HomeMy WebLinkAboutCC Reso No 1986-90RESOLUTION NO. 86-90
RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF LAKE ELSINORE,
RIVERSIDE COUNTY, CALIFORNIA,
APPROVING CERTAIN ACTIONS NECESSARY IN CONNECTION
WITH THE FINANCING OF THE JEAN HAYMAN ELEMENTARY
SCHOOL BY LAKE ELSINORE SCHOOL DISTRICT.
, WHEREAS, Lake Elsinore School District (the
"District") and the City of Lake Elsinore (the "City") have
consistently cooperated to provide adequate school facilities
for students in the community; and
WHEREAS, the City and the Bank of A. Levy entered into
a Lease with Option to Purchase, dated as of March 1, 1984,
(the "Lease") pursuant to the financinq and construction of
the Jean Hayman Elementary School (the "Facility"); and
WHEREAS, the District and the City entered into a
Sublease Agreement, dated as of March 1, 19814, (the
"Sublease") pursuant to which the District leased the
Facility from the City; and
WHEREAS, the District has determined that financing is
available for the facility at a lower interest cost than is
presently being paid; and
WHEREAS, the District, in order to avail itself of
said lower interest costs, approved, on December 10, 1986, a
financing with Certificates of Participation pursuant to
which the Riverside County Schools Financing Corporation, a
non-profit corporation (the "COrporation") will acquire
title to the facility and lease the Facility to the District;
and
WHEREAS, in order to consummate said financing the
City has been requested to take certain actions with respect
" to the Lease and the Sublease; and
WHEREAS, the District wishes to continue to lease the
land on which the Facility is located from the City;
NOW, THEREFORE, the City Council of the City of Lake
Elsinore does hereby RESOLVE, DETERMINE AND ORDER as follows:
Section 1. The City Council hereby approves the
Site Lease between the City and the District.
Section 2. The Mayor and City Clerk are hereby
authorized and directed to act on behalf of the City as
Pollows:
(a) To execute and deliver the Site Lease in such
form and subject to such changes as may be agreed
upon by the City and the District;
(b) To take whatever action necessary to assign
the rights of the City under the Lease to prepay
and acquire the Facility to the Corporation or,
alternatively, if title to the Facility vests in the
City to take whatever action necessary to transfer
said title to the Corporation; and
(c) To take such other action as may be appropriate
or necessary to accomplish the intent and purpose of
this Resolution.
Section 3. This Resolution shall take effect upon
adoption.
PASSED, APPROVED, AND ADOPTED this 23 day of December, 1986,
by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, MATSON, VERMILLION,
WINKLER, STRIGOTTE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
s
9
LEON S RIGO'~r~' , MA OR
CIT OF LAKE ELSINORE
ATTEuT:
STATE OF CALIFORNIA)
) ss.
COUNTY OF RIVERSIDE)
I, Adria L. Bryning, Deputy City Clerk of the City of
Lake Elsinore, DO HEREBY CERTIFY that the foregoing
resolution was duly adopted by the City Council of the City
of Lake Elsinore at a regular meeting of said Council on the
23rd day of December, 1986, and that it was so adopted by the
following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, MATSON, VERMILLION,
WINKLER, STRIGOTTE
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
,~
A L. B NIN , EPUT CITY C~ RK
CITY OF LAKE EL NORE ~
(SEAL)
STATE OF CALIFORNIA)
) ss.
; COUNTY OF RIVERSIDE)
I, Adria L. Bryning, Deputy City Clerk of the City o£
Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing
is a full, true and correct copy of Resolution Number 56-90,
of said Council, and that the same has not been amended or
repealed.
DATED: December 30, 1986
- ~~~ ~~
ADRIA L. BRYNING, DEPUTY~ TY CL K
CITY OF LAKE ELSI ORE
(SEAL)