HomeMy WebLinkAboutCC Reso No 2006-098RESOLUTION NO. 2006-98
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN
THE AMOUNT NOT TO EXCEED $33,000,000 WITHIN
IMPROVEMENT AREA NO. 2 OF THE CITY OF LAKE
ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2004-3
(ROSETTA CANYOl~ AND CALLING A SPECIAL
ELECTION
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore
(the "City") has received a petition from the landowner of Improvement Area No.
2 of the City of Lake Elsinore Community Facilities District No. 2004-3 (Rosetta
Canyon) (the "CFD") to institute proceedings to increase the amount of bonded
indebtedness authorized to be incurred within Improvement Area No. 2 from
$28,000,000 to $33,000,000, the proceeds of which will be used to finance the
acquisition and/or construction of public infrastructure facilities, all pursuant to the
Mello-Roos Community Facilities Act of 1982, as amended, commencing with
Section 53311 of the Government Code of the State of California (the "Act"), and
to alter the existing rate and method of apportionment of special t~es with respect
to Improvement Area No. 2 of the CFD; and
WHEREAS, the Council has heretofore adopted Resolution No. 2006-72
("Resolution of Intention") stating its intention to incur bonded indebtedness in the
amount not to exceed $33,000,0000 within Improvement Area No. 2 of the CFD
and to consider alteration of the exisring rate and method of apportion of special
taxes; and
WHEREAS, a copy of the Resolution of Intention is on file with the City
Clerk and incorporated herein by reference; and
WHEREAS, on June 27, 2006, the Council held a noticed hearing as
required by law relative to the proposed levy of the Special Tax and incurrence of
bonded indebtedness within Improvement Area No. 2 of the CFD; and
WHEREAS, the Council adopted Resolution No. 2006-97 (the "Resolurion
Determining Validity of Prior Proceedings") determining the validity of prior
proceedings.
CITY COLTNCIL RESOLUTION NO. 2006-98
Page 2 of 4
NOW, THEREFORE, THE CITY COUNCIL OF TAE CTTY OF
LAKE ELSINORE DOES HEREBY RESOLVE, DETERIVIINE 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 $33,000,000 to finance the costs of the Facilities.
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 pernutted to be financed pursuant to the Act.
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 deternuned pursuant to a resolution of the Council authorizing the
issuance of the bonds, but such term sha11 in no event exceed 40 years ar 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 sha11 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 bonded
indebtedness shall be deposited.
CITY COUNCIL RESOLUTION NO. 2006-98
Page 3 of 4
(d) The City Manager, ar 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 6. Pursuant to Government Code Section 53353.5, the Council
hereby determines to submit to the qualified electars of Improvement Area No. 2
of the CFD a combined proposition (the "Proposition") to: (1) levy special taxes
on property within Improvement Area No. 2 of the CFD in accordance with the
rate and method of apportionment of special tax specified in the Resolution
Deternuning Validity of Prior Proceedings; (2) incur bonded indebtedness in the
amount not to exceed $33,000,000; and (3) establish an appropriations limit as
defined by subdivision (h) of Section 8 of Article XIIIB of the California
Consritution, for Improvement Area No. 2 of the CFD. Said appropriations limit
shall equal the maximum amount of bonded indebtedness authorized to be incurred
for Improvement Area No. 2 of the CFD. The form of the Proposition is attached
as Exhibit "A."
SECTION 7. A special election is hereby called for Improvement Area Na
2 of the CFD on the Proposition set forth in Section 6 above.
SECTION 8. The time for notice having been waived by the qualified
electors, the date of the special election for the CFD on the Proposition shall be on
the 27t" day of June, 2006. There being no registered voters residing within the
territory of Improvement Area No. 2 of the CFD at the time of the protest hearing
and ninety (90) days prior thereto, there being only one landowner in Improvement
Area No. 2 of 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 or mailed to the landowner within Improvement Area No. 2 of
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.m. on June 27,
2006. However, the election may be closed within the concurrence of the City
Clerk, as soon as the ballot is returned.
SECTION 9. Notice of said election and written argument for ar against
the measure have been waived by the landowner.
CITY COUNCIL RESOLUTION NO. 2006-98
Page 4 of 4
SECTION 10. Improvement Area No. 2 of the CFD shall constitute a
single election precinct for the purpose of holding said special election.
SECTION 11. The Council hereby directs that the special election be
conducted by the City Clerk, as the elections official.
SECTION 12. This Resolution shall take effect from and after the date of
its passage and adoption.
PASSED, APPROVED AND ADOPTED this 27th day of June, 2006, by
the following vote:
AYES: COUNCILMEMBERS: Buckley, Hickman, Kelley,
Schiffner, Magee
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ABSTAIN: COiJNCILMEMBERS: None
Robert E. M
City of Lake
A
Frederick Ra , ~rfy Clerk
City of Lak Elsinore
AP OVED A O .
B bara Zeid ibold, City Attorney
City of Lake Elsinore
EXHIBIT A
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMCINITY FACILITIES DISTRICT NO. 2004-3 (ROSETTA CANYON)
IMPROVEMENT AREA NO. 2
SPECIAL TAX ELECTION
June 27, 2006
To vote, mark an"X" in the voting square after the word "YES" or after the word "NO."
All marks otherwise made aze forbidden.
This ballot is provided to , as owner or authorized representative of
such owner of land within Improvement Area No. 2 of the City of Lake Elsinore Community
Facilities District No. 2004-3 (Rosetta Canyon) and represents _ vote(s).
If you wrongly mark, tear, or deface this ballot, returxt it to the City Clerk of the City of
Lake Elsinore at 130 S. Main Street, Lake Elsinore, California 92530.
PROPOSITION: Shall Improvement Area No. 2 of the City of
Lake Elsinore Community Facilities District No. 2004-3 (Rosetta
Canyon) (the "CFD"), subject to the accountability measures
provided for in the Resolution Calling a Special Election adopted
on June 27, 2006 ("Resolution Calling Special Election"), incur an
indebtedness and be authorized to issue bonds in an amount not to
exceed $33,000,000 with interest at a rate or rates established at
such time as the bonds aze 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
fmance the certain pubiic facilities (the "Facilities") as described in
the Resolution Determining Validity of Prior Proceedings adopted
on June 27, 2006 ("Resolution Determining Validity of Prior
Proceedings"); and, subject to the accountability measures
provided for in the Resolution Determining Validity of Prior
Proceedings, sha11 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 No. 2 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 No. 2 of the CFD?
YES
NO
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