HomeMy WebLinkAboutCC Reso No 2008-023RESOLUTION NO. 2oos-23
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. 88-3 (WEST
LAKE ELSINORE), CORRECTING RESOLUTION NO.
2007-210 AND RATIFYING THE INTEREST RATE OF THE
CITY OF LAKE ELSINORE COMMUNITY FACILITIES
DISTRICT NO. 88-3 (WEST LAKE ELSINORE)
SUBORDINATE SPECIAL TAX BONDS, 2008 SERIES
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore
(the "City") has previously adopted Resolution No. 2007-210 approving the issuance of
the City of Lake Elsinore Community Facilities District No. 88-3 (West Lake Elsinore)
Subordinate Special Tax Bonds, 2008 Series (the "Subordinate Bonds"), to be
purchased by the Lake Elsinore Public Financing Authority (the "Authority"), for the
purpose of refinancing 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;
and
WHEREAS, Resolution No. 2007-210 provided that the Subordinate
Bonds bear interest at a rate not to exceed 10.0%; and
WHEREAS, the Council contemplated, based on projected numbers
provided by the financing consultant, that the Subordinate Bonds bear interest at a rate
not to exceed 12.0% and in fact, the Subordinate Bonds sold to the Authority bear
interest rate at 12.0%; and
WHEREAS, the Council desires to correct Resolution No. 2007-210 with
respect to the maximum interest rate authorized with respect to the Subordinate Bonds
and ratify the sale of the Subordinate Bonds bearing interest at 12.0%,
NOW, THEREFORE, the City Council of the City of Lake Eisinore,
California, acting as the legislative body of City of Lake Elsinore Community Facilities
District No. 88-3 (West Lake Elsinore), does hereby resolve as follows:
Section 1. The City Council, as the legislative body of the District,
hereby amends Section 4 of Resolution No. 2007-210 to reflect the maximum
authorized interest rate on the Subordinate Bonds of 12.0%.
Section 2. The City Council, as the legislative body of the District,
hereby ratifies the sale of the Subordinate Bonds bearing interest at 12.0%.
1
Section 3. 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 12th day of February 2008.
~
~KELLEY, MAYOR~'RO TE
OF LAKE ELSINORE
AT ST:
i1~ . A-~ a,~--
V VIAN M. MUNSON
CITY CLERK
APPROVED AS TO FOR :
BA BARA ZEI LEIBOLD
CITY ATTORNEY
2
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )ss.
CITY OF LAKE ELSINORE )
I, VIVIAN M. MUNSON, City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No. zoos-z3 was adopted by the City Council of the City of
Lake Elsinore, California, at a regular meeting held on the iz day of Februar.v
2008, and that the same was adopted by the following vote:
AYES: MAYOR PRO TEM KELLEY, COUNCILMEMAER RUCKLEY, COUNCILMEMAER MAGEE,
COUNCILMEMAER SCHIFFNER
NOES: NONE
ABSENT: rv~YOx xicxru~N
ABSTAIN: rroNE ~ ~ ~~~
VIVIAN M. MU'NSON
CITY CLERK
3