HomeMy WebLinkAbout2022-029 Intention to Incur Debt CFD 2022-1 Alberhill Ranch.docx
RESOLUTION NO. 2022-29
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF THE
CITY OF LAKE ELSINORE, CALIFORNIA, TO INCUR BONDED
INDEBTEDNESS IN AN AMOUNT NOT TO EXCEED $15,000,000 WITHIN
PROPOSED COMMUNITY FACILITIES DISTRICT NO. 2022-1 OF THE CITY OF
LAKE ELSINORE (ALBERHILL RANCH)
Whereas, the City Council of the City of Lake Elsinore (the “City Council”) upon receipt of
a petition as provided in Section 53318 of the Government Code of the State of California
instituted proceedings to form Community Facilities District No. 2022-1 of the City of Lake Elsinore
(Alberhill Ranch) (“Community Facilities District No. 2022-1” or the “District”) pursuant to the
Mello-Roos Community Facilities Act of 1982 (the “Act”), as amended, pursuant to Resolution No.
2022-___ (the “Resolution of Intention to Establish”) adopted by the City Council on the date
hereof to finance (1) the purchase, construction, modification, expansion, improvement and/or
rehabilitation of public facilities identified in Attachment “A” hereto and incorporated herein by this
reference, including all furnishings, equipment and supplies related thereto (collectively, the
“Facilities”) and (2) the incidental expenses to be incurred in financing the Facilities and forming
and administering the District (the “Incidental Expenses”); and,
Whereas, the City Council estimates that the amount required to finance the Facilities and
Incidental Expenses is approximately $15,000,000; and,
Whereas, in order to finance the Facilities and Incidental Expenses, the City Council
intends to authorize the issuance of bonds in the maximum aggregate principal amount of
$15,000,000, the repayment of which is to be secured by special taxes levied in accordance with
Section 53328 of the Act on all property in the proposed Community Facilities District No. 2022-
1, other than those properties exempted from taxation in the rate and method of apportionment
set forth in Attachment “C” to the Resolution of Intention to Establish.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. It is necessary to incur bonded indebtedness within the boundaries of
proposed Community Facilities District No. 2022-1 in an amount not to exceed $15,000,000 to
finance the costs of the Facilities and Incidental Expenses, as permitted by the Act.
Section 3. The indebtedness will be incurred for the purpose of financing the costs of
the Facilities and the Incidental Expenses, including, but not limited to, the funding of reserve
funds for the bonds, the financing of costs associated with the issuance of the bonds and all other
costs and expenses necessary to finance the Facilities which are permitted to be financed
pursuant to the Act.
Section 4. It is the intent of the City Council to authorize the sale of bonds in one or
more series, in the maximum aggregate principal amount of $15,000,000 and at a maximum
interest rate not in excess of 12 percent per annum, or a higher rate not in excess of the maximum
rate permitted by law at the time that the bonds are issued. The term of the bonds of each series
shall be determined pursuant to a resolution of this City Council acting in its capacity as the
legislative body of the District authorizing the issuance of the bonds of such series, but such term
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CC Reso No. 2022-29
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shall in no event exceed 35 years from the date of issuance of the bonds of such series, or such
longer term as is then permitted by law.
Section 5. A public hearing (the “Hearing”) on the proposed issuance of bonded
indebtedness shall be held at 7:00 p.m. or as soon thereafter as practicable, on April 26, 2022, at
the City Cultural Center, 183 North Main Street, Lake Elsinore, California.
Section 6. At the time and place set forth in this Resolution for the Hearing, any
interested persons, including all persons owning land or registered to vote within proposed
Community Facilities District No. 2022-1, may appear and be heard.
Section 7. The City Clerk is hereby directed to publish a notice (the “Notice”) of the
Hearing pursuant to Section 6061 of the Government Code in a newspaper of general circulation
published in the area of the proposed Community Facilities District No. 2022-1. Such publication
shall be completed at least seven days prior to the date of the Hearing. The City Clerk is further
directed to mail a copy of the Notice to each of the landowners within the boundaries of proposed
Community Facilities District No. 2022-1at least 15 days prior to the Hearing.
Passed and Adopted at a regular meeting of the City Council of the City of Lake
Elsinore, California, this 22nd day of March 2022.
Timothy J. Sheridan
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. 2022-29 was adopted by the City Council of the City of Lake Elsinore, California,
at the Regular meeting of March 22, 2022 and that the same was adopted by the following vote:
AYES: Council Members Magee, Tisdale, and Manos; Mayor Pro Tem Johnson; and Mayor
Sheridan
NOES: None
ABSENT: None
ABSTAIN: None
Candice Alvarez, MMC
City Clerk
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A-1
4863-1311-0031v3/022042-0042
ATTACHMENT A
Types of Facilities To Be
Financed By Community
Facilities District No. 2022-1
The proposed types of public facilities and expenses to be financed by the District
include:
The construction, purchase, modification, expansion, rehabilitation and/or improvement of
(i) drainage, library, park, fire, roadway, traffic, administration and community center facilities,
marina and animal shelter facilities, and other public facilities of the City, including the foregoing
public facilities which are included in the City’s fee programs with respect to such facilities and
authorized to be financed under the Mello-Roos Community Facilities Act of 1982, as amended
(the “Facilities”), and all appurtenances and appurtenant work in connection with the foregoing
Facilities, including the cost of engineering, planning, designing, materials testing, coordination,
construction staking, construction management and supervision for such Facilities, and to finance
the incidental expenses to be incurred, including:
a. The cost of engineering, planning and designing the Facilities;
b. All costs, including costs of the property owner petitioning to form the District,
associated with the creation of the District, the issuance of the bonds, the determination of the
amount of special taxes to be levied and costs otherwise incurred in order to carry out the
authorized purposes of the District; and
c. Any other expenses incidental to the construction, acquisition, modification,
rehabilitation, completion and inspection of the Facilities.
Capitalized terms used and not defined herein shall have the meaning set forth in the Rate
and Method of Apportionment of Special Taxes for the District.
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