HomeMy WebLinkAboutCC Reso No 2006-179RESOLUTION NO. 2006-179
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF
THE CITY OF LAKE ELSINORE, CALIFORNIA, TO INCUR
BONDED INDEBTEDNESS IN THE AMOUNT NOT TO
EXCEED $2,500,000 WITHIN THE PROPOSED CITY OF
LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO.
2006-10 (RIVERLAKE VILLAS)
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore
(the "City") has heretofore adopted Resolution No. 2006-178, stating the Council's
intention to form Community Facilities District No. 2006-10 (Riverlake Villas)
(the "CFD"), pursuant to the Mello-Roos Community Facilities Act of 1982, as
amended, (the "Act"), 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 are necessary to meet increased demands placed
upon the City as a result of development or rehabilitation occurring within the
proposed CFD (the "Facilities"); and
WHEREAS, in arder to finance the Facilities it is necessary to incur bonded
indebtedness in the amount not to exceed $2,500,000, the repayment of which is to
be secured by special t~es levied in accardance with 5ection 53340 et seq. of the
Act on all property within the CFD, other than those properties exempted from
taxation as provided in the respective rate and method of apportionment attached
as Exhibit A to Resolution No. 2006-178.
NOW, THEREFORE, THE CITY 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 within the
proposed CFD in the amount not to exceed $2,500,000 to finance the costs of the
Faciliries.
SECTION 3. The indebtedness will be incurred far the purpose of
financing the costs of designing, constructing and acquiring the Facilities, the
acquisition of necessary equipment and property therefor and fulfilling contractual
CITY COUNCIL RESOLUTION NO. 2006-179
Page 2 of 3
commitments and carrying out the powers and purposes of the CFD, including, but
not limited to, 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.
SECTION 4. It is the intent of the Council to authorize the sale of bonds in
one or more series, in the maximum aggregate principal amounts not to exceed
$2,500,000 at a maximum interest rate not in excess of 12 percent per annum or
such rate not in excess of the maximum rate permitted by law at the time the bonds
are issued. 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 pernutted by law.
SECTION 5. A public hearing (the "Hearing") on the proposed debt issue
shall be held November 28, 2006 at 7:00 p.m. or as soon thereafter as practicable,
at the Lake Elsinore Cultural Center located at 183 North Main Street, Lake
Elsinore, California 92530.
SECTION 6. At the Hearing at the time and place set forth above, any
interested persons, including all persons owning land within the proposed CFD,
may appear and be heard at the Hearing.
SECTION 7. The proposition to incur bonded indebtedness in the
maximum aggregate principal amounts not to exceed $2,500,000 shall be
submitted to the qualified electors of the CFD. A special community facilities
district election shall be conducted on November 28, 2006. The special election
shall be conducted by hand delivered or mailed ballot election. The ballots shall be
returned to the office of the election officer no later than 11:00 o'clock p.m. on
November 28, 2006.
SECTION 8. The Clerk is hereby directed to publish 'a copy of this
resolution, which shall serve as notice ("Notice") of the Hearing and the special
bond election, pursuant to Section 6061 of the Government Code in a newspaper of
general circulation in the proposed CFD.
SECTION 9. The Clerk may send a copy of the Notice of the Hearing by
first-class mail, postage prepaid, to each registered voter and to each landowner
within the proposed CFD as shown on the last equalized assessment roll.
CITY COUNCIL RESOLUTION NO. 2006-179
Page 3 of 3
SECTION 10. This Resolution shall take effect from and after the date of
its passage and adoprion.
PASSED, APPROVED AND ADOPTED this 24th day of October, 2006.
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
/, ~
R ert E. Magee, ayor
City of Lake Elsinore
ATTEST:
Frederick R , City Clerk
City of Lake Elsinore
APPROVED AS TO FORM:
1 ~
B rbara Zei eibold, City Attorney
City of Lake Elsinore