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Home My WebLink AboutCC Reso No 1991-88RESOLUTIONNO. ~1~$$ A RESOLUTION DETEIi1NIlVING TIIE NECESSITY TO INCUR BONDED INDEBTEDNESS WITHIlV THE CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 91•4 (SCElVIC RIDGE PUBLIC IIVIPROVEMENTS) AND SUBNIITTING YROPOSPl'ION TO TIIE QUt1LIFIED ELECTORS OF THE DISTRICT City of Lake Elsinore Community Facilities District No. 91-4 (Scenic Ridge Public Improvements) RESOLVED, by the City Council of the City of Lake Elsinore (the "City") that: WHEIZEA5, on September 10, 1991, this City Council adopted a resolution entitled "A Resolution of Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes Pursuant to the Mello-Roos Act of 1982" (the "Resolution of Intention") stating its intention to form the City of Lake Elsinore Community Facilities District No. 91-4 (Scenic Ridge Public Improvements) (the "District"), pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"); and WHEREAS, on September 10, 1991, 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. 91-4 (Scenic Ridge Public Improvements) Pursuant to the Mello-Roos Community Facilities Act of 1982" (the "Resolution of Intention to Incur Indebtedness") stating 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 WH~ItEAS, 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 Itesolution Of Formation Of City of Lake.Elsinore Community Facilities District No. 91-4 (Scenic Ridge 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 Electors Of The District" (the "Resolution of Formation"); and WH~REAS, on this date, this City Council held a noticed public hearing as required by Lhe Act relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness; and WHEREAS, no written protests with respect to the matters material to the questions set forLh in the Resolution of Intention to Incur Indeb.tedness have been filed with the City Clerk. NOW, TH~REFORE, IT IS HEREBY ORDERED as follows: 1. The foregoing recitals are true and correct. 2. It is necessary to incur bonded indebtedness in the maximum aggregate principal amount of $4,000,000 within the boundaries of the District. 3. The indebtedness is incurred for the purpose of financing the costs of the Facilities, as ps~ovided in 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 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 "B" to the Resolution of Formation. 5. The maximum amount of bonded indebtedness to be incurred is $4,000,000 and the ma~cimum 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 permitted 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 times 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. PASSED, APPROUED AND ADOPTED this 12th day of November, 1991, by the following vote: AYES: COUNCILMEP46ERS: BUCK, DOMINGUEZ, STARKEY, WINKL~F;, WASHBURN NOES: COUNCILP1EMBERS: NONE ABSENT: COUNGILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~~ CITY ~F~LAKEVELSINORE ATT ST: , ~~ i ~ VICKI KASAD, CITY CLERK APPROVED AS TO FORM & LEGALITY STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne 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 November, 1991, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY, WINKLER, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~ ,. VICKI LYNN KASAD, TY CLERK CITY OF LA ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne 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. 91-88 of said Council, and that the same has not been amended or repealed. : November 13, 1991 VICIKI~`~YNNE/'~TCASAD, CITY CITY OF LAI~ ELSINORE (SEAL)