HomeMy WebLinkAboutCC Reso No 1982-70RESOLUTION N0. 82-70
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LAKE ELSINORE, CALIFORNIA,
PROVIDING FOR COOPERATION BETWEEN THE
CITY OF LAKE ELSINORE AND THE ELSINORE
UNION SCHOOL DISTRICT TO FINAPdCE AND
CONSTRUCT PUBLIC SCHOOL FACILITIES AND
APPROVING IN CONCEPT A SUBLEASING AGREEP4ENT
WITH THE ELSINORE UNION SCHOOL DISTRICT
WHEREAS, the City of Lake Elsinore and the Elsinore Union School District
have consistently cooperated to provide adequate school facili-
ties for students within their respective jurisdictions; and
WHEREAS, the City of Lake Elsinore desires to keep locally generated public
financial resources in the local area; and
WHEREAS, the City of Lake Elsinore desires to further the development of
parks and other public facilities in the Valley; and
WHEREAS, the City of Lake Elsinore desires to promote development in the
area; and
WHEREAS, the City of Lake Elsinore and the Elsinore Union School District
wish to cooperate to maximize the impact of limited public funds;
NOW, THEREFORE, BE IT RESOLVED THAT, in order to realize these goals, the
City Council of the City of Lake Elsinore wishes to enter into
a cooperative agreement with the Elsinore Union School District
to finance and construct public school facilities.
BE IT FURTHER RESOLVED THAT, Municipal Leasing Corporation shall act as Lessor
and ~sinore Union School District shall act as Sublessee in the
following manner:
1. Lessor will lease Butterfield Addition to Lessee for seven
(7) years with provision for early termination by payment
of remaining principal balance.
2. Lessee will sublease to sublessee for lease amount equiva-
lent to amount paid to lessor plus four percent (4%) for
overhead.
3. Overhead will be distributed with one percent (1%) to lessee
and three percent (3%) to sublessee to cover costs of lease
administration and construction supervision incurred by
lessors.
4. Lessee shall give sublessee the option to purchase
the building at any time for the prevailing State
formula for such structures.
5. Lessee shall reimburse to sublessee out of State
purchase funds all principal paid down on original
contract with lessor.
6. The balance received from State shall be distributed
50/50 between lessee and sublessee.
7. The sublessee's distributed funds will be returned
to its restricted building fund.
Approved, adopted and signed this
28th day of September
1982.
AYES: KNIGHT, MACMURRAY, TORN, VALENZUELA, UNSWORTH
NOES: NONE
ABSENT: NONE
ATTEST:
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Ma r~ o ~Unswort~-
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City Clerk, Deborah A. H rington