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Home My WebLink AboutCC Reso No 2004-25RESOLUTION NO. 2004 - 25 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE AM~UNT NOT TO EXCEED $5,000,000 WITHIN THE CITY OF LAKE ELSINORE COMMUNITY FACILCIATILLING A PE IAL ELECTIONCITY CENTER TOWNHOMES) AND WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "Cit}~') the "Resolution of Formation"), which has hetetofore adopted Resolution No. 2004-~~_ ( formed the City of Lake E~isuant t~the Mell RoostCommunity Facil rias Act of 1982,tas Townhomes) (the "CFD"), p amended, (the "AcP'), to finance the purchase, constnzction, expansion or rehabilitation o certain real and other tangible property with an estimated useful life of five years or longer, including public infrastructure facilities and other govemmental 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 WI;EREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness in the amount not to exceed $5,000,000, the repayment of wtuch is to be secured by special ta~ces 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 HEREB~' RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Tfie above recitals are true and conect. 5ection 2. It is necessary to incur bonded indebtedness in the amoant not to exceed $5,000,000 to finance the costs of the Facilities far the CFD. 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 Section 4. The bonds shall be issued in one or more series at a maacimum interest rate not to exceed 12 percent per annum or such rate not in excess of the maicimum rate pennitted by law at the time the bonds are issued, and payable annually or semiannually as determined by the Board. 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. Putsuant to and in compliance with tha provisions of Article 1S (commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the 1 .; 454396792 Govemment Code, the Board 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 ar 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, shail annually file a report with the Council as required by Government Code Secrion 5341 L Section 6. Pursuant to Govemment Code Section 53353.5, the Council hereby deterinines to submit to the qualified electors of the CFD a proposition (the "CFD Proposition") to: (1) levy Special taYes on property within the CFD in accordance with the rate and method of apportionment of special tu~ specified in the Resolution of Formation; (2) incur bonded indebtedness in the amount nof to exceed $5,000,000; and (3) establish an appropriations limit as defined by subdivision (h) of Section 8 of Article XII1B of the Califomia Constitution, for the CFD. Said appropriations limit shall equal the ma~cimum amount of bonded indebtedness authorized to be incurred for the CFD. The form of the CFD Proposition is attached as Exhibit «A„ Section 7. A special election is hereby called for the CFD on the CFD Proposition set forth in Section 6 above. Section 8. The City Clerk shall hand deliver the ballots to the landowner on Apri127, 2004. Section 9. The time for notice having been waived by the qualified electors, the date of the special election for the CFD on the CFD Proposition shall be on the 27th day of April, 2004. Thete being no registered voters residing within tfie territory of the CFD at the time of the protest hearing and ninety (90) days prior thereto, there being only one landowner in the CFD, and the requirements of Section 53326 of the Government Code having been waived by the landowner, the ballot for the special elecrion shall be hand delivered to the landowner 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 Apri127, 2004. However, the election may be closed within the concurrence of the City Clerk, as soon as the ballot is returned. Section 10. Notice of said election and written azgument for ot against the measure have Been waived by the landowner. Section 11. The CFD shall constitute a singte election precinct far the pinpose of hoiding said special elecrion. 45439679.2 Z . ~ ~ Secrion 12. The Council hereby directs that the special election be conducted by the City Clerk, as the elections official. Section 13. adoption. This Resolution shall take effect from and after the date of its passage and asaava~9z 3 PASSED, APPROVED AND ADOPTED this 2~'th.: day of Apri 1 , 2004. ATT ST: Vicki Kasad, City Clerk APPROVED AS TO FORM: ; /~/ ~ ~ t , ~ ~1 ~ Bazbara i ld, City Attorney ~45#39679.2 CITY OF LAKE ELSINORE 4 >~~ , , 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 27tfi :: day of Apri l , 2004, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: HICKMAN, KELLEY, MAGEE, SCHIFfNER, BUCKLEY NOES: COUNCIL~IEMBERS: NONE= ABSENT: COUNCILMEMBERS: NO ABSTAIN: COUNCILMEMBERS: 0 E By: - - ~ ~ """" ' -~ Vicki Kasad, 454396792 5 .... . .~-.~. EXHIBIT A OFFICIAL BALLOT CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2004-1 (CITY CENTER TOWNHOMES) SPECIAL TAX ELECTION Apri127, 2004 To vote, mark an "X" in the voting square after the word "YES" or after the ward "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. 2004-1 (City Center Townhomes) and represents _ vote(s). If you wrongly mazk, 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. PROPOSTTION: Shall the City of Lake Elsinore Community Facilities District No. 2004-1 (City Center Townhomes) (the "CFD"), subject to the accountability measures provided for in Resolution No. 2004- a~ ("Resolution Calling Special Elecfion"), incur an indebtedness and be authorized to issue bonds in an amount not to exceed $5,000,000 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 Resolution No. 2004- ("Resolution of Formation"); and, subject to the accountability measures provided for in the Resolution of Formation, shall a special taac 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 Cali£ornia ConstiYution, said appropriations limit to be equal to the maximum amount of bonded indebtedness authorized to be incurred for the CFD? 45439679.2 ~ A-1 YES NO 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 27~h of April, 2004, and that it was so adopted by the following vote: AYE5: COUNCILMEMBERS: HICKMAN, KELLEY, MAGEE, SCHIFFNER, BUCKLEY NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: AB TAIN: COUNCILMEMBERS: ~~ VICHI KASA , CMC, CITY CLERK/ HUMAN RESOURCES DIRECTOR CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE) NONE NONE NONE I, VICHI 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. 2004-25 of said Council, and that the same has not been amended or repealed. DA . June 2, 2004 ~ /~~P HI KASAD, CMC, CITY CLERK/ HUMAN RESOURCES DIRECTOR CITY OF LAKE ELSINORE (SEAL)