Loading...
HomeMy WebLinkAboutCC Reso No 2008-011RESOLUTION NO. 2008 -11 A RESOLUTION OF FORMATION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, DETERMINING THE VALIDITY OF PRIOR PROCEEDINGS AND ESTABLISHING 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 heretofore adopted Resolution No. 2007 -198 ( "Resolution of Intention ") stating its intention to form 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, a copy of the Resolution of Intention is on file with the City Clerk and incorporated herein by reference; and WHEREAS, pursuant to the Act and in accordance with applicable laws, this Council held a public hearing on the formation of the CFD and the incurring of bonded indebtedness with respect to the CFD; and WHEREAS, at said hearing all persons not exempt from the Services Special Tax and the Special Tax desiring to be heard on all matters pertaining to the formation of the CFD were heard and a full and fair hearing was held; and WHEREAS, at said hearing evidence was presented to the Council on said matters before it, and this Council at the conclusion of said hearing is fully advised in the premises. NOW, THEREFORE, the City Council of the City of Lake Elsinore, California, does hereby resolve as follows: Section 1. Pursuant to Section 53325.1(b) of the Government Code, the Council finds and determines that the proceedings prior hereto were valid and in conformity with the requirements of the Act. Section 2. A community facilities district to be designated "City of Lake Elsinore Community Facilities District No, 2007 -5 (Red Kite)" is hereby established pursuant to the Act. Section 3. The description and map of the boundaries of the CFD on file in the City Clerk's office and as described in the Resolution of Intention and incorporated herein by reference, shall be the boundaries of the CFD. The map of the proposed 1 boundaries of the CFD has been recorded in the Office of the County Recorder of Riverside County, California (Book 72 of Maps of Assessment and Community Facilities District at page 51 and as Instrument No. 2007 - 0731005). Section 4. Except where funds are otherwise available, it is the intention of the Council to levy annually in accordance with procedures contained in the Act a special tax (the "Services Special Tax ") sufficient to finance a portion of the cost of providing parks, open space and storm drain maintenance services (the "Services ") that are in addition to those provided in the territory within the CFD prior to the formation of the CFD and do not supplant services already available within the territory proposed to be included in the CFD, the costs of administering the levy and collection of the Services Special Tax and all other costs of the levy of the Services Special Tax, including any foreclosure proceedings, legal, fiscal and financial consultant fees, election costs, and all other administrative costs of the tax levy. The Services Special Tax will be secured by recordation of a continuing lien against all real property in the CFD. The schedule of the rate and method of apportionment and manner of collection of the Services Special Tax is described in detail in Exhibit A attached hereto. The Services are more fully described in the report presented to this Council at the public hearing (the 'Report"). The Services Special Tax is apportioned to each parcel on the foregoing basis pursuant to Section 53325.3 of the Act. Section 5. The facilities proposed to be financed by the CFD are public infrastructure facilities and other governmental facilities with an estimated useful life of five years or longer, which the CFD is authorized by law to construct, own or operate and that are necessary to meet increased demands placed upon the City as a result of development or rehabilitation occurring within the proposed CFD, including, without limitations, City capital impact fees and Elsinore Valley Municipal Water District water and sewer connection fees, and related costs including design, inspections, professional fees, annexation fees, connection fees and acquisition costs (the "Facilities "). Such Facilities need not be physically located within the CFD. The Facilities are more fully described in the Report. Section 6. Except where funds are otherwise available, it is the intention of the Council to levy annually in accordance with procedures contained in the Act a special tax (the "Special Tax ") sufficient to pay for the costs of financing the acquisition and /or construction of the Facilities, including the principal of and interest on the bonds proposed to be issued to finance the Facilities and other periodic costs, the establishment and replenishment of reserve funds, the remarketing, credit enhancement and liquidity fees, the costs of administering the levy and collection of the Special Tax and all other costs of the levy of the Special Tax and issuance of the bonds, including any foreclosure proceedings, architectural, engineering, inspection, legal, fiscal, and financial consultant fees, discount fees, interest on bonds due and payable prior to the expiration of one year from the date of completion of facilities (but not to exceed two years), election costs and all costs of issuance of the bonds, including, but not limited 2 to, fees for bond counsel, disclosure counsel, financing consultants and printing costs, and all other administrative costs of the tax levy and bond issue. The Special Tax will be secured by recordation of a continuing lien against all real property in the CFD. In the first year in which such a Special Tax is levied, the levy shall include a sum sufficient to repay to the City all amounts, if any, transferred to the CFD pursuant to Section 53314 of the Act and interest thereon. The schedule of the rate and method of apportionment and manner of collection of the Special Tax is described in detail in Exhibit A attached hereto. The Special Tax is apportioned to each parcel on the foregoing basis pursuant to Section 53325.3 of the Act. In the event that a portion of the property within the CFD shall become for any reason exempt, wholly or partially, from the levy of the Special Tax, the Council shall, on behalf of the CFD, increase the levy to the extent necessary upon the remaining property within the CFD which is not delinquent or exempt in order to yield the required payments, subject to the maximum tax. Under no circumstances, however, shall the Special Tax levied against any parcel used for private residential purposes be increased as a consequence of delinquency or default by the owner of any other parcel or parcels within the CFD by more than 10 percent. Furthermore, the maximum special tax authorized to be levied against any parcel used for private residential purposes shall not be increased over time in excess of 2 percent per year. Section 7. Upon recordation of a Notice of Special Tax Lien pursuant to Section 3114.5 of the Streets and Highways Code, a continuing lien to secure each levy of the Services Special Tax and the Special Tax shall attach to all real property in the CFD, and the lien with respect to the Special Tax shall continue in force and effect until the Special Tax obligation is prepaid or otherwise permanently satisfied and the lien canceled in accordance with law, and the lien with respect to the Services Special Tax and the Special Tax shall continue in force and effect until collection of the Services Special Tax and the Special Tax by the CFD ceases. Section 8. Neither the proposed Services Special Tax nor the Special Tax to be levied in the CFD has been precluded by protests by owners of one -half or more of the land in the territory included in the CFD pursuant to Government Code Section 53324. Section 9. Pursuant to and in compliance with the provisions of Government Code Section 50075.1, the Council hereby establishes the following accountability measures pertaining to the levy by the CFD of the Services Special Tax and the Special Tax: (a) Such Services Special Tax and the Special Tax shall be levied for the specific purposes set forth herein. (b) The proceeds of the levy of such Services Special Tax and the Special Tax shall be applied only to the specific purposes set forth herein. 3 (c) The CFD shall establish an account or accounts into which the proceeds of such Services Special Tax and the Special Tax shall be deposited. (d) The City Manager, or his or her designee, acting for and on behalf of the CFD, shall annually file a report with the Council as required pursuant to Government Code Section 50075.3. Section 10. The City Manager, 130 S. Main Street, Lake Elsinore, California 92530, (951) 674 -3124, or his designee, is designated to be responsible for preparing or causing to be prepared annually a current roll of Services Special Tax and the Special Tax levy obligations by assessor's parcel number and for estimating future Services Special Tax and the Special Tax levies pursuant to Section 53340.1 of the Government Code. Section 11. The voting procedure with respect to the imposition of the Services Special Tax and the Special Tax, incurring bonded indebtedness and establishing an appropriations limit of the CFD shall be by hand delivered or mailed ballot election. Section 12. The City Clerk is directed to certify and attest to this Resolution and to take any and all necessary acts to call, hold, canvass and certify an election or elections on the incurring bonded indebtedness, the levy of the Special Tax, and the establishment of the appropriation limit. Section 13. This Resolution shall take effect from and after the date of its passage and adoption. C! PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of Lake Elsinore, California, this 8th day of January 2 08. j bARYL HICKMAN MAYOR AT ST: V IAN M. MUNSON CITY CLERK STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE )ss. CITY OF LAKE ELSINORE ) I, VIVIAN M. MUNSON, City Clerk of the City of Lake Elsinore, California, hereby certify that Resolution No. zoos -II was adopted by the City Council of the City of Lake Elsinore, California, at a regular meeting held on the 8th day of January 2008, and that the same was adopted by the following vote: AYES: MAYOR HICKMAN, COUNCILMEMBER BUCKLEY, COUNCILMEMBER MAGEE, COUNCILMEMBER SCHIFFNER NOES: NONE ABSENT: MAYOR PRO TEM KELLEY ABSTAIN: NONE VIVIAN M. MUNSON CITY CLERK 0