HomeMy WebLinkAboutCC Reso No 2014-046 Community Facilities DistrictRESOLUTION NO. 2014 -046
A 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 ISSUANCE OF CITY OF
LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2003 -2
(CANYON HILLS) SPECIAL TAX BONDS, 2014 SERIES
(IMPROVEMENT AREA A) AND CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2003 -2 (CANYON HILLS)
SPECIAL TAX BONDS, 2014 SERIES (IMPROVEMENT AREA C),
APPROVING THE EXECUTION AND DELIVERY OF A FISCAL AGENT
AGREEMENT, A SECOND SUPPLEMENT TO FISCAL AGENT
AGREEMENT, A BOND PURCHASE AGREEMENT AND A
CONTINUING DISCLOSURE AGREEMENT, AND AUTHORIZING THE
TAKING OF OTHER ACTIONS RELATED THERETO
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 (the "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 the
respective improvement areas of the District by lowering the special taxes levied on
their properties; and
WHEREAS, the District desires to issue not to exceed $12,000,000 aggregate
principal amount of bonds designated "City of Lake Elsinore Community Facilities
District No. 2003 -2 (Canyon Hills) Special Tax Bonds, 2014 Series (Improvement Area
A)" (the "IA A Bonds ") and $8,000,000 aggregate principal amount of bonds desiqnated
"City of Lake Elsinore Community Facilities District No. 2003 -2 (Canyon Hills) Special
Tax Bonds, 2014 Series (Improvement Area C) (the "IA C Bonds," and together with
the IA A Bonds, the "District Bonds "), to be purchased by the Authority, for the purpose
of refunding the Prior IA A Bonds and Prior IA C Bonds, respectively; and
WHEREAS, the Authority intends to issue its Local Agency Revenue Bonds
(Canyon Hills Improvement Areas A and C Refunding), 2014 Series B, the proceeds of
which will be used to purchase the District Bonds; and
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WHEREAS, proposed forms of a Fiscal Agent Agreement, a Second Supplement
to Fiscal Agent Agreement, a Bond Purchase Agreement and a Continuing Disclosure
Agreement have been presented to the City Council and are on file with the City Clerk;
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. 2003 -2 (CANYON HILLS), DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. The City Council, as the legislative body of the District, hereby
authorizes the issuance of the IA A Bonds in the aggregate principal amount not to
exceed $12,000,000 and issuance of the IA C Bonds in the aggregate principal amount
not to exceed $8,000,000.
SECTION 2. The City Council, as the legislative body of the District, hereby
approves the Fiscal Agent Agreement in substantially the form on file with the City
Clerk. The Mayor, the City Manager, the Director of Administrative Services, and any
designee of any of them (each, a "Responsible Officer ") are hereby authorized to
execute the Fiscal Agent Agreement in substantially the form presented hereto, with
such revisions, amendments and completions as shall be approved by any Responsible
Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by
the execution and delivery thereof by any Responsible Officer.
SECTION 3. The City Council, as the legislative body of the District, hereby
approves the Second Supplement to Fiscal Agent Agreement in substantially the form
on file with the City Clerk. Any Responsible Officer is hereby authorized to execute the
Second Supplement to Fiscal Agent Agreement in substantially the form presented
hereto, with such revisions, amendments and completions as shall be approved by any
Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively
evidenced by the execution and delivery thereof by any Responsible Officer.
SECTION 4. The City Council, as the legislative body of the District, hereby
approves the Continuing Disclosure Agreement in substantially the form on file with the
City Clerk. Any Responsible Officer is hereby authorized to execute the Continuing
Disclosure Agreement in substantially the form presented hereto, with such revisions,
amendments and completions as shall be approved by any Responsible Officer, with
the advice of Bond Counsel, such approval to be conclusively evidenced by the
execution and delivery thereof by any Responsible Officer.
SECTION 5. The City Council, acting on its behalf and as the legislative body of
the District, hereby approves the Bond Purchase Agreement in substantially the form on
file with the City Clerk. Any Responsible Officer is hereby authorized to execute the
Bond Purchase Agreement, in substantially the form presented hereto, with such
revisions, amendments and completions as shall be approved by any Responsible
Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by
the execution and delivery thereof by any Responsible Officer, provided that, the District
Bonds shall bear interest at a rate not to exceed 5.25 %.
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SECTION 6. Pursuant to Section 53344.1 of the Act, the City Council hereby
reserves to itself, in its sole discretion, the right and authority by subsequent resolution
to allow any owner of property within the District, subject to the provisions of Section
53344.1 of the Act and those conditions as it may impose, and any applicable
prepayment penalties as prescribed in the bond indenture or comparable instrument or
document, to tender to the District treasurer or fiscal agent in full payment or partial
payment of any installment of the special taxes or the interest or penalties thereon
which may be due or delinquent, but for which a bill has been received, any bond or
other obligation secured thereby, the bond or other obligation to be taken at par and
credit to be given for the accrued interest shown thereby computed to the date of
tender.
SECTION 7. 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, including the publication of any notices necessary or desirable in
connection with the sale of the District Bonds and execution and delivery of any and all
assignments, certificates, requisitions, agreements, notices, consents, instruments of
conveyance, warrants and other documents, which they, or any of them, deem
necessary or advisable in order to consummate the lawful issuance and sale of the
District Bonds and the consummation of the transactions as described herein.
SECTION 8. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED on this 24th day of June, 2014.
I�?
Zeid Lelbold, City Attorney
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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 -046 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 24th day of June 2014, and that
the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN
Council Member Hickman, Council Member Magee,
Tisdale, Mayor Pro Tern Manos and Mayor Johnson
None
None
None
Council Member