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HomeMy WebLinkAboutCC Reso No 2007-181RESOLUTION NO. 2oo~-isi A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2005-5 (VILLAGES AT WASSON CANYON), AUTHORIZING THE ISSUANCE OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2005-5 (VILLAGES AT WASSON CANYON) SPECIAL TAX BONDS, 2007 SERIES A, APPROVING THE ISSUANCE OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE BONDS (WASSON CANYON) 2007 SERIES A, AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, A COMMITMENT AGREEMENT AND PURCHASE CONTRACT, A PURCHASE CONTRACT AND A CONTINUING DISCLOSURE AGREEMENT WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "City") has previously formed the City of Lake Elsinore Community Facilities District No. 2005-5 (Villages at Wasson Canyon) (the "DistricY') pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, (the "AcY'); and WHEREAS, the City desires to issue not to exceed $6,500,000 aggregate principal amount of bonds designated "City of Lake Elsinore Community Facilities District No. 2005-5 (Villages at Wasson Canyon) Special Tax Bonds, 2007 Series A" (the "Bonds"), to be purchased by the Lake Elsinore Public Financing Authority (the "Authority"), for the purpose of financing 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 which the City or the District is authorized by law to construct, own or operate, which are necessary to meet increased demands placed upon the City as a result of development or rehabilitation occurring within the District (the " Facilities"); and WHEREAS, the Authority intends to issue its Local Agency Revenue Bonds (Wasson Canyon) 2007 Series A(the "Authority Bonds"), the proceeds of which will be used to purchase the Bonds; and WHEREAS, the City has heretofore held a public hearing pursuant to Section 6586.5 of Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California (the "Bond Law"); and WHEREAS, proposed forms of a Fiscal Agent Agreement, a Commitment Agreement and Purchase Contract, a Purchase Contract and a Continuing Disclosure Agreement have been presented to the City Council and are on file with the City Clerk. 1 NOW, THEREFORE, the City Council of the City of Lake Elsinore, California, acting as the legislative body of City of Lake Elsinore Community Facilities District No. 2005-5 (Villages at Wasson Canyon), does hereby resolve as follows: Section 1. The City Council, as the legislative body of the District, hereby authorizes the issuance of the Bonds in the aggregate principal amount not to exceed $6,500,000. Section 2. The City hereby finds and determines that (i) the Facilities are to be located within the boundaries of the City and (ii) there are significant public benefits arising from the Authority's issuance of the Authority Bonds to finance the Facilities, including but not limited to employment benefits from undertaking the acquisition of the Facilities in a timely fashion, as contemplated by Section 6586 of the Bond Law. Section 3. The City Council, as the legislative body of the District, hereby approves the Fiscal Agent Agreement in substantially the form on file with the City Clerk. The Mayor, the City Manager, the Director of Administrative Services, and any designee of any of them (each, a"Responsible Officer"), are hereby authorized to execute the Fiscal Agent Agreement in substantially the form presented hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof by any Responsible Officer. Section 4. The City Council, as the legislative body of the District, hereby approves the Continuing Disclosure Agreement in substantially the form on file with the City Clerk. Any Responsible Officer is hereby authorized to execute the Continuing Disclosure Agreement in substantially the form presented hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof by any Responsible Officer. Section 5. The City Council, acting on its behalf and as the legislative body of the District, hereby approves the Commitment Agreement and Purchase Contract, in substantially the form on file with the City Clerk. Any Responsible Officer is hereby authorized to execute the Commitment Agreement and Purchase Contracts, in substantially the form presented hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof by any Responsible Officer, provided that, the Bonds shall bear interest at a rate not to exceed 6.5%. Section 6. The City Council, acting on its behalf and as the legislative body of the District, hereby approves the sale of the Authority Bonds to the Underwriter pursuant to and in accordance with the Purchase Contract, in substantially the form on file with the City Clerk. Any Responsible Officer is hereby authorized to execute the Purchase Contract, with such revisions, amendments and completions as shall be approved by any Responsible O~cer, with the advice of Bond Counsel, such approval 2 to be conclusively evidenced by the execution and delivery thereof by any Responsible Officer. Section 7. Pursuant to Section 53344.1 of the Act, the Council hereby reserves to itself, in its sole discretion, the right and authority by subsequent resolution to allow any owner of property within the District, subject to the provisions of Section 53344.1 of the Act and those conditions as it may impose, and any applicable prepayment penalties as prescribed in the bond indenture or comparable instrument or document, to tender to the District treasurer or fiscal agent in full payment or part payment of any installment of the special taxes or the interest or penalties thereon which may be due or delinquent, but for which a bill has been received, any bond or other obligation secured thereby, the bond or other obligation to be taken at par and credit to be given for the accrued interest shown thereby computed to the date of tender. Section 8. The City Manager, the Director of Administrative Services, the City Clerk and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City and the District, to do any and all things and take any and all other actions, including the publication of any notices necessary or desirable in connection with the sale of the Bonds and execution and delivery of any and all , assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds and the consummation of the transactions as described herein. Section 9. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Lake Elsinore, California, this 23rd day of O~tab~ 200y. ~~ E. MAYOR ATTEST: ~..~ ~ . Vtn.vA..._.. VIVIAN M. MUNSON CITY CLERK 3 APPROVED AS TO FORM: ~ ~ V~ BARBARA ZEID LEIBOLD CITY ATTORNEY CITY OF LAKE ELSINORE STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE )ss. CITY OF LAKE ELSINORE ) I, VIVIAN M. MUNSON, City Clerk of the City of Lake Elsinore, California, hereby certify that Resolution No. 2oo~-isi was adopted by the City Council of the City of Lake Elsinore, Califomia, at a regular meeting held on the 23rd day of October 2007, and that the same was adopted by the following vote: AYES: MAYOR ROBERT E. MAGEE MAYOR PRO TEM DARYL HICKMAN COUNCILMEMBERS THOMAS BUCKLEY, GENIE KELLEY AND ROAERT SCHIFFNER NOES: NONE ABSENT: rroNE ABSTAIN: NoNE ~,~ ~. ~.~..~.... VIVIAN M. MUNSON CITY CLERK 4