HomeMy WebLinkAboutCC Reso No 2002-43RESOLUTION NO. 2002-43
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE TAHING CERTAIN ACTIONS IN CONNECTION WITH
THE ISSUANCE OF REDEVELOPMENT AGENCY OF THE CITY OF
LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 90-2
(TUSGANY HILLS PUBLIC IMPROVEI~I~I+I'd'S) SPECIAL TAX PARITY
BONDS, 2002 SERIES A "
WHEREAS, the Goveming Boazd of the Redevelopment Agency of the City of
Lake Elsinore (the "Agency") has conducted proceedings under and pursuant to the Mello-Roos
Community Facilities Act of 1982, as amended (the "AcY'), to form the Redevelopment Agency
of the City of Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public
Improvements) (the "DistricY'), to authorize the levy of special taxes upon the land withia the
District, and to issue bonds secured by said special taxes, the proceeds of which are to be used to
finance certain facilities (the "Facilities"), all as described in the Resolutions entitled, "A
Resolution oi Formation of Redevelopment Agency of the City of Lake Elsinore Community
Facilities District No. 90-2 (Tuscany Hills Public Improvements), Authorizing the Levy of a
Special Tax Within the District, Preliminarily Establishing an Appropriations Limit for the
District and Submitting Levy of the Special Tax and the Establishment of the Appropriations
Limit to the Qualified Electors of the DistricY' and "A Resolution Determining the Necessity to
Incur Bonded Indebtedness Within the Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2 (Tuscany Hiils Public Improvements) and Submitting
Proposition to the Qualified Electors of the DistricP', adopted by this date; and
WHEREAS, pursuant to said resolutions, an election was held within the District
on November 27, 1990 and the qualified electors approved the propositions of the incurrence of
the bonded debt and the levy of the special talc by more than two-thirds of the votes cast at said
special election; and
WHEREAS, on January 23, 1991, the first series of bonds for the District were
issued in the principal amount of $14,088,000 pursuant to a Fiscal Agent Agreement, dated as of
December 1, 1990, which was subsequently amended on May 23, T995, by and beriveen the
Agency and the Lake Elsinore Public Financing Authority, designated "Redevelopment Agency
of the City of Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public
Improvements) 1990 Special Tax Bonds" (the "1990 Bonds"); and
WHEREAS, on May 24, 1995, the Lake Elsinore Public Financing Authority (the
"Authorit}~') issued its 1990 Local Agency Revenue Bonds, Series D(the "1995 Authority
Bonds'~; and
WHEREAS, the 1995 Authority Bonds aze secured by the 1990 Bonds held by
the Authority; and
WHEREAS, for the purpose of refunding the 1995 Authority Bonds, the Agency
intends to issue bonds designated "Redevelopment Agency of the City of Lake Elsinore
45173945.1
Community Facilities District No. 90-2 (Tuscany Hills Public Improvements) Special Tas Parity
Bonds, 2002 Series A" (the "Bonds"); and
WHEREAS, there have been submitted to this Council certain documents
providing for the issuance of the Bonds and this Council, with the aid of its staff, has reviewed
said documents and found them to be in proper order; and
WHEREAS, to that end, the Agency has adopted a resolution on the date hereof,
approving said financing.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE DOES RESOLVE AS FOLLOWS:
Section 1. The City Council hereby approves the refiading of the 1995 Authority Bonds
and the issuance by the Agency of the Bonds.
Section 2. The City Manager or any other officer of the City is hereby authorized and
directed to execute and deliver any and all documents and instruments and to do and cause to be
done any and all acts and things necessary or proper for canying out the transactions
contemplated by this Resolution.
Section 3. The City Clerk shall certify to the adoption of this Resolution, and thenceforth
and thereafter the same shali be in full force and effect. Notwithstanding the foregoing, such
certification and any of the other duties and responsibilities assigned to the City Clerk pursuant
to this Resolurion may be performed by an Assistant City Clerk/Deputy City Clerk with the same
force and effect as if performed by the Secretary hereunder.
45173945.1
2
PASSED AND ADOPTED this 30th day of Jul v , 2002.
Ayes: Councilmembers: BRINLEY, BUCKLEV,.HICKMAN, SCHiFFNER, KELLEY
Noes: Councilmembers: NONE
Abstain: Councilmembers: NONE
Absent: Councilmembers: NONE
Mayor
ATTEST:
City Clerk
APPROVED AS TO FORM AND
LEGALITY:
;
~ o
ity Attomey
45173945.1
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
30th day of July, 2002, and that it was so adopted by the following vote:
AYES: COUNCILMEMBERS:
BRINLEY, BUCKLEY, HICKMAN,
SCHIFFNER, KELLEY
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
AB AIN: COUNCILMEMBERS:
~~
'~~1CKI KA~AD, ~MC, CITY CLERK/
1:UMAN RESOURCES DIRECTOR
CI'I'Y ~F LlaKE 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. 2002-43 of said Council, and that the same has not been amended or
repealed.
July 31, 2002
CITY CLERK/
FrYUMAP? RESOURCES DIRECTOR
CiTY OF I,AI~E ELSINORE
(SEA~:)