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Council authorizes $10.2M in expected bonds for Harbor Hill Ranch; several routine items adopted
Summary
The council authorized issuance of special tax bonds for Community Facilities District 2022-1 (Harbor Hill Ranch) with an authorization not-to-exceed $11 million and an expected par of about $10.2 million; the meeting also included adoption of the 2025 building code ordinance and several consent items.
The Lake Elsinore City Council authorized special tax bonds for Community Facilities District (CFD) 2022-1, Harbor Hill Ranch, approving documents needed to issue bonds to finance public improvements including storm drains, streets and water/sewer improvements performed by Elsinore Valley Water District.
Tom Jacobs of Stifel, the underwriter, told the council the resolution authorizes the preparation of the preliminary official statement, indenture, continuing disclosure certificate and bond purchase agreement. Jacobs said the council’s authorization is an "not-to-exceed" par amount of $11,000,000; based on current market conditions the expected par amount is approximately $10,200,000 with an average borrowing cost of roughly 5.15% over 30 years (Tom Jacobs).
Council adopted the resolution to authorize the financing documents and actions by a 5-0 vote (SEG 1532–1534). The bonds are intended to finance acquisition of city facilities and infrastructure within the CFD; final terms will be set at sale and are subject to market conditions and further ministerial approvals.
Votes at a glance: - AB 1600 annual report (receive and file): Assistant Director Raffney reported DIF carryover balances for traffic (~$780,000), library facilities (~$1,100,000) and fire facilities (~$1,300,000); council voted to receive and file (5-0, SEG 755–756). - Urgency ordinance adopting 2025 California building standards (Title 15 amendments): staff said the action implements state-mandated code updates; the council adopted the ordinance (5-0, SEG 839–840). - Consent calendar: items 5–19 (excluding pulled items 4, 10 and 17) were approved on a motion (SEG 416–433); several pulled items were handled separately.
What’s next: Underwriters and bond counsel will finalize offering documents and market the bonds; the city will return with final sale documents as required. For the other items, staff will proceed with the administrative steps identified in the meeting record.
