HomeMy WebLinkAboutCC Reso No 2006-200RESOLUTION NO. 2006-200
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN
THE AMOUNT NOT TO EXCEED $2,500,000 WITHIN ~'HE
CITY OF LAKE ELSINORE COMMUNITY FACILTTIES
DISTRICT NO. 2006-10 (RIVERLAKE VILLAS) AND
CALLING A SPECIAL ELECTION
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore
(the "City") has heretofare adopted Resolution No. 2006-199 (the "Resolution of
Formation"), which formed the City of Lake Elsinore Community Facilities
District No. 2006-10 (Riverlake Villas) (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 parks, open space and storm drain maintenance services (the
"Services") that are in addition 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 $2,500,000, the repayment of which is to
be secured by special taxes levied in accordance 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 $2,500,000 to finance the costs of the Facilities.
CITY COUNCIL RESOLUTION NO. 2006-200
Page 2 of 4
SECTION 3. The indebtedness will be incurred for the purpose of
financing the eosts 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 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 determined pursuant to a resolution of the Council authorizing the
issuance of the bonds, but such term shall 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 shall be applied
only to the specific purposes identified in Section 3 above.
(c) The document ar documents establishing the terms and
conditions far the issuance of any such bonded indebtedness shall provide far 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 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 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
CITY COUNCIL RESOLUTION NO. 2006-200
Page 3 of 4
accordance with the rate and method of apportionment specified in the Resolution
of Formation. The form of the Services Proposirion is attached as Exhibit "A."
SECTION 7. Pursuant to Govemment Code Section 53353.5, the Council
hereby determines to submit to the qualified electors of the CFD a combined
proposirion (the "Facilities Proposition") to: (1) levy special t~es 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 $2,500,000; and (3) establish an appropriations limit as
defined by sulidivision (h) of Section 8 of Article XIIIB of the Califomia
Consritution, 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 for 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 28`i' 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
Government 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 Clerk, as
soon as the ballot is returned.
SECTION 11. Notice of said election and written argument for or against
the measure have been waived by the landowners.
SECTION 12. The CFD shall constitute a single election precinct for the
purpose of holding said special election.
CITY COITNCIL RESOLUTION NO. 2006-200
Page 4 of 4
SECTION 13. The Council hereby directs that the special election be
conducted by the City Clerk, as the elections official.
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
~
Robert E. Magee,
City of Lake Els'v
ATTES :
rederick R , City Clerk
City of Lake Elsinore
v o
City Attorney
City of Lake Elsinore
EXHIBIT A
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMIJNITY FACILITIES DISTRICT NO. 2006-10
(RIVERLAKE VILLAS)
SERVICES SPECIAL TAX ELECTION
November 28, 2006
To vote, mark 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. 2006-10
(Riverlake Villas) and represents _ vote(s).
If you wrongly mark, tear, or deface this ballot, retum it to the City Clerk of the City of
Lake Elsinore at 130 S. Main Street, Lake Elsinore, California 92530.
PROPOSITION: Shall City of Lake Elsinore Community Facilities
District No. 2006-10 (Riverlake Villas), 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 taxes pursuant to the
rate and method of apportionment of special taxes (the "Special
Tax Formula") set forth in Exhibit A of the Resolution of
Formation to fmance the authorized services and administrative
expenses as provided for in the Resolution of Formation?
YES
NO
A-1
EXHIBIT B
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2006-10
(RIVERLAKE VILLAS)
SPECIAL TAX ELECTION
November 28, 2006
To vote, mark an"X" in the voting squaze 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 Elsinore Community Facilities District No. 2006-10
(Riverlake Villas) 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: Shall the City of Lake Elsinore Community
Facilities District No. 2006-10 (Riverlake Villas) (the "CFD"),
subject to the accountability measures provided far in the
Resolution 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 $2,500,000 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 taat 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 masimum amount of bonded indebtedness
authorized to be incurred far the CFD?
YES
NO
B-1