Loading...
HomeMy WebLinkAboutCC Reso No 2014-076 CFD No. 2006-1 (Summerly)RESOLUTION NO. 2014 -076 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. 2006 -1 (SUMMERLY), AUTHORIZING THE ISSUANCE OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2006 -1 (SUMMERLY) SPECIAL TAX BONDS, 2015 SERIES (IMPROVEMENT AREA B), APPROVING THE ISSUANCE OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE BONDS (SUMMERLY IA B) 2015 SERIES A, THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, AND THE PREPARATION OF A COMMITMENT AGREEMENT AND PURCHASE CONTRACT FOR PURCHASE AND SALE OF LOCAL OBLIGATION BONDS, A PURCHASE CONTRACT AND A CONTINUING DISCLOSURE AGREEMENT WHEREAS, the City Council (the "Council') of the City of Lake Elsinore (the "City") has previously formed the City of Lake Elsinore Community Facilities District No. 2006 -1 (Summerly) (the "District ") pursuant to the Mello -Roos Community Facilities Act of 1982, as amended (the "Act'); and WHEREAS, the District desires to issue not to exceed $4,000,000 aggregate principal amount of bonds designated "City of Lake Elsinore Community Facilities District No. 2006 -1 (Summerly) Special Tax Bonds, 2015 Series (Improvement Area B)" (the 'Bonds "), to be purchased by the Lake Elsinore Public Financing Authority (the "Authority "), for the purpose of financing the purchase, construction, expansion or rehabilitation of certain real and other tangible property with an estimated useful life of five years or longer, including public infrastructure facilities which the City or the District is authorized by law to construct, own or operate, which are necessary to meet increased demands placed upon the City as a result of development or rehabilitation occurring within the District (the "Facilities "); and WHEREAS, the Authority intends to issue its Local Agency Revenue Bonds (Summerly IA B) 2015 Series A (the "Authority Bonds "), the proceeds of which will be used to purchase the Bonds; and WHEREAS, the City has heretofore held a public hearing pursuant to Section 6586.5 of Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California (the 'Bond Law "); and City Council Resolution No 2014 -076 Page 2 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. 2006 -1 (Summerly), does hereby resolve as follows: Section 1. The City Council, as the legislative body of the District, hereby authorizes the issuance of the Bonds in the aggregate principal amount not to exceed $4,0001000. Section 2. The City hereby finds and determines that (i) the Facilities are to be located within the boundaries of the City and (ii) there are significant public benefits arising from the Authority's issuance of the Authority Bonds to finance the Facilities, as contemplated by Section 6586 of the Bond Law. Section 3. 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 4. The City Council, as the legislative body of the District, hereby authorizes the preparation of the Purchase Contract, the Commitment Agreement and the Purchase Contract and the Continuing Disclosure Agreement, all relating to the sale of the Bonds or the Authority Bonds. The approval of the Purchase Contract, the Commitment Agreement and the Purchase Contract and the Continuing Disclosure Agreement in substantially final forms shall occur at a subsequent meeting of the City Council, and such approval is hereby made a condition precedent to the sale and issuance of the Bonds and the Authority Bonds. Section 5. 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 6. 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 City Council Resolution No 2014 -076 Page 3 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 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 Bonds and the consummation of the transactions as described herein. Section 7. 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 9th day of December, 2014. NAASHA JO MAYOR ATTEST: VIRGINIA BLC9O CITY CLMRK APPROVED AS TO FO CITY ATTORNEY CITY OF LAKE ELSINORE hil A'An�' VIRGINIA BLC9O CITY CLMRK APPROVED AS TO FO CITY ATTORNEY CITY OF LAKE ELSINORE 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 -076 was adopted by the City Council of the City of Lake Elsinore, California, at a Regular meeting held on the gth day of December 2014, and that the same was adopted by the following vote: AYES: Council Member Hickman, Mayor Pro Tern Manos, Council Member Tisdale, Council Member Magee, and Mayor Johnson NOES: None ABSENT: None ABSTAIN: None irgini . BI o' City C'erk