HomeMy WebLinkAboutCC Reso No 2004-71RESOLi1TION NO. 2004 - 71
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE
AMOUNT NOT TO EXCEED $12,000,000 WITHIN THE PROPOSED
CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO.
2005-1 (SERENITI~
WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "City")
has heretofore adopted Resolution No. 2004-~~, stating the Council's intention to form the
City of Lake Elsinore Community Facilities District No. 2005-1 (Serenity) (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 tesult of development or rehabilitation occurring within the proposed
CFD (tlie "Facilities"); and
WIIEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness
in the amounts not to exceed $12,000,000, the repayment of which is to be secured by special
t~es 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 rate and method of
apportionment attached as Exhibit B to Resolution No. 2004-~_;
NOW, THEREFORE, THE CTTY 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 $12,000,000 to finance the costs of the Facilities.
Section 3. The indebtedness will be incurred fot the purpose of financing the costs of
designing, constrixcting and acquiring the Facilities, the acquisition of necessary equipment and
property tHerefor and fulfilling contractual commihnents and carrying ont 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 aze permitted
to be financed pursuant to the Act.
Section 4. It is the intent ofthe Council to authorize the sale of bonds in one or more
series, in the maximum aggregate principal amount not to exceed $12,000,000 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
pnrsuant to a resolution of the Council authorizing the issuance of the bonds, but such term shall
in no event exceed 40 yeus or such longer te=cn as is then permitted by law.
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Section 5. A public hearing (the "Hearing") on the proposed debt issue shall be held
on January 25, 2005 at 7:00 p.m. or as soon thereafter as practicable, at the chambers of the
Council, 183 North Main Street, Lake Elsinore, California 92530.
Section 6. At the Hearing at the time and place set forth above, any interested
petsons, including a11 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 amount not to exceed $12,000,000 shall be submitted to the qualified electors of the
CFD. A special community facilities district election shall be conducted on January 25, 2005.
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 January 25, 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.
assazvz~.z 2
PASSED, APPROVED AND ADOPTED this 14th day of December , 2004.
A
City Clerlc of the City of Lake Elsinore
455429272
CITY OF LAKE ELSINORE
APPROVED AS TO FORM:
STATE OF CALIFORNIA )
)ss.
COLJNTY 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 14th day of December. , 2004, and that it was so adopted by the
following vote:
AYES: COUNCILMEMRERS: HICKMAN, KELLEY, MAGEE, SCHIFFNER, BUCKLEY
NOES: COUNCILMEMAERS: NONE
ABSENT: COUNCILMEMAERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE n
IL
By: ~'L~_i
City Clerk of the City of Lake Elsinore
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