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Home My WebLink AboutCC Reso No 2004-07RESOLUTION NO. 2004-7 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE AMOUNTS NOT TO EXCEED $14,000,000, $37,000,000, $13,000,000 AND $24,000,000 WITHIN IMPROVEMENT AREA A, IMPROVEMENT AREA B, IMPROVEMENT AREA C AND IMPROVEMENT AREA D, RESPECTIVELY, OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2003-2 (CANYON HILLS) AND CALLING A SPECIAL ELECTION WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "City") has heretofore adopted Resolution No. 2004-6 (the "Resolution of Formation"), which formed the City of Lake Elsinore Community Facilities District No. 2003-2 (Canyon Hills) (the "CFD"), pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, (the "AcY'), to finance a portion of the cost of providing fire and para~nedic 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, the Council has heretofore designated portions of the CFD as Improvement Area A, Improvement Area B, Improvement Area C and Improvement Area D(each an "Improvement Area," and collectively, the "Improvement Areas"); and WHEREAS, in order to finance tlie Facilities it is necessary to incur bonded indebtedness in the aniounts not to exceed $14,00O,OOQ $37,000,000, $13,OOQ000 and $24,000,000 for Improvement Area A, Improvement Area B, Improvement Area C and Improvement Area D, respectively, the repayment of which is to be secured by special ta~ces 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. Section 2. It is necessary to incur bonded indebtedness in amounts not to exceed $14,000,000, $37,000,000, $13,000,000 and $24,000,000 for Improvement Area A, Improvement Area B, Improvement Area C and Improvement Area D, respectively, to finance the costs of the Facilities for the respective Improvement Areas. 45369979.1 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 ail other costs necessary to finance the Facilities which are permitted 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 determined by the Boazd. 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. 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 Board hereby establishes the followin~ accountability measures pertaining to any bonded indebtedness incurred by or on behalf of the City: (a) Such bonded indebtedness shall be incurred far the specific puiposes 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 7. Pursuant to Government Code Section 53326, the Council hereby determines to submit to the qualified electors of the CFD a proposition (the "CFD Proposition") to levy special taaces on property within the CFD in accordance with the rate and method of apportionment of public safety special taac specified in the Resolution of Formation. The form of the CFD Proposition is attached as Exhibit "A." Section 8. Pursuant to Government Code Section 53353.5, the Council hereby detennines to submit to the qualified electors of the respective Improvement Areas a combined proposition (the "Improvement Area Proposition") to: (1) levy special taxes on property within the Improvement Areas in accordance with the rate and method of apportionment of special ta~c specified in the Resolution of Formation; (2) incur bonded indebtedness in the amounts not to exceed $14,000,000, $37,000,000, $13,000,000 and $24,000,000, respectively; and (3) establish an appropriations limit as defined by subdivision (h) of Section 8 of Article XIIIB of the California Constitution, for the respective Improvement Areas. Said appropriations limit shall 45369979J equai the maximum amount of bonded indebtedness authorized to be incurred for the respective Improvement Areas. The form of the Improvement Area Proposition is attached as Exhibit "B." Section 9. A special elec6on is hereby called for the CFD on the CFD Proposition set forth in Section 7 above. Section 10. A special election is hereby called for the Improvement Areas on the Improvement Area Proposition set forth in Section 8 above. Section I1. The City Clerk shall hand deliver the ballots to the landowner on January 13, 2004. Section 12. The time For notice having been waived by the qualified electors, the date of the special election for the CFD on the CFD Proposition and for the Improvement Areas on the Improvement Area Proposition shall be on the 13th day of January, 2004. There being no registered voters residing within the temtory 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 January 13, 2004. However, the election may be closed within the concurrence of the City Clerk, as soon as the ballot is returned. Section 13. Notice of said election and written argument for or against the measure have been waived by the landowners. Section 14. The CFD or each Improvement Area, as applicable, shall constitute a single election precinct for the purpose of holding said special election. Section I5. The Council hereby directs that the special election be conducted by the City Clerk, as the elections officiaL Section 16. This Resolution shal] take effect from and after the date of its passage and adoption. 453G9979.1 PASSED, APPROVED AND ADOPTED this 13th day of January , 2004. CITY OF LAKE ELSINORE APPROVED AS TO FORM: ~(~i.~ ~/~'~~~ B bara Leibold, City Attorney 45369979.1 City Clerk of the City of Lake Elsinore STATE OF CALIFOILNIA ) ) ss. COUNTY OF RIVERSIDE ) I, Vicki Kasad, 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 13th day of January , 2004, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: HICKMAN, KELLEY, MAGEE, SCHIFFNER, BUCKLEY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NON BY~ ~,.~ ~-~°~ City Clerk of the City of Lake Elsinore 45369979.1 EXHIBIT A OFFICIAL BALLOT CITY OF LAKE ELSINORE COMMLINITY FACILITIES DISTRICT NO. 2003-2 (CANYON HILLS) PUBLIC SAFETY SPECIAL TAX ELECTION January 13, 2004 To vote, mazk 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. 2003-2 (Canyon Hills) and represents vote(s). If you wrongly inark, tear, or deface this ballot, return iY to the City Clerk of the City of Lake Elsinore at 130 S. Main Street, Lake Elsincre, California 92530. PROPOSITION: Shall City of Lake Elsinore Community Facilities District No. ,2003-2 (Canyon Hills) be authorized to levy special taaces pursuant to the rate and method of apportionment of special taxes (the "Special Tas Formula") set forth in Exhibit A of Resolution No. ("Resolution of Formation") to finance the authorized services and administrative expenses as provided for in the Resolution of Fonnation? 45369979.1 A-1 YES NO EXHIBIT B OFFICIAL BALLOT CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2003-2 (CANYON HILLS) IMPROVEMENT AREA SPECIAL TAX ELECTION January 13, 2004 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 Commtmity Facilities District No. 2003-2 (Canyon Hills) 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 Eisinore, California 92530. PROPOSITION: Shall Improvement Area of the City of Lake Elsinore Community Facilities District No. 2003-2 (Canyon Hills) (the "CFD"), subject to the accountability measures provided for in Resolution No: ("Resolution Calling Special Election"), incur an indebtedness and be authorized to issue bonds in an amount not to exceed $ 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 Resolution No. ("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 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 ~ YES NO 45369979.1 ~ ~3_1 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: ~ ' CITY OF LAKE ELSINORE ) I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, CALIFORNIA, 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 13th of January, 2004, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: ABS'~AIN: COUNCILMEMBERS: / ,c ~. C~~ ~ ~-;~~~ Vi SAD, CMC, CITY CLERK/ 1tyZJ~IAN P.ESOURCES DIRECTOR CITY ;7F LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE) HICKMAN, KELLEY, MAGEE, SCHIFFNER,BUCKLEY NONE NONE NONE I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 2004-7 of said Council, and that the same has not been amended or repealed. DATFr January 28, 2004 ~~ ~ ~TiCHI KASAIS, CMC, CITY CLERK/ ?-3[;1VIAN RESOURCES DIRECTOR Cf:4` ~k' L Q.KE ELSINORE (SEAL)