HomeMy WebLinkAboutCC Reso No 2006-053RESOLUTION NO. 2006-53
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE
AMOUNT NOT TO EXCEED $7,500,000 WITHIN THE CITY OF
LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO.
2006-2 (VISCAYA) AND CALLING A SPECIAL ELECTION
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the
"City") has heretofore adopted Resolution No. 2006-52 (the "Resolution of Formation"),
which formed the City of Lake Elsinore Community Facilities District No. 2006-2
(Viscaya) (the "CFD"), pursuant to the Me11o-Roos Community Facilities Act of 1982, as
amended, (the "AcY'), 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, in order to finance the Facilities it is necessary to incur bonded
indebtedness in the amount not to exceed $7,500,000, the repayment of which is to be
secured by special taxes levied in accordance with Secrion 53340 et seq. of the Act on
certain properties within the CFD:
NOW, THEREFORE, THE CTTY 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 in the amount not to
exceed $7,500,000 to finance the costs of the Facilities.
SECTION 3. The indebtedness will be incurred far 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.
CITY COUNCIL RESOLUTION NO. 2006-53
Page 2 of 4
SECTION 4. 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 5. 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 far the creation of an
account or accounts into which the proceeds of such bonded indebtedness shall be
deposited.
(d) The City Manager, or his ar her designee, acting for and on behalf of
the City, shall annually file a report with the Council as required by Government Code
Section 5341 L
SECTION 6. 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
rate and method of apportionment specified in the Resolution of Formation. The form of
the Services Proposition is attached as Eachibit "A."
SECTION 7. Pursuant to Government Code Section 53353.5, the Council hereby
determines to submit to the qualified electors of the CFD a combined proposition (the
"Facilities Proposition") to: (1) levy special ta~ces on property within the CFD in
accordance with the rate and method of apportionment of special tax specified in the
Resolution of Formation; (2) incur bonded indebtedness in the amount not to exceed
$7,500,000; and (3) establish an appropriations limit as defined by subdivision (h) of
Section 8 of Article XIIIB of the California Constitution, for the CFD. Said
CITY COUNCIL RESOLUTION NO. 2006-53
Page 3 of 4
appropriations limit shall equal the maximum amount of bonded indebtedness authorized
to be incurred for the CFD. The form of the Facilities Proposition is attached as Exhibit
«B „
SECTION 8. A special election is hereby called for the CFD on the Services
Proposition set forth in Section 6 above.
SECTION 9. A special election is hereby called for the CFD on the Facilities
Proposition set forth in Section 7 above.
SECTION 10. 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 far the CFD
on the Facilities Proposition shall be on the 25`t' day of April, 2006. There being no
registered voters residing within the territory of the CFD at the time of the protest hearing
and ninety (90) days priar thereto, there being only two landowners in the CFD, and the
requirements of Section 53326 of the Government Code having been waived by the
landowners, the ballot for the special election shall be hand delivered to the landowners
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 o'clock pm. on April 2S,
2006. However, the election may be closed within the concunence of the City Clerk, as
soon as the ballot is returned.
SECTION ll. Notice of said election and written argument for or against the
measure have been waived by the landowners.
SECTION 12. The CFD shall constitute a single electionprecinct for the purpose
of holding said special election.
SECTION 13. The Council hereby directs that the special election be conducted
by the City Clerk, as the elections official.
SECTION 14. This Resolution shall take effect from and after the date of its
passage and adoption.
CITY COUNCIL RESOLUTION NO. 2006-53
Page 4 of 4
PASSED, APPROVED AND ADOPTED this 25`h day of April, 2006, by the
following vote:
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
Mayor
City of Lake
A
Frederick Ray, Ci~t'y Clerk
City of Lake Elsinore
AP ROVED A O F RM:
B rbara Zeid eibold, City Attorney
City of Lake Elsinore
EXHIBIT A
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMNl[.JNITY FACILITIES DISTRICT NO. 2006-2
(VISCAYA) ~
SERVICES SPECIAL TAX ELECTION
Apri125, 2006
To vote, mark an"X" in the voting square after the word "YES" or after the ward
"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. 2006-2 (Viscaya) 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 City of Lake Elsinore Community
Facilities District No. 2006-2 (Viscaya), subject to the
accountability measures provided for in the Resolution of
Formation adopted on April 25, 2006 (the "Resolution of
Formation"), 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 the
Resolution of Formation to fmance the authorized services
and administrative expenses as provided for in the Resolution
of Formation?
YES
NO
45726759.1 A-]
EXHIBIT B
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2006-2
(VISCAYA)
SPECIAL TAX ELECTION
Apri125, 2006
To vote, mark an "X" in the voting square after the word "YES" or after the ward
"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. 2006-2 (Viscaya) 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 the City of Lake Elsinore Community
Faciliries District No. 2006-2 (Viscaya) (the "CFD"), subject to the
accountability measures provided for in the Resolution Calling a
Special Election adopted on April 25, 2006 ("Resolution Cailing
Special Election"), incur an indebtedness and be authorized to
issue bonds in an amount not to exceed $7,500,000 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 the Resolution of Formation adopted
on Apri125, 2006 ("Resolution of Formation"); and, subj ect to the
accountability measures provided for in the Resolution of
Formation, shall a special taac 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
the CFD pursuant to Article XIIIB of the California Consritution,
said appropriations limit to be equal to the ma~cimum amount of
bonded indebtedness authorized to be incurred for the CFD?
YES
NO
45726759.1 B_j