HomeMy WebLinkAboutCC Reso No 2007-024RESOLUTION NO. 2007-24
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE TAHING CERTAIN ACTIONS IN
CONNECTION WITH THE ISSUANCE OF
REDEVELOPMENT AGENCY OF THE CITY OF LAKE
ELSINORE COMMUNITY FACILTTIES DISTRICT NO. 90-2
(TUSCANY HILLS PUBLIC IMPROVEMENTS) SPECIAL
TAX PARITY BONDS, 2007 SERIES A
WHEREAS, the Governing Board of the Redevelopment Agency of the
City of Lake Elsinore (the "Agency") has conducted proceedings under and
pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the
"AcP'), to form the Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2 (Tuscany Hills Public Improvements) (the
"DistricY'), to authorize the levy of special taxes upon the land within the District,
and to issue bonds secured by said special taxes,the proceeds of which are to be
used to finance certain facilities (the "Facilities"), all as described in the
Resolutions entitled, "A Resolution of Formation of Redevelopment Agency of the
City of Lake Elsinare Community Facilities District No. 90-2 (Tuscany Hills
Public Improvements), Autharizing the Levy of a Special T~ Within the District,
Preliminarily Establisl~ing an Appropriations Limit far the District and Submitting
Levy of the Special Taac and the Establishment of the Appropriations Limit to the
Qualified Electors of the DistricY' and "A Resolution Determining the Necessity to
Incur Bonded Indebtedness Within the Redevelopment Agency of the City of Lake
Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public
Improvements) and Submitting Proposirion to the Qualified Electors of the
District", adopted by this date; and
WHEREAS, pursuant to said resolurions, an election was held within the
District on November 27, 1990 and the qualified electors approved the
propositions of the incurrence of the bonded debt and the levy of the special tax by
more than two-thirds of the votes cast at said special election; and
WHEREAS, on June 3, 1999, the District issued its Special Taac Parity
Bonds, 1999 Series A(the "1999 Bonds"); and
WHEREAS, for the purpose of refunding the 1999 Bonds, the District
intends to issue bonds designated "Redevelopment Agency of the City of Lake
Elsinore Community Faciliries District No. 90-2 (Tuscany Hills Public
Improvements) Special Tax Parity Bonds, 2007 Series A" (the "Bonds"); and
CITY COiJNCIL RESOLUTION NO. 2007-24
PAGE 2 OF 3
WHEREAS, there have been submitted to this Council certain documents
providing far the issuance of the Bonds and this Council, with the aid of its staff,
has reviewed said documents and found them to be in proper order; and
WHEREAS, to that end, the Agency has adopted a resolution on the date
hereof, approving said financing.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE DOES RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
SECTION 1. The City Council hereby approves the refunding of the 1999
Bonds and the issuance by the District of the Bonds.
SECTION 2. The City Manager or any other officer of the City is hereby
authorized and directed to execute and deliver any and all documents and
instruments and to do and cause to be done any and all acts and things necessary or
proper for carrying out the transactions contemplated by this Resolution.
SECTION 3. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED this 27th day of February, 2007.
AYES: COiJNCILMEMBERS: xu~kiey, Hickman, Kelley
Schiffner, Magee
NOES: COIJNCILMEMBERS: tvone
ABSENT: COLJNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
v ~ r i ~
Robert E. M~
City of Lake
CITY COITNCIL RESOLUTION NO. 2007-24
PAGE 3 OF 3
ATTEST:
~_~~~ ~~
Michelle Soto, Interim City Clerk
City of Lake Elsinare
APPROVED AS TO FORM:
bara Zeid% eibold, City Attorney
City of Lake Elsinore