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Home My WebLink AboutCC Reso No 2000-42r' Y! RESOLUTION NO. 2000-42 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSIIVOREAUTHORIZING THE ISSUANCE AND SALE OF REFUNDING BONDS FOR ASSESSMENT DISTRICT NO. 93-1, AND APPROVING A FISCAL AGENT AGREEMENT, A BOND PURCHASE CONTRACT, AN ESCROW DEPOSTT AND TRUST AGREEMENT, A CONTINUING DISCLOSURE CERTIFICATE, APRELIMINARY OFFICIAL STATEMENT AND A FINAL OFFICIAL STATEMENT IN CONNECTION THEREWITH, AND AUTHORIZING THE TAHING OF CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Lake Elsinore (the "City") has previously issued and sold rivo 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 WfIEREAS, the City Council of the City (the "City Council") has conducted proceedings pursuant to 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 has adopted a resolution approving a report prepared pursuant to Section 9523 of the Streets and Highways Code of the State of California and confirming a reassessment contained therein, and all acts required by the Refunding Act with respect to the confumation of such reassessment have been accomplished; and WHEREAS, the City Council has determined that it is in the best interests of the City and the owners of property within the Assessment District that the Outstanding Bonds be defeased, refunded and redeemed, and that refunding bonds be issued pursuant to the Refunding Act for that purpose;and WHEREAS, in order to accomplish the defeasance, refunding and redemption of the Outstanding Bonds, it is proposed that the City will issue not to exceed $21,000,000 aggregate principal amount of refunding bonds to be designated "City of Lake Elsinore, Limited Obligation Refunding Improvement Bonds, Assessment DistrictNo. 93-1(Cottonwood Hills), Series 2000" (the "Bonds"); and WHEREAS, there has been presented to the City Council a form of Fiscai Agent Agreement providing for the issuance of the Bonds; and DK09720/I0006763/594613.3 r J WHEREAS, there has also been presented to the City Council a form of Continuing Disclosure Certificate to be provided by the City for the benefit of the owners of the Bonds and in order to assist the purchaser of the Bonds in complying with Rule 15c2-12(b)(5) of the Securities and Exchange Commission; and WHEREAS, the City Council has determined that it is in the best interests of the City and the owner of property within the Assessment District that the Bonds be issued and sold on the terms and conditions hereinafter specified; NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City Council of the City of Lake Elsinore as follows: Section 1. Apuroval of Issuance of Bonds. The issuance of not to exceed $21,000,000 aggregate principal amount of the Bonds in order to defease, refund and redeem the Outstanding Bonds is approved. Section 2. Annroval of the Fiscal A e~ nt A~reement. The Fiscal Agent Agreement, in substantially the form on file with the City Clerk and presented to the City Council at this meeting, is hereby approved. Any one of the Mayor, any Council Member, the City Manager and the City Clerk of the City, and each of them, and any designee of any of them (collectively, the "Authorized Officers"), is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Fiscal Agent Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions ofthis Resolution, such approval to be conclusively evidenced by such execution and delivery. Section 3. Approval of Escrow Deposit and Trust A~reement. The Escrow Deposit and Trust Agreement, in substantially the form on file with the City Clerk and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Escrow Deposit and Trust Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. Section 4. Apnroval of Bond Purchase Contract. The Bond Purchase Contract relating to the Bonds (the "Bond Purchase ContracY'), by and between the City and the Underwriter in substantially the form on file with the City Clerk and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Bond Purchase Contract with such insertions and changes and as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. The initial interest rate shall not exceed 9% and the underwriter's discount for the Bonds specified in the Bond Purchase Contract shall not exceed 3%, exclusive of original issue discount. DK09720/]0006763/594613.3 2 ~' SecUOn 5. Apnroval of Preliminarv Off'icial Statement. The form of Preliminary Official Statement relating to the Bonds (the "Preliminary Official StatemenY'), in substantially the form on file with the City Clerk and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the City, and to make such insertions and changes to the Prelnninary Official Statement as may be approved by the Authorizing Officer, in consultation with Fulbright & Jaworski L.L.P., Bond Counsel and Disclosure Counsel to the City ("Bond Counsel"), and to prepaze the final Official Statement relating to the Bonds (the "Official StatemenY'). Any one of the Authorized Officers is hereby authorized and directed to execute the Official Statement. The distribution ofthe Preliminary Official Statement to potential purchasers and the distribution of the Official Statement to actual purchasers of the Bonds is hereby authorized and approved. Section 6. ApDrova] of the Continuing Disclosure Certificate. The Continuing Disclosure Certificate, in substantially the form on file with the City Clerk and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Continuing Disclosure Certificate, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. Section 7. Other Acts. The officers and staff of the Ciry aze authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which, in consultation with the City Attorney, Bond Counsel, Disclosure Counsel and the Financial Advisor, they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds and the defeasance, refunding and redemption of the Outstanding Bonds or to otherwise accomplish the purposes of this resolution, and any and all such actions previously taken by such officers or staff inembers aze ratified and confirmed. Section 8. Effective Date. This resolution shall become effective upon its adoption. DK09720/ 10006763/594613.3 PASSED, APPROVED AND ADOPTED this 12th day of September; 2000. CIT F L ELSINORE _ Title: P:' ST: n ~ ~ Ci2y Clerk of the City of Lake Elsinore UPON THE FOLLOWING ROLL CALL VOTE: AYES: COLTNCILMEMBERS: KELLEY, XI'~d(H(, PAPE, SCHIFFNER, BRINLEY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: M~~Zf ABSTAIN: COUNCILMEMBERS: NONE APP OVED AS TO E F RM: RBARA EIBOLD, CITY ATTORNEY DK09720/10006763/594613.3 4 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) S5: CITY OF LAKE ELSINORE ) I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, CALIFORrTIA, 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 ~ ~} I ~j„~ /~~I ~~7ICHI KASAD, CITY CLERK i;~~Y OF 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 Resolution No. 2000-42 of said Council, and that the same has not been amended or repealed. DATE: September 22, 2000 ,, ~~ yICHI KASAD, CIT CLERK C3'TY OF LAKE ELSINORE (SEAL)