HomeMy WebLinkAboutRDA Reso No 2011-008RESOLUTION NO. 2011- 008
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF LAKE ELSINORE APPROVING THE ISSUANCE OF THE
AGENCY'S SUBORDINATE TAX ALLOCATION BONDS (PROJECT
AREA NO. II) SERIES 2011 AND SUBORDINATE TAX ALLOCATION
BONDS (PROJECT AREA NO. III) SERIES 2011 IN THE AGGREGATE
PRINCIPAL AMOUNTS NOT TO EXCEED $3,260,000 AND $1,350,000,
RESPECTIVELY; APPROVING INDENTURES; AND AUTHORIZING
THE TAKING OF CERTAIN OTHER ACTIONS RELATED THERETO
WHEREAS, Redevelopment Agency of the City of Lake (the "Agency ") is a
redevelopment agency, a public body, corporate and politic fully created, established
and authorized to transact business and exercise its powers, all under and pursuant to
the Community Redevelopment Law (Part 1 of Division 24 of the Health and Safety
Code of the State of California and the acts amendatory and supplemental thereto and
referred to herein as the "Law ") and the powers of such agency include the power to
issue bonds for any of its corporate purposes; and
WHEREAS, the Agency has entered into that certain Disposition and
Development Agreement (as amended and restated pursuant to the Amended and
Restated Disposition and Development Agreement dated March 8, 2011, the "DDA ")
pursuant to which the Agency is required to reimburse the developer for certain
infrastructure costs incurred by such developer; and
WHEREAS, the Agency desires to issue its Subordinate Tax Allocation Bonds
(Project Area No. II) Series 2011 and Subordinate Tax Allocation Bonds (Project Area
No. III) Series 2011 (the "PA II Bonds," the "PA III Bonds," and collectively, the "Bonds ")
for the purpose of partially satisfying the obligations of the Agency under the DDA;
NOW, THEREFORE, the Redevelopment Agency of the City of Lake Elsinore
does hereby resolve as follows:
SECTION 1. The Agency hereby approves the issuance of the PA II Bonds and
the PA III Bonds in the aggregate principal amounts not to exceed $3,260,000 and
$1,350,000, respectively. The Bonds shall bear interest at a rate or rates not to exceed
7.75% per annum.
SECTION 2. The Agency hereby approves the Indentures relating to the Bonds
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
Indentures, 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 Chairperson, the Executive Director and the Secretary of the Agency,
and each of them, and any designee of any of them.
1
Redevelopment Agency
Resolution No. 2011 -008
SECTION 3. 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 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 Agency in connection with the issuance of the
Bonds.
SECTION 4. The Agency Secretary shall certify to the passage and adoption of
this resolution and the same shall thereupon take effect and be in force.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
Redevelopment Agency of the City of Lake Elsinore, California, this 8t" day of March,
2011.
MELISSA MELENDEZ, CHAIRWOMAN
F0
AGENCY
APPROWED AS TO FORM.
Z .,
BAR RA, AGENCY GENERAL COUNSEL
Redevelopment Agency
Resolution No. 2011 -008
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE } SS
I, VIRGINIA BLOOM, Agency Secretary of the Redevelopment Agency of the
City of Lake Elsinore, California, hereby certify that Resolution No. 2011 -008 was
adopted by the Redevelopment Agency of the City of Lake Elsinore, California, at a
regular meeting held on the 12th day of April 2011, and that the same was adopted by
the following vote:
AYES: AGENCY MEMBERS: BHUTTA, MAGEE, TISDALE AND
CHAIRWOMAN MELENDEZ
NOES: NONE
ABSENT: AGENCY MEMBER HICKMAN
/_I:1. -31 FG1IigM0[Q 101I
VIRGINIA `L OM
AGENCY SECRETARY