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HomeMy WebLinkAboutCC Reso No 2018-052 CFD No. 2006-8 (Running Deer Estates)RESOLUTION NO. 2018-052 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. 2006-8 (RUNNING DEER ESTATES), APPROVING AN AMENDMENT TO THE RATE AND METHOD OF APPORTIONMENT AND CALLING AN ELECTION THEREIN Whereas, on October 10, 2006, the City Council (Council) of the City of Lake Elsinore (City) adopted Resolution No. 2006-168, stating its intention to form City of Lake Elsinore Community Facilities District No. 2006-8 (Running Deer Estates) (CFD No. 2006-8 or the District) pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California (Act); and Whereas, on October 10, 2006, the Council also adopted Resolution No. 2006-169 stating its intention to incur bonded indebtedness within the District in the amount not to exceed $7,000,000 to finance the facilities and improvements identified in Resolution No. 2006-168 (Improvements); and the incidental expenses to be incurred in financing the Improvements and forming and administering the District (Incidental Expenses); and Whereas, pursuant to Resolution No. 2006-168, the Council also stated its intention to finance parks, open space and storm drain maintenance services (Services) within the District through the levy of a services special tax in accordance with the Rate and Method (as defined below); and Whereas, a notice calling a public hearing on November 28, 2006, was published as required by law relative to the intention of the Council to establish CFD No. 2006-8 and to incur bonded indebtedness within CFD No. 2006-8; and Whereas, on November 28, 2006, the Council conducted a noticed public hearing to determine whether it should proceed with the establishment of CFD No. 2006-8, issue bonds for the benefit of CFD No. 2006-8 to pay for the Improvements and Incidental Expenses and authorize the Rate and Method of apportionment of the special taxes in the form attached as Exhibit A to Resolution No. 2006-168 (Rate and Method) to be levied within CFD No. 2006-8 for the purposes described in Resolution No. 2006-168; and Whereas, at the November 28, 2006, public hearing all persons desiring to be heard on all matters pertaining to the establishment of CFD No. 2006-8, the levy of the special taxes in accordance with the Rate and Method and the issuance of bonds within CFD No. 2006-8 to pay for the cost of the proposed Improvements and Incidental Expenses were heard and a full and fair hearing was held; and Whereas, after the public hearing, on November 28, 2006, the Council adopted Resolution Nos. 2006-195 (Resolution of Formation) and 2006-196 (Resolution to Incur Bonded Indebtedness) which formed the District and called a special election on November 28, 2006, within the District on three propositions relating to the levying of the special taxes, the incurring of bonded indebtedness and the establishment of an appropriations limit for the District, which were approved by more than two-thirds vote by the qualified electors on November 28, 2006; and CC Reso. No. 2018-052 Page 2 of 6 Whereas, pursuant to Resolution No. 2006-197, adopted on November 28, 2006, the Council, acting as the legislative body of CFD No. 2006-8, declared the results of the special election and directed the recording of a Notice of Special Tax Lien within CFD No. 2006-8; and Whereas, the District has received a petition signed by SAM -Running Deer, LLC, an Oregon limited liability company (Owner), which owns land within the District, the boundaries of which are described in Attachment A to the Resolution of Intention (as defined below) which petition meets the requirements of Section 53332 of the Act, requesting that the District: (i) approve the new rate and method of apportionment for CFD No. 2006-8, attached as Attachment B to the Resolution of Intention (Amended and Restated Rate and Method); (ii) extend the term of the Special Tax for Facilities (as defined in the Amended and Restated Rate and Method) to Fiscal Year 2058-59 and (iii) include the services set forth in the definition of "Services" in the Amended and Restated Rate and Method as services authorized to be provided by the District (collectively, the "Change Proceedings"); and Whereas, on February 13, 2018, the Council, acting as the legislative body of CFD No. 2006-8, adopted Resolution No. 2018-028 (Resolution of Intention), stating its intention to consider the approval of the Change Proceedings; and, Whereas, a notice calling a public hearing on March 27, 2018, was published as required by law relative to the intention of the Council to consider the approval the Change Proceedings; and Whereas, on March 27, 2018, this Council conducted a noticed public hearing to determine whether it should proceed with the approval of the Change Proceedings; and Whereas, at the March 27, 2018, public hearing all persons desiring to be heard on all matters pertaining to the approval of the Change Proceedings were heard and a full and fair hearing was held; and Whereas, the Council has determined that there have been fewer than twelve registered voters residing in the District for the period of 90 days prior to March 27, 2018, and that the qualified electors in the District are the landowners within the District; and Whereas, on the basis of all of the foregoing, the Council has determined at this time to proceed with the approval of the Change Proceedings as described herein; and, Whereas, in order to facilitate the funding of the Improvements, the legislative body of the District desires to enter into a Funding Agreement (Funding Agreement) with the Owner, and the form of the Funding Agreement is on file with the City Clerk; and Whereas, the District, the Owner and the Lake Elsinore Unified School District (School District) propose to enter into an Amended and Restated Joint Community Facilities Agreement (JCFA) in the form on file with the City Clerk relating to certain facilities proposed to be financed by the District and owned and operated by the School District. NOW, THEREFORE, THE CITY COUNCIL OF CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOW: Section 1: Each of the above recitals is true and correct. CC Reso. No. 2018-052 Page 3 of 6 Section 2: The Council hereby adopts the Amended and Restated Rate and Method as the rate and method for CFD No. 2006-8. Except where funds are otherwise available, it is the intention of the Council, subject to the approval of the eligible voters within CFD No. 2006-8, to levy the proposed special taxes at the rates for CFD No. 2006-8 set forth in the Amended and Restated Rate and Method on all non-exempt property within CFD No. 2006-8 sufficient to pay for (i) the Improvements, (ii) the principal and interest and other periodic costs on the bonds proposed to be issued by the District to finance the Improvements and Incidental Expenses, including the establishment and replenishment of reserve funds, any remarketing, credit enhancement and liquidity facility fees (including such fees for instruments which serve as the basis of a reserve fund in lieu of cash), administrative expenses and other expenses of the type permitted by Section 53345.3 of the Act; and (iii) the Incidental Expenses. The Amended and Restated Rate and Method is described in detail in Attachment B to the Resolution of Intention which is incorporated herein by this reference, and the Council hereby finds that the Amended and Restated Rate and Method contains sufficient detail to allow each landowner within the District to estimate the maximum amount that may be levied against each parcel. The Special Tax for Facilities (as defined in the Amended and Restated Rate and Method) shall be levied on each assessor's parcel for a period not to exceed Fiscal Year 2058-59. Section 3: Upon recordation of an amended and restated 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 non-exempt real property in the District and this lien shall continue in full force and effect until the special tax obligation is prepaid and permanently satisfied and the lien canceled in accordance with law or until collection of the special tax by the District ceases. Section 4: The indebtedness is to be incurred for the purpose of financing the costs of purchasing, constructing, modifying, expanding, improving, or rehabilitating the Improvements, as described in Resolution No. 2006-168, financing the Incidental Expenses, and carrying out the powers and purposes of CFD No. 2006-8, including, but not limited to, financing the costs of selling the bonds, establishing and replenishing bond reserve funds and paying remarketing, credit enhancement and liquidity facility fees (including such fees for instruments which serve as the basis of a reserve fund in lieu of cash), administrative expenses and other expenses of the type authorized by Section 53345.3 of the Act. Section 5: The City Council finds and determines that the proposed Improvements and the Services are necessary to meet the increased demand that will be placed upon local agencies and public infrastructure as a result of new development within the District and that the Improvements to be financed, including those to be financed pursuant the JCFA to be entered into with the School District, benefit residents of the City and the future residents of the District. Section 6: Written protests against the approval of the Amended and Restated Rate and Method have not been filed by one-half or more of the registered voters within the boundaries of the District or by the property owners of one-half or more of the area of land within the boundaries of the District. The Council hereby finds that the approval of the Amended and Restated Rate and Method with respect to CFD No. 2006-8 has not been precluded by a majority protest pursuant to Section 53337 of the Act. Section 7: An election is hereby called for CFD No. 2006-8 on the proposition of approving the Amended and Restated Rate and Method. The proposition to be placed on the ballot for the District is attached hereto as Attachment A. Following certification of a landowner vote in favor of the adoption of the Amended and Restated Rate and Method, the District shall record an amended and restated notice of special tax lien for the District. CC Reso. No. 2018-052 Page 4 of 6 Section 8: The date of the foregoing election for the District shall be March 27, 2018, or such later date as is consented to by the City Clerk and the landowners within the District. The City Clerk shall conduct the election. Except as otherwise provided by the Act, the election shall be conducted by personally delivered or mailed ballot and, except as otherwise provided by the Act, the election shall be conducted in accordance with the provisions of law regulating elections of the City insofar as such provisions are determined by the City Clerk to be applicable. Section 9: It is hereby found that there are not more than twelve registered voters within the territory of the District, and, pursuant to Section 53326 of the Act, each landowner who is the owner of record on the date hereof, or the authorized representative thereof, shall have one vote for each acre or portion thereof that he or she owns within the District. Section 10: The form of the JCFA is hereby approved. The Mayor, the City Manager, the Assistant City Manager, or their written designees are hereby authorized and directed to execute and deliver the JCFA in the form on file with the City Clerk with such changes, insertions and omissions as may be approved by the officer or officers executing such agreement, said execution being conclusive evidence of such approval. Section 11: The form of the Funding Agreement is hereby approved. The Mayor, the City Manager, the Assistant City Manager, or their written designees are hereby authorized and directed to execute and deliver the Funding Agreement in the form on file with the City Clerk with such changes, insertions and omissions as may be approved by the officer or officers executing such agreement, said execution being conclusive evidence of such approval. Section 12: This Resolution shall take effect immediately upon its adoption. Passed and Adopted on this 27th day of March 2018 - Nat s • a Joh on Mayor Attest: 4� C Asan . Domen, MMC City Clerk CC Reso. No. 2018-052 Page 5 of 6 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Susan M. Domen, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that Resolution No. 2018-052 was adopted by the City Council of the City of Lake Elsinore, California, at the Regular meeting of March 27, 2018, and that the same was adopted by the following vote: AYES: Council Members Hickman, Magee and Tisdale; Mayor Pro -Tem Manos and Mayor Johnson NOES: None ABSENT: None ABSTAIN: None Ursa M_ Domen, MMC City Clerk CC Reso. No. 2018-052 Page 6 of 6 ATTACHMENT A BALLOT PROPOSITION CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2006-8 (RUNNING DEER ESTATES) SPECIAL TAX ELECTION March 27, 2018 PROPOSITION A: Shall a special tax with an Amended and Restated Rate and Method of apportionment (the "Amended and Restated Rate and Method") as provided in Attachment B to Resolution No. 2018-028 adopted by the City Council of the City of Lake Elsinore on February 13, 2018, acting as the legislative body of City of Lake Elsinore Community Facilities District No. 2006-8 (Running Deer Estates) (the "District"), be levied to pay for the Improvements, Incidental Expenses and other purposes described in Resolution No. 2006-168 and the Services described in the Amended and Restated Rate and Method, including the payment of the principal of and interest on bonds issued to finance the Improvements and Incidental Expenses for the District? YES NO