HomeMy WebLinkAboutCC Reso No 2006-002RESOLUTION NO. 2006-02
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE APPROVING A DEPOSIT AND REIMBURSEMENT
AGREEMENT AND TWO FEE DEPOSIT AND REIMBURSEMENT
AGREEMENTS
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. 2006-2 (~isclya) (the "CFD") pursuant to the Mello-Roos
Community Facilities Act of 1982, as amended (the "Act"}; and
WHEREAS, Section 53314.9 of the Act provides that, at any time either before ar
after the formation of a coinmunity facilities district, the legislative body inay accept
advances of fimds from any source, including, but not liinited to, private persons or
private entities and may provide, by resolution, for the use of those fuuds 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 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 far 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
WH~REAS, the developer within the proposed CFD (the `'Developer") intends to
make a security deposit with the City and Elsinore Valley Municipal Water District
("EVNIWD") to cover certain City and EVMWD capital fees, which are eligible for
refund upon the sale of bonds and the payment of such City and EVMWD capital fees
from the proceeds of such bonds.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE
~LSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
SECTION 1. The City Council hereby approves the Deposit and Reimbursement
Agreement in substantially the fonn preseirted to the City Council at this meeting. The
Mayor, the City Manager and the Director of Administrative Services are hereby
authorized to execute the Deposif 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 deliveiy thereof.
CITY COUNCIL RESOLUTION NO. 2006-02
Page 2 of 3
SECTION 2. The City Council hereby approves the Fee Deposit and
Reimbursement Agreements in substantially the forms 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 Agreements 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 10`" day of January, 2006.
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
A
Fredrick Ray, Cit~' Clerk
City of Lake Elsinore
Zeid L~bold, City Attorney
City of
STATE OF CALIFORNIA }
COUNTY OF RIVERSIDE } SS:
CITY OF LAKE ELSINORE }
I, FREDERICK RAY, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO
HEREBY CERTIFY that the foregoing Resolution duly adopted by the City Council of
the City of Lake Elsinore at a regular meeting thereof held on the 10~h day of January,
2006, and that it was so adopted by the following vote:
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
FRED~RICK Y, CITY CLERK
CITI' OF LAKE ELSINORE
f SEAI.~