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Home My WebLink AboutCC Reso No 1993-49RESOLUTION NO. 93- 49 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 88-3 (WEST LAKE ELSINORE) PROVIDING FOR CONSTRUCTION-PERIOD INTEREST IN THE AMOUNT OF $350,000 TO BE CREDITED AGAINST REQUIRED REVENUES FOR FISCAL YEAR 1993-94 FOR SAID DISTRICT AND DIRECTING THE ENGINEER TO PREPARE A REPORT IN ACCORDANCE THEREWITH WHEREAS, on March 13, 1990, the City Council (the "City Council") of the City of Lake Elsinore, California (the "City"), acting as the legislative body of City of Lake Elsinore Community Facilities District No. 88-3 (West Lake Elsinore) (the "District") adopted Resolution No. 89-76, establishing the District, pursuant to the terms and provisions of the "Mello-Roos Community Facilities Act of 1982" (the "Act"), being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the "Code"); WHEREAS, on June 14, 1991, the District issued the first of several series of bonds of the District in an aggregate principal amount of $14,500,000 (the "1991 Bonds") pursuant to the Fiscal Agent Agreement (the "Original Fiscal Agent Agreement"), dated as of May 1, 1991, by and between the District and Lake Elsinore Public Financing Authority, as Fiscal Agent; and WHEREAS, on June 30, 1992, the District issued the second series of bonds of the District in an aggregate principal amount of $8,500,000 (the "1992 Bonds") pursuant to the Original Fiscal Agent Agreement as amended by the First Supplemental Fiscal Agent Agreement, dated as of June 1, 1992 (the Original Fiscal Agent Agreement as amended by the First Supplemental Fiscal Agent Agreement is referred to hereafter as the "Fiscal Agent Agreement"); and WHEREAS, the City Council has received a schedule (the "Schedule") indicating the public capital facilities and/or services, if applicable, which remain to be acquired or constructed from proceeds of the 1991 Bonds and the 1992 Bonds LEGS/RESOREV.I and regarding the estimated costs of such facilities together with a contingency therefor; WHEREAS, at the time of issuance of the 1992 Bonds and at this time, the District is authorized to approve the expenditure of a portion of the proceeds of the 1992 Bonds for the payment of interest during construction of the public facilities in accordance with the terms of the Act; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, AS LEGISLATIVE BODY OF THE DISTRICT, AS FOLLOWS: Section 1. All of the above recitals are true and correct. Section 2. The City Council hereby accepts the Schedule as the true and correct schedule of District Facilities and Costs. Section 3. The City Council hereby authorizes the City Finance Director to expend moneys on deposit in the Construction Fund for the payment of Project Costs (as defined in the Fiscal Agent Agreement). -The City Council further authorizes the expenditure of such moneys on the Project Costs referenced in the Schedule, including the payment of interest on the 1992 Bonds in an amount equal to six months interest with respect to fiscal year 1993-94. Section 4. In connection with the preparation of the Special Tax roll for fiscal year 1993-94, the City Finance Director is authorized to cause to be prepared a Special Tax roll reflecting the application of a portion of the moneys on deposit in the Construction Fund to the payment of interest on the 1992 Bonds in accordance with the Act in an amount equal to $350,000, or such lesser amount as the City Finance Director may determine is available. The City Finance Director is authorized to submit the Special Tax roll to the Riverside County Tax Collector. Section 5. All actions heretofore taken by the. Mayor of the City, the City Clerk, the City Manager, the Finance Director, the Treasurer, the Special Projects Engineer, and all officers of the City in furtherance of or in respect of any of LELSIR&SOREV .I 2 the above are 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 carry out, give effect to and comply with the terms and intent of this resolution: (i) the Mayor of the City, (ii) the City Clerk, (iii) the City Manager, (iv) the Finance Director, (v) the Treasurer, (vi) the Special Projects Engineer, and (vii) the designee of any of the foregoing. Section 6. This Resolution shall take effect immediately upon its passage. PASSED, APPROVED and ADOPTED this 5 the day of August 1993. AYES: COUNCILMEMBERS: ALONGI, CHERVENY, DDMINGUEZ, WINKLER, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAINS: COUNCILMEMBERS: NONE GARY WASHBURN, MAYOR CIT LAKE ELSINORE A EST: .~~ ( ~~IhLYCJ~(% I CKI L. KASAD, CITY CLERK CITY OF LAKE ELSINORE APPROVED AS TO LEGALITY AND FORM: ~~ JO N R. HARPER, CI Y TTORNEY LELS/RESOREV.1 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 5th day of August, 1993, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, CHERVENY, DOMINGUEZ, WINKLER, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE C1~ AD, C' Y CLERK CITY U'r' LAKE ELSINORE (SEAL) 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. 93-49 of said Council, and that the same has not been amended or repealed. DA ED: August 9, 1993 ~~~ /I~ VICKI :CS4SAD, CITY CLERK CITY OF LAKE ELSINORE (SEP.I^)