HomeMy WebLinkAboutCC Reso No 2004-19RESOLUTION NO. 2004-19
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE
AMOUNT NOT TO EXCEED $5,000,000 WITHIN THE PROPOSED CITY
OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2004-1
(CITY CENTER TOWNHOMES)
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "City")
has heretofore adopted Resolution No. 2004-18, stating the Council's intention to form
Community Facilities District No. 2004-1 (City Center Townhomes) (the "CFD"), pursuant to
the Mello-Roos Community Facilities Act of 1982, as amended, (the "AcY'), 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 $5,000,000, 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
ofapportionment attached as E~ibit A to Resolution No. 2004-18;
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 CFD in the amount
not to exceed $5,000,000 to finance the costs of the Facilities for the CFD.
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. The CFD 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 maacimum aggregate principal amount not to exceed $5,000,000 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
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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
April 27, 2004 at 7:00 p.m. or as soon thereafter as practicable, at the chambers of the Council,
183 N. 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 heazd at
the Hearing.
Section 8. The proposition to incur bonded indebtedness in the maximum aggregate
principal amount not to exceed $5,000,000 shall be submitted to the qualified electors of the
CFD. A special community facilities district election shall be conducted on April 27, 2004. The
special election shall be conducted by hand delivered ballot election. The ballots shall be
returned to the office of the election officer no later than 11:00 o'clock p.m. on Apri127, 2004.
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 23rd day of March , 2004.
B
Ti
ATTEST:
~~ ~
City Clerk of the City of Lake Elsinore
APPROVED AS TO FORM:
/
bara Leibol , City Attorney
454336562
CITY OF LAKE ELSINORE
STATE OF CALIFORNIA )
)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 23rd day of March , 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 o Lake Elsinore
454336562