HomeMy WebLinkAboutCC Reso No 2014-065 Southshore CFDRESOLUTION NO. 2014 -065
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE APPROVING A DEPOSIT AND REIMBURSEMENT
AGREEMENT RELATING TO THE FORMATION OF A COMMUNITY
FACILITIES DISTRICT FOR THE SOUTHSHORE PROJECT.
WHEREAS, the City of Lake Elsinore (the "City ") has determined to initiate
proceedings to create a community facilities district tentatively designated "City of Lake
Elsinore Community Facilities District No. 2014 -1 (Southshore) (the "Community
Facilities District') under the Mello -Roos Community Facilities Act of 1982, as amended
(the "Act'); and
WHEREAS, the developer with respect to the Community Facilities District
intends to make a security deposit with the City to cover certain District formation costs
which are eligible for refund upon the sale of bonds by the Community Facilities District
and the payment of such District formation costs from the proceeds of such bonds; and
WHEREAS, such developer will provide for the advancement of funds to be used
to pay costs incurred in connection with the preparation of the agreement being
considered by the Council.
NOW, THEREFORE, the City Council of the City of Lake Elsinore, California,
does hereby resolve as follows:
Section 1. The City Council hereby approves the Deposit and Reimbursement
Agreement (the "Agreement') in substantially the form presented to the Council at this
meeting. The Mayor, the City Manager, and the Director of Administrative Services are
hereby authorized to execute the Agreement with such revisions, amendments, and
completions as shall be approved by the officer executing the same, such approval to
be conclusively evidenced by the execution and delivery thereof.
City Council Resolution No 2014 -065
Page 2 of 2
Section 2. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council
of the City of Lake Elsinore, California, this 22 "d day of August, 2014.
A EST:
Virginia 1,131000, City Clerk
Zeid Wbold, City Attorney
79279644.1
V
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 -065 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 26th day of August 2014, and that
the same was adopted by the following vote:
AYES: Mayor Pro Tern Manos, Council Member Magee, Council Member
Hickman, Council Member Tisdale, and Mayor Johnson
NOES: None
ABSENT: None
ABSTAIN: None
irgi i . B m, City Clerk