HomeMy WebLinkAboutResolution - 2495 STATE OF CALIFORNIA ) RESOLUTION NO. 2495
L COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO )
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN
JACINTO, CALIFORNIA, AUTHORIZING ESTABLISHMENT OF
BANK ACCOUNTS AT THE BANK OF HEMET FOR CFD 2002-
11LLPD#2 RESERVE DEPOSITS
WHEREAS, the City of San Jacinto is required to set up an interest
bearing account for the benefit of City of San Jacinto, Lighting Landscaping Park
District #2. (LLPD#2) by virtue of refinancing Community Facilities District
#2(CFD#2) and establishing Community Facilities District #2002-1 (CFD#2002-1)
and City agreement with the majority bondholder and developer; and
WHEREAS, the City of San Jacinto will set up an account for each
separate developer in CFD#2002-11LLPD#2; and
WHEREAS, such deposited funds will be held with earned interest until
needed by the City of San Jacinto for LLPD#2 to pay for annual maintenance
costs of properties that are in CFD#2002-1 and LLPD#2 of which the City
determines, on an annual basis, that the actual cost of providing such services is
over and above the maximum assessment allowed to be assessed by the
majority bondholder agreement and developer with the City or under LLPD#2
assessment limits; and
WHEREAS, such bank account will be open as long as the majority
bondholder or developer is required to deposit funds with the City under this
agreement. At the end of the required period, any remaining funds will be
refunded to the majority bondholder or developer, and
WHEREAS, the City of San Jacinto and the Bank of Hemet have entered
into a Business On-Line Banking Agreement by authority of Resolution 2362 on
August 1, 2001; and
WHEREAS, the City has previously designated the Mayor, Vice Mayor,
City Manager, and Finance Director as signers on the bank account, and
WHEREAS, Bank of Hemet requires the City to adopt a corporate
resolution and authorization to designate authorized signers on all bank
accounts;
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NOW, THEREFORE, BE IT RESOLVED determined and ordered by the
City Council of the City of San Jacinto, California as follows:
1) Authorize the establishment multiple Savings Accounts for
CFD#2002-11LLPD#2 developer reserve deposits.
2) Authorize that the following persons will be authorized signers
for CFD#2002-11LLPD#2 Savings Accounts:
Mayor
Vice Mayor
City Manager
Finance Director
3) Authorize the establishment of Savings Accounts for CFD#2002
1/LLPD#2 Savings Accounts with access on On-Line Business
Banking with Bank of Hemet
APPROVED AND ADOPTED this 20th day of November, 2003, by the
following vote:
Ayes: Carlson-Buydos, Conner, Shaw, Stubblefield, Ayres
Nays: None
Absent: None
Abstain: None
C'!t)�-of Jaci,
bv diFn Ayresf yor
EST:
U
D rothy L- Ch I
inard, City Clerk
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