HomeMy WebLinkAboutCC Reso No 2011-036 City Council ResoRESOLUTION NO. 2011-036
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA AUTHORIZING ISSUANCE OF A LETTER
OF CREDIT BY BANK OF AMERICA IN CONNECTION WITH THE
LAKE ELSINORE BOAT LAUNCH PROJECT
WHEREAS, the City of Lake Elsinore (City) has entered into that certain Lake or
Streambed Alteration Agreement, Notification No. 1600-2007-0201-R6 (Agreement)
with the State of California Department of Fish and Game (DFG) with respect to the
Lake Elsinore Boat Launch Project (Project), and
WHEREAS, Condition 15 to the Agreement, as amended, provides that the City
shall provide a security to DFG by way of an Irrevocable Letter of Credit in the amount
of $277,000 in order to assure compliance with the Habitat Mitigation and Monitoring
Plan related to the Project, and
WHEREAS, Bank of America has agreed to provide an Irrevocable Letter of
Credit upon receiving a resolution by the City Council of the City of Lake Elsinore
authorizing issuance of the Irrevocable Letter of Credit and certifying the authorized City
signatories.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The City of Lake Elsinore is authorized and shall obtain an
Irrevocable Letter of Credit from Bank of America in an amount not to exceed $277,000
for the benefit of the State of California Department of Fish and Game (DFG) which
shall provide such terms and condition that will allow DFG to recover funds immediately
if DFG determines there has been a default by the City.
SECTION 2. That the City of Lake Elsinore's City Manager Robert A. Brady
("Authorized Officer"), acting alone, is authorized, in the name and on behalf of the City,
from time to time, by written means, to (a) execute on behalf of the City and deliver to
Bank of America such documents necessary to establish an Irrevocable Letter of Credit
for the benefit of DFG in an amount not to exceed $277,000, and (b) to delegate one or
more agents or employees of the City ("Authorized Representatives"), acting alone or in
combination, to take any or all of the following actions: (i) to enter into, execute and
amend any all agreements, instructions, notices or other documents related to the
Irrevocable Letter of Credit, and (ii) to confirm orally or by electronic means any
necessary instructions related to the Irrevocable Letter of Credit.
CITY RESOLUTION NO. 2011- 036
PAGE 2OF3
SECTION 3. The Authorized Representatives of the City are as follows:
Robert A. Brady
City Manager
Phone: 951-674-3124
Fax: 951-674-2392
Email: bbrady@lake-elsinore.org
Ober Brady, C' Manager
James Riley
Dir. of Administrative Service
Phone: 951-674-3124
Fax: 951-674-2392
Email: jriley@lake-elsinore.org
J es Riley, Admin. Direc o
SECTION 4. 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 14th d e 011.
AMY BHUT A, MAYOR
CITY OF LAKE ELSINORE
T r EST:
VIRGINIA LOOM
CITY CLE K
APPR VED AS T RM:
hat
BA ARA LEIBO D, 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. 2011-036 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 14th day of June 2011, and that the
same was adopted by the following vote:
AYES: Council Members Melendez, Hickman, Mayor Pro Tern Magee and
Mayor Bhutta
NOES: None
ABSENT: Council Member Tisdale
ABSTAIN: None
irgini loo
City Cle