HomeMy WebLinkAbout2021-044 CFD 2021-1 (Canyon Hills) Intention to Levy ReassessmentsRESOLUTION NO. 2021-44
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, DECLARING ITS INTENTION TO LEVY REASSESSMENTS AND
TO ISSUE REFUNDING BONDS
Whereas, the City Council (the “City Council”) of the City of Lake Elsinore (the “City”) has
previously formed its Assessment District No. 93-1 (Canyon Hills) (the “Assessment District”) and
confirmed reassessments on the various parcels located therein to refinance the costs of certain
improvements of special local benefit to said parcels (the “Prior Reassessments”), all pursuant to
the Refunding Act of 1984 for 1915 Improvement Act Bonds (Division 11.5, commencing with
Section 9500, of the Streets and Highways Code of California) (the “Act”); and,
Whereas, the City Council has previously caused bonds to be issued on behalf of the
Assessment District (the “Prior Bonds”) pursuant to the provisions of the Act in order, among other
things, to refinance the costs of the aforesaid improvements; and,
Whereas, the Prior Bonds are secured by the unpaid Prior Reassessments; and,
Whereas, in order to benefit taxpayers within the Assessment District by reducing the
amount of the installments of the Prior Reassessments being levied each year on the parcels
within the Assessment District, the public interest and necessity require that the outstanding Prior
Bonds be refunded, and the City Council intends to accomplish the refunding through the levy of
reassessments and the issuance of refunding bonds upon the security thereof.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE HEREBY
FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOW:
Section 1. The above recitals, and each of them, are true and correct.
Section 2. It is the intention of the City Council to refund the outstanding Prior Bonds and
to levy reassessments as security for refunding bonds as hereinafter provided pursuant to the
Act.
Section 3. The contemplated reassessments and refunding, in the opinion of the City
Council, are of more than local or ordinary public benefit, and the costs and expenses thereof are
made chargeable upon the Assessment District, the exterior boundaries of which are shown on a
reassessment diagram thereof heretofore filed in the office of the City Clerk, and to be filed in the
office of the County Recorder of the County of Riverside, to which reassessment diagram
reference is hereby made for further particulars and which shall hereafter be called the “City of
Lake Elsinore Reassessment District No. 2021-1 (Canyon Hills)” (the “Reassessment District”).
The reassessment diagram indicates by a boundary line the extent of the territory included in the
Reassessment District and shall govern for all details as to the extent thereof.
The firm of Spicer Consulting Group, LLC, a qualified firm employed by the City for the
purpose hereof (the “Reassessment Consultant”) is hereby authorized and directed to make and
file with the City Clerk a written report containing the following.
(a) A schedule setting forth the unpaid principal and interest on the Prior Bonds
to be refunded and the total amounts thereof;
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(b) The total estimated principal amount of the reassessment and of the
refunding bonds and the maximum interest rate thereon, together with an estimate of cost of the
reassessment and of issuing the refunding bonds, including all costs of issuing the refunding
bonds, as defined by subdivision (a) of Section 9600 of the Act;
(c) The auditor’s record kept pursuant to Section 8682 of the Streets and
Highways Code of California showing the schedule of principal installments and interest on all
unpaid original assessments and the total amounts thereof;
(d) The estimated amount of each reassessment, identified by reassessment
number corresponding to the reassessment number on the reassessment diagram, together with
a proposed auditor’s record for the reassessment prepared in the manner described in said
Section 8682; and
(e) A reassessment diagram showing the Reassessment District and the
boundaries and dimensions of the subdivisions of land within the Reassessment District (each
subdivision, including each separate condominium interest as defined in Section 783 of the Civil
Code of California, to be given a separate number upon the diagram).
Section 4. Notice is hereby given that serial and/or term bonds to represent the
reassessments will be issued hereunder in the manner provided by the Act. It is the intention of
the City that the City will not obligate itself to advance available funds from the treasury of the City
to cure any deficiency in the redemption fund to be created with respect to the refunding bonds;
provided, however, that a determination not to obligate itself shall not prevent the City from, in its
sole discretion, so advancing the funds.
Section 5. The provisions of Part 11.1 of the 1915 Act, providing for an alternative
procedure for the advance payment of reassessments and the calling of bonds, shall apply to
refunding bonds issued pursuant to proceedings under this Resolution.
Section 6. It is the intention of the City Council to create a special reserve fund with
respect to the refunding bonds pursuant to and as authorized by Part 16 of the 1915 Act, and the
amount to be deposited into said fund shall be included in the reassessment.
Section 7. Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach,
California, is hereby appointed as bond counsel and disclosure counsel for the purpose of the
reassessment and refunding proceedings; Urban Futures, Inc., Tustin, California, is hereby
appointed municipal advisor for the refunding bonds; Stifel Nicolaus & Company, Incorporated, is
hereby appointed as underwriter for the refunding bonds; and the fees of such firms shall be fixed
in the proceedings and shall be paid only upon the successful completion of the proposed
reassessment and refunding and from the proceeds of the refunding bonds.
Section 8. This Resolution shall be effective upon its adoption.
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Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore,
California, this 13th day of April 2021.
Robert E. Magee
Mayor
Attest:
Candice Alvarez, MMC
City Clerk
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify that
Resolution No. 2021-44 was adopted by the City Council of the City of Lake Elsinore, California,
at the Regular meeting of April 13, 2021 and that the same was adopted by the following vote:
AYES: Council Members Tisdale, Johnson, and Manos; Mayor Pro Tem Sheridan; and
Mayor Magee
NOES: None
ABSENT: None
ABSTAIN: None
Candice Alvarez, MMC
City Clerk
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