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Home My WebLink AboutCC Reso No 1991-31.~ R~SOLUTION NO. rL,L-31 A RESOLUTION AUTHOR.iZING TI~ ISSUANCE OT SPECIAL TAX BONDS OF THE CITY OF LAK~ ELSINOIt~ TOR CITY OI~ LAK~ ELSINOR~ COMM[JNITY FACILITI~S DISTRICT NO. 91-2 (SUNIM.~RIIILL PUBLIC IlVII'ROVENL~NTS), APPROVING AND DIR~CTING TIl~ tiX~CUTION OF A I'ISCAL AG~NT AG1tEEMLNT, AND APPROVING OTIILR I{.~LAT~D DOCUNII'sNTS AND ACTIONS 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: WIIEREA5, this City Council has conducted proceedings under and pursuant to the Mello-ltoos Community Facilities Act of 1982, as amended (the "Act"), to form the City of Lake Elsinore Community Facilities District No. 91-2 (Summerhill Public Improvements) (the "District"), to authorize the levy of special ta~ces upon the land within the District, and to issue bonds secured by said special taxes the proceeds of which are to be used to finance certain facilities (the "Facilities"), all as described in the Resolutions entitled, "A Resolution of Formation of City of Lake Elsinore Community Facilities District No. 91-2 (Summerhill Public Improvements), Authorizing the Levy of a Special Tax Within the District, Preliminarily Establishing an Appropriations Limit for the District and Submitting Levy of the Special Tax and the ~stablishment of the Appropriations Limit to the Qualified ~lectors of the District" and "A Resolution Determining the Necessity to Incur Bonded Indebtedness W~thin the City of Lake Elsinore Community P'acilities District No. 91-2 (5ummerhill Public Improvements) and Submitting Proposition to the Qualified ~lectors of the District", adopted by this date; and WH~R~AS, pursuant to said resolutions, an election was held within the District on this date and the qualified electors approved the propositions of the incurrence of the bonded debt and the levy of the special tax by more than two-thirds of the votes cast at said spe~ial election; and WH~REAS, there have been submitted to this City Council certain documents providing for the issuance of bonds of the City for the District and the use of the proceeds of those bonds to finance the Facilities and this City Counc.il, with the aid of its staff, has reviewed said documents and Found them to be in proper order; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said Uonds and the levy of said special taxes as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and. manner as required by the laws o£ the State of CaliFornia, including the Act. NOW, THEREFORE, IT IS H~REBY ORDERED as follows: Section 1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (hereafter defined), special tax bonds of the City for the District designated as "City of Lake Elsinore Community Facilities District No. 91-2 (Summerhill Public Improvements) 1991 Special Tax Bonds" (the "Bonds") in an aggregate principal amount not to exceed $17,000,000 arc hereby authorized to be issucd. I'1~c 13onds shall bc exc,uti~d in the form set forth in and otherwise as provided in the'~iscal Agent Agreement. Scction 2. The proposed Fiscal Agent Agreement (the "Fiscal Agent Agreemei_t") with res~~ect to the Bonds and the proposed form of Funding and Acquisition Agreement between the City and Friedman fiomes, Inc. (the "Acquisition Agreement"), each in the form presented to this City Council at this meeting, is hereby approved. The City Manager of the City is hereby authorized and directed to execute and deliver the Fiscal Agent At;reement and the Acquisition Agreement in substantially said forms, with such adclitions tliereto or changes therein as are approved by the City Manager of the City upon consultatinn with Co-Bond Counsel including such additinns or changes as are necessarv or advisable in accordance with Section 6 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement and the Acquisition Agreement by the City. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. Section 3. The proposed form of purchase contract for the Bonds (the "purchase contract") between the City and the Lake Elsinore Public Financing Authority (the "Authority"), in the form presented to this meeting, is hereby approved. The City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to accept the offer of the Authority to purchase the Bonds contained in the purchase contract and to execute and deliver said purchase contract in said form, with such additions thereto or changes therein as are recommended or approved by such off`icer upon consultation with Co-Bond Counsel (provided that no additions or changes shall authorize an aggregate principai amount of Bonds in excess of $17,000,000, or result in an initial true interest cost on the Bonds in excess of 9°1o per annum), the approval of such adclitions or changes to be conclusively evidenced by the execution and delivery by the City of said purchase contract. This City Council hereby finds and determines that the sale of the Bonds at negotiated sale as contemplated by the purchase contract will result in a lower overall cost. Section 4. The City hereby covenants, for the benefit of the Bondowners, to commence and diligently pursue to completion any foreclosure action regarding delinquent installments of any amount levied as a special tax for the payment of interest or principal of the Bonds, said foreclosure action to be commenced and pursued as more completely set forth in the Fiscal Agent Agreement. Section 5. The Bonds, when executed, shall be delivered to the Fiscal Agent for authentication. The Fiscal Agent is hereby requested and directed to authenticate the Bonds by executing the Fiscal Agent's certificate of authentication and registration appearing ttiereon, and to deliver the Bonds, when duly executed and authenticated, to the Authority in accordance with written instructions executed on behaif of the City by the Director of Administrative Services, which instructions such officer is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver to the Fiscal Agent. Such instructions shall provide for the delivery of the Bonds to the Authority or its designee in accordance with the purchase contract, upon payment of the purchase price therefor. Section 6. All actions heretofore taken by the officers and agents o£ the City with respect to the establishment of the District and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, and other document described in the documents herein approved. Section 7. This resolution shall take effect from and after its adoption. *+~**++~+*~* PASSED AND ADOPTED this 9th day of April, 1991, by the following vote: AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY, WINKLER, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE y ~ ~r ~ I`~~ / Gar M. Washburn, Mayor ity of Lake Elsinore (SEAL) Attes: Approved as to Form & Legality: By. ~~(~YV-~ Vicki Kasad, City Clerk John R. Harper, it Attorney City of Lake Elsinore STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City oP 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 A~STAIN: COUNCILMEMBERS: NONE `l1~ VICKI LYNN~KASAD, CITY CLERK STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) CITY OF LA ELSINORE (SEAL) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoinq is a full, true and correct copy of Resolution No. 91-31 0£ said Council, and that the same has not been amended or repealed. DA ED: April 10, 1991 `\~~~"t''w,~ ' VIC~b'NE SAD, CITY CLERK CITY OF LAK ELSINORE