HomeMy WebLinkAboutCC Reso No 1991-28RESOLUTIONNO. _ 91-2$
A RESOLUTION DETIItN1INING TIIE NECESSITY TO INCUR BOND~D
INDEBTEDNESS WITFIIN THE CITY OF LAKE ELSINORE COMMUNITY
I~ ACII.ITIES DISTRICT NO. 91-2 (SUM1V~ItIIII.I. PUBLIC IlVII'ROVII~~NTS) AND
SUBNIITTING PROPOSITION TO TIIE QUAI~IE~ IED ELECTORS OF THE DISTRICT
City of Lake Elsinore
Community Facilities District No. 91-2
(Summerhill Public Improvements)
RESOLVED, by the City Council of the City of Lake Elsinore (the "City") that:
WHEREAS, on February 26, 1991, this City Council adopted a resolution entitled
"A Resolution of Intention to Establish a Community Facilities District and to Authorize
the Levy of Special Taxes Pursuant to the Mello-Roos Act of 1982" (the "Resolution of
Intention") stating its intention to form the City of Lake Eisinore Community Facilities
District No. 91-2 (Summerhill Public Improvements) (the "District"), pursuant to the
Mello-Roos Community Facilities Act of 1982, as amended (the "Act"); and
WHEREAS, on February 26, 1991, this City Council aiso adopted a resolution
entitled "A Resolution of Intention to Incur Bonded Indebtedness of the Proposed City of
Lake Elsinore Community Facilities District No. 91-2 (Summerhili Public Improvements)
Pursuant to the Mello-Roos Community Facilities Act of 1982" (the "Resolution of
Intention to Incur Indebtedness") stating its intention to incur bonded indebtedness
within the boundaries of the District for the purpose of financing the costs of certain
facilities specified in the Resolution of Intention; and
WHEREAS, on this date, this City Council held a noticed public hearing as
required by the Act relative to the determination to proceed with the formation of the
District, the provision of £acilities by the District and the rate and method of
apportionment of the special tas to be levied within the District to pay the principal and
interest on the proposed indebtedness and the administrative costs of the City relative to
the District; and
WHEREAS, at said hearing all persons desiring to be heard on all matters
pertaining to the formation of the District, the provision of said facilities (the "Facilities")
and the levy of the special tax on property within the District were heard and a full and
fair hearing was held; and
WHEREAS, subsequent to said hearing, this City Council adopted a resolution
entitled "A Resolution Of Formation Of City of' Lake Elsinore Community Facilities
District No. 91-2 (Summerhill Public Improvements), Authorizing The Levy Of A Speciai
Tax Within The District, Preliminarily Establishing An Appropriations Limit For The
District And Submitting Levy Of The Special Tax And The Estabiishment of The
Appropriations Limit To The .Qualified Electors Of The District" (the "Resolution of
Formation"); and
WHEREAS, on this date, this City Council held a noticed public hearing as
required by the Act relative to the matters material to the questions set forth in the
Resolution of Intention to Incur Indebtedness; and
WHER~AS, no written protests with respect to the matters material to the
questions set £orth in the Resolution of Intention to Incur Indebtedness have been filed
with the City Clerk.
NOW, THEREFORE, IT IS HEREBY ORDERED as foliows:
1. The foregoing recitals are true and correct.
2. It is necessary to incur bonded indebtedness in the maxiraum aggregate
principal amount o£ $17,000,000 within the boundaries of the District.
3. The indebtedness is incurred for the purpose of financing the costs of the
Facilities, as provided in the Resolution of Formation including, but not limited to, the
costs of issuing and selling bonds to finance the Facilities and the costs of the City in
administering the District.
4. The whole of the District shall pay for the bonded indebtedness through the levy
of the special tax. The tax is to be apportioned in accordance with the formula set forth in
Exhibit "B" to the Resolution of Formation.
b. The ma~cimum amount of bonded indebtedness to be incurred is $17,000,000 and
the maximum term of the bonds to be issued shall in no event exceed forty (40) years.
6. The bonds shall bear interest at rate or rates not to exceed the maximum
interest rate permitted by applicable law at the time of sale of the bonds, payable
semiannually or in such other manner as this City Council or its designee shall
determine, the actual rate or rates and times of payment of such interest to be determined
by this City Council or its designee at the time or times of sale of said bonds.
7. The proposition of incurring the bonded indebtedness herein authorized shall
be submitted to the qualified electors of the District and shall be consolidated with
elections on the proposition of levying special taxes within the District and the
establishment of an appropriations limit for the District pursuant to Section 53353.5 of the
Act. The time, place and conditions of said election shall be as specified by separate
resolution of this City Council.
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PASSED AND ADOPTED this 9th day of April, 1991, by the following vote:
AYES: COUNCILMEMBERS: BUCK, DOPIIN(;UEZ, STAf2KEY, WINKLER, WASHBURN
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
~ M. Washburn, Mayor
City of Lake Elsinore
(SEAL)
Attes~
By. ( /~ ~.r~..~ lVi~i,A~F'J1
'V'icki Kasad, City Clerk
City of Lake Elsinore
Approved as to Form & Lepality:
`~~~~~~~~~
John R. Harper, C ty Attorney
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 foregoing Resolution duly adopted by the
City Council of the City of Lake Elsinore at a regular meeting of
said Council on the 9th day of April, 1991, and that it was so
adopted by the following vote:
AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY,
WINKLER, WASHBURN
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
VICKI LYNN SAD, CITY CL
CITY OF LA ELSINORE
(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. 91-28 of said Council, and that the
same has not been amended or repealed.
DA D: April 10, 1991
VICKI LYNNE AD, CITY CLERK
CITY OF LAKE SINORE
(SEAL)