HomeMy WebLinkAboutCC Reso No 2005-063
RESOLUTION NO. 2005- 63
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF
THE CITY OF LAKE ELSINORE TO INCUR BONDED
INDEBTEDNESS IN THE AMOUNTS NOT TO EXCEED
$28,000,000, $36,000,000 AND $26,000,000 WITHIN
IMPROVEMENT AREA A, IMPROVEMENT AREA BAND
IMPROVEMENT AREA C, RESPECTIVELY, OF THE
PROPOSED CITY OF LAKE ELSINORE COMMUNITY
FACILITIES DISTRICT NO. 2005-2 (ALBERHILL RANCH)
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore
(the "City") has heretofore adopted Resolution No. 2005- 62 , stating the
Council's intention to form Community Facilities District No. 2005-2 (Alberhill
Ranch) (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, the Council has heretofore adopted Resolution No. 2005- 63
designating portions of the CFD as Improvement Area A, Improvement Area B
and Improvement Area C (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 $28,000,000, $36,000,000 and
$26,000,000 for Improvement Area A, Improvement Area B and Improvement
Area C, respectively, the repayment of which is to be secured by special taxes
levied in accordance with Section 53340 et seq. of the Act on all property within
the respective Improvement Areas, other than those properties exempted. from
taxation as provided in the respective rate and method of apportionment attached
as Exhibit B to Resolution No. 2005- 62
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE DOES HEREBY RESOL VE, DETERMINE AND ORDER AS
FOLLOWS:
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Section 1. The above recitals are true and correct.
Section 2. It is necessary to incur bonded indebtedness within each of
Improvement Area A, Improvement Area B and Improvement Area C of the
proposed CFD in the amounts not to exceed $28,000,000, $36,000,000 and
$26,000,000, respectively, to finance the costs of the Facilities for each
Improvement Area.
Section 3. The indebtedness will be incurred for the purpose of financing
the costs of designing, constructing and acquiring the Facilities, the acquisition of
necessary equipment and property therefor and fulfilling contractual 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. Each Improvement Area shall pay for its bonded indebtedness.
Section 5. 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
$28,000,000, $36,000,000 and $26,000,000 for Improvement Area A,
Improvement Area B and Improvement Area C, respectively, 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 permitted by law.
Section 6. A public hearing (the "Hearing") on the proposed debt issue
shall be held August 23, 2005 at 7:00 p.m. or as soon thereafter as practicable, at
the chambers of the Council, 130 S. Main Street, Lake Elsinore, California 92530.
Section 7. 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 8. The proposition to incur bonded indebtedness in the maximum
aggregate principal amounts not to exceed $28,000,000, $36,000,000 and
$26,000,000 for Improvement Area A, Improvement Area B and Improvement
Area C, respectively, shall be submitted to the qualified electors of the respective
Improvement Area. A special community facilities district election shall be
conducted on August 23, 2005. The special election shall be conducted by hand
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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 August 23,2005.
Section 9. 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 10. 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.
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PASSED, APPROVED AND ADOPTED this 12 day of JULY
2005.
CITY OF LAKE ELSINORE
By:
Title: Mayor
ATTEST:
4~ /i~ C~C1e,ic
City Clerk of the CIty of Lake Elsinore
APPROVED AS TO FORM:
B~b~a~~~OmeY rC
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
I, FREDERICK RAY , City Clerk of the City of Lake Elsinore, do hereby certify
that the foregoing Resolution was duly adopted by the City Council of said City at
a regular meeting thereof held on the 12 day of JULY, 2005, and
that it was so adopted by the following vote:
AYES:
NOES:
_ HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NONE
ABSENT: BUCKLEY
ABSTAIN:NONE
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