HomeMy WebLinkAboutCC Reso No 2007-137RESOLUTION NO. 2007-137
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE APPROVING A DEPOSIT AND
REIMBURSEMENT AGREEMENT AND A FEE DEPOSTT
AND REIMBURSEMENT AGREEMENT RELATING TO THE
CITY OF LAKE ELSINORE COMMLTNITY FACILITIES
DISTRICT NO. 2007-4 (MAKENNA COURT)
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore
(the "City") intends to initiate proceedings to form City of Lake Elsinore
Community Facilities District No. 2007-4 (Makenna Court) (the "CFD") pursuant
to the Mello-Roos Community Facilities Act of 1982, as amended (the "AcY'); and
WHEREAS, Section 53314.9 of the Act provides that, at any time either
before or after the formation of a community facilities district, the legislative body
may accept advances of funds from any source, including, but not limited to,
private persons or private entities and may provide, by resolution, for the use of
those funds for any authorized purpose, including, but not limited to, paying any
cost incurred by the local agency in creating a community facilities district
(including the issuance of bonds thereby); and
WHEREAS, the City and the developer within the proposed CFD (the
"Developer") desire to enter into an agreement in accordance with Section 53314.9
of the Act in order to provide for the advancement of funds by the Developer to be
used to pay costs incurred in connection with the formation of the CFD and
issuance of special tax bonds for the CFD (the "Bonds"), and to provide for the
reimbursement to the Developer of such funds advanced, without interest, from the
proceeds of any Bonds; and
WHEREAS, the Developer intends to make a security deposit with the City
to cover certain City capital fees, which are eligible for refund upon the sale of
bonds and the payment of such City capital fees from the proceeds of such bonds.
NOW, THEREFORE, THE CITY COUNCIL OF THE CTTY OF
LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
SECTION 1. The City Council hereby approves the Deposit and
Reimbursement Agreement in substantially the form presented to the City Council
CITY COUNCIL RESOLUTION NO. 2007-137
PAGE 2 OF 3
at this meeting. The Mayor, the City Manager and the Director of Administrative
Services are hereby authorized to execute the Deposit and Reimbursement
Agreement with such revisions, amendments and completions as shall be approved
by the officer executing the same, such approval to be conclusively evidenced by
the execution and delivery thereof.
SECTION 2. The City Council hereby approves the Fee Deposit and
Reimbursement Agreement in substantially the form presented to the City Council
at this meeting. The Mayor, the City Manager and the Director of Administrative
Services are hereby authorized to execute the Fee Deposit and Reimbursement
Agreement with such revisions, amendments and completions as shall be approved
by the officer executing the same, such approval to be conclusively evidenced by
the execution and delivery thereof.
SECTION 3. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED this 24th day of July, 2007, by
the following vote:
AYES: COUNCILMEMBERS: xuckley, xickman, xelley,
Schiffner and Mayor Magee
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: tvone
ABSTEIIN: COITNCILMEMBERS: None
l~obert E. M;
City of Lake
CITY COiINCIL RESOLUTION NO. 2007-137
PAGE 3 OF 3
ATTEST:
.~ ~;~~~ ~ Q ~ Q ~
Michelle Soto, Interim City Clerlc
City of Lake Elsinore
APPROVED AS TO FORM:
1 ~ ~--
Barbara Zeid Leibold, City Attorney
City of Lake Elsinore