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Home My WebLink AboutCC Reso No 2005-085 RESOLUTION NO. 2005- 85 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE AUTHORIZING THE ISSUANCE OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2004-3 (ROSETT A CANYON) SPECIAL T AX BONDS (IMPROVEMENT AREA NO.1) 2005 SERIES A AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT, A PURCHASE CONTRACT, AND AN OFFICIAL STATEMENT AND APPROVING A PRELIMINARY OFFICIAL ST A TEMENT IN CONNECTION THEREWITH WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "City") has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), to form the City of Lake Elsinore Community Facilities District No. 2004-3 (Rosetta Canyons) (the "CFD"), to authorize the levy of special taxes upon the land within the CFD designated as Improvement Area No.1, and to issue bonds secured by said special taxes, the proceeds of which are to be used 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 government facilities, which are necessary to meet increased demands placed upon the City as a result of development or rehabilitation occurring within such Improvement Area No. I (the "Facilities"); and WHEREAS, the Council intends to issue bonds designated "City of Lake Elsinore Community Facilities District No. 2004-3 (Rosetta Canyon) Special Tax Bonds (Improvement Area No.1) 2005 Series A" (the "Bonds"); and WHEREAS, there have been submitted to this Council certain documents providing for the issuance of the Bonds and this Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said Bonds and the levy of said special taxes as contemplated by this Resolution and the documents referred to herein, exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. Authorization. The Council hereby authorizes the issuance of the City of Lake Elsinore Community Facilities District No. 2004-3 (Rosetta Canyon) Special Tax Bonds (Improvement Area No. 1) 2005 Series A (the "Bonds") in an amount not to exceed $ (J'3~OO~tltZJ for the purpose of financing the Facilities. ' , SECTION 2. Approval of Fiscal Agent Agreement. The Council hereby approves the Fiscal Agent Agreement in substantially the form annexed hereto. The Mayor, City Manager or Director of Administrative Services (each, a "Responsible Officer"), are hereby authorized to execute the Fiscal Agent Agreement in substantially the form annexed hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 3. Approval of the Continuing Disclosure Agreement. The Council hereby approves the Continuing Disclosure Agreement in substantially the form annexed hereto. Any Responsible Officer is hereby authorized to execute the Continuing Disclosure Agreement in substantially the form annexed hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 4. Approval of the Preliminary Official Statement and Final Official Statement. The Council hereby approves the Preliminary Official Statement relating to the Bonds, substantially in the form annexed hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer with the advice of Bond Counsel, in order to make the Preliminary Official Statement final as of its date, except for the omission of certain information, as permitted by Section 240.15c2- 12(b)(1) of Title 17 of the Code of Federal Regulations ("Rule 15c2-12"), and any certificate relating to the finality of the Preliminary Official Statement under Rule 15c2- 12. Upon the pricing of the Bonds, any Responsible Officer is authorized and directed to execute and deliver a final Official Statement, in substantially the form of the Preliminary Official Statement, with such additions and changes as may be approved by Bond Counsel and any Responsible Officer executing the same, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 5. Approval of the Purchase Contract. The Council hereby approves the Purchase Contract, in substantially the form annexed hereto. Any Responsible Officer is hereby authorized to execute the Purchase Contract, in substantially the form annexed hereto, with such revisions, amendments and completions as shall be approved by any Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof, provided that, the Purchase Contract shall provide for a true interest cost (including original issue shown) not greater thanb,7.G"%, and an underwriter's discount not greater than -R% of the principal amount of Bonds. SECTION 6. Official Actions. Each Responsible Officer is hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all other actions, including the obtaining of municipal bond insurance and the publication of any notices necessary or desirable in connection with the sale of the Bonds and execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds and the consummation of the transactions as described herein. SECTION 7. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED this 26th day of July 2005, by the following vote: ABSENT: ABSTAIN: COUNCILMEMBERS: BUCKLEY, HI CKMAN, KELLEY, SCHIFFNER, MAGEE COUNCILMEMBERS: NONE COUNCILMEMBERS: NONE AYES: NOES: COUNCILMEMBERS: :171) Robert E. Magee, Ma City of Lake Elsinor APPR~D AS TO FOR~ /. ( i . ~~/ay ~Barbar Leibold, City Attorney City of Lake Elsinore ST ATE OF CALIFORNIA COUNTY OF RIVERSIDE CITY OF LAKE ELSINORE ) ) ) SS: I, FREDERICK RAY, DEPUTY CITY CLERK OF THE CITY OF LAKE ELSINORE, 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 26 day of July, 2005, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY, SCHIFFNER, MAGEE NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE Y, DEPUTY CITY CLERK E ELSINORE (SEAL)