HomeMy WebLinkAboutCC Reso No 2014-029 CFD 2003-2 (Canyon Hills) refunding of Area A and CRESOLUTION NO. 2014 -029
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF
CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO.
2003 -2 (CANYON HILLS), AUTHORIZING THE REFUNDING OF
CERTAIN OUTSTANDING BONDS RELATING TO IMPROVEMENT
AREA A AND IMPROVEMENT AREA C, AND APPOINTING THE
FINANCING TEAM IN CONNECTION THEREWITH
WHEREAS, the City Council (the "Council') of the City of Lake Elsinore (the
"City ") previously established the City of Lake Elsinore Community Facilities District No.
2003 -2 (Canyon Hills) (the "District ") pursuant to the Mello -Roos Community Facilities
Act of 1982, as amended, commencing with Section 53311 of the Government Code of
the State of California (the "Act') designated improvement areas within the District; and
WHEREAS, the District previously issued its Special Tax Bonds (Improvement
Area A), 2004 Series A (the "Prior IA A Bonds ") and the Lake Elsinore Public Financing
Authority previously issued its Local Agency Revenue Bonds (Canyon Hills IA C), 2010
Series A (the 'Prior IA C Bonds," and together with the Prior IA A Bonds, the "Prior
Bonds "); and
WHEREAS, an opportunity exists to refund the Prior Bonds for the purpose of
achieving debt service savings, which savings will benefit the homeowners within such
improvement areas by lowering the special taxes levied on their properties; and
WHEREAS, the Council desires to authorize staff to proceed with the refunding
of the Prior Bonds and appoint the financing team members to assist staff in
consummating the transactions as described herein;
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
ACTING AS THE LEGISLATIVE BODY OF CITY OF LAKE ELSINORE COMMUNITY
FACILITIES DISTRICT NO. 2003 -2 (CANYON HILLS), DOES HEREBY RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The City Manager, the Director of Administrative Services, the City
Clerk and all other officers of the City are hereby authorized and directed, for and in the
name and on behalf of the City and the District, to do any and all things and take any
and all other actions in connection with the issuance of refunding bonds for the purpose
of refunding of the Prior Bonds.
SECTION 2. The City Council hereby appoints Urban Futures, Inc., Orange,
California, as financial advisor, Fulbright & Jaworski LLP, Los Angeles, California, as
bond counsel, Harris Realty Appraisal, Newport Beach, California, as appraiser, and
Stifel, Nicolaus & Company, Incorporated, Los Angeles, California, as underwriter, and
acknowledges that Stradling Yocca Carlson & Rauth, a Professional Corporation,
Resolution No. 2014 -029
Page 2 of 2
Newport Beach, California, will serve as disclosure counsel, and acknowledges that
Nixon Peabody will serve as underwriter's counsel.
SECTION 3. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED on this 27th day of May, 2014.
Nataha'Jo
TfEST: V
Virginia Bloo City Clerk
e •e• 9_.
Zeid keibold, City Attorney
PA
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Virginia Bloom, City Clerk of the City of Lake Elsinore, California, do hereby certify
that Resolution No. 2014 -029 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 27th day of May 2014, and that the
same was adopted by the following vote:
AYES: Mayor Pro Tern Manos, Council Member Magee, Council Member Tisdale,
Council Member Hickman, and Mayor Johnson
NOES: None
ABSENT: None
ABSTAIN: None
Virgini loor�pity Clerk