HomeMy WebLinkAbout03-27-1984 RDAMINUTES
REDEVELOPMENT AGENCY
CITY OF LAKE ELSINORE
130 SOUTH MAIN STREET
LAKE ELSINORE, CALIFORNIA
TUESDAY, MARCH 27, 1984
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1. CALL TO ORDER
The Regular Meeting of the Redevelopment Agency was called to order by
Chairman Torn at 11:50 p.m.
2. ROLL CALL
PRESENT: BOARDMEMBERS: KNIGHT, MAC MURRAY, TORN VALENZUELA, UNSWORTH
ABSENT: BOARDMEMBERS: NONE
Also present were Executive Director Trevino, City Attorney Nazarek,
City Engineer/Public Works Director Rubel, Finance Director Barrick,
City Planner Corcoran, RDA Administrative Assistant Modesti and Clerk
of the Board Money.
3. MINUTES - March 13, 1984
MOVED BY �ALENZUEI.A, SECONDED BY MAC MURRAY AND CARRIED UNANIMOUSLY TO
APPROVE THE MINUTES OF MARCH 13, 1984 AS PRESENTED.
4. EXECUTIVE DIRECTOR'S REPORT - NONE
5. WRITTEN COMMUNICATIONS - NONE
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7.
ORAL COMMUNICATIONS - NONE
UNFINISHED BUSINESS
A. Tax Allocation Bond Issue - Approval of Resolutions
Mr. Nazarek submitted three resolutions regarding the bond issue for
Board Approval.
CRA 84-3 - A resolution approving the official statement prepared by
Birr-Wilson and Company. This document will be distributed to all pros-
pective purchasers of the bonds.
MOVED BY VALENZUELA, SECONDED BY UNSWORTH AND CARRIED UNANIMOUSLY TO
APPROVE RESOLUTION CRA 84-3.
RESOLUTION CRA 84-3
A RESOLUTION Of THE REDEVELOPMENT AGENCY OF THE CTTY OF LAKE ELSINORE,
RIUERSIDE COUNTY, CALIFORNIA, APPROVIN6 THE OFFICIAL STATEMENT IN
CONNECTION WITH THE ISSUANCE OF $1,850,000 TAX AILOCATION BONDS TO
FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT KNOWN AS
PROJECT AREA N0. I.
Mr. Nazarek announced that three proposals had been received this
morning, for the purchase of $1,850,000 of Tax Allocation Bonds for
Redevelopment Project No. I. One proposal was from Birr-Wilson and
Company for a net effective interest rate of 10.05 percent. The
second proposal was from Smith-Barney-Harris and Company for a net
effective interest rate of 9.81 percent. This was a nonconforming
bid and therefore could not be considered. The third proposal was from
M.L. Stearn and Company for a net effective interest rate of 9.905
percent. Mr. Nazarek recommended approval of the Resolution CRA 84-4,
awarding the bid to the lowest responsible bidder and rejecting all
other bids.
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