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HomeMy WebLinkAboutCC Reso No 1995-79RESOLU'I'ION NO. 95-79 A RESOLUTION AUTHORIZING THE ISSUANCE OF SPECIAL TAX A~TT~S D STRICT OF LAKE ELSINORE FOR CiTY OF LAKE ELSINORE CONII~ILTNTI`Y NO. 95-1(LAKE ELSINORE CITY CENTER PUBLIC IMPROVEMENTS), ~PR~~NG AND DIRECTING THE ~TH AIRELATED DOCUMENTS AND AC'TION ~D ~PROVING City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements) RESOLVED, by the City Council of the City of Lake Elsinore (the "City") that: WHEREAS, this City Council has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the ' Act"), to form the City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements) (the "District"), to authorize the levy of special taxes upon the land within the District, and to issue bonds secured by said special taxes the proceeds of which aze to be used to finance certain facilities (the "Facilities"), all as described in the Resolutions 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, Preliminarily Establishing an Appropriations Limit for the District and Submitting Levy of the Special Tax and the Establishment of the Appropriations Limit to the Qualified Slectors of the DistricY' and "A Resolution of the City Council of the City of Lake Elsinore Determining the Necessity to Incur Bonded Indebtedness Within the City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements) and Submitting Proposition to the Qualified Electors of the IJistrict", adopted by this City Council on November 14,1995; and WHEREAS, pursuant to said resolutions, an elecrion was held within the District on this date and the qualified electors approved the propositions of the incurrence of the bonded debt and the levy of the special tax by more than two-thirds of the votes cast at said special election; and WHEREAS, there have been submitted to this City CouncIl certain documents providing for the issuance of bonds of the City for the District and the use of the proceeds of those bonds to finance the Facilities and this City Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special taxes as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due rime, form and manner as required by the laws of the State of Califomia, including the Act. NOW, THEREFORE, IT IS HEREBY ORDERED as follows: Section 1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (hereafter defined), special tax bonds of the City for the District designated as "City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements) Special Tax Bonds" (the "Bonds") in an aggregate principal amount not to exceed $2,053,333 are hereby authorized to be issued. The Bonds shall be executed in the form set forth in and otherwise as provided in the Fiscal Agent Agreement. Based upon the appraisal report for the land within the District prepared by Diversified Kealty Appxaisal, daEed C~ctober T7, 1995, and the requirements of this Resolution, the City Council hereby tinds and detemvnes that the principal amount of the Bonds will be less than one-third of the appraised value of the land as set forth in such appraisal, and the Bonds will not be in compliance with the provisions of the City's Local Goals and Policies for Community Facilities Districts - Commercial Districts, adopted by the City Council on October 10, 1995 with respect to a minimum three to one property value to public lien ratio. Section 2. The proposed Fiscal Agent Agreement (the "Fiscal Agent AgreemenY') with respect to the Bonds in the form presented to this City Council at this meehng, is hereby approved. The City Manager of the City is hereby authorized and d'uected to execute and deliver the Fiscal Agent Agreement in substantially said form, with such additions thereto or changes therein as are approved by the City Manager of the City upon consultation with Co- Bond Counsel including such additions or changes as are necessary or advisable in accordance with Section 6 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement by the City. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execurion, place of payment, terms of redemprion and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. Section 3. The proposed form of purchase contract for the Bonds (the "purchase contract") between the City and the Lake Elsinore Public Financing Authority (the "Authority"), in the form presented to this meeting, is hereby approved. The City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to accept the offer of the Authority to purchase the Bonds contained in the purchase contract and to execute and deliver said purchase contract in said form, with such additions thereto or clianges therein as are recommended or approved by such officer upon consultation with Co-Bond Counsel (provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $2,053,333, or result in an initial true interest cost on the Bonds in excess of 10% per annum), the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the City of said purchase contract. This City Council hereby finds and determines that the sale of the Bonds at negotiated sale as contemplated by the purchase contract'will result in a lower overall cost. Section 4. The City hereby covenants, for the benefit of the Bondowners, to commence and diligently pursue to completion any foreclosure action regazding delinquent installments of any amount levied as a special tax for the payment of interest or prmcipal of the Bonds, said foreclosure action to be commenced and' pursued as more completely set forth in the Fiscal Agent Agreement. Section 5. The Bonds, when executed, shall be delivered to the Fiscal Agent for authenticarion. The Fiscal Agent is hereby requested and directed to authenticate the Bonds by executing the Fiscal AgenYs certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Authority in accordance with written instructions executed on behalf of the City by the D'uector of Administrative Services, which instructions such officer is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver to the Fiscal Agent. Such instructions shall provide for the delivery of the Bonds to the Authority or its designee in accordance with the purchase contract, upon payment of the purchase price therefor. Section 6. All actions heretofore taken by the officers and agents of the City with respect to the establishment of the District and the sale and issuance of the Bonds are hereby approved, confumed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents (including but not imited to a certificate or agreement regarding continuing disclosure as refened to in the Fiscal Agent Agreement, and a bill of sale for the fac~lities to be acquired and/or financed with the proceeds of the Bonds), which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, and other document described in the documents herein approved. -2- Section 7. This resolution shall take effect from and after its adoption. » w * rt • • w PASSED AND ADOPTED this 12th day of December,1995, by the following vote: AYES: COUNCILMEMBERS: BRINLEY, KELLEY, METZE, PAPE NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: ALON( fSEAL) ~, , At±es : . i' 3y; ,{,~`~:~(',~ Vick~ `IGasad, City Clerk City of I.ake Elsinore Appr.oved as to Legal Form: ~YYII~ ~ John R. Harper, Cit A torney _~ STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICK2 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 12th day of December, 1995, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BRINLEY, KELLEY, METZE, PAPE NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: ALONGI ABSTAIN: COUNCILMEMBERS: NONE VICKI TCASAD, CI'I'Y CLERK CITY 9.F LA.Y~ ~LSINORE ( SF~fL) 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 above and foregoing is a full, true and correct copy of Resolution No. 95-79 of said Council, and that the same has not been amended or repealed. DATED: December 20, 1995 ~ , sTiCTt`.f``~ASA~, CITY ~LE CITY QF LAYE i~;LSINORE !SFAL}