Loading...
HomeMy WebLinkAboutCC Reso No 1991-91RESOLUTION NO. 91-91 A IZESOLUTION t~UTHOR7ZING TI~E ISSUANCE OF SPECLAL TAI~F BONDS OF TIiE CITY OF L.A~~ ELSINORE FOR CITY OI+ I.AI~ ELSINORE COMMiJNITY FACIIdTIES DISTRICT NO. 91-4 (SCENiC RIDGE PUBLIC IlVII'ROVEMENTS), APPROVING AND DIFLECTING THE EXECUTION OF A FISCAL AGENT A~R.EI,'MF.,N'd', AND APPR.OVING OTiIER RELATED DOCUMENTS AND ACTIONS 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: WHEREl1S, 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. 91-4 (Scenic Ridge Public Improvements) (Lhe "District"), to authorize the levy of special taxes upon the land within the District, and to issue bonds secured by said speciat taxes the proceeds of which are to be used to finance certain facilities (the "Facilities"), all as described in the Resolutions entitled, "A Resolution 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 Subiuitting Levy of the Special Tax and the Establishment of the Appropriations Limit to the Quali£ied Electors of the District" and "A Resolution Determining the Necessity to Incur Bonded Indebtedness Within the City of Lake Elsinore Community Facilities District No. 91-4 (Scenic Ridge Public Improvements) and Submititing Proposition to the Qualified Electors of the District", adopted by this date; and WHEIZEAS, pursuant to said resolutions, an election was held within the District on this date and the qualified electors approved the propositions of the incurrence of the bonded debt ancl the levy of the special ta~c by more than two-thirds of the votes cast at said special election; and WH~R~l1S, thexe 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 i,o finance the P'acilities and this City Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHER~EIS, all conditions, things and acts required to exist, to have happened and to have been pcrformed 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 time, form and manner as required by the laws of the State of Califarnia, including the Act. NOW, TIIER~FORE, IT IS H~REBY 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. 91-4 (Scenic Ridge Public Improvements) 1992 Special Tax Bonds" (the "Bonds") in an aggregate principal amount not to exceed $4,000,000 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. Section 2. The proposed Fiscal Agent Agreement (the "Fiscal Agent Agreement") with respect to the Bonds and the proposeci form of Funding and Acquisition Agreement between the City and Burning Tree Corporation (the "Acquisition Agreement"), each in the form presented to this City Council at this meeting, is hereby approved. The City Manager of the City is hexeby authorized and directed to execute and deliver the Fiscal Agent Agreement and the Acquisition Agreement in substantially said forms, 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 t~ ba conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement ~n.cl the Acquisition Agreement by the City. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finaliy 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 hereUy approved. The City Manager is hereby authorized and directed, for and in the name and on Uehalf 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 £orm, with such additions thereto or changes 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 o£Bonds in excess of $4,000,000, 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 ]3ondowners, to commence and diligently pursue to completion any foreclosure action regarding delinquent installments of any amount levied as a special tax for the pa,yinent of interest or principal of the Bonds, said foreclosure action to be commenced and z?ursued as more completely set forth in the Fiscal Agent Agreement. Section 5. The Bonds, when executed, shall be delivered to the :~'iscal Agent for authentication. The Fiscal Agent is hereby requested and directed to authenticate the Bonds by executing the Fiscal Agent's 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 behaif of the City by the Director of Administrative Services, which instructions such of'ficer 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 payxnent 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, confirmed and ratified, and the proper off`icers of the C;ity are hereby authorized and directed to do any and ail things and take any and all actions and execute any and all certificates, agreements and other documents, 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. Sectian. 7. This sesolution shail take e£fect from and after its adoption. PASSED, APPRO\%EC & PCOfTED this 12th day of November, 1991, by the followina vote: AYES: COUNCILP1EMBERS: BUCK, DOMINGUEZ, STARKEY, I+IINKLER, WA.SHf3UR~ NOES: COUNCILMEMBERS: NONE A6SENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: tvONE n / ~ ~1~~~_. CY1nl 1~. e~r~.nw~~v~p ~,.~ CITY OF LFlKE ELSINORE LEGALITY: STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vioki 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 , ~ ~ ,r. ; v-C.lr _, r_;_; y, :-._ ~ ~,~;.,~:~ CKI LY1~NE\ KASAD, CITY CLERK CITY OF LAfiE 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. 91-91 of said Council, and that the same has not been amended or repealed. D TED: November 13, 1991 ~~u.t7~' \ VICKT LYNN KASAD, CITY CLERK CITY OF LA E ELSINORE (SEAL)