HomeMy WebLinkAboutCC Reso No 2011-017 City Council ResoRESOLUTION NO. 2011-017
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE APPROVING A CONSOLIDATED AMENDED AND
RESTATED REIMBURSEMENT AGREEMENT AND AUTHORIZING
THE TAKING OF CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH (LERA)
WHEREAS, the Redevelopment Agency of the City of Lake Elsinore (the "Agency")
and the City of Lake Elsinore (the "City") have previously entered into that certain Rancho
Laguna Redevelopment Project Area No. I Amended and Restated Reimbursement Agreement,
Rancho Laguna Redevelopment Project Area No. II Amended and Restated Reimbursement
Agreement and Rancho Laguna Redevelopment Project Area No. III Amended and Restated
Reimbursement Agreement, each dated as of July 1, 2000 (collectively, the "Prior
Reimbursement Agreement"), pursuant to which the Agency has covenanted to reimburse the
City for certain lease payments made by the City under a Lease Agreement, dated as of
December 1, 1996 (the "1996 Lease Agreement"), by and between the City and the Lake
Elsinore Recreation Authority (the "Recreation Authority"), which lease payments under the
1996 Lease Agreement secure the Recreation Authority's Revenue Bonds, 1997 Series A (Public
Facilities Project) (the "1997 Bonds"); and
WHEREAS, the Recreation Authority issued its Variable Rate Revenue Refunding
Bonds, 2000 Series A (Public Facilities Project) (the "2000 Bonds") for the purpose of refunding
the 1997 Bonds; and
WHEREAS, in connection with the issuance of the 2000 Bonds, the City and the
Recreation Authority entered into a Lease Agreement, dated as of July 1, 2000 (the "2000 Lease
Agreement"); and
WHEREAS, the Agency and the City desire to consolidate, amend and restate the Prior
Reimbursement Agreements in order to clarify and document the intent and agreement of the
parties for reimbursement to the City for the lease payments made by the City under the 2000
Lease Agreement;
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 Consolidated Amended and
Restated Reimbursement Agreement in substantially the forms on file with the City Clerk and
presented to the City Council at this meeting. Any one of the Authorized Officers is hereby
authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver
the Consolidated Amended and Restated Reimbursement Agreement, with such insertions and
changes as may be approved by the Authorized Officer executing the same, subject to the
provisions of this Resolution, such approval to be conclusively evidenced by such execution and
delivery. An Authorized Officer shall include the Mayor, the City Manager and the City Clerk
of the City, and each of them, and any designee of any of them.
City Council Resolution No. 2011-017
Page 2 of 3
Section 2. The Authorized Officers, the other officers and employees of the City, the
members of the City Council, Bond 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 assigmnents, agreements, certificates, receipts, endorsements, orders, opinions and other
documents in connection therewith, and all actions heretofore taken by the officers, employees
and agents of the City in connection therewith are hereby ratified, approved and confirmed in
every respect.
Section 3. This Resolution shall become effective immediately upon adoption.
PASSED, APPROVED AND ADOPTED at a special meeting of the City Council of
the City of Lake Elsinore, California, this 10th day of March, 2011.
Amy Bhu#ta Mayor
City of Lake Elsinore
ATTEST:
Virginia Blb
City of Lake
APPROVED AS TO FORM:
Bdrbara Leibold, City Attorney
City of Lake Elsinore
2
City Council Resolution No. 2011-017
Page 3 of 3
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Virginia J. Bloom, City Clerk of the City of Lake Elsinore, California, hereby certify
that Resolution No. 2011-017 was adopted by the City Council of the City of Lake Elsinore at a
special meeting held on the 10th day of March 2011, and that the same was adopted by the
following vote:
AYES: Council Members Hickman, Melendez, Tisdale, Mayor Pro Tent
Magee and Mayor Bhutta
NOES: None
ABSENT: None
ABSTAIN: None
Virginia . Bloo
City Clerk