HomeMy WebLinkAboutCC Reso No 2006-009RESOLUTION NO. 2006-09
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE
CITY OF LAKE ELSINORE, CALIFORNIA, TO INCUR BONDED
INDEBTEDNESS IN THE AMOUNTS NOT TO EXCEED
$30,000,000, $28,000,000 AND $27,000,000 WITHIN IMPROVEMENT
AREA NO. 1, IMPROVEMENT AREA NO. 2 AND IMPROVEMENT
AREA NO. 3, RESPECTIVELY, OF THE PROPOSED CITY OF
LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO.
2006-1 (SUMMERLY)
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the
"City") has heretofore adopted Resolution No. 2006-08, stating the Council's intention to
form Community Facilities District No. 2006-1 (Summerly) (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 tangibie
property with an estimated useful life of five years or longer, including 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, the Council has heretofore adopted Resolution No. 2006-08
designating portions of the CFD as Improvement Area No. l, Improvement Area No. 2
and Improvement Area No. 3(each an "Improvement Area" and collectively, the
"Improvement Areas"); and
WHEREAS, in order to finance the Facilities it is necessary to incur bonded
indebtedness in the amounts not to exceed $30,000,000, $28,000,000 and $27,000,000 for
Improvement Area No. 1, Improvement Area No. 2 and Improvement Area No. 3,
respectively, 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 respective
Improvement Areas, other than those properties exempted from taxation as provided in
the respective rate and meYhod of apportionment attached as E~ibit B to Resolution No.
2006-08.
CITY COUNCIL RESOLUTION NO. 2006-09
Page 2 of 3
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
SECTION 1. The above recitals are true and correct.
SECTION 2. It is necessary to incur bonded indebtedness within each of
Improvement Area No. 1, Improvement Area No. 2 and Improvement Area No. 3 of the
proposed CFD in the amounts not to exceed $30,000,000, $28,000,000 and $27,000,000,
respectively, to finance the costs of the Facilities for each Improvement Area.
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. Each Improvement Area shall pay for its bonded indebtedness.
SECTION 5. It is the intent of the Council to authorize the sale of bonds in one
or more series, in the maximum aggregate principal amounts not to exceed $30,000,000,
$28,000,000 and $27,000,000 for Improvement Area No. l, Improvement Area No. 2 and
Improvement Area No. 3, respectively, 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 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 6. A public hearing (the "Hearing") on the proposed debt issue shall
be held February 28, 2006 at 7:00 p.m. or as soon therea8er as practicable, at the
chambers of the Council, 130 S. Main Street, Lake Elsinore, California 92530.
SECTION 7. At the Hearing at the time and place set forth above, any interested
persons, including all persons owning land within the proposed CFD, may appear and be
heard at the Hearing.
SECTION 8. The proposition to incur bonded indebtedness in the maximum
aggregate principal amounts not to exceed $30,000,000, $28,000,000 and $27,000,000
for Improvement Area No. 1, Improvement Area No. 2 and Improvement Area No. 3,
respectively, shall be submitted to the qualified electors of the respective Improvement
Area. A special community facilities district election shall be conducted on February 28,
2006. The special election shall be conducted by hand delivered or mailed ballot
CITY COUNCIL RESOLUTION NO. 2006-09
Page 3 of 3
election. The ballots shall be returned to the office of the election officer no later than
11:00 dclock p.m. on February 28, 2006.
SECTION 9. The 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 10. The 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 11. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED this 24`h day of January, 2006, by the
following vote:
AYES: COUNCILMEMBERS:
BUCKLEY, HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
NONE
NONE
City of Lake
ATTEST:
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Fred~ay, City Clerk
City of Lake Elsinore
City of Lake