HomeMy WebLinkAboutCC Reso No 2006-011RESOLUTION NO. 2006-11
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE
CITY OF LAKE ELSINORE, CALIFORNIA, TO INCUR BONDED
INDEBTEDNESS IN THE AMOUNT NOT TO EXCEED $12,800,000
WITHIN THE PROPOSED CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2006-3 (LA STRADA)
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the
"City") has heretofore adopted Resolution No. 2006-10, stating the Council's intention to
form Community Facilities District No. 2006-3 (La Strada) (the "CFD"), pursuant to the
Mello-Roos Community Facilities Act of 1982, as amended, (the "AcP'), 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 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 $12,800,000, 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 E~ibit A to Resolution
No. 2006-10.
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 the proposed
CFD in the amounts not to exceed $12,800,000 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 properiy 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 amounts not to exceed $12,800,000
CITY COUNCIL RESOLUTION NO. 2006-11
Page 2 of 3
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 5. A public hearing (the "Hearing") on the proposed debt issue shall
be held February 28, 2006 at 7:00 p.m. or as soon thereafter as practicable, at the
chambers of the Council, 130 S. Main Street, Lake Elsinore, California 92530.
SECTION 6. At the Hearing at tbe 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 7. The proposition to incur bonded indebtedness in the maximum
aggregate principal amounts not to exceed $12,800,000 shall be submitted to the qualified
electors of the CFD. 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 election. The ballots shall be returned to the office of the election officer
no later than 11:00 o'clock p.m. on February 28, 2006.
SECTION 8. 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 9. The Clerk may send a copy of the Notice of the Hearing by first-
class inail, 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.
CITY COUNCIL RESOLUTION NO. 2006-11
Page 3 of 3
PASSED, APPROVED AND ADOPTED this 24~' day of January, 2006, by the
following vote:
AYES: COUNCILMEMBERS
BUCKLEY, HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NOES: COUNCILMEMBERS
ABSENT: COLTNCILMEMBERS
ABSTAIN: COUNCILMEMBERS:
NONE
NONE
~bert E. Magee,
City of Lake Elsi~
ATTEST:
Frederick Ray, Ci Clerk
City of Lake Elsinore
AS TO FORM:
City Attorney
City of Lake