HomeMy WebLinkAboutCC Reso No 2006-031RESOLUTION NO. 2006-31
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE 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 CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2006-1 (SUMMERL~
AND CALLING A SPECIAL ELECTION
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the
"City") has heretofore adopted Resolution No. 2006-30 (the "Resolution of Formation"),
which formed the City of Lake Elsinore Community Facilities District No.2006-1
(Summerly) (the "CPD"), pursuant to the Melio-Roos Community Facilities Act of 1982,
as amended, (the "Act"), to finance a portion of the cost of providing parks, open space
and storm drain maintenance services (the "Services") that are in addition to those
provided in the territory within the CFD prior to the formation of the CFD, and 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 the City is authorized by
law to construct, own or operate (the "Facilities"); and
WHEREAS, a copy of the Resolution of Formation is on file with the City Clerk
and incorporated herein by reference; and
WHEREAS, the Council has heretofore designated portions of the CFD as
Improvement Area No. 1, 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 certain properties within the
respective Improvement Areas.
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.
CITY COUNCIL RESOLUTION NO. 2006-31
Page 2 of 4
SECTION 2. It is necessary to incur bonded indebtedness in 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, to finance the costs
of the Facilities for the respective Improvement Areas.
SECTION 3. The indebtedness will be incurred for the purpose of financing the
costs of acquiring the Facilities, 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 will pay far the bonded indebtedness for
such Improvement Area.
SECTION 5. The bonds shall be issued in one or more series at a maximum
interest rate not to exceed 12 percent per annum or such rate not in excess of the
maximum rate permitted by law at the time the bonds are issued and payable annually or
semiannually as determined by the Council. 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. Pursuant to and in compliance with the provisions of Article 1.5
(commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the
Government Code, the Council hereby establishes the following accountability measures
pertaining to any bonded indebtedness incurred by or on behalf of the City:
(a) Such bonded indebtedness shall be incurred for the specific purposes
set forth in Section 3 above.
(b) The proceeds of any such bonded indebtedness shall be applied only
to the specific purposes identified in Section 3 above.
(c) The document or documents establishing the terms and conditions
for the issuance of any such bonded indebtedness shall provide for the creation of an
account or accounts into which the proceeds of such Uonded indebtedness shall be
deposited.
(d) The City Manager, or his or her designee, acting for and on behalf of
the City, shall annually file a report with the Council as required by Government Code
Section 53411.
SECTION 7. Pursuant to Government Code Section 53326, the Council hereby
determines to submit to the qualified electors of the CFD a proposition (the "Services
Proposition") to levy special taxes on property within the CFD in accordance with the
CITY COUNCIL RESOLUTION NO. 2006-31
Page 3 of 4
rate and method of apportionment specified in the Resolution of Formation. The form of
the Services Proposition is attached as E~ibit "A."
SECTION 8. Pursuant to Government Code Section 53353.5, the Council hereby
determines to submit to the qualified electors of the respective Improvement Areas a
combined proposition (the "Facilities Proposition") to: (1) levy special taxes on properiy
within the Improvement Areas in accordance with the rate and method of apportionment
of special tax specified in the Resolution of Formation; (2) incur bonded indebtedness in
the amounts not to exceed $30,000,000, $28,000,000 and $27,000,000, respectively; and
(3) establish an appropriations limit as defined by subdivision (h) of Section 8 of
Article XIIIB of the California Constitution, for the respective Improvement Areas. Said
appropriations limit shall equal the maximum amount of bonded indebtedness authorized
to be incurred for the respective Improvement Areas. The form of the Facilities
Proposition is attached as E~ibit "B."
SECTION 9. A special election is hereby called for the CFD on the Services
Proposition set forth in Section 7 above.
SECTION 10. A special election is hereby called for the Improvement Areas on
the Facilities Proposition set forth in Section 8 above.
SECTION 11. The time for notice having been waived by the qualified electors,
the date of the special election for the CFD on the Services Proposition and for the
Improvement Areas on the Facilities Proposition shall be on the 28th day of February,
2006. There being no registered voters residing within the territory of the CFD at the
time of the protest hearing and nineTy (90) days prior thereto, there being only one
landowner in the CFD, and the requirements of Section 53326 of the Government Code
having been waived by the landowner, the ballot for the special election shall be hand
delivered to the landowner within the CFD. The voter ballot shall be returned to the City
Clerk at 130 S. Main Street, Lake Elsinore, California 92530, no later than 11:00 dclock
p.in. on February 28, 2006. However, the election inay be closed within the concurrence
of the City Clerk, as soon as the ballot is returned.
SECTION 12. Notice of said election and written argument for or against the
measure have been waived by the landowner.
SECTION 13. The CFD or each Improvement Area, as applicable, shall
constitute a single election precinct for the purpose of holding said special election.
SECTION 14. The Council hereby directs that the special election be conducted
by the City Clerk, 1s the elections official.
SECTION 15. This Resolution shall take effect from and after the date of its
passage and adoption.
CITY COUNCIL RESOLUTION NO. 2006-31
Page 4 of 4
PASSED, APPROVED AND ADOPTED this 28`h day of February, 2006, by the
following vote.
AYES: COUNCILNIEMBERS
HICKMAN, KELLEY, SCHIFFNER,
MAGEE
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
ABSTAIN: COUNCILMEMBERS:
ATTE T: ~
rederick Ray, City Clerk
City of Lake Elsinore
City Attorney
NONE
NONE
Ro~rt E. M;
City of Lake
City of Lake
EXHIBIT A
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMLJNITY FACILITIES DISTRICT NO. 2006-1 (SiIMNIERLY)
SERVICES SPECIAL TAX ELECTION
February 28, 2006
To vote, mark an "X" in the voting square after the word "YES" or after the word
"NO." All marks otherwise made are forbidden.
This ballot is provided to , as owner or authorized
representative of such owner of land within City of Lake Elsinore Community Facilities
District No. 2006-1 (Summerly) and represents vote(s).
If you wrongly mark, tear, or deface this ballot, return it to the City Clerk of the
City of Lake Elsinore at 130 S. Main Street, Lake Elsinare, California 92530.
PROPOSITION: Shall City of Lake Elsinore Community
Facilities District No. 2006-1 (Summerly) be authorized to
levy special taxes pursuant to the rate and method of
apportionment of special taxes (the "Special Tax Formula")
set forth in E~ibit A of Resolution of Formation adopted on
February 28, 2006 ("Resolution of Formation") to finance the
autharized services and administrative expenses as provided
for in the Resolution of Formation?
YES
NO
EXHIBIT B
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2006-1 (SUMI~~RLY)
IMPROVEMENT AREA NO.
SPECIAL TAX ELECTION
February 28, 2006
To vote, mark an "X" in the voting square after the word "YES" or after the word
"NO." All marks otherwise made are forbidden.
This ballot is provided to , as owner or authorized
representative of such owner of land within City of Lake Elsinore Community Facilities
District No. 2006-1 (Summerly) and represents vote(s).
If you wrongly mark, tear, or deface this ballot, return it to the City Clerk of the
City of Lake Elsinore at 130 S. Main Street, Lake Elsinore, California 92530.
PROPOSITION: Shall Improvement Area of the City of
Lake Elsinore Community Facilities District No. 2006-1
(Summerly) (the "CFD"), subject to the accountability
measures provided for in Resolution Calling Special Election
adopted on February 28, 2006, incur an indebtedness and be
authorized to issue bonds in an amount not to exceed
$ with interest at a rate or rates established at
such time as the bonds are sold in one or more series at fixed
or variable interest rates, however not to exceed any
applicable statutory rate for such bonds, the proceeds of
which will be used to finance the certain public facilities (the
"Facilities") as described in Resolution of Formation adopted
on February 28, 2006 ("Resolution of Formation"); and,
subject to the accountability measures provided for in the
Resolution of Formation, shall a speciai tax be levied to pay
the principal of and interest on such indebtedness and bonds
and to otherwise finance the Facilities; and shall an
appropriations limit be established for Improvement Area
of the CFD pursuant to Article XIIIB of the California
Constitution, said appropriations limit to be equal to the
maximum amount of bonded indebtedness authorized to be
incurred for Improvement Area ?
YES
NO