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Home My WebLink AboutCC Reso No 1995-70~ RESOLUTION NO. 95-70 A RESOLUTION OF THE CTfY COUNCIL OF THE CI'i'Y OF LAKE ELSYNORE DETERMINING THE NECESSTI'Y TO INCUR BONDED INDEBTEDNE$S WITHIN CITY OF LAKE ELSINORE COMMUNTfY FACILTTIES DISTRICT NO. 95-1(LAKE ELSINORE CITY CENTEdt PLTBLIC IM[PROVEMENTS) City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements) WHEREAS, on October 10, 1995, this City Council adopted a resolution entitled "A Resolution of Intention to Establish a Community FacIIities District and to Authorize the Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982" (the "Resolution of Intention") stating its intention to form the City of Lake Elsinore Community Facilities District No. 95-~ (Lake Elsinore City Center Public Improvements) (the "District"), pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act"); and WHEREAS, on October 10, 1995, this City Council also adopted a resolution entitled "A Resolution of Intention to Incur Bonded Indebtedness of the Proposed City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements) Pursuant to the Mello-Roos Community Facilities Act of 1982" (the "Resolution of Intention to Incur Indebtedness") staHng its intention to incur bonded indebtedness within the boundaries of the District for the purpose of financing the costs of certain facilities specified in the Resolution of Intention; and WHEREAS, on this date, this City Council held a noticed public hearing as required by the Act relative to the determination to proceed with the formation of the District, the provision of facilities by the District and the rate and method of apportionment of the special tax to be levied within the District to pay the principal and interest on the proposed indebtedness and the administrative costs of the City relative to the District; and WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the formation of the District, the provision of said facilities (the "Facilities") and the levy of the special tax on property within the District were heard and a full and fair hearing was held; and WHEREAS, subsequent to said hearing, this City Council adopted a resolution entitled "A Resolution of the City Council of the City of Lake Elsinore of Formation of City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements), Authorizing the Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations L'unit for the District" (the "Resolution of Formation"); and WHEREAS, on this date, this City Council held a noticed public hearing as required by the Act relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness; and WHERfiAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have been filed with the City Clerk. NOW, THEREFORE, BE 1T RESOLVED as follows: 1. The foregoing recitals are true and correct. 2. This City CouncIl deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $3,000,000 within the boundaries of the District. 3. The indebtedness is incuned for the purpose of financing the costs of the FacIlities, as provided in the Resolution of Intention and the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds to finance the Facilities and the costs of the City in establishing and administering the District. 4. The whole of the District shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit "A" to the Resolution of Formation. 5. The maximum amount of bonded indebtedness to be incurred is $3,000,000 and the maximum term of the bonds to be issued shall in no event exceed forty (40) years. 6. The bonds shall bear interest at rate or rates not to exceed the maximum interest rate pertnitted by applicable law at the time of sale of the bonds, payable semiannually or in such other manner as this City Council or its designee shall determine, the actual rate or rates and times of payment of such interest to be determined by this City Council or its designee at the time or tunes of sale of said bonds. '~ 7. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the District and shall be consolidated with elections on the proposition of levying special taxes within the District and the establishment of an appropriations limit for the District pursuant to Section 53353.5 of the Act. The time, place and conditions of said election shall be as specified by separate resolution of this City Council. 8. This ResoluHon shall take effect upon its adoption. ~ » . ~ . . PASSED AND ADOPTED this 14th day of November,1995, by the following vote: AYES: COUNCILMEMBERS: BRINLEY, PAPE, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: A7~QNGI, AENDER /~ of Lake ' (SEAL) 'icki Kasad, City City of Lake Elsi 22059-11/J1978 APPROVED AS TO LEGAL FORM: SOHN R. HAR ER, CI'Y ATTORNEY 2 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 14th day of November, 1995, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BRINLEY, PAPE, WASHSURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: ALONGI, BENDER CILMEMBERS: NONE CLERK CITY OF T,AKE ELSINORE (SEAL) STATE Q;F 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 above and foregoing is a full, true and correct copy of Resolution No. 95-70 of said Council, and that the same has not been amended or repealed. DATED: November 22, 1995 (l~C~ CKI KA ,., CI CLERK CIT~ OF LAKE EL•SINORE (SEAL)