HomeMy WebLinkAboutOrd. No. 1994-985
ORDINANCE NO. 985
AN ORDINANCE OF THE CITY OF LAKE ELSINORE APPROVING A
PUBLIC LEASEBACK
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WHEREAS, the City of Lake Elsinore (the .iCity") is considering entering into a lease
agreement (the" Agreement) with the Lake Elsinore Public Financing Authority (the" Authority")
pursuant to which the City will make lease payments in connection with the refinancing of the
Authority's $9,250,0001993 Series B Senior and Subordinate Taxable Tax Allocation Revenue
Notes (Lake Elsinore Redevelopment Projects);
WHEREAS, said lease payments will be used in whole or in part by the Authority for
payment of principal of or interest on its bonds, notes or other evidences of indebtedness;
WHEREAS, the Authority constitutes a "public leaseback corporation", as such term is
defined in Section 54240 of the California Government Code;
WHEREAS, the Agreement would constitute a "public leaseback", as such term is
defined in Section 54240 of the California Government Code;
;......
WHEREAS, Section 54241 of the California Government Code provides that no public
leaseback shall be entered into until the act of entering into a formal agreement with the public
leaseback corporation shall have been approved by ordinance;
WHEREAS, the City desires to so approve the act of entering into the Agreement;
NOW, THEREFORE, the City Council of the City of Lake Elsinore does ordain as
follows:
Section 1. Approval. Pursuant to Section 54241 of the California Government Code, the
City is hereby authorized to enter into a formal agreement with the Authority, which Agreement
constitutes a "public leaseback", as such term is defined in Section 54240 of the California
Government Code.
Section 2. Referendum. This Ordinance is subject to the provisions for referendum
applicable to the City. .
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Section 3. Publishing. This Ordinance shall be published once, before the expiration of
15 days after the adoption hereof, with the names of the City Council Members voting for and
against the Ordinance, in the Riverside Press-Enterprise.
Section 4. Effective Date. This Ordinance shall become effective 30 days from the date
of adoption hereof.
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PASSED UPON FIRST READING this 12th day of July, 1994,
upon the following roll call vote:
AYES: COUNCILMEMBERS: BENDER, PAPE, WASHBURN
NOES: COUNCILMEMBERS: ALONGI
ABSENT: COUNCILMEMBERS: CHERVENY
ABSTAIN: COUNCILMEMBERS: NONE
PASSED, APPROVED AND ADOPTED UPON SECOND READING this
26TH day of
AYES:
JULY
, 1994, upon the following roll call vote:
COUNCILMEMBERS:
BENDER, PAPE, WASHBURN
NOES:
COUNCILMEMBERS:
ALONGI
ABSENT:
COUNCILMEMBERS:
CHERVENY
ABSTAIN:
COUNCILMEMBERS:
N NE
hUJ~ '
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~:~~
VICKI KASAD, CITY CLERK
APPROVED AS TO FORM & LEGALITY:
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........
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE)
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I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
DO HEREBY CERTIFY that the foregoing Ordinance was read for
adoption on July 12, 1994, and passed on July 26, 1994, by the
following roll call vote:
AYES:
COUNCILMEMBERS: BENDER, PAPE, WASHBURN
NOES:
COUNCILMEMBERS: ALONGI
ABSENT:
COUNCILMEMBERS: CHERVENY
r ABS,TAIN:
~u
VICKI KASkD, CITY CLERK
CITY OF LAKE ELSINORE
COUNCILMEMBERS:
NONE
(SEAL)
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE)
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Ordinance No. 985 of said Council, and that the
same has not been amended or repealed.
~~ July
29, 1994
VICKI K~S~D, CITY CLERK
CITY OF LAKE ELSINORE
( SEAl..)