HomeMy WebLinkAboutCC Reso No 2013-034 City Council ResoRESOLUTION NO. 2013 -034
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE APPROVING A FIRST AMENDMENT TO CONSOLIDATED
AMENDED AND RESTATED REIMBURSEMENT AGREEMENT (LERA)
AND AUTHORIZING THE TAKING OF CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH
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 Consolidated Amended and Restated Reimbursement Agreement (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 July 1, 2000 (the "2000 Lease Agreement "), by and between
the City and the Lake Elsinore Recreation Authority (the "Recreation Authority "), which
lease payments under the 2000 Lease Agreement secure the Recreation Authority's
Variable Rate Revenue Refunding Bonds, 2000 Series A (Public Facilities Project) (the
"2000 Bonds "); and
WHEREAS, the Recreation Authority is contemplating the issuance of its Lease
Revenue Refunding Bonds (Public Facilities Project) Series 2013 (the "2013 Bonds ") to
refund the 2000 Bonds, which 2013 Bonds will be secured by payments payable by the
City under a Lease Agreement (the "2013 Lease Agreement ") by and between the City
and the LERA; and
WHEREAS, the Agency was dissolved as of February 1, 2012, and the
Successor Agency of the Redevelopment Agency of the City of Lake Elsinore
( "Successor Agency ") has been established to oversee the recognized enforceable
obligations and winding down of the affairs of the former Agency in accordance with the
California Health and Safety Code; and
WHEREAS, as a condition to the issuance of the 2013 Bonds, the Successor
Agency and the City desire to amend the Prior Reimbursement Agreement in order to
incorporate the obligations under the 2013 Bonds and 2013 Lease Agreement; and
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 First Amendment to
Consolidated Amended and Restated Reimbursement Agreement in substantially the
forms on file with the City Clerk and presented to the City Council at this meeting. Any
one of the Authorized Officers is hereby authorized and directed, for and in the name
and on behalf of the City, to execute and deliver the First Amendment to 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
City Council Resolution No. 2013 -034
Page 2
execution and delivery. An Authorized Officer shall include the Mayor, the City Manager
and the City Clerk of the City, and each of them, and any designee of any of them.
Section 2. The Authorized Officers, the other officers and employees of the
City, the members of the City Council, 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 therewith, and all
actions heretofore taken by the officers, employees and agents of the City 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 regular eeting of the City Council
of the City of Lake Elsinore, California, this 25th day of June 2A1r'
Al
Barbara Z. Leib,61d, City Attorney
2
=kkTi rGrX— MhIrIF7M
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Virginia J. Bloom, City Clerk of the City of Lake Elsinore, California, hereby certify that
Resolution No. 2013 -034 was adopted by the City Council of the City of Lake Elsinore,
California, at a regular meeting held on the 25 day of June 2013, and that the same was
adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN
Council Member Tisdale, Council Member Manos,
Hickman, Mayor Pro Tern Johnson and Mayor Magee
None
None
None
Council Member