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HomeMy WebLinkAboutCC Reso No 2007-210RESOLUTION NO. 2007-210 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 88-3 (WEST LAKE ELSINORE), AUTHORIZING THE ISSUANCE OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 88-3 (WEST LAKE ELSINORE) SPECIAL TAX BONDS, 2008 SERIES AND CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 88-3 (WEST LAKE ELSINORE) SUBORDINATE SPECIAL TAX BONDS, 2008 SERIES, APPROVING THE ISSUANCE OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE BONDS (CFD 88-3 REFUNDING)200$ SERIES A, AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, COMMITMENT AGREEMENT AND PURCHASE CONTRACTS, 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. 88-3 (West Lake Eisinore) (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 $25,000,000 aggregate principal amount of bonds designated "City of Lake Eisinore Community Facilities District No. 88-3 (West Lake Elsinore) Special Tax Bonds, 2008 Series" (the "Senior Bonds") and not to exceed $7,175,000 aggregate principal amount of bonds designated "City of Lake Elsinore Community Facilities District No. 88-3 (West Lake Elsinore) Subordinate Special Tax Bonds, 2008 Series" (the "Subordinate Bonds," and together with the Senior Bonds, the "District Bonds"), to be purchased by the Lake Elsinore Public Financing Authority (the "Authority"), for the purpose of refinancing the purchase, construction, expansion or rehabilitation of certain real and other tangibie 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; and WHEREAS, the Authority infends to issue its Local Agency Revenue Bonds (CFD 88-3 Refunding) 2008 Series A(the "Authority Bonds"), the proceeds of which, along with other consideration, will be used to purchase the District Bonds; and WHEREAS, proposed fo~ms of a Fiscal Agent Agreement, Commitment Agreement and Purchase Contracts, 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. 88-3 (West Lake Eisinore), does hereby resolve as follows: Section 1. The City Council, as the legislative body of the District, hereby authorizes the issuance of the Senior Bonds and the Subordinate Bonds in the aggregate principal amounts not to exceed $25,000,000 and $7,175,000, respectively. Section 2. 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 Responsibie Officer. Section 3. 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 approvai to be conclusively evidenced by the execution and delivery thereof by any Responsible Officer. Section 4. The City Council, acting on its behalf and as the legislative body of the District, hereby approves the Commitment Agreement and Purchase Contracts, in substantiaily the forms on file with the City Clerk. Any Responsibie Officer is hereby authorized to execute the Commitment Agreement and Purchase Contracts, in substantialiy the form presented hereto, with such revisions, amendments and completions as shali 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 Senior Bonds and the Subordinate Bonds shall bear interest at a rate not to exceed 5.5% and 10.0%, respectively. Section 5. 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 Undenvriter 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 compietions as shail 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 6. 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 2 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 instaliment of the special taxes or the interest or penalties thereon which may be due or delinquent, but for which a biil 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 7. The City Manager, the Director of Administtative Services, the City Clerk and all othier 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 aIF things and take any and all other actions, inciuding the publication of any notices necessary or desirable in connection with the sale of the District 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 lawfui issuance and sale of the District Bonds and the consummation of the transactions as described herein. Section 8. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED RND ADOPTED at a regular mg of the City Council of the City of Lake Elsinore, California, this 11th day of Dec~20~ ~~ MAYOR AT ST: VIVIAN M. MUNSON CITY CLERK 3 CITY ATTORNEY CITY OF LAKE ELSINORE STATE OF CALIFORNIA COUNTY OF RIVERSIDE CITY OF LAKE ELSINORE ) )ss. ) I, VIVIAN M. MUNSON, City Cierk of the City of Lake Eisinore, California, hereby certify that Resolution No. 2007-210 was adopted by the City Council of the City of Lake Elsinore, California, at a regular meeting held on the 11th day of December 2007, and that the same was adopted by the following vote: AYES: Mayor Magee, Mayor Pro Tem Hickman, Councilmember Buckley, Councilmember Kelley, Councilmember Schiffner NOES: None ABSENT: None ABSTAIN: None ~ VI IAN M. MUNSON CITY CLERK