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Home My WebLink AboutCC Reso No 2002-53RESOLUTION NO. ~ a o~-5 ~j RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE AUTHORIZING THE ISSUANCE OF THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 98-1 (SUMMERHILL PUBLIC IMPROVEMENTS) SPECIAL TAX BONDS, SERIES 2002, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $20,000,000; APPROVING A FISCAL AGENT AGREEMENT, A PURCHASE CONTRACT, A COMMITMENI' AGREEMENT AND PURCHASE CONTRACT FOR PURCHASE A.ND SALE OF LOCAL OBLIGATION BONDS AND A CONTINUING DISCLOSURE AGREEMENT; AND AUTHORIZdl\TG THE TAHING OF CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Lake Elsinore (the "City") and the Redevelopment Agency of the City of Lake Elsinore {the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the Lake Elsinore Public Financing Authority (the "Authority") for the purpose, among other things, of issuing its bonds to be used to provide financing and refinancing for public capital improvements of the City and the Agency; and WHEREAS, the Authority has, for such purpose, heretofore authorized the issuance of bonds pursuant to an Indenture of Trust, dated as of February l, 1990, as amended and restated in full as of May i, 1995 (the "Master Indenture"), by and between the Authority and Union Bank of California, N.A., as the successor trustee (the "Trustee"), in the maximum principal amount of not to exceed $500,000,000 (the "Bonds"), the Bonds to be issued in series from time to time pursuant to supplemental indentures; and WHEREAS, the Authority has previously issued its $55,000,000 original principal amount of 1990 Local Agency Revenue Bonds, Series A(the "1990 Bonds"), pursuant to the Master Indenture and a First Supplemental Indenture of Trust, dated as of June 1, -1990; WHEREAS, in order to provide for the refunding of the currenUy outstanding 1990 Bonds, the Authority intends to enter into an eighth supplemental indenture entitled "Eighth Supplemental Indenture of TrusY' (the "Eighth Supplemental Indenture"), to provide for the issuance of its 2002 Local Agency Revenue Bonds, Series H(the "Series H Bonds"); and WHEREAS, the Series H Bonds are to be issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985 (the "AcY'), constituting Article 4(commencing with Section 6584 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California; and WHEREAS, the Authority intends to use a portion of the proceeds of the Series H Bonds to purchase City of Lake Elsinore Community Facilities District No. 98-1 (Summerhill Public Improvements) Special Taac Bonds, Series 2002 (the "Local Obligations") pursuant to a Commitment Agreement and Purchase Contract for Purchase and Sale of L,ocal Obligation Bonds (the "Local Obligation Purchase ContracY') to be entered into between the Authority and the City; and aszsia2s.i WHEREAS, the proceeds of the Local Obligations will be used by the City to redeem and pay in full its outstanding City of Lake Elsinore, Community Facilities District No. 91-2 (Summerhill Public Improvements) 1991 Special Tax Bonds (the "Prior Local Obligations"); and WHEREAS, the Prior Local Obligations were purchase by the Authority with a portion of the proceeds of its 1990 Bonds and the proceeds of the redemption of the Prior Local Obligations shall be used in connection with the refunding of the 1990 Bonds; and WHEREAS, the City has heretofore held a public hearing pursuant to Section 6586.5 of the Act; and WHEREAS, the City now desires to provide for the sale of the Local Obligations; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lake Elsinore as follows: Section 1. The City Council hereby approves the issuance of the Local Obligations in the aggregate principal amount of not to exceed $20,000,000. Section 2. The City Council hereby finds and determines that (I) the facilities financed by the Series H Bonds (the "Facilities") is located within the boundaries of the City and (ii) there are significant public benefits arising from the Authority's issuance of the Series H Bonds to finance the Facilities as contemplated by Section 6586 of the Act. Section 3. The Fiscal Agent Agreement, in substantially the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any one of the Mayor, the City Manager, the Administrative Services Director or other officers of the City designated by the City as an Authorized Officer (individually, an"Authorized Officer," and collectively, the "Authorized Officers"), is hereby authorized and directed, for an in the name and on behalf of the City, acting as the legislative body of the City of Lake Eisinore Community Facilities District No. 98-1 (Summerhill Public Improvements) (the "DistricY'), to execute and deliver the Fiscal Agent Agreement, with such insertions and changes as may be approved by an Authorized Officer executing the same, such approval to be conclusively evidenced by such execution and delivery. Section 4. The Purchase Contract, in substantially the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for an in the name and on behalf of the City, acting as the legislative body of the Dish-ict, to execute and deliver the Purchase Contract, with such insertions and changes as may be approved by an Authorized Officer executing the same, such approval to be conclusively evidenced by such execution and delivery; provided, however, that the interest rate on the Series H Bonds as specified in the Purchase Contract shall not exceed 8.0% and the Underwriter's discount for the Series H Bonds specified in the Purchase Contract shall not exceed 3.0%, exclusive of original issue discount. Section 5. The Local Obligation Purchase Contract, in substantially the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for an in the name and on behalf of the City, acting as the legislative body of the District, to execute and deliver the Local aszsiszs.i 2 Obligation Purchase Contract, with such insertions and changes as may be approved by an Authorized Officer executing the same, such approval to be conclusively evidenced by such execution and delivery; provided, however the interest rate on the Local Obligations as specified in the Local Obligation Purchase Contract shall not exceed 12.0%. Section 6. The Continuing Disclosure Agreement, in substantially the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for an in the name and on behalf of the City to execute and deliver the Continuing Disclosure Agreement, with such insertions and changes as may be approved by an Authorized Officer executing the same, such approval to be conclusively evidenced by such execution and delivery. Section 7. The Authorized Officers, the other officers and employees of the City, the City Council members of the City, Bond Counsel and the other consultants to and agents of the City, are each hereby authorized and directed to do all things and take ali actions necessazy or desirable to effectuate the transaction contemplated by this Resolution, and to execute such other assignments, ageements, certificates, receipts, endorsements, orders, opinions and other documents in connection with such transactions, including, without limitation, closing documents in connection with the issuance of the Local Obligations are hereby ratified, approved and confirmed in every respect. asu~azs.i 3 Section 8. This Resolution shall take effect from and after its passage and adoption_ PASSED AND ADOPTED this 26th day of November. , 2002. Ayes: BRINLEY, BUCKLEY, HICKMAN, SCHIFFNER, KELLEY Noes: None Absent: None Abstaitt: None [S E A L] ATT ST: City Clerk APP::OVED AS TO FORM e ral Counsel 45251823.1 4 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 26"' day of November, 2002, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BRINLEY, BUCKLEY, HICKMAN, SCHITFNER, KELLEY NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: AIN: COUNCILMEMBERS: ~~ , ~'I~HI IZAS , CMC, CITY CLERK/ I~LIMAN RESOURCES DIRECTOR CIiY C1F LAxE ELSINORE (SEAI,} 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. 2002-53 of said Council, and that the same has not been amended or repealed. ?J~cember 12, 2002 ~~ 5'TCHI KAS , CMC, CITY CLERK/ HIIIV~i~A7~$ RESOURCES DIRECTOR CITY OF LAKE ELSINORE (SEAL)