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HomeMy WebLinkAboutCC Reso No 1995-69'! RESOLUTION NO. 95-69 A RESOLUTION OF INTENTION TO ESTABLISH A COMMUNITY FACILITIES DISTRiCT AND TO AUTHORIZE THE LEVY OF SPECIAL TAXES PURSUANT TO THE MELLO- ROOS COMMUNITY FACILITIES ACT OF 1982 City of Lake Elsinore Community Facilities i~istrich Nc. 95-1 (Lake ELsinore City CzntPr Public lir~pr~vements) RESOLVED by the CiS;;r CoLU~cil of the City of Lake ELsinore (the "City") that: WHEREAS, under Ene Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311, of the Califomia Government Code, this City Council inay act as the legislative body for proposed community facilities districts and is empc 5vered witn the authority to establish community faciliries districts; and WHEREAS, this City Council now desires to proceed with the establishment of a community facilities district under the Act. NOW, THEREFORE, IT IS H&REBY ORDERED as follows: 1. This City Council proposes to conduct proceedings to establish a community facilities district pursuant to the Act. 2. This City Council hereby aclmowledges receipt of a petition (the "Perition") of Oak Grove Equities, A California Limited Partnership (the "Company"), to form a community facilities district (the "DistricY') in the City. 3. The Administrative Services Director of the City is hereby authorized and directed to execute and deliver an Agreement Regarding Advances with the Company, in the form on file with the City C1erk, and to collect from the Company any expenses of the City incuned in establishing the proposed District in accordance with the Petition and said agreement. 4. The name proposed for the District is City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements). 5. The proposed boundaries of the District are as shown on the map of the District on file with the City Clerk, which boundaries are hereby prel'uninarily approved and to which map reference is hereby made for further particulars. The City Clerk is hereby directed to record, or cause to be recorded, said map of the boundaries of the District in the office of the County Recorder within fifteen days of the date o€ atio~tion of this Resolution. 6. The type of public faciLHes proposed to be financed by the District and pursuant to the Act shall consist of those items listed as facilities on Exhibit A hereto, which exhibit is by this reference incorporated herein (the "Facilities"). The City Council hereby finds and determines that the public interest will not be served by allowing the property owners in the District to enter into a contract in accordance with Section 53329.5(a) of the Act; however the District may enter into one or more contracts directly with any of the property owners with respect to the construction and/or operation of the Facilities. The Administrative Services D'uector (or other appropriate officer of the City) is hereby authorized and directed to enter into joint community facilities agreements with any entity that will own or operate any of the Facilities, as determined by co-bond counsel to be necessary to comply with the provisions of Section 53316.2(a) and (b) of the Act. The City Counci: hereby declares that such joint agreements will be beneficial to residents in the area of the District. 7. Except to the extent that funds are otherwise available to the District to pay for the Facilities and/or the principal and interest as it becomes due on bonds of the District issued to finance the Facilities, a~pecial tax sufficient to pay the costs thereof, secured by recordation of a conHnuing lien against all non-exempt real property in the District, will be levied annually within the District, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this City Council or its designee shall deternune, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District, in sufficient detail to allow each ]andowner within the proposed District to estimate the maximum amount such owner will have to pay, aze described in Exhibit B attached hereto, which exhibit is by this reference incorporated herein. This City Council hereby finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district) are inapplicable to the District. 8. It is the intention of this City Council acting as the legislative body for the District to cause bonds of the City to be issued for the District pursuant to the Act to finance in whole or in pazt the Facilities. Said bonds shall be in the aggregate principal amount of not to exceed $3,000,000, shall bear interest payable semi-annually or in such other manner as this City Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. 9. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in said proposed District, with each owner having one vote for each acre or portion of an acre such owner owns in the District. 10. Except as may otherwise be provided by law or by the rate and method of apportionment of the special taxes for the District, all lands owned by any public entity, including the United States, the State of California and/or the City, or any departments or polirical subdivisions thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the Facilities and the District. In the event that a portion of the property within the District shall become for any reason exempt, wholly or in part, from the levy of the special tax described in Exhibit B, this City Council will, on behalf of the District, increase the levy to the extent necessary upon the remaining property within the District which is not exempt in order to yield the required debt service payments and other annual expenses of the District, if any, subject to the provisions of the rate and method of apportionment of the special taxes for the District levied. 11. The Public Services T?irector of the City of Lake Elsinore, as the officer having chazge and control of the Facilities in and for the District, is hereby directed to study, or cause to be studied, said proposed Facilities and to make, or cause to be made, and ffie with the City Clerk a report in writing, presenting the following: (a) A descripHon of the Facilities by type which will be required to adequately meet the needs of the District. (b) An estimate of the fair and reasonable cost of the Facilities including the cost of acquisition of lands, rights-of-way and easements, any physical facilities required in conjunction therewith and incidental expenses in connection therewith, including the costs of the proposed bond financing and all other related costs as provided in SecHon 53345.3 of the Act. Said report shall be made a part of the record of the public hearing provided for below. 12. Tuesday, November 14,1995, at 7:00 p.m., in the regular meeting place of this City Council, in the City of Lake Elsinore Cultural Center, 183 North Main Street, Lake Elsinore, California, be, and the same are hereby appointed and fixed as the time and place when and where this City Council, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. 13. The City Clerk is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall be substantially in the form of Exhibit C hereto. 14. The City proposes to repay the Company, solely from the proceeds of bonds of the City issued for the District, funds advanced by the Company to pay costs of the City to form the District. 15. The law firms of Jones Hall Hill & White, A Professional Law Corporation and Harper & Burns aze hereby designated as co-bond counsel to the City in connection with the formation of the District and the special tax bonds expected to be issued by the City for the District. The AdministraHve Services Director of the City or his designee is hereby authorized to execute and deliver agreements with said firms for services in connection with the District and said bonds in forms customarily used by the City in connection with its other community facilities districts. :.»»~~*~x.»~ PASSED AND ADOPTED this lOth day of October,1995, by the following vote: AYES: COUNCILMEMBERS: BENDER, BRINLEY, PAPE, WASHBURN NOES: COUNCILMEMBERS: ALONGI ABSENT: COUNCILMEMBERS: NONE ~~ Gary Washburn, Mayc City of Lake Elsinore (iEA City ~~: Izke 22054-11:]1948 Approved as to Legal Form: John R. Harper, Cit ttorney EXHIBIT A DESCRIPTION OF FACILTTIES ~O BE FINANCED BY THE DISTRICT CITY OF LtiT~ ELSINORE COMMfUNITY FACILITIES DISTRICT NO. 95-1 (Lake Elsinore City Center Public Improvements) ~'ACII.I'Y'IES: A. Street lmprovemeots. The street improvements consis[ of right-of-way acquisition, site preparadon, rough grading, precise grading, sIope and erosion control, curb, gutter, sidewalk, paving, street lights, traffic controI signals and devices, utilities (including but not limited to the cost for relocation and instaltadon of gas, electric, and other utilities, lines and other fixtures), landscaping, irrigation and appurtenances in the public s~eets, more specifically, those improvements related to Grape Street, and public easements within and in the azea of the DisVict, or otherwise required for development within the District. B. Sanitary 5ewer. 1fie sanitary sewer system consists of pump stations, gravity mains, force mains, znanholes and appurtenances in the public s~eets and public easements within and in the area of the District or otherwise required for development within the District. C. Domestic Water. T'he domestic water system consists of booster pumping stations, pressure reducing stations, distribution mains and appurtenanees in the public streets within and in the vicinity of the Distriet. D. Storm Drain. The storm drain system consisting of catch basins, inlet structures, storm drains, mavholes, outlet suuctures, and appurtenances in the publie streets and Qublic easements within and in the area of the District or otherwise required for development within the Disvicc. OTT~R: 1. Costs of engineering, design, planning and coordination related to the above-listed facilities. 2_ Bond related expenses, including bond counsel and all other incidental expenses. 3. Administradve fees of the City. the Lake Elsinore Public Financing Authoriry and any Bond fiscal agent related to the District and the Bonds. 4. An amount necessary to dischazge all or any portion of assessment lien on property within the District. 5. An amount for ~affic, water, and/or sewer impact fees payabie incident to development within the District. TOTRL P.02 EXHTBIT B RATE AND METHOD QF APPORTIONMENT OF SPECIAL TAXES CITY O~' LAI~ ~LSII~IORE Community Facilitiea Distritt No. 95-1 (Lalie Elninore City Center Public Improvemeats) A special tax shall be levied on each Parcel of [and within the City of Lake Elsinore Community Facilities District No. 95-1 (L.ake ~lsinore City Center Public Improvements) (the "DistricY'), and collected according to the Special Tax Liability detemiined by the Responsible Pariy of the City of Lake Elsinore (The "City") throu~ the application of the followin~ procedures. All of the property within the District, anless otherwise exempted by law or the express provisions of the rate and method of apportionment expressed below, shall be taxed to the extent and in the manner provided below. It is intended that a11 special taxes applicable to Parcels be collected in the same manner and at the same iime as ordinary ad valorem property taxes, and that speciat taxes so levied will be subject to the same penalties and procedures, sale and lien priority in case of delinquency, as is provided for ad valorem taxes, subject to any covenant for judicial forectosure with respect thereto in acry Fiscal Asent Agreement for any Bonds of the City for the District. Notwithstanding the fore~oing, the City may collect the special taxes at such other times or in such other manner as necessary or convenient to satisfythe obligations of the District. MAXIMUM SPECIAL TAX The maximum special tax that may be levied in the Fiscal Year ending June 30, 1996 on any Parcei shall not exceed the sum of: (i) The maximum building special tax rate of $1.75 per building square faot, multiplied times the sum of the Building Floor Area for all buildings on the Parcel; plus ' (ii) The maximum land special tax rate of $0.90 per land squaze foot, multiplied times the Land Area of the Parcel. The special tax shail be levied annua!]y. The maximum building special tax and the maximum land special tax shall increase each Fiscal Year from the maximum special tax for the Fiscal Year ending June 30, 1996 by 2%, compounded annually, A Parcel shall be subject to the maximum special tax for not more than 40 years. !n no event shall the maximum special tax on any Parcet used for private residential purposes exceed any limitation imposed under Section 53321 of the California Govemment Code. 1.JV1~-(.!Y-iJJJ iJ•VY L1J~ ~+~/1\J1.~~..IfY~IJ 1~YJ , ASSIGNMENT TO CATEGORIES; LEVY ANNUAL TA7~ CATEGORIES On or about July } of each year, but in any event in sufficient time to include the levy of the special taxes on the County's secured tax roll, the Responsible Party shatl determine for each Parcel within the District, whether or not such Parcel is Taxable Property. Parcels subject to levy shall be determined based upon the records of the County Assessor as of the March 1 preceding such ]uly i. LEVY The Responsible Party shall then determine the estimated a~regate Special Ta~c Liability for the Fiscal Year commencing such July 1, and levy on each Parcel which is Taxable Property, as follows: Step 1 Step 2: Step 3: or Step 4: Step 5: or Detecmine the total Building Ploor Area, for each respective Parcel which is Taxable ~'roperty and for all Pazcets which are then Taxable Properiy in the District. Calculate the annual building tsx rate at 85% of the Special Tax Liability, divided by the total Building Floor Area for all Parcels which are then Tvcable Property. Multiply the total Building Floor Area for each respective Parcel which is Taxable Propeity by the lesser of (i) the annual building tax rate; (ii) the maximum building special tax rate for the Fiscal Xear commencin~ such Juty l . Detetmine the total Land Area, by Parcel and for all Parcels which are then Taxabie Property in the District. Calculate the annusl land tax rate as the lesser o£: (i) the Special Tax Liability, less tbe total of the funds generated for all Parcels which are then Taxable Property under Step 3 above, divided by the total Land Area (by square footsse) for all Parcels which are then Taxable Property ; (ii) the maximum land special tax for the Fiscal 'Year commencing such 7uly L ~:~ , -. Step 6: Multiply the Land Area for each Pazcel which is Taxable Property by the annual land tax rate determined under Step 5. Step 7: Calculate the sum of the building tax (from Step 3) and the land tax (from Step 6) for each Parcel which is Taxable Property. PREPAYMENTS Prepayments may be mada for property subject to the levy of the special taxes. A particular Pazcel may prepay the special tax, provided that all suthorized Bonds that are to be issued, have been issued. Any p~operty owner in the District that desires to prepay the annuai special taxes on a particular Parcel shall notify the Responsible Party in writing of such intention not less than 150 days prior to an interest payment and the prepayment must be made nqt less than 90 days prior to such interest payment. Tt~e followin~ must be applied for a prepayment of a particular Parcel: a. The prepayment amount for a particular Parcel shall be calculated by the Responsible Party, as foilows: 1, Compute the special tax for such Pazcel by the total special tax for the then current Fiscal Year. 2. The prepayment amount is computed by dividing the special tax for the Parcel by the total special tax for all Pazcels for the then current Fiscal Year within the Distric~ and multiplyin~ the results by the principle amount of any autstanding Bonds. The result shalt be raunded up to the nearest five thousand dollazs ($5,000); provided however , that if the Ciry is provided with prepayments of special tax for more than one Parcel at the same time, then the total prepayments shatl be aggregated and the aggre~ated prepayment amount shall be rounded up to the nearest five thousand dolfars ($5,000). The prepayment amount calculated in "2" above for a particular Parcel will be (a) inereased for: applicable redemption premium, if any, on the Bonds; an amount determined by the Responsible Parry to offset any difference between the amount needed to pay debt service on the Bonds and the amount derived from thereinvesUnent of the prepaid special tax pending the redemption of such Bonds; an amount determined by the Responsible PaRy to pay for the applicable Administrative Expenses to provide such prepayment; and (b) decreased for any reduction in Bond reserves due to the prepayment. 4. Detercnination of the total amount needed by the Responsible Party shall be condusive, absent manifest error. b. The Pazcel with respect to which psepayment is made must not be delinquent in any payment of special taxes previously levied within the District. Prepayment shall not relieve any property owner from paying those special taxes which have already become due and payable, and a Notice of Cessatioa of Special Tax Lien shail not be recorded against any Parcel pursuant ta Califomia Govemment Code Section 53344, until afl special taxes with respect to that Parcel have been paid. DEFIATITTONS Administrative Espenses means any or all of the foliowin~: the fees and expenses of the Fiscal Agent (including any fees or expenses of its counsel), the expe~ses of the City in carcying out its duties with respect to the District (including, but not limited to, the levy and wllection of the special taxes) including the fees and expenses of its counsel, any fees of the County retated to the District or the collection of special taxes, an allocable share of the salaries of the City staff directly related thereto and a proportionate amount of City general administrative overhead related thereto, any amounts paid by the Ciry, respeetivety, from its own funds with respect to the District or the Bonds, and all other costsand expenses of the City or the Fiscal Agent incuned in connection with the discharge of their respective duties under the Fiscal Agent Agreement and, in the case of the City, in any way related to administration of the Disuict. Bonds means aay bonds of the City issued for the District under MellaRoos Community Facilities Act of 1982, as amended, authorized to be issued under the Resolution of Formaiion. Building Floor Area means the azea included within the surrounding exterior walls of a building, including each floor of multiple story buildings, exclusive of vent shafts and courts (defined here as open and unobstructed to the sky). The Building Flooc Area will be determined by the Responsible Party by reference to City or County approved building plans or other such documentadon as the Responsible Party shall determine. City means the City of Lake Elsinore County means the County of Riverside Debt Service, for each Fiscal Year, is the total annual principal and interest payable on the Bonds during the calendar year which commences in such Fiscal Year, less any capitalized interest and any other amounts remaining in the bond fund held under the ~iscal Agent Agreement as of the end of the previous Fiscal Year available to make such payments. D'utrict means the City of Lake Elsinore Community Facilities District No. 95-i {Lake Elsinore City Center Public Improvements). ULI-b4-177J 1J~bi nb! WNbULIHIVib Y.~b FPsca! Agent means the Fiscal A~ent designated under the Fiscal Agent Agreement. ~scai Agent Agreement means the a~reement by that name approved by the Resolution of Tssuance, and as it may be amended and/or supplemented from time to time. Fiscal Year means the periad starting on July l and ending the following June 30. Lapd Area means the measure of land area of a Parcel, in square feet of land, rounded up to the neazest whole integer, Parcel means any County Assesso~s parcel or portion thereof that is within the boundaries of the District based on the equalized tax rolls of the County. itesolutian of Issuance is any Resolution adopted by the City authorizing the issuance of Bonds. Responsible Party is any person or persons who the City may appoint from time to time to compute the levy of the special taxes within the District 5pecial Tax Liability for any Fiscal Year is an amount suf~icient to pay Debt Service for such Fiscal Year, Administrative Expenses for such Fiscal Year, an amount determined by the Responsible Party to oi~set past and projected tax delinquencies to occur in such Fiscal Year and to otherwise replenish azry reserve fund established for the Bonds, and all payments required to be made in the appl'zcable Fiscal Year under the Fiscal Agent Agreement for the Bonds and airy supplements thereto. Tazable Property is ail real property within the boundaries of the District which is not exempt from the special tax pursuant to law, except that the following property shall not be taxed: any acres of land owned, conveyed qr iaevocably offered for dedication to and accepted by a public agency, or land which is a public right of way or which is an unmanned utility easement making impractical its utilization for other than the purpose set forch in the easement. TOTHL P.06 EXHIBIT C NOTICE OF PUBLIC HEARING CITY OF LAKE ELSINORE Community FaciliHes District No. 95-1 (Lake Elsinore City Center Public Improvements) Notice is hereby given that on October 10, 1995, the City Council of the City of Lake Elsinore adopted a Resolution entitled "A Resolution of Intenrion To Establish A Community Facilities District And To Authorize The Levy Of Special Taxes Pursuant To The Mello-Roos Community Facilities Act Of 1952". Pursuant to the Mello-Roos Community Facilities Act of 1982 (the "AcY'), the City Council hereby gives notice as follows: A. The text of said Resolution of Intention is as follows: RESOLVED by the City Council of the City of iake Elsinore (the "City") that: WHEREAS, under the Mello-Roos Community Facilities Act of 1952, as amended (the "AcY'), Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311, of the California Government Code, this City Council may act as the legislative body for proposed community facilities districts and is empowered with the authority to establish community facilities districts; and WHEREAS, this City Council now desires to proceed with the establishment of a community facilities district under the Act. NOW, THEREFORE, IT IS HEREBY ORDERED as follows: 1. This City Council proposes to conduct proceedings to establish a community facilities district pursuant to the Act. 2. This City Council hereby acknowledges receipt of a perition (the "Petition") of Oak Grove Equities, A California Limited Partnership (the "Company"), to form a community facilities district (the "District") in the City. 3. The Admuustrarive Services Director of the City is hereby authorized and directed to execute and deliver an Agreement Regarding Advances with the Company, in the form on file with the City Clerk, and to collect from the Company any expenses of the City incurred in establishing the proposed District in accordance with the Petition and said agreement. 4. The name proposed for the District is City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements). 5. The proposed boundaries of the District are as shown on the map of the District on file with the City Clerk, which boundazies are hereby preliminarily approved and to which map reference is hereby made for further particulazs. The City Clerk is hereby directed to record, or cause to be recorded, said map of the boundaries of the District in the office of the County Recorder within fifteen days of the date of adoption of this Resolution. 6. The type of public facilities proposed to be financed by the District and pursuant to the Act shall consist of those items listed as facilities on Exhibit A hereto, which exhibit is by this reference incorporated herein (the "Facilities"). The City CouncII hereby finds and determines that the public interest wlll not be served by allowing the property owners in the District to enter into a contract in accordance with Section 53329.5(a) of the Act; however the District may enter into one or more contracts directly with any of the property owners with respect to the construction and/or operation of the Facilities. The Administrative Services Director (or other appropriate officer of the City) is hereby authorized and d'uected to enter into joint community facilities agreements with any entity that will own or operate any of the Facilities, as determined by co-bond counsel to be necessary to comply with the provisions of Section 53316.2(a) and (b) of the Act. The City Council hereby declares that such joint agreements will be beneficial to residents in the area of the District. Exhibit C Page 1 7. Except to the extent that funds are otherwise available to the District to pay for the Facilities and/or the principal and interest as it becomes due on bonds of the District issued to finance the Facilities, a special tax sufficient to pay the costs thereof, secured by recordation of a continuing lien against all non-exempt real propeTty in the District, will be levied annually within the District, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this City Council or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apporrionment of the special tax among the pazcels of real property within the District, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, aze described in Exhibit B attached hereto, which exkubit is by this reference incorporated herein. This City Council hereby finds that the provisions of Section 53313.6, b3313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community faciliries district) aze inapplicable to the District. 8. It is fhe intention of this City Council acting as the legislative body for the District to cause bonds of the City to be issued for the District pursuant to the Act to finance in whole or in part the Facilities. Said bonds shall be in the aggregate principal amount of not to exceed $3,000,000, shall bear interest payable semi-annually or in such other manner as this City Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. 9. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in said proposed District, with each owner having one vote for each acre or portion of an acre such owner owns in the District. 10. Except as may otherwise be provided by law or by the rate and method of apportionment of the special taues for the District, all lands owned by any public entity, including the United States, the State of California and/or the City, or any departments or political subdivisions thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the Faciliries and the District. In the event that a portion of the property within the District shall become for any reason exempt, wholly or in part, from the levy of the special tax described in Exhibit B, this City Council will, on behalf of the District, increase the levy to the extent necessary upon the remaining property within the District which is not exempt in order to yield the required debt service payments and other annual expenses of the District, if any, subject to the provisions of the rate and method of apportionment of the special taxes for the District levied. 11. The Public Services Director of the City of Lake Elsinore, as the officer having charge and control of the Facilities in and for the District, is hereby directed to study, or cause to be studied, said proposed FaciliHes and to make, or cause to be made, and file with the City Clerk a report in writing, presenting the following: below. (a) A description of the Facilities by type which will be required to adequately meet the needs of the District. (b) An estimate of the fair and reasonable cost of the Facilities including the cost of acquisition of lands, rights-of-way and easements, any physical facilities required in conjunction therewith and incidental expenses in connecHon therewith, including the costs of the proposed bond financing and all other related costs as provided in Section 53345.3 of the Act. Said report shall be made a part of the record of the public hearing provided for 12. Tuesday, November 14, 1995, at 7:00 p.m., in the regular meeting place of this City Council, in the City of Lake Elsinore Cultural Center, 183 North Main Street, Lake Elsinore, California, be, and the same are hereby appointed and fixed as the time and place when and where this City Councii, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally deternvne whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. 13. The City Clerk is hereby directed to cause notice of said public hearing to be given by publication one tane in a newspaper published in the area of the District. The Exhibit C Page 2 publication of said norice shall be completed at least seven days before the date herein set for said heazing. Said noHce shall be substantially in the form of Exhibit C hereto. 14. The City proposes to repay the Company, solely from the proceeds of bonds of the City issued for the District, funds advanced by the Company to pay costs of the City to form the District. 15. The ]aw firms of Jones Hall Hill & White, A Professional Law Corporation and Harper & Burns aze hereby designated as co-bond counsel to the City in connecHon with the formation of the District and the special tax bonds expected to be issued by the City for the District. The Administrative Services D'uector of the City or his designee is hereby authorized to execute and deliver agreements with said firms for services in connection with the District and said bonds in forms customarily used by the City in connecHon with its other community facilities districts. B. The exhibits to the Resolution which describe the facilities to be financed and the rate and method of apportionment of the special taxes for the district aze on file in the office of the Ciry Clerk of the City. C. The time and place established under said Resolution for the public hearing required under the Act are Tuesday, November 14,1995, at the hour of 7:00 p.m., in the regular meeting place of the City Council of the City of Lake Elsinore, in the City of Lake Elsinore Cultural Center,183 North Main Street, Lake Elsinore, California. D. At said hearing, the testunony of all interested persons or taxpayers for or against the establishment of the district, the extent of the district or the furnishing of the specified types of faciliries will be heard. Any person interested may file a protest in wriHng as provided in Section 53323 of the Act. If fifty percent or more of the registered voters, or six registered voters, whichever is more, residing in the territory proposed to be induded in the district, or the owners of one-half or more of the area of land in the territory proposed to be included in the district and not exempt From the special tax, file written protests against the establishment of the district and the protests aze not withdrawn to reduce the value of the protests to less than a majority, the City Council shall take no further action to create the district or levy the special taxes for period of one year from the date of decision of the City Council, and if the majority protests of the registered voters or landowners are only against the furnishing of a type or types of facilities within the district, or against levying a specified special tax, those types of facilities or the specified special tax will be eliminated from the proceedings to form the district. E. The proposed voting procedure shall be by special mail or hand-delivered ballot to the property owners within the territory proposed to be included in the district. Dated: , 1995 /s/ Vicki Kasad City Clerk, City of Lake Elsinore Exhibit C Page 3 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, 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 lOth day of October, 1995, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BENDER, BRINLEY, PAPE, WASHBURN NOES: COUNCILMEMBERS: ALONGI ABSENT: COUNCILMEMBERS: NONE STAIN: COUNCILMEMBERS: NONE ~ VICKI KA~~SD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF TAE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 95-69 of said Council, and that the same has not been amended or repealed. DATED: October 13, 1995 C~S~ CITY CLERK CITY OE F..?1KE ELSTNORE (SEAL)