HomeMy WebLinkAboutCC Reso No 2011-023 City Council ResoRESOLUTION NO. 2011- 023
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, AUTHORIZING THE ISSUANCE AND
DELIVERY BY THE REDEVELOPMENT AGENCY OF THE CITY OF
LAKE ELSINORE 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 AND TAKING OF CERTAIN OTHER ACTIONS RELATED
THERETO
WHEREAS, the 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; and
WHEREAS, to that end, the Agency has 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 issuance and delivery of the
PA II Bonds and the PA III Bonds in the aggregate principal amounts of $3,260,000 and
$1,350,000, respectively.
SECTION 2. Any one of the Authorized Officers, 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 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. The City Clerk 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 City Council
of the City of Lake Elsinore, California, this 12th day of April, 2011.
T EST:
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VIRGINIA" LOOM)
CITY CLERK
APPROVED AS TO i RM:
BABAOLD, CITY ATTORNEY
Y"SH , MAYOR
CITY OF LAKE ELSINORE
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE } SS
I, VIRGINIA BLOOM, City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2011-023 was adopted by the City Council 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: COUNCILMEMBERS: MAGEE, MELENDEZ, TISDALE AND
MAYOR BHUTTA
NOES: NONE
ABSENT: HICKMAN
ABSTAIN: NONE
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