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HomeMy WebLinkAboutCC Reso No 1994-59RESOLUTION NO. 94- 59 A RESOLUTION OF TfiE CiTY COUNCIL OF THE CITY OF LAKE ELSINORE AUTHORIZING THE ISSUANCE OF BONDS BY CTPY OF LAKE EISINORE COMMUNTTY FACILTI'IES DLSTRICT NO. 88-3 (WEST LAKE ELSINORE), PRESCRIBING THE T'ERMS THEREOF, APPROVING THE SECOND SUPPLEMENTAL FLSCAL AGENT AGREEMENT AND THE COMMTI'MENT AGREEMENT AND PURCHASE CONTRACT FOR PURCHASE AND SALE OF LOCAL OBLIGATIONS AND PROVIDING FOR OTHER MATTERS RELATED THERETO WHEREAS, on November 14, 1989, the Ciry Council of the City of Lake Elsinore (the °City Council") duly adopted Resolution No. 89-64 declaring its intention to establish a community faciliries district and to levy a special tax to pay for certain public facilities in and for such community facilities district under and pursuant to the terms and provisions of the Mello-Roos Community Facilities Act of 1982 (the "AcY'), being Chapter 2.5, Part 1, Division 2, Title 5 of the Govemment Code of the State of California, which community facilities district was designated as "City of Lake Elsinore Community Facilities District No. 88-3 (West Lake Elsinore)" (the "Communiiy Facilities DistricY'); WHEREAS, on November 14, 1989, the City Council also adopted Resolution No. 89-65 declazing its intention to incur bonded indebtedness in an amount not to exceed $30,000,000 within the Community Facilities District, for the purpose of financing the construction and acquisition of certain public facilities to serve the azea within the Community Facilities District; WHEREAS, pursuant to notice given as provided in the Act, a public heazing was held on December 26, 1989 concerning the formation of the Community Facilities _ District, the levy of the special tax and the establishment of an appropriarions limit therein and the issuance of bonded indebtedness by the District; WHEREAS, on March 13, 1990, the Ciry Council, following the closing of the public hearing, adopted Resolution No. 89-76, establishing the Community Facilities District, approving the proposed rate and method of apportionment of the special ta~c, calling a special election to submit to qualified electors within such Community Facilities District tY,e question of levying a special tax; WHEREAS, on March 13, 199Q the City Council also adopted Resolution No. 89-77, declaring the necessity to incur bonded indebtedness to pay for the Facilities and calling a special selection to submit to qualified electors of such Community Facilities District the proposition of incurring such bonded indebtedness, and a special election was duly and legally held and conducted in the Community Facilities District on the 14th day of November, 1990, at which election there was submitted to the qualified voters of the Community Facilities District the following bond proposition, to wit: PROPOSITION (A): Shall City of Lake Elsinore Community Facilities District No. 88-3 (West Lake Elsinore) be authorized to finance all or a portion of the acquisition and construcrion of public infrastructure facilities, including streets, drainage, sewer and water improvements, fire protecrion and pazk facilities, together with necessary appurtenances thereto and site and right-of-way acquisition, by incurring a bonded indebtedness in the principal amount of $30,000,000 and shall an appropriations limit in the amount of $3,000,000 per fiscal year in connection therewith be established for the Community Faciliries District, and shall a special tax with a maximum rate and method of apportionment as provided in E~chibit C to Resolution No. 89-64 adopted by the City Council of the City of Lake Elsinore on November 14, 1989, which is incorporated by reference herein, be levied to pay for such public facilities, including the payment of current and future principal of and interest on such bonds and the annual administration expenses oF the City and the Community Facilities District in determining, apportioning, levying and collecting the special tax, and including the repayment of funds advanced to or on behalf of the Community Facilities District? such bond proposition being approved by more than a two-thirds vote of the qualified electors of the Community Facilities District as determined by the City Council in Resolution No. 90- 120, adopted on November 27, 1990; WHEREAS, after notice and hearing as provided by Section 860 ei seq. of the Government Code of the State of Califomia, the Superior Court of the County of Riverside has declared, in Case No. 209031, the formation of the Community Faciliries District and the authorization and levy of the special tax to be valid and consistent with the Act and Article XIIIA of the Constitution of the State of California; WHEREAS, on June 14, 1991, the City Council acting as the legislative body of the District issued the first issue of several series of bonds of the Community Faciliries District in an aggregate principal amount of $14,500,000 and approved all necessary and proper documents and transactions in connecrion therewith; WHEREAS, on June 30, 1992, the City Council acring as the legislarive body of the District issued the second issue of several series of bonds of the Community Facilities District in an aggregate principal amount of $8,000,000 and approved all necessary and proper documents and transacrions in connection therewith; and WHEREAS, the City Council acting as the legislative body of the District now hereby desires to provide for the issuance of the third series of pazity bonds of the Community Facilities District in an amount not to exceed $7,500,000 and to approve all necessary and proper documents and transactions in connection therewith; NOW, THEREFORE, BE TI' RESOLVED BY TFIE CTTY COUNCIL OF THE CI'TY OF LAKE EISINORE, AS FOLIAWS: Section 1. All of the above recitals are true and correct. Secrion 2. The third issue of bonds of the Community Faciliries District is hereby established and authorized to be issued in an amount not to exceed $7,500,000. Such issue of bonds is to be designated "City of Lake Elsinore Community Facilities District No. 88-3 (West Lake Elsinore), 1994 Special Tax Bonds" (the "1994 Bonds"). The 1994 Bonds shall be issued upon the terms and conditions contained in the Second Supplemental Fiscal Agent Agreement described below, which terms and conditions aze by this reference incorporated herein. No additional bonds beyond the $30,000,000 in principal amount authorized by the special elecrion held within the Community Facilities District on November 14, 1990, will be issued by the Community Facilities District without obtaining the approval of the electors within the Community Faciliries District in accordance with the Act. Secrion 3. Pursuant to Section 53360.4 of the Act, the City Council hereby finds and determines that a private sale of the 1994 Bonds would result in a lower overall cost to the Community Facilities District, and the 1994 Bonds shall be sold at private sale. Section 4. The proposed form of Second Supplemental Fiscal Agent Agreement (the "Second Supplemental Fiscal Agent Agreement"), to be entered into by the Community Facilities District and delivered to and accepted by the Fiscal Agent designated therein (the "Fiscal Agent"), on file in the office of the City Clerk and presented to the City Council at this meeting, is hereby approved. The City Manager or Director of Finance, acting singly, is hereby authorized and directed, for and in the name of the City, on behalf of the 2 Communiry Facilities District, to execute and deliver to the Fiscal Agent the Second Supplementa] Fiscal Agent Agreement, and the City Clerk is authorized to attest such execution, in substanrially said form, with such additions and changes therein as the City Attomey or McFarlin & Anderson ("Bond Counsel") may require or approve, such requirement or approval to be conclusively evidenced by the execution and delivery of the Second Supplemental Fiscal Agent Agreement, with such additions and changes. Section 5. The form and content of a Commitment Agreement and Purchase Contract for Purchase and Sale of Local Obligations (the "Contract of Purchase") by and among Lake Elsinore Public Financing Authority (the "Purchaser") and the City pursuant to which the Purchaser will purchase the 1994 Bonds, a copy of which is before the City Council and is on file in the office of the City Clerk, is hereby approved. The City Manager or Director of Finance, acting singly, is hereby authorized and directed, for and in the name of the City, on behalf of the Community Facilities District, to execute and deliver the Contract of Purchase, and the City Clerk is authorized to attest such execution, in substantially said form, with such additions and changes therein as the City Manager or Director of Finance, acting singly, shall approve as being in the best interests of the City and the Community Facilities Distrirt, and as is approved as to form by the City Attorney, and with such other changes as may be required by Bond Counsel in order to maintain the tax exempt status of the interest represented by the 1994 Bonds, such approvals to be conclusively evidenced by the execurion and delivery of said Contract of Purchase, with such addirions and changes. In connection with the execurion and delivery of said Contract of Purchase, the City Manager, the Director of Finance or the Treasurer of the City (the "Treasurer") acring singly, is further authorized and directed to negoriate the price and the interest rates for the 1994 Bonds to be sold pursuant to such Contract of Pwchase up to a maximum initial principal amount of $7,500,000 (including 1994 Bonds which may be issued at an original issue discount), such that the yield of the issue (without deduction of undenvriters' discount or costs of issuance) shall not exceed ten percent (10%) and such that the maximum aggregate underwriter's discount/financial advisory fee shall not exceed five percent (5%) of the aggregate principal amount thereof. Secrion 6. All actions heretofore taken by the Mayor of the City, the City Clerk, the City Manager, the Director of Finance, the Treasurer and all officers of the City in furtherance of or in respect of any of the above resolutions aze hereby confirmed, ratified, and approved. The following officers of the City are, and each of them hereby is, authorized and directed to do any and all things, and to execute and deliver any and all documents which said officers of the City may deem necessary or appropriate in order to consummate the issuance of the 1994 Bonds and otherwise to cazry out, give effect to and comply with the terms and intent of this Resolution, the 1994 Bonds, the Second Supplemental Fiscal Agent Agreement; the Contract of Purchase, and the 7oint Financing Agreements: (i) the Mayor of the City, {ii) the City Clerk, (iii) the City Manager, (iv) the Director of Finance, (v) the Treasurer, and (vi) the designee of any of the foregoing. 3 LERES/LT/106 Section 7. This Resolution shall take effect immediately upon its passage. PASSED, APPROVED AND ADOP'TED this 22nd day of November, 1994. ~ GAR . WASHBURN, MAYOR AYES: NOES: ABSENT: ABSTENTIONS: AT ST: ~ VICKI LYNNE : APPROVED AS TO ~ JOHN . HARPER, COUNCILMEMBERS: ALONGI, BENDER, BRINLEY, PAPE, WASHBURN COLTNCILMEMBERS: rroNE COUNCILMEMBERS: NoNE COLTNCILMEMBERS: rroNE CITY AND LEGALITY: TTORNEY 4 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 22nd day of November, 1994, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI~ BENDER, BRINLEY~ PAPE, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~ ~ CKI KAS , CITY CLERK CITY GF LAKE ':LSINORE (SEAL) S~'~~TE ~r CALIFORNIA ) COU,ITY 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. 94-59 of said Council, and that the same has not been amended or repealed. DATED: November 28, 1994 iJ~ ~ CKI .°.AD, CITY CLERK CITY Ob' LAKE ELSINORE (SEAL)