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HomeMy WebLinkAboutCC Reso No 2007-058RESOLUTION NO. 2007-58 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA DETERMINING THE VALIDITY OF PRIOR PROCEEDINGS RELATING TO ANNEXATION OF PROPERTY INTO IMPROVEMENT AREA NO. 2 OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2004 -3 (ROSETTA CANYON) WHEREAS, the City Council (the "Council ") of the City of Lake Elsinore (the "City ") has previously established the City of Lake Elsinore Community Facilities District No. 2004 -3 (Rosetta Canyon) (the "CFD ") and designated portions of the CFD as Improvement Area No. 1 and Improvement Area No. 2, all pursuant to the Mello -Roos Community Facilities Act of 1982, as amended (the "Act "); and WHEREAS, the Council has heretofore adopted Resolution No. 2007 -28 ( "Resolution of Intention ") stating its intention to annex certain property (the "Annexation Area ") into Improvement Area No. 2; 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 annexation of Annexation Area into Improvement Area No. 2; and WHEREAS, at said hearing all persons not exempt from the Special Tax desiring to be heard on all matters pertaining to the annexation of Annexation Area into hnprovement Area No. 2 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. CITY COUNCIL RESOLUTION NO. 2007 -58 PAGE 2 OF 5 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. The Council finds and determines that the proceedings prior hereto were valid and in conformity with the requirements of the Act. SECTION 2. The Annexation Area is hereby annexed into Improvement Area No. 2. SECTION 3. The description and map of the boundaries of the Annexation Area 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 Annexation Area. The map of the proposed boundaries of the Annexation Area has been recorded in the Office of the County Recorder of Riverside County, California (Book 70 of Maps of Assessment and Community Facilities District at page 50 and as Instrument No. 2007 - 0199990). SECTION 4. The facilities proposed to be financed by Improvement Area No. 2, including the proposed Annexation Area, 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, operate or finance 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 but not limited to streets, streetscape, storm drain, water and sewer facilities, fire station, fire equipment, City fees and fees of the Elsinore Valley Municipal Water District, and related costs including designs, inspections, professional fees, annexation fees, connection fees and acquisition costs (the "Facilities "). Such Facilities need not be physically located within Improvement Area No. 2. SECTION 5. 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, CITY COUNCIL RESOLUTION NO. 2007 -58 PAGE 3 OF 5 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 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 Annexation Area. 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 and by this reference incorporated herein. The Special Tax is based upon the cost of financing the Facilities, the demand that each parcel will place on the Facilities and the benefit (direct and /or indirect) received by each parcel from the Facilities. 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 Improvement Area No. 2 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 Improvement Area No. 2 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 hmprovement Area No. 2 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 6. 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 Special Tax shall attach to all real property in the Annexation Area, 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. SECTION 7. The proposed Special Tax to be levied in the Annexation Area has not been precluded by protests by owners of one -half or more of the land in the territory included in the Annexation Area pursuant to Government Code Section 53324. CITY COUNCIL RESOLUTION NO. 2007-58 PAGE 4 OF 5 SECTION 8. The voting procedure with respect to the imposition of the Special Tax shall be by hand delivered or mailed ballot election. SECTION 9. The Interim 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 10. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED this 24th day of April, 2007. AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY, SCHIFFNER, MAGEE NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE City of Lake ATT ST: Michelle Soto, Interim City Clerk City of Lake Elsinore APPROVED AS TO FORM: Barbara Zeid Leibold, City Attorney City of Lake Elsinore EXHIBIT A RATE AND METHOD OF APPORTIONMENT