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Home My WebLink AboutCC Reso No 2005-146RESOLUTION N0.2005-146 RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE AMOUNT NOT TO EXCEED $7,000,000 WITHIN THE PROPOSED CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2004-2 (VISCAYA) WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "City") has heretofore adopted Resolution No. 2005-145, stating the Council's intention to form Community Facilities District No. 2004-2 (Viscaya) (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, in order to finance the Facilities it is necessary to incur bonded indebtedness in the amounts not to exceed $7,000,000, the repayment of which is to be secured by special taxes levied in accordance with Section 53340 et seq. of the Act on all property within the CFD, other than those properties exempted from taxation as provided in the respective rate and method of apportionment attached as Exhibit A to Resolution No. 2005-145. 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 within the proposed CFD in the amounts not to exceed $7,000,000 to finance the costs of the Facilities. 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. 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 $7,000,000 at CITY COUNCIL RESOLUTION NO. 2005-146 Page 2 of 3 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 5. A public hearing (the "Hearing") on the proposed debt issue shall be held November 8, 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 6. 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 7. The proposition to incur bonded indebtedness in the maximum aggregate principal amounts not to exceed $7,000,000 shall be submitted to the qualified electors of the CFD. A special community facilities district election shall be conducted on November 8, 2005. The special election shall be conducted by hand 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 November 8, 2005. SECTION 8. 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 9. 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. SECTION 10. This Resolution shall take effect from and after the date of its passage and adoption. CITY COUNCIL RESOLUTION N0.2005-146 Page 3 of 3 PASSED, APPROVED AND ADOPTED this 27`" day of September, 2005, by the following vote: AYES: COUNCILMEMBERS BUCKLEY, KELLEY, SCHIFFNER MAGEE NOES: COUNCILMEMBERS NONE ABSENT: COUNCILMEMBERS: HICKMAN ABSTAIN: COUNCILMEMBERS: NONE Robert E. Magee, City of Lake Elsie ATTEST: Fredrick Ray, ity Clerk City of Lake Elsinore APPROVED AS I~rbara Zeid L~ibold, City Attorney City of Lake E sinore STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: 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 27`h day of September, 2005, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BUCKLEY, KELLEY, SCHIFFNER MAGEE NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: HICKMAN ABSTAIN: NONE FREDERICK RAY, CITY CLERK CITY OF LAKE ELSINORE (SEAL) SOURCES AND USES OF FUNDS City of Lake Elsinore Community Facilities District 20042 (Viscaya) Sources: Bond Proceeds: Par Amount ~ 6,370,000.00 Original Issue Discount (10,9]6.60) 6,359,083.40 Uses: Other Fund Deposits: Reserve Fund 570,353.07 Capitalized Interest - 187,455.32 757,806.39 Delivery Date Expenses: Cost of Issuance 185,000.00 Underwriter's Discount 127,400.00 312,400.00 Other Uses of Funds: Developer&Ciry Reimbursement 11Q000.00 Additional Proceeds - 5,178;877.01. 5,288,877.01 6,359,083.40 Sep 19, 2005 4:13 pm Prepared by Rod Gunn Associates Page 1 eriod Ending roposed Principal BOND SOLUTION City of Lake Elsinore Community Facilities District 2004-2 (Viscaya) Proposed Total Adj Revenue Debt Service Debt Service ConsVaints nused Revenues ebt Serv Coverage 09/01/2006 187,455 187,455 - (187,455) 09/01/2007 10,000 340,804 340,804 374,984 34 181 110 02939% 09/01/2008- 25,000 355,449 355,449 - 392,400 , 36,952 . 110.39574% 09/01/2009 25,000 354,524 354;524 390,]00 35 577 110 03502% 09/01/2010 30,000 358,574 358,574 397,900 , 39,327 . ]10.96749% 09/01/2011 40,000 367,374 367,374 405,800 38,427 110.45979% 09/01/2012 50,000 375,714 375,714 414,000 38,287 110.19034% 09/01/2013 60,000 383,589 383,589 422,200 38,612 ]]0.06586% 09/01/2014 70,000 391,009 391,009 430,700 39 692 110 15106% 09/01/2015 80,000 397,929 397,929 439,300 , 41 372 . 110 39672% 09/01/2016 90,000 404,329 404,329 448,100 , 43 772 . 110 82573% 09/01/2017 09/01/2018 105,000 415,162 415,162 457,100 , 41,939 . 110.]0173% 09/01/2019 115,000 130 000 420,174 429 654 420,174 429 65 466,200 45,026 110.95403% 09/01/2020 , 145,000 , 438,310 , 4 438 310 475,500 485 000 45,846 46 690 ' 110.67045% 09/01/2021 - 160,000 446,060 , 446,060 , 494,700 , 48 640 110.65228% 110 90436% 09/01/2022 09/01/2023 180,000 195 000 45$060 463 700 458,060 504,600 , 46,540 . 110.16024% 09/01/2024 , 215,000 , 473 560 463,700 473 560 514,700 525 000 51,000 110.99849% 09/01/2025 235,000 , - 482,380 , 482,380 , 535,500 .51,440 53 120 110.86240% ]11 01207% 09/01/2026 09/01/2027 260,000 280 000 495,160 50 495,160 546,200 , 51,040 . 110.30778% 09/01/2028 , 310,000 1,380 516 540 501,380 - 516 540 557;200 568 30 55,820 11]:13327% 09/01/2029' _ 335,000 , 525,110 , 525 110 , 0 579 700 51,760. 54 590 110.02052% 09/01/2030 365,000 537,355 , - 537,355 , 591,300 ; 53 945 110.39592% 110 03899% 09/01%2031 09/01/2032 390,000 - 543,010 543,010 603,100 , 60,090 . I11.06609% 09/01/2033 425,000 460 000 557,145 569 408 SS7,145 569 615,200 58,055 110.42009% 09/01/2034 - , 495,000 , 579 798 ,408 579 798 627,500 640 0 58,093 110.20227% 09/01/2035 530,000 - , 588,315 , 588 315 , 00 6 52 000 60,203 63 6 . 110.38337% 09/01/2036 560,000 589,960 , 589,960 . , 652,000 , 85 62,040 110.82498% 110.51597% 6,370,000 13,946,985 13,946,985 ]5,206,284 - 1,259,299 Sep 19, 2005 4:13 pm Prepared by Rod Gunn Associates Page 2 PROPOSED BOUNDARY OF COMMUNITY FACILITIES DISTRICT No. 2004=2 OF THE CITY OF LAKE ELSINORE (VISCAYA) COUNTY OF RIVERSIDE, STATE OF CALIFORNIA SCA1P 1'~Z00' ThIE BURIpAgT CE 1HE tlSiPoCT CgNtlpES W]H T}IE B0.WpAgY [K TtAC1 J2MB IXLUIpH6 LO15 IB-.IT0.AMY AAV Z. FlIFD M LIE OrFlCF OF TR' CITY CLEgt Q TIE Cltt CF LME fISWCRE 1MS _~pAY ~ tltt CIRR OF 1{IE pry CG LYIE pyxptE 1 XE4®Y D:AMy IryAT JIIE WIXM YM ~SIH)1NNC iXE pR(VpSED BWNOARFS p! CryyiJNyjY lA4IIIIES p51XICi N0. '1001-] (NSWYA), OTY 3lAItE 69NpRE CgMTy 4. RIN:R9GE STALE Cf GWFIXUHA WAS AVPRBND BY TiE qtt CgMtr. OF TIE C!!Y CF LANE ~FVpP£ AT A.RE6UW4T SCHEW1ID,YfERHC INEPEOF. HEL! Crl TIE OAY OF 2WS BY lIS BF52(/gpy Na fJ llFRN Ef.9NgtE FlfEO TIIS OAY Q' ~. 3W£ AT TIE 1IWR OF p'G.ppL.Y. W BOJI(_ pf YAPS N M~CE Q" ME GgAltt RE AGCFOEP MpTY p1yYN 6Rpy~ ER TM~1- AS INS1.gWF/IT N0. SY)E. STALE CF CA4FCFWA Cq.Ntt flECCADFR O° 1HE CgMiT C1- MNF90E iEE t--~ REfFRFNCE Mf PoKR$'CE CgH1TY A$$E55[R'S YAPS RH A pElk1ED pESgrypTlpy pc PAHCp, IjYES AHp pVa9pyS PROPOSED BOUNDARY NIAP CommuBlty PeclDtlee DLtrlet No. 2004-2 of tDe City of IAJCe Elelnole HARMS h ASSOCIATES (Vlecgye) u 6cex. rac LF tw tN.A a rml CoYVtyof RtYetride, Cellfornis (w) as-Trm ~ rAr Ira) rM-arr 9eM i or I xo scAIE LEGEdQ ~~ MS1RILi ewxoA¢r