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Home My WebLink AboutCC Reso No 2006-005RESOLUTION NO. 2006-OS RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE AUTHORIZING THE ISSUANCE OF THE CITY OF LAKE ELSINORE COMMUNI'TY FACILITIES DISTRICT NO. 2005-1 (SERENIT~ SPECIAL TAX BONDS, 2006 SERIES A AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT, A PURCHASE CONTRACT, A FUNDING, CONSTRUCTION AND ACQUISITION AGREEMENT, AND AN OFFICIAL STATEMENT AND APPROVING A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION THEREWITH WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "City") has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "AcY'), to form the City of Lake Elsinare Community Facilities District No. 2005-1 (Serenity) (the "CFD"), to authorize the levy of special taxes upon the land within the CFD, and to issue bonds secured by said special taxes, the proceeds of which are to be used 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, including public infrastructure facilities and other government facilities (including related capital fees), 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, the Council intends to issue bonds designated "City of Lake Elsinore Community Facilities District No. 2005-1 (Serenity) Special Tax Bonds, 2006 Series A" (the "Bonds"); and WHEREAS, there have been submitted to this Council certain documents providing for the issuance of the Bonds and this Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said Bonds and the levy of said special taxes as contemplated by this Resolution and the documents referred to herein, exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. CITY COUNCIL RESOLUTION NO. 2006-OS Page 2 of 5 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. The Council hereby authorizes the issuance of the City of Lake Elsinore Community Facilities District No. 2005-1 (Serenity) Special T~ Bonds, 2006 Series A(the "Bonds") in an amount not to exceed $12,000,000 for the purpose of financing the Facilities. SECTION 2. The Council hereby approves the Fiscal Agent Agreement in substantially the form annexed hereto. The Mayor, the City Manager or the Director of Administrative Services (each, a"Responsible Officer") is hereby authorized to execute the Fiscal Agent Agreement with such revisions, amendments and completions as shall be approved by any Responsible Officer executing the same, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 3. The Council hereby approves the Continuing Disclosure Agreement in substantially the form annexed hereto. Any Responsible Officer is hereby authorized to execute the Continuing Disclosure Agreement with such revisions, amendments and completions as shall be approved by any Responsible Officer executing the same, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 4. The Council hereby approves the Funding, Construction and Acquisition Agreement in substantially the form annexed hereto. Any Responsible Officer is hereby authorized to execute the Funding, Construction and Acquisition Agreement with such revisions, amendments and completions as shall be approved by any Responsible Officer executing the same, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 5. The Council hereby approves the Preliminary Official Statement relating to the Bonds, substantially in the form annexed hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer with the advice of Bond Counsel, in order to make the Preliminary Official Statement final as of its date, except for the omission of certain information, as permitted by Section 240.15c2- 12(b)(1) of Title 17 of the Code of Federal Regulations ("Rule 15c2-12"), and any certificate relating to the finality of the Official Statement under Rule 15c2-12. Any Responsible Officer is authorized and directed to execute and deliver a final Official Statement in substantially the form hereby approved, with such additions and changes as CITY COUNCIL RESOLUTION NO. 2006-OS Page 2 of 5 may be approved by Bond Counsel and any Responsible Officer executing the same, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 6. The Council hereby approves the Purchase Contract in substantially the form annexed hereto. Any Responsible Officer is hereby authorized to execute the Purchase Contract with such revisions, amendments and completions as shall be approved by any Responsible Officer executing the same, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof, provided that, the Purchase Contract shall provide for a true interest cost (including original issue shown) not greater than 6.00%, and an underwriter's discount not greater than 2.0% of the principal amount of Bonds. SECTION 7. Each Responsible Officer is hereby authorized and directed, far and in the name and on behalf of the City, to do any and all things and take any and all other actions, including the obtaining of municipal bond insurance and 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 iiecessary or advisable in order to consummate the lawful issuance and sale of the 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 AND ADOPTED this l Oth day of January, 2006. AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY, SCHIFFNER, MAGEE NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE i bert E. Mag City of Lake E CITY COUNCIL RESOLUTION NO. 2006-OS Page 2 of 5 ATTEST: Frederick Ray, Clerk City of Lake Elsinore Attorney City of Lake STATE OF CALIFORNIA } COLTNTY 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 hereof held on the lOth day of January, 2006, and that it was so adopted by the following vote: AYES: COLTNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY, SCHIFFNER, MAGEE NOES: COUNCII,MEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE FREDERICK , CITY CLERK CI"TY OF LAKE ELSINORE ~SEAL)