HomeMy WebLinkAboutCC Reso No 2006-196RESOLUTION NO. 2006-196
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN
THE AMOUNT NOT TO EXCEED $7,000,000 WITHIN THE
CITY OF LAKE ELSINORE COMMUNITY FACILTTIES
DISTRICT NO. 2006-8 (Ri7NNING DEER ESTATES) AND
CALLING A SPECIAL ELECTION
WFIEREAS, the City Council (the "Council") of the City of Lake Elsinore
(the "City") has heretofore adopted Resolution No. 2006-195 (the "Resolution of
Formation"), which formed the City of Lake Elsinore Community Facilities
District No. 2006-8 (Running Deer Estates) (the "CFD"), pursuant to the Mello-
Roos Community Facilities Act of 1982, as amended, (the "AcY'), to finance a
portion of the cost of providing parlcs, open space and storm drains maintenance
services (the "Services") that are in addirion to those provided in the territory
within the CFD prior to the formation of the CFD, and 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 the City is authorized by law to
construct, own or operate (the "Facilities"); and
WHEREAS, a copy of the Resolution of Formation is on file with the City
Clerk and incorporated herein by reference; and
WHEREAS, in order to finance the Facilities it is necessary to incur bonded
indebtedness in the amount not to exceed $7,000,000, the repayment of which is to
be secured by special taxes levied in accardance with Section 53340 et seq. of the
Act on certain properties within the CFD.
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 in the amount
not to exceed $7,000,000 to finance the costs of the Facilities.
CTTY COiJNCIL RESOLUTION NO. 2006-196
Page 2 of 4
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 permitted 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 pern--itted by law at the time the bonds are issued, and
payable annually ar semiannually as deternuned 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 shall in no event exceed 40 years or 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 shall 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.
(d) The City Manager, or his or her designee, acting far and on
behalf of the City, shall annually file a report with the Council as required by
Govemment Code Section 53411.
SECTION 6. Pursuant to Government Code Section 53326, the Council
hereby deternunes to submit to the qualified electors of the CFD a proposition (the
"Services Proposition") to levy special taxes on property within the CFD in
accordance with the rate and method of apportionment specified in the Resolution
of Formation. The form of the Services Proposition is attached as Exhibit "A."
CITY COUNCIL RESOLUTION NO. 2006-196
Page 3 of 4
SECTION 7. Pursuant to Government Code Section 53353.5, the Council
hereby determines to submit to the qualified electors of the CFD a combined
proposition (the "Facilities Proposition") to: (1) levy special taxes on property
within the CFD in accordance with the rate and method of apportionment of
special tax specified in the Resolution of Formation; (2) incur bonded indebtedness
in the amount not to exceed $7,000,000; and (3) establish an appropriations limit as
defined by subdivision (h) of Section 8 of Article XIIIB of the California
Constitution, for the CFD. Said appropriations limit shall equal the maximum
amount of bonded indebtedness authorized to be incurred for the CFD. The form
of the Facilities Proposition is attached as Exhibit "B."
SECTION 8. A special election is hereby called for the CFD on the
Services Proposition set forth in Section 6 above.
SECTION 9. A special election is hereby called for the CFD on the
Facilities Proposition set forth in Section 7 above.
SECTION 10. The time far notice having been waived by the qualified
electors, the date of the special election for the CFD on the Services Proposition
and for the CFD on the Facilities Proposition shall be on the 28t" day of November,
2006. There being no registered voters residing within the territory of the CFD at
the time of the protest hearing and ninety (90) days prior thereto, there being only
two landowners in the CFD, and the requirements of Section 53326 of the
Govemment Code having been waived by the landowners, the ballot for the special
election shall be hand delivered to the landowners within 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 o'clock p.m. on November 28, 2006.
However, the election may be closed within the concurrence of the City Clerlc, as
soon as the ballot is returned.
SECTION 11. Notice of said election and written argument for or against
the measure haee been waived by the landowners.
SECTION 12. The CFD shall constitute a single election precinct for the
purpose of holding said special election.
SECTION 13. The Council hereby directs that the special election be
conducted by the City Clerk, as the elections official.
CITY COITNCIL RESOLUTION NO. 2006-196
Page 4 of 4
SECTION 14. This Resolution shall take effect from and after the date of
its passage and adoption.
PASSED, APPROVED AND ADOPTED this 28th day of November,
2006, by the following vote:
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
R`obert E. Magee,
City of Lake Elsi~
Clerk
City of Lake
B~rbara Zeid I~eibold, City Attorney
City of Lake Elsinore
EXHIBIT A
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMiTNITY FACILITIES DISTRICT NO. 2006-8
(Ri.TNN1NG DEER ESTATES)
SERVICES SPECIAL TAX ELECTION
November 28, 2006
To vote, mark an"X" in the voting square after the word "YES" or after the ward "NO."
All mazks otherwise made are forbidden.
This ballot is provided to , as owner or authorized representarive of
such owner of land within City of Lake Elsinare Community Facilities District No. 2006-8
(Running Deer Estates) and represents _ vote(s).
If you wrongly mark, tear, or deface this ballot, return it to the City Clerk of the City of
Lake Elsinore at 130 S. Main Street, Lake Elsinore, California 92530.
PROPOSITION: Shali City of Lake Elsinore Community Facilities
District No. 2006-8 (Running Deer Estates), subject to the
accountability measures provided for in the Resolution of
Formation adopted on November 28, 2006 (the "Resolution of
Formation"), be authorized to levy special taates pwsuant to the
rate and method of apportionment of special taxes (the "Special
Tax Formula") set forth in Exhibit A of the Resolution of
Formafion to finance the authorized services and administrative
expenses as provided for in the Resolution of Formation?
YES
NO
EXHIBIT B
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMLJNITY FACILITIES DISTRICT NO. 2006-8
(RIJNNING DEER ESTATES)
SPECIAL TAX ELECTION
November 28, 2006
To vote, mazk an"X" in the voting square after the word "YES" or after the word "NO."
All marks otherwise made are forbidden.
This ballot is provided to , as owner or authorized representative of
such owner of land within City of Lake Elsinare Community Facilities District No. 2006-8
(Running Deer Estates) and represents vote(s).
If you wrongly mark, tear, ar deface this ballot, return it to the City Clerk of the City of
Lake Elsinare at 130 S. Main Street, Lake Elsinore, California 92530.
PROPOSITION: Shall the City of Lake Elsinore Community
Facilities District No. 2006-8 (Running Deer Estates) (the "CFD"),
subject to the accountability measures provided for in the
Resolurion Calling a Special Election adopted on November 28,
2006 ("Resolution Calling Special Election"), incur an
indebtedness and be authorized to issue bonds in an amount not to
exceed $7,000,000 with interest at a rate or rates established at
such time as the bonds are 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
finance the certain public facilities (the "Facilities") as described in
the Resolution of Formation adopted on November 28, 2006
("Resolution of Formation"); and, subject to the accountability
measures provided for in the Resolution of Formation, shall a
special 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 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 the CFD?
YES
NO