HomeMy WebLinkAboutCC Reso No 2011-008 City Council ResoPage 1 of 3
RESOLUTION NO. 008
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, APPROVING A PROJECT AREA NO. I
LOAN AGREEMENT 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 (LAUNCH RAMP PROJECT), 2011 SERIES A, IN THE
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $6,000,000;
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, for the purpose of assisting the Agency in the financing of certain
Lake Elsinore launch ramp improvements and related facilities (the "Facilities"), the
Authority has determined to issue its Tax Allocation Revenue Bonds (Launch Ramp
Project), 2011 Series A (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 "Project Area No. I Loan Agreement") to be
repaid from certain tax increment revenues of the Agency derived from Project Area
No. I; and
WHEREAS, to that end, each of the Agency and the Authority have adopted a
resolution on the date hereof, approving said financing; and
WHEREAS, the City has heretofore held a public hearing pursuant to Section
6586.5 of the Act;
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 Agency entering into the
Project Area No. I Loan Agreement.
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CC Resolution No. 2011-008
Page 2 of 3
Section 2. The City hereby finds and determines that (i) the Facilities are to be
located within the boundaries of the City and (ii) there are significant public benefits
arising from the Authority's issuance of the Bonds to assist the Agency in financing the
Facilities, including, but not limited to, employment benefits from undertaking the
acquisition of the Facilities in a timely fashion, as contemplated by Section 6586 of the
Act.
Section 3. 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 4. 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 25th day of January, 2011.
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AMY B TA, MAYOR
CITY OF LAKE ELSINORE
ATTEST:
C~
OBERT A. BRADY ITY MANAGER
ACTING CITY CLE
APPROVED AS TO F RM:
BARBA ZEID LEIBOLD
CITY ATTORNEY
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CC Resolution No. 2011-008
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE SS
CITY OF LAKE ELSINORE
I, Robert A. Brady, City Manager/Acting City Clerk of the City of Lake Elsinore,
California, hereby certify that Resolution No. 2011-008 was adopted by the City Council
of the City of Lake Elsinore, California, at a regular meeting held on the 25th day of
January, 2011, and that the same was adopted by the following vote:
AYES: HICKMAN, MAGEE, MELENDEZ,
MAYOR BHUTTA
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ROBERT .B
ACTING CITY
TISDALE AND
CITY MANAGER
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