HomeMy WebLinkAboutCC Reso No 2003-51RESOLUTION NO. 2003-51
RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE TO INCUR BONDED INDEBTEDNESS IN THE
AMOiJNTS 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 PROPOSED CITY OF LAKE ELSINORE
CONIMUNITY FACILITIES DISTRICT NO. 2003-2 (CANYON HILLS)
WfIEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "Cit}~')
has heretofore adopted Resolution No. a003<~~ , stating the CounciPs intention to form
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 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 CiYy as
a result of development or rehabilitation occurring within the proposed CFD (the "Facilities");
and
WHEREAS, the Council has heretofore adopted Resolution No. "~003 - designating
portions of the CFD as Improvement Area A, Improvement Area B, Improvement Area C and
Improvement D(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 $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, 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 tasarion as provided in the respective rate and method of
apportionment attached as Exhibit C to Resolution No. a~~3 -50 ;
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.
Secrion 2. It is necessary to incur bonded indebtedness within each of Improvement
Area A, Improvement Area B, Improvement Area C and Improvement Area D of the proposed
CFD in the amounts not to exceed $14,000,000, $37,000,000, $13,OOQ000 and $24,OOQ000,
respectively, to finance the costs of the Facilities Far 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 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 wsts associated with the
45366540.1
PASSED, APPROVED AND ADOPTED this 14th day of October , 2003.
ELSINORE
ATTEST:
City Clerk of the City of Lake Elsinore
APPROVED AS TO FORM:
B bara Leibol , City Attomey
APPROVED UPON THE FOLLOWING VOTE:
Title: Mayor
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY, SCHIFFNER, BRINLEY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
45366540.1 3
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE EL5INORE,
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
14th day of October, 2003, and that it was so adopted by the following vote:
AYES: COUNCILMEMBERS:
BUCKLEY, ffiCKMAN, KELLEY,
SCHIFFNER, BRINLEY
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
AB TAIN: COUNCILMEMBERS:
VI~~C, CITY CLERK/
HUMAN RESOURCES DIRECTOR
CITY OF LAKE ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF ffiVERSIDE ) 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. 2003-51 of said Council, and that the same has not been amended or
repealed.
TE: October 15, 2003
~
VICHI KASAD, C, CITY CLERK/
HUMAN RESOURCES DIRECTOR
CITY OF LAKE ELSINORE
(SEAL)