HomeMy WebLinkAbout01-09-1992 Special City Council MeetingMINUTES
SPECIAL CITY COUNCIL MEETING
CITY OF LAKE ELSINORE
130 S. MAIN STREET
LAKE ELSINORE, CALIFORNIA
THURSDAY, JANUARY 9, 1992
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CALL TO ORDER
The Special City Council Meeting was called to order by Mayor
Washburn at 3:03 p.m.
ROLL CALL
PRESENT: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY, WINKLER
WASHBURN
ABSENT: COUNCILMEMBERS: NONE
Also present were: City Manager Molendyk, Assistant City Manager
Rogers, City Attorney Harper, Administrative Services Director
Boone, Community Services Director Watenpaugh, Public Services
Director Tecca, Community Development Manager Shear, Special
Projects Coordinator Wood and City Clerk Kasad.
CONSENT CALENDAR
A. Resolution No. 92-1 - Aooroving the Borrowina of Funds ~ the
Aaencv from the Public Financinp Authoritv and Determinina
Area of Benefit. (F:126.5)
Special Projects Coordinator Wood advised that this issuance
has previously been authorized, but the Resolutions for
consideration this date will finalize that issuance. He
further advised that the official close of these bonds will be
next week. He explained that these are "AAA" rated Tax
Allocation Bonds which will be completely supported by Tax
Increment. He also explained that this issuance will pay off
all existing debts.
City Attorney Harper explained that the "AAA" Rating is
because of insurance and makes the bonds of no risk to the
City.
Special Projects Coordinator Wood commented that the current
increment is 125% of this debt. He also clarified rated vs.
non-rated bonds.
Mayor Washburn commented that the rating also allows the City
to pay a lower interest rate.
Councilman Buck questioned the amount of savings on reduced
interest this would produce. Mr. Wood advised that those
figures have not yet been calculated.
Mayor Washburn commended the 1982 City Council for its insight
in forming the City's first Redevelopment Project Area and
commented on the importance of that action.
MOVED BY BUCK, SECONDED BY DOMINGUEZ AND CARRIED BY UNANIMOUS VOTE
TO ADOPT RESOLUTION N0. 92-1.
RESOLUTION N0. 92-1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE APPROVING THE BORROWING OF FUNDS BY THE AGENCY
FROM THE AUTHORITY, DETERMINING TNAT CERTAIN IMPROVEMENTS
ARE OF BENEFIT TO THE RANCHO LAGUNA REDEVELOPMENT PROJECT
~PAGE TWO - CITY COUNCIL MINUTES - JANUARY 9, 1992
AREA N0. I AND THAT NO OTHER REASONABLE MEANS OF FINANCING
~ SUCN IMPROVEMENTS ARE AVAILABLE TO THE CITY, AND
AUTHORIZING AND APPROVING SUCH OTHER MATTERS PROPERLY
RELATING THERETO.
.~DJOURNMENT
~OVED BY STARKEY, SECONDED BY BUCK AND CARRIED BY UNANIMOUS VOTE
:7D ADJOURN THE SPECIAL CITY CO CIL MEETING AT 3:10 P.M.
. ~~~•~A~~~ ~ /~ ~t,~// 'V~~
GARY . WASHBURN MAYOR
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CIT F LAKE ELSINORE
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~~VICKI KASAD, CITY CLERK
;=CTTY OF LAKE ELSINORE
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