HomeMy WebLinkAboutCC Reso No 2005-122RESOLUTION N0.2005-122
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE
AMOUNT NOT TO EXCEED $9,000,000 WITHIN THE CITY OF
LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO.
2005-4 (LAKEVIEW VILLAS) 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- 121 (the "Resolution of
Formation"), which formed the City of Lake Elsinore Community Facilities District No.
2005-4 (Lakeview Villas) (the "CFD"), pursuant to the Mello-Roos Community Facilities
Act of 1982, as amended, (the "Act"), 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 $9,000,000, 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 $9,000,000 to finance the costs of the Facilities.
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.
CITY COUNCIL RESOLUTION N0.2005-122
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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 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 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
determines 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."
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
$9,000,000; 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
CITY COUNCIL RESOLUTION N0.2005-122
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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 23rd day of August, 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 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 August 23,
2005. 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.
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.
CITY COUNCIL RESOLUTION N0.2005-122
Page 4 of 7
PASSED, APPROVED AND ADOPTED this ~ day of AurusT ,
2005.
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
City of Lake
ATTE
Fredrick Ray, eputy City Clerk
City of Lake Elsinore
AS
Attorney
of Lake
STATE OF CALIFORNIA }
COUNTY OF RIVERSIDE } SS:
CITY OF LAKE ELSINORE }
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 23
day of AUGUST , 2005, and that it was so adopted by the following vote:
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY,
SCHIFFNER, MAGEE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
NONE
FREDERICK Y, DEPUTY CITY CLERK
CITY OF LA ELSINORE
(SEAL)
EXHIBIT A
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT NO. 2005-4
(LAKEVIEW VILLAS)
SERVICES SPECIAL TAX ELECTION
August 23, 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 provided to as owner or authorized
representative of such owner of land within City of Lake Elsinore Community Facilities
District No. 2005-4 (Lakeview 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 City of Lake Elsinore Community
Facilities District No. 2005-4 (Lakeview Villas), subject to
the accountability measures provided for in the Resolution of
Formation adopted on August 23, 2005 (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 finance the authorized services
and administrative expenses as provided for in the Resolution
of Formation?
YES X
NO
A-1
EXHIBIT B
OFFICIAL BALLOT
CITY OF LAKE ELSINORE
COMMUNITY FACILITIES DISTRICT N0.2005-4
(LAKEVIEW VILLAS)
SPECIAL TAX ELECTION
August 23, 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 provided to as owner or authorized
representative of such owner of land within City of Lake Elsinore Community Facilities
District No. 2005-4 (Lakeview 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. 2005-4 (Lakeview Villas) (the "CFD"),
subject to the accountability measures provided for in the
Resolution Calling a Special Election adopted on August 23,
2005 ("Resolution Calling Special Election"), incur an
indebtedness and be authorized to issue bonds in an amount
not to exceed $9,000,000 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 August 23, 2005 ("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
B-I