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Home My WebLink AboutCC Reso No 2004-76RESOLUTION NO. 2004 -76 RESOLUTION OF INTENTION OF TAE CITY COUNCIL OF THE CITY OF LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE AMOUNT NOT TO EXCEED $23,000,000 AND $28,000,000 WITHIN IMPROVEMENT AREA NO. 1 AND IMPROVEMENT AREA NO. 2, RESPECTIVELY, OF THE PROPOSED CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2004-3 (ROSETTA CANYOl~ WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "Cit}~') has heretofore adopted Resolution No. 2004 - 77 , stating the CounciPs intention to form Community Facilities District No. 2004-3 (Rosetta Canyon) (the "CFD"), pursuant to the Mello- Roos Community Facilities Act of 1982, as amended, (the "AcY'), to finance the purchase, conshuction, expansion or rehabilitation of certain real and other tangible property with an estimated usefixl life of five years or longer, including public infrastructure facilities and other govemmental facilities, wluch are necessazy to meet increased demands placed upon the City as a result of development or rehabilitation occurring within the proposed CFD (the "Facilities"); and WfIEREAS, the Council has heretofore adopted Resolution No. 2004 -~~ designating portions of the CFD as Improvement Area No. 1 and Improvement Area No. 2(each an "Improvement Area" and collectively, the "Improvement Areas"); and WHEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness in the amounts not to exceed $23,000,000 and $28,OOQ000 for Improvement Area No. 1 and Improvement Area No. 2, respectively, 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 respective Improvement Areas, other than those properties exempted from tu~ation as provided in the respective rate and method of apportionment attached as Exhibit B to Resolution No. 2004 - 77 ; NOW, THEREFORE, THE CTI'Y 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 each Improvement Area No. 1 and Improvement Area No. 2 of the CFD in the amounts not to exceed $23,000,000 and $28,000,000, respectively, to finance the costs of the Facilities for each Improvement Area. Section 3. The indebtedness will be incurred for the purpose of financing the costs of designing, constructing and acquiring the Facilities, the acquisition of necessazy 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 45445780.3 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. Each Improvement Area 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 m~imum aggregate principal amount not to exceed $23,000,000 and $28,000,000 for Improvement Area No. 1 and Improvement Area No. 2, respectively, at a maximuxn 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 yeazs 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 on Feb'ruary 8, 2005 at 7:00 pm. or as soon thereafter as practicable, at the chambers of the Council, 183 North Main Street, Lake Elsinore, California 92530. Section 7. At the Hearing at the tune 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 8. The proposition to incur bonded indebtedness in the maacimum aggregate principal amount nof to exceed $23,000,000 and $28,000,000 for Improvement Area No. 1 and Improvement Area No. 2, respectively, shall be submitted to the qualified electors of the respective Improvement Area. A special community facilities district election shall be conducted on February 8, 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 ll:00 o'clock p.m. on February 8; 2005. 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. 454457803 2, PASSED, APPROVED E1ND ADOPTED this 28th day of December , 2004. A City Clerk of the City of Lake Elsinore APPROVED AS TO FORM: City Attorney CPfY OF LAKE ELSINORE By: ( / Title: ayor 45445780.3 3 STATE OF CALIFOItNIA ) )ss. COLTNTY OF RNERSIDE ) 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 28th day of December , 2004, and that it was so adopted by the following vote: AYES: NOES: ABSENT: ABSTAIN COUNCILMEMBERS: AUCKLEY, HICKMAN, KELLEY, SCHIFFNER, MAGEE COUNCILMEMBERS: NONE COUNCILMEMBERS: NONE COUNCILMEMBERS: NONE By: City Clerk of the City of Lake Elsinore 45445780.3 STATE OF CALIFOI2NIA ) 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 28h of December, 2004, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ffiCKMAN, KELLEY, MAGEE, SCIIIFFNER, BUCKLEY NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: AB TAIN: COUNCILMEMBERS: ~,~,_,- ~~~-~-C'i~' VICHI KASAD, CMC, CITY CLERK/ HUMAN RESOURCES DIRECTOR CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAK~ 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. 2004-76 oF said Council, and that the same has not been amended or repealed. DA . cember 30, 2004 ~ VICHI KASAD, CMC, CITY CLERK/ HUMAN RESOURCES DIRECTOR CITY OF LAKE ELSINORE (SEAL)