HomeMy WebLinkAboutCC Reso No 2011-035 City Council ResoRESOLUTION NO. 2011- 035
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, MAKING CERTAIN FINDINGS IN
CONNECTION WITH THE ISSUANCE OF THE LAKE ELSINORE
PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE BONDS
(SUMMERLY PROJECT) 2011 SERIES A
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 of 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, 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 (the "Developer ")
for certain infrastructure costs incurred by the Developer; and
WHEREAS, the Agency previously issued and delivered to the Developer 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 "Agency Bonds ") for the purpose of partially satisfying the
obligations of the Agency under the DDA; and
WHEREAS, for the purpose of acquiring the Agency Bonds from the Developer
and treating the payment as acquisition of certain public infrastructure (the "Facilities ")
pursuant to the DDA, the Authority has determined to issue its Local Agency Revenue
Bonds (Summerly Project) 2011 Series A ( the "Bonds "); and
WHEREAS, the City, as one of the members of the Authority, has heretofore
held a public hearing pursuant to Section 6586.5 of Act;
NOW, THEREFORE, the City Council of the City of Lake Elsinore, California,
does hereby resolve as follows:
Section 1. 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 Authority Bonds to finance 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 2. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council
of the City of Lake Elsinore, California, this 24th day ofmay 2011.
AMY BHUTTA, MAYOR
CITY OF LAKE ELSINORE
APPROVED AS TO FORM:
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E�ARBARA Z ID LEIBOLD
CITY ATTORNEY
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE
I, Virginia Bloom, City Clerk of the City of Lake Elsinore, California, hereby certify
that Resolution No. 2011 -035 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 24th day of May 2011, and that the
same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN
Council Members Hickman, Tisdale, Melendez, Mayor Pro Tem
Magee and Mayor Bhutta
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