HomeMy WebLinkAbout2022-076 Joint CFD with EVMWD and Century Homes CFD No. 2006-6 (Tessera)
RESOLUTION NO. 2022-76
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, APPROVING EXECUTION AND DELIVERY OF A JOINT
COMMUNITY FACILITIES AGREEMENT WITH ELSINORE VALLEY
MUNICIPAL WATER DISTRICT RELATING TO CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2006-6 (TESSERA) AND CUSTODY
AGREEMENT WITH WILMINGTON TRUST, NATIONAL ASSOCIATION
RELATING TO DEVELOPER SECURITY DEPOSITS
Whereas, on August 8, 2006, the City Council (the “City Council”) of the City of Lake
Elsinore (the “City”) adopted a resolution (the “Resolution of Formation”) authorizing the formation
of the City of Lake Elsinore Community Facilities District No. 2006-6 (Tessera) (“Community
Facilities District No. 2006-6” or the “District”), pursuant to the Mello-Roos Community Facilities
Act of 1982, as amended, being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government
Code of the State of California (the “Act”); and
Whereas, pursuant to Section 53316.2 of the Act, a community facilities district is
authorized under the Act to finance facilities to be owned or operated by an entity other than the
agency that created the community facilities district pursuant to a joint community facilities
agreement; and
Whereas, the City desires to enter into a Joint Community Facilities Agreement (the
JCFA”) with the Elsinore Valley Municipal Water District (the “Water District”) and Century
Communities, LLC, a Delaware limited liability company relating to certain facilities proposed to
be financed by the District and to be owned and operated by Water District; and
Whereas, in connection with the issuance of special tax bonds from time to time by
community facilities districts formed by the City, including the District, the developers therein may
be required to provide cash deposits to be applied to pay debt service on the special tax bonds
of such community facilities districts in the event the developers are delinquent in the payment of
special taxes; and
Whereas, the City desires to enter into a custody agreement (the “Custody Agreement”)
with Wilmington Trust, National Association, as trustee (the “Trustee”) for the special tax bonds
issued by community facilities districts formed by the City, in order for the Trustee to hold such
developer cash deposits; and
NOW, THEREFORE, THE CITY COUNCIL DOES HEREBY RESOLVE, DETERMINE
AND ORDER AS FOLLOW:
Section 1. Each of the above recitals is true and correct.
Section 2. The form of the JCFA presented at this meeting is hereby approved and each
of the Mayor, the City Manager, the Assistant City Manager, or their written designees (each, an
“Authorized Officer” and collectively, the “Authorized Officers”) is hereby authorized and directed
to execute the JCFA in the form hereby approved, with such additions therein and changes thereto
as the officer or officers executing the same deem necessary, with such approval to be
conclusively evidenced by the execution and delivery of the JCFA. The City Council hereby finds
and determines that the JCFA will be beneficial to the residents of the territories served by the
Water District and included within the jurisdictional boundaries of the District.
DocuSign Envelope ID: 70ADD330-8B24-4839-A478-16AE8497290F
CC Reso. No. 2022-76
Page 2 of 2
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Section 3. The form of the Custody Agreement presented at this meeting is hereby
approved and each of the Authorized Officers is hereby authorized and directed to execute the
Custody Agreement in the form hereby approved, with such additions therein and changes thereto
as the officer or officers executing the same deem necessary, with such approval to be
conclusively evidenced by the execution and delivery of the Custody Agreement.
Section 4. This Resolution shall be effective upon its adoption.
Passed and Adopted at a regular meeting of the City Council of the City of Lake Elsinore,
California, this 9th day of August 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. 2022-76 was adopted by the City Council of the City of Lake Elsinore, California,
at the Regular meeting of August 9, 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
DocuSign Envelope ID: 70ADD330-8B24-4839-A478-16AE8497290F