HomeMy WebLinkAboutCC Reso No 2007-013RESOLUTION NO. 2007-13
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN
THE AMOUNT NOT TO EXCEED $5,000,000 WITffiN THE
CITY OF LAKE ELSINORE COMMUNITY FACILITIES
DISTRICT NO. 2006-9 (TRIESTE) AND CALLING A SPECIAL
ELECTION
WHEREAS, the City Council (the "Council") of the City of Lalce Elsinore
(the "City") has heretofore adopted Resolution No. 2007-12 (the "Resolution of
Formation"), which formed the City of Lake Elsinore Community Facilities
District No. 2006-9 (Trieste) (the "CFD"), pursuant to the Mello-Roos Community
Facilities Act of 1982, as amended, (the "Act"), to finance a portion of the cost of
providing parks, open space and storm drain maintenance services (the "Services")
that are in addirion to those provided in the territory within the CFD prior to the
formation of the CFD, and to finance 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 and other
governmental faciliries, which the City is authorized by law to construct, own or
operate (the "Facilities"); and
WHEREAS, a copy of the Resolution of Formation is on file with the City
Clerk and incorporated herein by reference; and
WHEREAS, in order to finance the Facilities it is necessary to incur bonded
indebtedness in the amount not to exceed $5,000,000, the repayment of which is to
be secured by special taxes levied in accordance with Section 53340 et seq. of the
Act on certain properties within the CFD.
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 in the amount
not to exceed $5,000,000 to finance the costs of the Facilities.
CITY COUNCIL RESOLUTION NO. 2007-13
PAGE 2 OF 4
SECTION 3. The indebtedness will be incurred for the purpose of
financing the costs of acquiring the Facilities, the financing of the costs associated
with the issuance of the bonds and all other costs necessary to finance the Facilities
which are permitted to be financed pursuant to the Act.
SECTION 4. The bonds shall be issued in one or more series at a
maximum interest rate not to exceed 12 percent per annum or such rate not in
excess of the maximum rate permitted by law at the time the bonds are issued, and
payable annually or semiannually as deternuned by the Council. The term of the
bonds shall be determined pursuant to a resolution of the Council authorizing the
issuance of the bonds, but such term shall in no event exceed 40 years ar such
longer term as is then pernutted by law.
SECTION 5. Pursuant to and in compliance with the provisions of Article
1.5 (commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title
5 of the Government Code, the Council hereby establishes the following
accountability measures pertaining to any bonded indebtedness incurred by ar on
behalf of the City:
(a) Such bonded indebtedness shall be incurred for the specific
purposes set forth in Section 3 above.
(b) The proceeds of any such bonded indebtedness shall be applied
only to the specific purposes identified in Section 3 above.
(c) The document ar documents establishing the terms and
conditions far the issuance of any such bonded indebtedness shall provide for the
creation of an account or accounts into which the proceeds of such bonded
indebtedness shall be deposited.
(d) The City Manager, or his designee, acting far and on behalf of
the City, shall annually file a report with the Council as required by Government
Code Section 53411.
SECTION 6. Pursuant to Government Code Section 53326, the Council
hereby deternunes to submit to the qualified electors of the CFD a proposition (the
"Services Proposition") to levy special t~es on property within the CFD in
CTTY COiJNCIL RESOLUTION NO. 2007-13
PAGE 3 OF 4
accardance with the rate and method of apportionment specified in the Resolution
of Formation. The form of the Services Proposition is attached as Exhibit "A."
SECTION 7. Pursuant to Government Code Section 53353.5, the Council
hereby deternunes to submit to the qualified electors of the CFD a combined
proposition (the "Facilities Proposition") to: (1) levy special taxes on property
within the CFD in accordance with the rate and method of apportionment of
special tax specified in the Resolution of Formation; (2) incur bonded indebtedness
in the amount not to exceed $5,000,000; and (3) establish an appropriations limit as
defined by subdivision (h) of Section 8 of Article XIIIB of the California
Constitution, for the CFD. Said appropriations limit shall equal the maximum
amount of bonded indebtedness authorized to be incurred far the CFD. The form
of the Facilities Proposition is attached as Exhibit "B."
SECTION 8. A special election is hereby called for the CFD on the
Services Proposition set forth in Section 6 above.
SECTION 9. A special election is hereby called for the CFD on the
Facilities Proposition set forth in Section 7 above.
SECTION 10. The time for notice having been waived by the qualified
electors, the date of the special election for the CFD on the Services Proposition
and for the CFD on the Facilities Proposition shall be on the 23rd day of January,
2007. There being no registered voters residing within the territory of the CFD at
the time of the protest hearing and ninety (90) days prior thereto, there being only
two landowners in the CFD, and the requirements of Section 53326 of the
Govemment Code having been waived by the landowners, the ballot for the special
election shall be hand delivered to the landowners within the CFD. The voter
ballot shall be returned to the City Clerk at 130 S. Main Street, Lake Elsinore,
California 92530, no later than 11:00 o'clock p.m. on January 23, 2007. However,
the election may be closed within the concurrence of the City Clerk, as soon as the
ballot is returned.
SECTION 11. Notice of said election and written argument for or against
the measure have been waived by the landowners.
SECTION 12. The CFD shall constitute a single election precinct far the
purpose of holding said special election.
CITY COUNCIL RESOLUTION NO. 2007-13
PAGE 4 OF 4
SECTION 13. The Council hereby directs that the special election be
conducted by the City Clerk, as the elections official.
SECTION 14. This Resolution shall take effect from and after the date of
its passage and adoption.
PASSED, APPROVED AND ADOPTED this 23rd day of January, 2007,
by the following vote:
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
- • - ( r v
obert E. Magee,
City of Lake Els~
ATTEST:
~
~~ ~ a~~~ ~~
Michelle Soto, Deputy City Clerk
City of Lake Elsinore
City Attorney
City of
EXHIBIT A
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMIJNITY FACILITIES DISTRICT NO. 2006-9
(TRIESTE)
SERVICES SPECIAL TAX ELECTION
January 23, 2007
To vote, mark an"X" in the voting squaze after the word "YES" or after the word "NO."
All marks otherwise made are forbidden.
This ballot is provided to , as owner or authorized representative of
such owner of land within City of Lake Elsinore Community Facilities District No. 2006-9
(Trieste) and represents _ vote(s).
If you wrongly mark, tear, or deface this ballot, return it to the City Clerk of the City of
Lake Elsinore at 130 S. Main Street, Lake Elsinore, California 92530.
PROPOSITION: Shall City of Lake Elsinore Community Facilities
District No. 2006-9 (Trieste), subject to the accountability
measures provided for in the Resolution of Formation adopted on
January 23, 2007 (the "Resolution of Formation"), be authorized to
levy special taxes pursuant to the rate and method of
apportionment of special taxes (the "Special Tax Formula") set
forth in E~ibit A of the Resolution of Formation to finance the
authorized services and administrative expenses as provided for in
the Resolution of Formation?
YES
NO
A-1
EXHIBIT B
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMiJNITY FACILITIES DISTRICT NO. 2006-9
(TRIESTE)
SPECIAL TAX ELECTION
January 23, 2007
To vote, mark an"X" in the voting square after the word "YES" or after the word "NO."
All marks otherwise made are forbidden.
This ballot is provided to , as owner or authorized representative of
such owner of land within City of Lake Elsinore Community Facilities District No. 2006-9
(Trieste) and represents _ vote(s).
If you wrongly mark, tear, ar deface this ballot, return it to the City Clerk of the City of
Lake Elsinore at 130 S. Main Street, Lake Elsinore, California 92530.
PROPOSITION: Shall the City of Lake Elsinore Community
Facilities District No. 2006-9 (Trieste) (the "CFD"), subject to the
accountability measures provided for in the Resolution Calling a
Special Election adopted on January 23, 2007 ("Resolution Calling
Special Election"), incur an indebtedness and be authorized to
issue bonds in an amount not to exceed $5,000,000 with interest at
a rate or rates established at such time as the bonds are sold in one
or more series at fixed or variable interest rates, however not to
exceed any applicable statutary rate for such bonds, the proceeds
of which will be used to finance the certain public facilities (the
"Facilities") as described in the Resolution of Formation adopted
on January 23, 2007 ("Resolution of Formation"); and, subject to
the accountability measures provided for in the Resolution of
Formation, sha11 a special taY be levied to pay the principal of and
interest on such indebtedness and bonds and to otherwise finance
the Facilities; and shall an appropriations limit be established for
the CFD pursuant to Article XIIIB of the California Constitution,
said appropriations limit to be equal to the maacimum amount of
bonded indebtedness authorized to be incurred for the CFD?
YES
NO
B-1