HomeMy WebLinkAboutOrd. No. 1996-1023
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ORDINANCE NO. 1023
AN ORDINANCE OF THE CITY OF LAKE ELSINORE
APPROVING A PUBLIC LEASEBACK
WHEREAS, the City of Lake Elsinore (the "City") is considering entering into a lease
agreement (the "Agreement") with the Lake Elsinore Recreation Authority (the "Authority")
pursuant to which the City will make lease payments to be used to pay debt service on the
Authority's proposed $21,000,000 Revenue Bonds, 1996 Series A (Public Facilities Project) (the
"Bonds");
WHEREAS, said lease payments will be paid semi-annually in amounts sufficient to pay
semi-annual debt service on the Bonds;
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;
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WHEREAS, the form of the proposed Agreement is on file with the City Clerk and the
City Council desires to approve the act of entering into the Agreement in substantially the form
on file;
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, namely, the
Agreement, 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.
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.
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Section 4. Effective Date. This Ordinance shall become effective 30 days from the date
of adoption hereof.
PASSED UPON FIRST READING this 26th day of November, 1996, upon the following
roll call vote:
AYES:
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
NOES:
ABSENT:
ABSTAIN:
ALONGI, BRINLEY, KELLEY, METZE, PAPE
NONE
NONE
NONE
PASSED, APPROVED AND ADOPTED UPON SECOND READING this 10th day of
December, 1996, upon the following roll call vote:
AYES:
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
NOES:
ABSENT:
ABSTAIN:
,......
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- - .:..:. ~ - Vkia Kasad,
City Clerk
APPROVED AS TO FORM & LEGALITY:
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ALONGI, BRINLEY, KELLEY, METZE, PAPE
NONE
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Mayor
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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 foregoing Ordinance was read by title
only for adoption on November 26, 1996, and passed on December 10, 1996, by the following roll
call vote:
AYES:
COUNCILMEMBERS:
ALONGI, BRINLEY, KELLEY, METZE,
PAPE
NOES:
COUNCILMEMBERS:
NONE
ABSENT:
COUNCILMEMBERS:
NONE
"......
ABSTAIN: COUNCILMEMBERS:
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. 9IcKI:=KASAiS,; CiTY CLERK
CITY OF >LNGlELSINORE
NONE
(SE~r-~
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. 1023 of said Council, and that the same has not been amended or repealed.
DATED: December 12, 1996
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,..... - VIC~KASAD~ CITY CLERK
. ~TY OF .L~ELSINORE
(SEAL)