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HomeMy WebLinkAboutCC Reso No 2006-144RESOLUTION NO. 2006-144 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AUTHORIZING THE ISSUANCE OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2004-3 (ROSETTA CANYOl~ SPECIAL TAX BONDS (IMPROVEMENT AREA NO. 2) 2006 SERIES A AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT, A PURCHASE CONTRACT, AND AN OFFICIAL STATEMENT AND APPROVING A PRELINIINARY 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 "Act"), to form the City of Lake Elsinore Community Facilities District No. 2004-3 (Rosetta Canyon) (the "CFD"), to authorize the levy of special taxes upon the land within Improvement Area No. 2 of the CFD, and to issue bonds secured by said special taxes, 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 govemment facilities, which are necessary to meet increased demands placed upon the City as a result of development ar rehabilitation occurring within Improvement Area No. 2 of the CFD (the "Facilities"); and WHEREAS, the Council intends to issue bonds designated "City of Lake Elsinore Community Facilities District No. 2004-3 (Rosetta Canyon) Special Tax Bonds (Improvement Area No. 2) 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 them 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 taxes as contemplated by this Resolution and the documents referred to herein, exist, have happened and have been performed in CITY COUNCIL RESOLUTION NO. 2006-144 Page 2 of 4 due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. The Council hereby authorizes the issuance of the City of Lake Elsinore Community Facilities District No. 2004-3 (Rosetta Canyon) Special TaY Bonds (Improvement Area No. 2) 2006 Series A(the `Bonds") in an amount not to exceed $25,000,000 for the purpose of financing the Facilities. SECTION 2. The Council hereby approves the Fiscal Agent Agreement in substantially the form annexed hereto. The Mayor, City Manager or Administrative Services Director (each, a"Responsible Officer"), are hereby authorized to execute the Fiscal Agent 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 3. The Council hereby approves the Continuing Disclosure Agreement in substantially the form annexed hereto. Any Responsible Officer is hereby authorized to execute the Continuing 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 Preliminary Official Statement relating to the Bonds, substantially in the form annexed 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 pernutted 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. CITY COUNCIL RESOLUTION NO. 2006-144 Page 3 of 4 SECTION 5. The Council hereby approves the Purchase Contract, in substantially the form annexed hereto. Any Responsible Officer is hereby authorized to execute the Purchase Contract, 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, provided that, the Purchase Contract shall provide far an interest rate on the Bonds not greater than 6.75%, and an underwriter's discount not greater than 2.0% of the principal amount of Bonds. SECTION 6. 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 or 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, warrants 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 7. This Resolution shall take effect from and after the date of its passage and adoption. CITY COiJNCIL RESOLUTION NO. 2006-144 Page 4 of 4 PASSED, APPROVED AND ADOPTED this 22nd day of August, 2006. AYES: COIJNCILMEMBERS: ~uckley, xickman, xelley Schiffner, Magee NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None ABSTAIN: COiJNCILMEMBERS: None ~ / Robert E. Magee, City of Lake Elsu ATTEST: Frederick Ray ity Clerk City of Lake Elsinore APPROVED AS TO FORM: /'~~~ ~~ arbara Zei eibo d, City Attorney City of Lake Elsinore