HomeMy WebLinkAboutCC Reso No 2006-094RESOLUTION NO. 2006-94
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE APPROVING A JOINT COMMUNITY
FACILITIES AGREEMENT, A DEPOSIT AND
REIMBURSEMENT AGREEMENT AND TWO FEE DEPOSIT
AND REIMBURSEMENT AGREEMENTS RELATING TO
THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES
DISTRICT NO. 2006-6 (TESSERA)
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore
(the "City") has heretofore adopted Resolution No. 2006-~ ("Resolution of
Intention") stating its intention to form City of Lake Elsinore Community Facilities
District No. 2006-6 (Tessera) (the "CFD") pursuant to the Mello-Roos Community
Facilities Act of 1982, as amended (the "AcY'); and
WHEREAS, Section 533114.9 of the Act provides that, at any time either
before or after the formation of a community facilities district, the legislative body
may accept advances of funds from any source, including, but not limited to,
private persons or private entities and may provide, by resolution, far the use of
those funds for any authorized purpose, including, but not limited to, paying any
cost incurred by the local agency in creating a community facilities district
(including the issuance of bonds thereby); and
WHEREAS, the City and the developers with respect to the CFD (the
"Developers") desire to enter into an agreement in accardance with Section
53314.9 of the Act in order to provide for the advancement of funds by the
Developers to be used to pay costs incurred in connection with the formation of the
CFD and issuance of special t~ bonds for the CFD (the "Bonds"), and to provide
for the reimbursement to the Developers of such funds advanced, without interest,
from the proceeds of any Bonds; and
WHEREAS, Section 53316.2 of the Act states that a community facilities
district may finance facilities to be owned or operated by an entity other than the
agency that created the district only pursuant to a joint community facilities
agreement or a joint exercise ofpowers agreement; and
WHEREAS, certain facilities and capital fees to be financed by the CFD
include those facilities and capital fees to be owned or operated by the Elsinore
Valley Municipal Water District ("EVMWD"); and
CITY COUNCIL RESOLUTION NO. 2006-94
Page 2 of 3
WHEREAS, the Developers intend to make a security deposit with the City
and EVMWD to cover certain City and EVMWD capital fees, which are eligible
for refund upon the sale of the Bonds and the payment of such City and EVMWD
capital fees from the proceeds of such Bonds.
NOW, THEREFORE, THE CTTY COUNCIL OF THE CITY OF
LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
SECTION 1. The City Council hereby approves the Joint Community
Facilities Agreement in substantially the form presented to the City Council at this
meeting. The Mayor, the City Manager and the Director of Administrative
Services are hereby authorized to execute the Joint Community Facilities
Agreement with such revisions, amendments and completions as shall be approved
by the officer executing the same, such approval to be conclusively evidenced by
the execution and delivery thereof.
SECTION 2. The City Council hereby approves the Deposit and
Reimbursement Agreement in substantially the form presented to the City Council
at this meeting. The Mayor, the City Manager and the Director of Administrative
Services are hereby authorized to execute the Deposit and Reimbursement
Agreement with such revisions, amendments and completions as shall be approved
by the officer executing the same, such approval to be conclusively evidenced by
the execution and delivery thereof.
SECTION 3. The City Council hereby approves the Fee Deposit and
Reimbursement Agreements in substantially the forms presented to the City
Council at this meeting. The Mayor, the City Manager and the Director of
Administrative Services are hereby authorized to execute the Fee Deposit and
Reimbursement Agreements with such revisions, amendments and completions as
shall be approved by the officer executing the same, such approval to be
conclusively evidenced by the execution and delivery thereof.
SECTION 4. This Resolution shall take effect from and after the date of its
passage and adoption.
CITY COi1NCIL RESOLUTION NO. 2006-94
Page 3 of 3
PASSED, APPROVED AND ADOPTED this 27th day of June, 2006, by
the following vote:
AYES: COIJNCILMEMBERS: Buckley, Hickman, Kelley,
Schiffner, Magee
NOES: COiJNCILMEMBERS: None
ABSENT: COiJNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
ATTE :
Frederick Ray City Clerk
City of Lake Elsinore
~rbara Zeid IJeibold, City Attorney
City of Lake Elsinore