HomeMy WebLinkAboutCC Reso No 2000-41>~
RESOLiTfION NO. 2000-41
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE APPROVING AND CONFIRMING REPORT AND
REASSESSMENT FOR THE REFUNDING OF THE AUTSTANDING
BONDS FOR ASSESSMENT DISTRICT NO. 93-1
WHEREAS, the City Council (the "City Council") of the City of Lake Elsinore (the "City")
has adopted a Resolution of Intention deterniining that the public interest requires the refunding of
the outstanding bonds issued for Assessment District No. 93-1 (the "Assessment District"), and
declazing its intention to refund such bonds (the "Outstanding Bonds") and to levy reassessments as
security for the refunding bonds, all pursuant to the Refunding Act of 1984 for 1915 Improvement
Act Bonds, Division 11.5 (commencing with Section 9500) o;Fthe Streets and Highway Code of the
State of California (the "Refunding AcY'); and
WHEREAS, pursuant to the Resolution of Intention and Section 9523 of the Streets and
Highways Code of the State of California (the "Code"), the Reassessment Consultant appointed
pursuant to the Resolution of Intention has prepazed and filed with the City Clerk a report containing
the matters required by said Section 9523, and such report (the "Report") has been presented to the
City Council for consideration; and
WHEREAS, the City Council has preliminazily approved the Report, subject to final
approval and confirmadon at the conclusion of a noticed public hearing conducted by the City
Council pursuant to the Refunding Act; and
WHEREAS, the City Council has held such a public hearing, has tabulated the reassessment
ballots submitted and has deternuned that no majority protest exists;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the
City Council of the City of Lake Elsinore as follows:
Section 1. Findines. The City Council finds that no majority protest exists with respect to
the proceeding to refund the Outstanding Bonds and ta levy reassessments as security for the
refunding bonds and that it is in the best interests of the owners of properry within the Assessment
District that the Report and the Reassessment contained therein be approved and confumed and that
the City Council proceed to authorize, issue, and sell refunding bonds pursuant to Chapter 3
(commencing with Section 9600) of Division 11.5 of the Code.
Section 2. Confirmation of Report and Reassessment. T'he Report and the Reassessment
contained therein aze approved and confirmed. Upon the prepazation and approval of the Final
Report containing the final Reassessment as provided in Section 3 hereof, the Reassessment and the
reassessment diagram contained in the Final Report shall be recorded in the office of the
Superintendent of the Streets of the City, and the City Clerk shall record such reassessment diagram
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and a Notice of Reassessment with the County Recorder of the County of Riverside pursuant to
Sections 9536, 9537 and 3114 of the Code.
Section 3. Final Report. The City Manager and the Public Works Director aze authorized
to approve the Final Report containing the final Reassessment after the terms of the sale of the
refunding bonds are determined and the Reassessment Consultant has prepazed the final
Reassessment without presenting the Final Report to the City Council; provided that the fmal
Reassessment amounYs contained in the Final Report shall not be greater than the Reassessment
amounts contained in the Report presented to and confirmed by the Ciry Council at the meeting at
which this resolution is adopted and such Reassessment amounts for all pazcels of property within
the Assessment District shall continue to satisfy the requirements of Section 9525 of the Code. Upon
approving the Final Report, the City Manager and the Public Works Director aze authorized and
directed to record the reassessment diagram contained in the Final Report with the Superintendent
of Streets of the City and to authorize the City Clerk to record the reassessment diagram and a Notice
of Reassessment as provided in Section 2 above.
Section 4. Continuation of Lien of Assessments as Security for Unpaid Installments
Thereo£ It is further ordered that the lien of the assessments on pazcels of property within the
Assessment District shall continue as security for the payment of the unpaid installxnents of the
assessments and the penalties and interest thereon, including the installments which have been
posted to and are to be collected on the tax assessment roll for the 2000-2001 fiscal year and all
unpaid and delinquent installments of such assessments which were posted to the tax assessment roll
for prior fiscal years. Pursuant to Section 9539 of the Code, the lien of such assessments with respect
to such unpaid installments shall be equal in priority to the lien of the Reassessments. The Notice
of Reassessment to be recorded by the City Clerk pursuant to Section 2 hereof shall provide notice
that the lien of such assessments sha11 continue as security for such installments thereof
Section 5. Refundin B~ onds. Refunding bonds shall be issued for the Assessment District
in an aggregate principal amount which shall be equal to and shall not exceed the total amount of
the Reassessment. The maximum interest rate on such refunding bonds shall not exceed nine percent
(9%) per annum.
Section 6. No Citv Obli a~on. As provided in Section 6 of the Resolution of Intention, the
City Council has determined, pursuant to Section 8769 of the Streets and Highways Code of the
State of California, that the City will not obligate itself to advance available funds form the City
Treasury to cure any deficiency which may occur in the bond redemption fund for the refunding
bonds.
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PASSED, APPROVED AND AUOFTED ttvs 12th day of September, 2000.
CITX~QI~&AKE ELSINORE ~.,.
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City l;lerk af the Crty of Lake Elsmore
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UPON THE FOLLOWING ROLL CALL VOTE:
AYES: COUNCILMEMBERS: KELLEY, ~4ffC~Iff(, PAPE, SCHIFFNER, BRINLEY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: METZE
ABSTAIN: COIJNCILMEMBERS: NONE
AS
CITY ATTORNEY
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
CALIFORPTIA, 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
12"' day of September, 2000, and that it was so adopted by the following vote:
AYES: COUNCILMEMBERS: KELLEY, PAPE, SCHIFFNER,
BRINLEY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: METZE
ABSTAIN: COUNCILMEMBERS: NONE
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L
eTICKI KASA~, GITY CLERK
~ITY O'F LAKE ELSINORE
(S~AL)
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
Resolurion No. 2000-41 of said Council, and that the same has not been amended or
repealed.
DATE: September 22, 2000
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~T'~CHI ~ASAD CIT CLERK
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CI i Y OF J~AKE ELSINORE
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