HomeMy WebLinkAboutCC Reso No 2007-199RESOLUTION NO. 2oo~-i99
A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE, CALIFORNIA, TO INCUR BONDED
INDEBTEDNESS IN THE AMOUNT NOT TO EXCEED $2,500,000
WITHIN THE PROPOSED CITY OF LAKE ELSINORE COMMUNITY
FACILITIES DISTRICT NO. 2007-5 (RED KITE)
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the
"City") has heretofore adopted Resolution No.2oo~-19~the "Resolution of Intention"),
stating the Council's intention to form City of Lake Elsinore Community Facilities District
No. 2007-5 (Red Kite) (the "CFD"), pursuant to the Mello-Roos Community Facilities Act
of 1982, as amended, (the "AcY'), 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, inciuding public infrastructure facilities and other governmental
facilities, which are necessary to meet increased demands placed upon the City as a
result of development or rehabilitation occurring within the proposed CFD (the
"Facilities"); and
WHEREAS, in order to finance the Facilities it is necessary to incur bonded
indebtedness in the amounts not to exceed $2,500,000, the repayment of which is to be
secured by special taxes levied in accordance with Section 53340 et seq. of the Act on
all property within the CFD, other than those properties exempted from taxation as
provided in the respective rate and method of apportionment attached as Exhibit A to
the Resolution of Intention.
NOW, THEREFORE, the City Gouncil of the City of Lake Elsinore, California,
does hereby resolve as foliows:
Section 1. The above recitals are true and correct.
Section 2. It is necessary to incur bonded indebtedness within the proposed
CFD in the amount not to exceed $2,500,000 to finance the costs of the Facilities.
Section 3. The indebtedness will be incurred for the purpose of financing the
costs of designing, constructing and acquiring the Facilities, the acquisition of necessary
equipment and property therefor and fulfilling contractual commitments and carrying out
the powers and purposes of the CFD, including, but not limited to, 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. It is the intent of the Council to authorize the sale of bonds in one or
more series, in the maximum aggregate principal amount not to exceed $2,500,000 at a
maximum interest rate not in excess of 12 percent per annum or such rate not in excess
of the maximum rate permitted by law at the time the bonds are issued. The term of the
bonds shall be determined pursuant to a resolution of the Council authorizing the
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issuance of the bonds, but such term shall in no event exceed 40 years or such longer
term as is then permitted by law.
Section 5. A public hearing (the "Hearing") on the proposed debt issue shall be
held January 8, 2008 at 7:00 p.m. or as soon thereafter as practicable, at the Lake
Eisinore Cultural Center located at 183 North Main Street, Lake Elsinore, California
92530.
Section 6. At the Hearing at the time and piace set forth above, any interested
persons, including all persons owning land within the proposed CFD, may appear and
be heard at the Hearing.
Section 7. The proposition to incur bonded indebtedness in the maximum
aggregate principal amount not to exceed $2,500,000 shall be submitted to the qualified
electors of the CFD. A special community facilities district election shall be conducted
on January 8, 2008. The special election shall be conducted by hand delivered or
mailed ballot election. The ballots shail be returned to the office of the election officer
no later than 11:00 o'clock p.m. on January 8, 2008.
Section 8. The City Clerk is hereby directed to publish a copy of this resolution,
which shall serve as notice ("Notice") of the Hearing and the special bond election,
pursuant to Section 6061 of the Government Code in a newspaper of general circulation
in the proposed CFD.
Section 9. The City Clerk may send a copy of the Notice of the Hearing by first-
class mail, postage prepaid, to each registered voter and to each landowner within the
proposed CFD as shown on the last equalized assessment roll.
Section 10. This Resolution shall take effect from and after the date of its
passage and adoption.
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PASSED, APPROVED AND ADOPTED at a regular
of the City of Lake Elsinore, California, this 27 ay f Ncyve
E.
ATTEST:
~
VIVIAN M. MUNSON ~
CITY CLERK
MAYOR
APPROVED AS TO FORM:
B RBARA Z ID LEIBOLD
CITY ATTORNEY
CITY OF LAKE ELSINORE
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ng of the City Council
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )ss.
CITY OF LAKE ELSINORE )
I, VIVIAN M. MUNSON, City Cierk of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2oo~-i99 was adopted by the City Councii of the City of
Lake Elsinore, California, at a regular meeting held on the 27th day of November 2007,
and that the same was adopted by the foilowing vote:
AYES: COUNCILMEMBER THOMAS BUCKLEY, COUNCILMEMBER GENIE KELLEY,
MAYOR PRO TEM DARYL HICKMAN, MAYOR ROBERT E. MAGEE
NOES: NONE
ABSENT: COUNCILMEMBER ROBERT SCHIFENER
ABSTAIN: NorrE
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VIVIAN M. MUNSON
CITY CLERK
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