HomeMy WebLinkAbout2024-040 Amended and Restated Funding Agreement for CFD No. 2023-2 (Coastal Mission Trails)RESOLUTION NO. 2021-40
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, APPROVING AMENDMENTS TO THE FUNDING AGREEMENT
AND JOINT COMMUNITY FACILITIES AGREEMENT RELATING TO
COMMUNITY FACILITIES DISTRICT NO. 2023-2 OF THE CITY OF LAKE
ELSINORE (COASTAL MISSION TRAILS)
Whereas, the City Council (the “City Council”) of the City of Lake Elsinore (the “City”),
has heretofore undertaken proceedings to establish Community Facilities District No. 2023-2 the
City of Lake Elsinore (Coastal Mission Trails) (the “District”) and declared the necessity to issue
bonds on behalf of the District pursuant to the terms and provisions of the Mello-Roos
Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of
the Government Code of the State of California (the “Act”); and
Whereas, the City, acting on behalf of itself and the District, entered into that certain
Funding Agreement dated as of November 14, 2023 with Vista Emerald, LLC, a California
limited liability company (the “Owner”) (the “Original Funding Agreement”) which provided for
the funding of improvements to facilities through the District; and
Whereas, the City and the Owner desire to enter into that certain Amended and
Restated Funding Agreement (the “Funding Agreement Amendment”) in substantially the form
presented at this meeting, which amends and restates the Original Funding Agreement to
include additional improvements and facilities as eligible to be financed through the District; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOW:
Section 1. Each of the above recitals is true and correct.
Section 2. The form of the Funding Agreement Amendment presented at this meeting
is hereby approved and each of the Mayor, the City Manager, the Assistant City Manager is
hereby authorized and directed to execute the Funding Agreement Amendment in the form
hereby approved, with such additions therein and changes thereto as the office or officers
executing the same deem necessary to cure any defect or ambiguity therein, with such approval
evidenced by the execution and delivery of the Funding Agreement Amendment.
Section 3. This Resolution shall be effective upon its adoption.
Passed and Adopted at a regular meeting of the City Council of the City of Lake
Elsinore, California, this 13th day of August 2024.
Steve Manos
Mayor
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CC Reso. No. 2024-40
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Attest:
Candice Alvarez, MMC
City Clerk
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, City Clerk of the City of Lake Elsinore, California, do hereby certify
that Resolution No. 2024-40 was adopted by the City Council of the City of Lake Elsinore,
California, at the Regular meeting of August 13, 2024 and that the same was adopted by the
following vote:
AYES: Council Members Sheridan, Johnson, and Magee; Mayor Pro Tem Tisdale; and
Mayor Manos
NOES: None
ABSENT: None
ABSTAIN: None
Candice Alvarez, MMC
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