area CC, Improvement Area DD, Improvement Area EE, Improvement Area FF, Improvement Area GG, City Council Resolution No. 2014 -011 Page 2 of 3 Improvement Area HH and Improvement Area II, respectively, the repayment of which is to be secured by special taxes levied in accordance with Section 53340 et seq. of the Act on all property within the respective New Improvement Areas, other than those properties exempted from taxation as provided in the respective rate and method of apportionment attached as Exhibit B to Resolution No. 2014 -010. 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. 2006 -1 (Summerly), does hereby resolve as follows: Section 1. The above recitals are true and correct. Section 2. It is necessary to incur bonded indebtedness within each of Improvement Area CC, Improvement Area DD, Improvement Area EE, Improvement Area FF, Improvement Area GG, Improvement Area HH and Improvement Area II of the CFD in the amounts not to exceed $4,000,000, $7,500,000, $5,500,000, $8,000,000, $9,000,000 and $12,500,000, respectively, to finance the costs of the Facilities for each New Improvement Area. Section 3. The indebtedness will be incurred for the purpose of financing the costs of designing, constructing and acquiring the Facilities, the acquisition of necessary equipment and property therefor and fulfilling contractual commitments and carrying out the powers and purposes of the CFD, including, but not limited to, the financing of the costs associated with the issuance of the bonds and all other costs necessary to finance the Facilities which are permitted to be financed pursuant to the Act. Section 4. Each New Improvement Area shall pay for its bonded indebtedness. Section 5. It is the intent of the Council to authorize the sale of bonds in one or more series, in the maximum aggregate principal amounts not to exceed $4,000,000, $7,500,000, $5,500,000, $8,000,000, $9,000,000 and $12,500,000 for Improvement Area CC, Improvement Area DD, Improvement Area EE, Improvement Area FF, Improvement Area GG, Improvement Area HH and Improvement Area II, respectively, at a maximum interest rate not in excess of 12 percent per annum or such rate not in excess of the maximum rate permitted by law at the time the bonds are issued. The term of the bonds shall be determined pursuant to a resolution of the Council authorizing the issuance of the bonds, but such term shall in no event exceed 40 years or such longer term as is then permitted by law. Section 6. A public hearing (the "Hearing ") on the proposed debt issue shall be held April 8, 2014 at 7:00 p.m. or as soon thereafter as practicable, at the Lake Elsinore Cultural Center located at 183 North Main Street, Lake Elsinore, California, 92530. Section 7. At the Hearing at the time and place set forth above, any interested persons, including all persons owning land within the New Improvement Areas, may appear and be heard at the Hearing. City Council Resolution No. 2014 -011 Page 3 of 3 Section 8. The proposition to incur bonded indebtedness in the maximum aggregate principal amounts not to exceed $4,000,000, $7,500,000, $5,500,000, $8,000,000, $9,000,000 and $12,500,000 for Improvement Area CC, Improvement Area DD, Improvement Area EE, Improvement Area FF, Improvement Area GG, Improvement Area HH and Improvement Area II, respectively, shall be submitted to the qualified electors of the respective New Improvement Area. A special community facilities district election shall be conducted on April 8, 2014. The special election shall be conducted by hand delivered or mailed ballot election. The ballots shall be returned to the office of the election officer no later than 11:00 o'clock p.m. on April 8, 2014. Section 9. The Clerk is hereby directed to publish a copy of this resolution, which shall serve as notice ( "Notice ") of the Hearing and the special bond election, pursuant to Section 6061 of the Government Code in a newspaper of general circulation in the New Improvement Areas. Section 10. The Clerk may send a copy of the Notice of the Hearing by first - class mail, postage prepaid, to each registered voter and to each landowner within the New Improvement Areas as shown on the last equalized assessment roll. Section 11. 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,25th day of Febryary, 2014. 039111 11 Pro Tern Diana Giron, D City Clerk APPROVED AS TO FORM: Z. STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Diana Giron, Deputy City Clerk of the City of Lake Elsinore, California, hereby certify that Resolution No. 2014 -011 was adopted by the City Council of the City of Lake Elsinore, California, at a regular meeting held on the 25th day of February 2014, and that the same was adopted by the following vote: AYES: Council Member Tisdale, Council Member Magee, Council Member Hickman, and Mayor Pro Tern Manos NOES: None ABSENT: Mayor Johnson ABSTAIN: None Diana Giron Deputy City Clerk