HomeMy WebLinkAboutCC Reso No 2000-34RESOLUTION NO. ~nnn-~4
RESOLUTION OF THE CITY GOUNCIL OF TIiE CITY OF
LAKE ELSINORE TO PRELIMINARILY APPROVING A
REPORT BY THE REASSESSMENT CONSULTANT AND
SETTING A TIME AND PLACE FOR THE PUBLIC
HEARING FOR HEARING PROTESTS
WHEREAS, the City of Lake Elsinore (the "City") has previously issued and sold two
different series of bonds for Assessment District No. 93-1 of the City (the "Assessment District")
designated "City of Lake Elsinore, Assessment District No. 93-1 (Cottonwood Hills), Limited
Obligation Improvement Bonds, Series A" and "City of Lake Elsinore, Assessment District No.
93-1 (Cottonwood Hills), Limited Obligation Improvement Bonds, Series B" in the total aggregate
principal amount of $18,075,000, of which $17,365,000 remains outstanding (the "Outstanding
Bonds"); and
WHEREAS, Pazdee Construction Company, the owner of all the net accessible acreage of
the land within the Assessment District (the "Developer"), has requested the City's assistance in
connection with modification of the existing assessments levied against pazcels in the District as
security for the Outstanding Bonds; and
WHEREAS, the City Council of the City of Lake Elsinore (the "City Council") has
detemuned that the public interest requires the refunding of the Outstanding Bonds as permitted by
and pursuant to proceedings to be conducted in accordance with the Refunding Act of 1984 for
1915 Improvement Act Bonds, Division 11.5 (commencing with Section 9500) of the Streets and
Highways Code of the State of California (the "Refunding Act"); and
WHEREAS, the City Council has previously authorized and directed MBS Governmental
Finance Group to assist the City in the reassessment proceedings to be conducted pursuant to the
Refunding Act (the "Reassessment Consultant") by preparing and filing with the City Clerk a report
containing all of the matters required by Section 9523 of the Streets and Highways Code of the State
of California (the "Report"); and
WfIEREAS, the City Council intends to conduct a public hearing pursuant to the Refunding
Act in order to approve and confirm the Report, to authorize the issuance of refunding bonds to
defease, refund and redeem the Outstanding Bonds (the "Refunding Bonds"), and to approve the
levy of reassessments on the parcels of property in the Assessment District as security for the
Refunding Bonds, all pursuant to the Refunding Act.
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NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the
City Council of the City of Lake Elsinore as follows:
Section 1. Preliminary Approval of Report. The Report, as prepazed by the Reassessment
Consultant and submitted to the City Council as of the date hereof, is hereby preliminarily
approved, subject to final approval and confumation at the conclusion of a noticed public hearing
conducted by the City Council pursuant to the Refunding Act.
Section 2. Public Hearine. The City Council hereby appoints September L2~ 2000, at 7:00
p.m. in the Council Chamber, 130 South Main Street, Lake Elsinore, CA 92530, as the time and
place for hearing protest to the proposed reassessment. The City Clerk is hereby directed to pgive
notice of such hearing in accordance with the Refunding Act.
Section 3. Effective Date. This resolution shall become effective upon its adoption.
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PASSED, APPROVED AND ADOPTED this 24th day of July, 2000.
ATTEST:
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City Clerk of the rty of Lake Elsinore
UPON THE FOLLOWING ROLL CALL VOTE:
AYES: COUNCILMEMBERS: KELLEY, METZE, PAPE, SCHIFFNER, ARINLEY
NOES: COUNCILMEMBERS: NoNE
ABSENT: COLJNCILMEMBERS: NoNE
ABSTAIN: COiJNCILMEMBERS: NoNE
APPROVED AS TO LEGAL FORM:
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General Counsel
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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
24"' day of July, 2000, and that it was so adopted by the following vote:
AYES: COUNCILMEMBERS: KELLEY, METZE,PAPE, SCHIFFNER,
BffiNLEY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
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VICHI KASAD, CITY CLERK
CITY OF LAKE ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE)
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. 2000-34 of said Council, and that the same has not been amended or
repealed.
DATE: July 25, 2000
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VICHI KA~~~ Y CLERK
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CITY OF LAKE ELSINORE
(SEAL)