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Home My WebLink AboutCC Reso No 1998-08RESOLVTION NO. g$-$ RESOLVTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE TO INCUR SONDTD INDEBT~DNESS IN THE AMOUN'P OF NOT TO EXCEED $20,000,000 WITHIN PROPOSED COMMUNITY FACILITIES DISTRICT N0. 98-1 WHEREAS, the City Council (the "Council") of the City of Lake Elsinore, California (the "City") has heretofore adopted a resolution after receiving a petition from a landowner to institute proceedings to form a community facilities district (the "District") within the boundaries of the City pursuant to the Mello-ROOS Community Facilities Act of 1982, as amended, (the "Act"), to finance the payment, prepayment, restructuring or defeasance of the outstanding 1991 Bonds, which were previously issued to acquire or construct the necessary infrastructure within the Community Facilities District No. 91-2 for the construction of single family residences and commercial facilities (the "Facilities") and are secured in part by a special tax levied within the area of the proposed District; and WHEREAS, the Council estimates that the amount required to pay, prepay, restructure or defease or assist in the repayment; restructuring or defeasance of all of a portion of the 1991 Bonds and accrued and unpaid interest thereon is $20,000,000; and WHEREAS, in order to pay, prepay, restructure or defease or assist in the repayment or restructuring or defeasance of all or a portion of the 1991 Bonds and accrued and unpaid interest thereon it is necessary to incur bonded indebtedness in the amount of not to exceed $20,000,000, the repayment of which is to be secured by special taxes levied in accordance with Section 53340 et seq. of the Act on all property within the District, other than public properties, utility properties and properties encumbered with public or utility easements making impractical their utilization for other than the purpose set forth in the easement; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section l. The above recitals are true and correct. Section 2. It is necessary to incur bonded indebtedness within of the proposed District in the amount of not to exceed $20,000,000 to pay, prepay, restructure or defease or assist in the repayment, restructuring or defeasance of the 1991 Bonds. Section 3. The indebtedness will be incurred for the purpose of paying, prepaying, restructuring or defeasing or assisting in the repayment or restructuring of all or a portion of DK09720/962858/#266688.2 the 1991 Bonds and accrued and unpaid interest thereon and the financing of the costs associated with the issuance of the bonds and aIl other costs permitted to be financed pursuant to the Act. Section 4. The whole of the District shall pay for the bonded indebtedness. Section 5. It is the intent of the Council to authorize the sale of bonds in one or more series, in the maximum aggregate principal amount of not to exceed $20,000,000 at a maximum interest rate not in excess of 12 percent per annum or such rate not in excess of the maximum rate permitted by law at the time the bonds are issued. The term of the bonds shall be determined pursuant to a resolution of the Council authorizing the issuance of the bonds, but such term shall in no event exceed 40 years or such longer term as is then permitted by law. Section 6. A public hearing (the "Hearing") on the proposed debt issue shall be held June 9, 1998 at 7:00 o'clock p.m. or as soon thereafter as practicable, at the chambers of the City Council of the City of Lake Elsinore, 183 North Main Street, Lake Elsinore, California 92530. Section 7. At the Hearing at the time and place set forth above, any interested persons, including all persons owning land or registered to vote within the proposed District, may appear and be heard at the Hearing. Section 8. The proposition to incur bonded indebtedness in the maximum principal aggregate amount of not to exceed $20,000,000 shall be submitted to the qualified electors of the District. A special community facilities district election shall be conducted on June 23, 1998. The special election shall be conducted by mailed ballot. The mailed ballot shall be returned to the office of the election officer no later than 5:00 o'clock p.m. on June 23, 1998. Section 9. The City Clerk is hereby directed to publish a notice of the hearing (the "NOtice") pursuant to Section 6061 in a newspaper of general circulation circulated within the proposed District. Section 10. The City Clerk is hereby directed to send a copy of the Notice of the Hearing by first-class mail, postage prepaid, to each registered voter and to each landowner within the proposed District as shown on the last equalized assessment roll. DK09720/962858/#266688.2 2 PASSED, APPROVED AND ADOPTED this 28th day of April 1998. UPON THE FOLLOWING VOTE: AYES: COUNCILMEMRERS: NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: ABSTAIN: COUNCILMEMBERS: ALONGI, KELLEY, METZE, PAPE NONE BRINLEY NONE APPROVED AS TO LEGAL FORM: mi~~~~~~~1~ /~OA/~OUX B'A~(BARA Z./IiEIBOLD, CITY ATTORNEY % DK09720/962858/#266688.2 3 STATE OF CALIFORN~A ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICHI KASAD, CITY CLERK OF THE C1TY OF LAKE ELSINORE, CALIFORN~A, 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 28th day of Apri1,1998, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: NOES: COiTNCILMEMBERS: ABSENT: COUNCILMEMBERS: ABSTAIN: COiTNCILMEMBERS: ALONGI, KELLEY, METZE, PAPE NONE BRINLEY NONE ~,~,~,~, ~(.~ VICHI KASAD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE) I, VICHI KASAD, CTTY CLERK OF THE CPTI' OF LAKE ELSINORE, DO HEREBY CERTII'Y that the above and foregoing is a full, true and correct copy of Resolution No. 98-8 of said Council, aud that the same has not been amended or repealed. DATE: May 27,1998 _~ CHI KASA , CLERK CTl'Y OF LAKE ELSINORE (5EAL)