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HomeMy WebLinkAboutCC Reso No 2006-050RESOLUTION NO. 2006-50 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE AUTHORIZING THE ISSUANCE OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2005-6 (CITY CENTER TOWNHOMES) SPECIAL TAX BONDS, 2006 SERIES A AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT, A FUNDING, CONSTRUCTION AND ACQUISITION AGREEMENT, A PURCHASE CONTRACT, 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 Elsinore Community Facilities District No. 2005-6 (City Center Townhomes) (the "CFD"), to authorize the levy of special taxes upon the land within the CFD, and to issue bonds secured by said special taYes, 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, which are necessary to meet increased demands placed upon the City as a result of development ar rehabilitation occurring within the proposed CFD (the "Facilities"); and WHEREAS, the Council intends to issue bonds designated "City of Lake Elsinare Community Facilities District No. 2005-6 (City Center Townhomes) 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 2hem 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 taYes as contemplated by this Resolution and the documents refened 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. NOW, THEREFORE, TAE CTTY COUNCIL OF THE CITY OF LAI{E ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: CITY COITNCIL RESOLUTION NO. 2006-50 PAGE 2 OF 3 SECTION 1. The Council hereby authorizes the issuance of the City of Lake Elsinore Community Facilities District No. 2005-6 (City Center Townhomes) Special Tax Bonds, 2006 Series A(the `Bonds") in an amount not to exceed $4,000,000 for the purpose of financing the Facilities. SECTION 2. The Council hereby approves the Fiscal Agent Agreement in substantially the form attached hereto. The Mayor, City Manager or Administrative Services Directar (each, a"Responsible Officer"), are hereby authorized to execute the Fiscal Agent Agreement in substantially the form attached hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereo£ SECTION 3. The Council hereby approves the Continuing Disclosure Agreement in substantially the form attached hereto. Any Responsible Officer is hereby authorized to execute the Conrinuing Disclosure Agreement in substantially the form annexed hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, 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 attached hereto. Any Responsible Officer is hereby authorized to execute the Funding, Conshuction and Acquisition Agreement in substantially the form attached hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereo£ SECTION 5. The Council hereby approves the Preliminary Official Statement relating to the Bonds, substantially in the form attached 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 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 attached hereto. Any Responsible Officer is hereby authorized to execute the Purchase Contract, in substantially the form attached hereto, with such CITY COITNCIL RESOLUTION NO. 2006-50 PAGE 3 OF 3 revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof, provided that, the Purchase Coniract shall provide for a true interest cost (including original issue shown) not greater than 6.0%, 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, for 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 ar 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, wanants and other documents, which they, ar any of them, deem necessary 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 11"' day of April, 2006. AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY, SCHIFFNER, MAGEE NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE , ~ Robert E. Magee, City of Lake Elsir ATTEST: Frederick Ray, ity Clerk City of Lake Elsinore AP OVED A O O . Barbara Zeid L bold, City Attorney City of Lake E sinore