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Home My WebLink AboutCC Reso No 2005-039RESOLUTION NO. 2005 - 3~ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS iN THE AMOUNTS NOT TO EXCEED $23,000,000 AND $28,000,000 WITHIN IMPROVEMENT AREA NO. 1 AND IMPROVEMENT AREA NO. 2, RESPECTIVELY, 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 heretofore adopted Resolution No. 2005 - ~ft (the "Resolution of Formation"), which formed the City of Lake Elsinare Community Facilities District No. 2004-3 (Rosetta Canyon) (the "CFD"), pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, (the "AcY'), to finance the purchase, construction, expansion or rehabilitation of certain real and other tangible property with an esrimated 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 Formarion is on file with the City Clerk and incorporated herein by reference; and WHEREAS, the Council has heretofore designated portions of the CFD as Improvement Area No. 1 and Improvement Area No. 2(each an "Improvement Area," and collectively, the "Improvement Areas"); and WHEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness in the amounts not to exceed $23,000,000 and $28,000,000 for Improvement Area No. 1 and Improvement Area No. 2, respectively, 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 respective Improvement Areas; 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. 45559906.1 Section 2. It is necessary to incur bonded indebtedness in amounts not to exceed $23,000,000 and $28,000,000 for Improvement Area No. 1 and Improvement Area No. 2, respectively, to finance the costs of the Faciliries far the respective Improvement Areas. 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. Each Improvement Area will pay for the bonded indebtedness for such Improvement Area. Section 5. 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 deternuned 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 or such longer term as is then pernutted by law. Section 6. 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 iridebtedness 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 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, 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 5341 l. 45559906.1 Section 7. Pursuant to Government Code Section 53353.5, the Couxicil hereby determines to submit to the qualified electors of each Improvement Area a combined proposirion (the "Proposition") to: (1) levy special taaces on property within each Improvement Area in accordance with the applicable rate and method of apportionment of special tax specified in the Resolution of Formation; (2) incur bonded indebtedness in the amounts not to exceed $23,000,000 or $28,000,000; and (3) establish an appropriations limit as defined by subdivision (h) of Section 8 of Article XIIIB of the California Constitution, for each Improvement Area. Said appropriations limit shall equal the maximum amount of bonded indebtedness authorized to be incurred for the respective Improvement Area. The form of the Proposition is attached as Exhibit "A." Section 8. A special election is hereby called for each Improvement Area on the Proposition set forth in Section 7 above. Section 9. The City Clerk sha11 hand deliver the ballots to the landowner on March 22, 2005. Section lo. The time for notice having been waived by the qualified electors, the date of the special elecrion for each Improvement Area on the Proposirion shall be on the 22nd day of March, 2005. 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 one landowner in 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 to the landowner within the CFD. The vofer 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 March 22, 2005. However, the election may be closed within the concurrence of the City Clerk, as soon as the ballot is retumed. Section 11. Notice of said election and written argument for or against the measure have been waived by the landowner. Secrion 12. Each Improvement Area shall constitute a single election precinct for the pnrpose of holding said special election. Section 13. Tlie 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. 45559906.1 PASSED, APPROVED AND ADOPTED this 22nd March ,Z~~S. CITY OF LAKE ELSINORE By: A' Clerk of the Cit}s of Lake Elsinore APPROVED AS TO Attorney day of ~45559906.1 EXHIBIT A OFFICIAL BALLOT CITY OF LAKE ELSINORE COMMIJNITY FACILITIES DISTRICT NO. 2004-3 (ROSETTA CANYOI~ IMPROVBMENT AREA NO. _ SPECIAL TAX ELECTION March 22, 2005 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 proviSed to Centex Homes, as owner or authorized representative of such owner of land within City of Lake Elsinore Communiry Facilities District No. 2004- 3(Rosetta Canyon) and represents _ vote(s). If you wrongly mark, tear, or deface this ballot, retarn 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. of the City of Lake Elsinore Community Facilities District No. 2004-3 (Rosefta Canyon) (the "CFD"), subject to the accountability measures provided for in Resolufion No. ("Resolution Calling Special Election"), incur an indebtedness and be authorized to issue bonds in an amount not to exceed $ with inferest 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 praceeds of which will be used to finance the certain public facilities (the "Facilities") as described in Resolution No. ("Resolution of Formation"); and, subject to the accountability measures piovided for in the Resolution of Formation, shall a special tax be levied to pay the principal of and interest on such indelitedness and bonds and to otherwise finance the Facilities; and shall an appropriations limit be established far Improvement Area 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. _? YES NO 45559906.1 B-1 STATE OF CALIFOI2NIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, CALIFORrTIA, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the City Council of the City of Lake Elsinore at a Regular Meeting of said Council on the 22"a of March, 2005, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: HICKMAN, KELLEY, SCHIFFNER, MAGEE NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: AB N: COUNCILMEMBERS: VYC `KI I£.ASAD, CMC, CIT CLERK/ HCJMAfd RESOURCES DIRECTOR Ct lY OF LAKE ELSINORE (SEAI:) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE) NONE BUCKLEY NONE I, VICHI KASAD, CITY CLERK OF THE CITY OF LAK~ ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 2005-39 of said Council, and that the same has not been amended or repealed. DA April 14, 2005 _ ~ `IxCHI ~CASAI}, ~15~IC, C Y CLERK/ "t:LTMAN RESOURCES DIRECTOR Ci3' Y OF LAKE ELSINORE (SEAL)