HomeMy WebLinkAboutCC Reso No 2010-064RESOLUTION NO. 2010-064
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, APPROVING LOAN AGREEMENTS TO BE
ENTERED INTO BY THE REDEVELOPMENT AGENCY OF THE CITY
OF LAKE ELSINORE IN CONNECTION WITH THE ISSUANCE OF THE
LAKE ELSINORE PUBLIC FINANCING AUTHORITY TAX
ALLOCATION REVENUE BONDS (1999 SERIES A REFUNDING), 2010
SERIES C, IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $31,000,000; AND AUTHORIZING THE TAKING OF CERTAIN
OTHER ACTIONS RELATED THERETO
WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority') is a
joint exercise of powers authority duly organized and existing under and pursuant to that
certain Joint Exercise Powers Agreement by and between the City of Lake Elsinore (the
"City ") and the Redevelopment Agency of the City of Lake Elsinore (the "Agency'),
under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter
5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act "),
and is authorized pursuant to Article 4 of the Act to borrow money for the purpose of
financing the acquisition of bonds, notes and other obligations to provide financing and
refinancing for capital improvements of member entities of the Authority; and
WHEREAS, the Authority has previously issued its Tax Allocation Revenue
Bonds, 1999 Series A (the "1999A Bonds ") and used the proceeds thereof to make
loans (the "1999 Loans ") to the Agency; and
WHEREAS, for the purpose of refunding the 1999A Bonds, the Authority has
determined to issue its Tax Allocation Revenue Bonds (1999 Series A Refunding), 2010
Series C (the "Bonds "); and
WHEREAS, the proceeds of the Bonds will be loaned to the Agency pursuant to
a Project Area No. I Loan Agreement (the "PA No. I Loan Agreement') to be repaid from
certain tax increment revenues of the Agency derived from Project Area No. 1, and a
Project Area No. II Loan Agreement (the "PA No. II Loan Agreement," and together with
the PA No. I Loan Agreement, the "Loan Agreements ") to be repaid from certain tax
increment revenues of the Agency derived from Project Area No. 11; and
WHEREAS, to that end, each of the Agency and the Authority have adopted a
resolution on the date hereof, approving said financing;
NOW, THEREFORE, the City Council of the City of Lake Elsinore, California,
does hereby resolve as follows:
Section 1. The City Council hereby approves the refunding of the 1999 Loans
and approves the Agency entering into the Loan Agreements.
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Resolution No. 2010 -064
Page 2 of 3
Section 2. Any one of the Authorized Officers, Bond Counsel, Disclosure
Counsel and the other consultants to and agents of the City, are each hereby
authorized and directed to do all things and take all actions necessary or desirable to
effectuate the transactions contemplated by this Resolution, and to execute such other
assignments, agreements, certificates, receipts, endorsements, orders, opinions and
other documents in connection with such transactions, including, without limitation,
closing documents in connection with the issuance of the Bonds, and all actions
heretofore taken by the officers, employees and agents of the City in connection with
the issuance of the Bonds are hereby ratified, approved and confirmed in every respect.
An Authorized Officer shall include the Mayor, the City Manager, the Director of
Administrative Service, and any designee of any of them.
Section 3. This Resolution shall become effective immediately upon adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council
of the City of Lake Elsinore, California, this 12th day of October, 2010.
MELISSA A. MELENDEZ, MAYOR
CITY OF LAKE ELSINORE
ATTEST- 7
CAROL COWLEI CMC j'
CITY CLERK U
APPROVED AS TO FORM: /9 i
ARBARA ZTID" LEIBOLD
CITY ATTORNEY
Resolution No. 2010 -064
Page 3 of 3
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE SS
CITY OF LAKE ELSINORE
I, CAROL COWLEY, City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2010 -064 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 12th day of October, 2010, and
that the same was adopted by the following vote:
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, MAGEE
MAYOR PRO -TEM BHUTTA, AND MAYOR MELENDEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
CAROL OWLEY, CM
CITY CLERK