HomeMy WebLinkAboutRDA Reso No 2011-007RESOLUTION NO. 2011-007
A RESOLUTION OF THE REDEVELOPMENT AGENCY 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 Redevelopment Agency of the City of Lake Elsinore does
hereby resolve as follows:
Section 1. The Agency hereby approves the Consolidated Amended and Restated
Reimbursement Agreement in substantially the forms on file with the Secretary of the Agency
and presented to the Board 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 Chairman, the Executive Director and the
Secretary of the Agency, and each of them, and any designee of any of them.
Redevelopment Agency Resolution No. 2011-007
Page 2 of 3
Section 2. The Authorized Officers, the other officers and employees of the Agency,
the members of the Agency's Governing Board, Bond Counsel and the other consultants to and
agents of the Agency, 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 therewith, and all actions heretofore taken by the
officers, employees and agents of the Agency 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 Redevelopment
Agency of the City of Lake Elsinore held on the 10th day of March 2011.
Melissa Melendez, Chairwoman
ATTEST:
mro\
Virginia J,. Bloo
Agency Secretary
APPROVED AS TO FORM:
B9 ara Leibold, Agency General Counsel
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Redevelopment Agency Resolution No. 2011-007
Page 3 of 3
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Virginia J. Bloom, Agency Secretary of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2011-007 was adopted by the Redevelopment Agency 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: Agency Members Bhutta, Hickman, Magee, Vice-Chair Tisdale
and Chairwoman Melendez
NOES: None
ABSENT: None
ABSTAIN: None e
Virginia J.
Agency Se
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