HomeMy WebLinkAboutCC Reso No 2015-094 City Council Reso.RESOLUTION NO. 2015 -094
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE
CONFIRMING A NEW FISCAL AGENT FOR STANDBY LETTER OF CREDIT
RELATED TO STREAMBED ALTERATION AGREEMENT NO. 1600- 2007 - 0210 -R6
WHEREAS, the City entered into the Streambed Alteration Agreement No.
1600 - 2007 - 0210 -R6 with the California Department of Fish and Wildlife on May 26,
2009 followed by Amendment dated May 9, 2011 (the "Agreement "). The Agreement is
the result of the Lake Elsinore Boat Launch Facility project that included borrowing soil
from the back basin area and relocating it to the La Laguna launch construction site;
and
WHEREAS, the Agreement was approved with the condition that an
irrevocable letter or Standby Letter of Credit be submitted to the Department in the
amount of mitigation measures costs of $277,000.00 prior to commencing project
activities; and
WHEREAS, Bank of America supplied the Standby Letter of Credit on
June 23, 2011 and was renewed annually, and
WHEREAS, Bank of America notified the California Department of Fish
and Wildlife that the Letter of Credit had been and would not be renewed; and
WHEREAS, the Department of Fish and Wildlife required that the City
obtain a new Standby Letter of Credit by August 30, 2015; and
WHEREAS, Alta Pacific Bank agreed to supply the Standby Letter of
Credit required by the Department of Fish and Wildlife with the stipulation that the City
obtain a Certificate of Deposit of the same amount as collateral of the Standby Letter of
Credit; and
WHEREAS, all parties acknowledge the importance of abiding by the
City's obligation of the Agreement.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
SECTION 1. That the City Council now confirms that a Standby Letter of
Credit was issued by Alta Pacific Bank on August 28, 2015 with the Department of Fish
and Wildlife as the Beneficiary and replaces the existing Standby Letter of Credit that
was issued by Bank of America.
City Council Resolution No. 2015 -094
Page 2 of 2
SECTION 2. That the City Council authorizes the City Manager to
maintain the required Standby Letter of Credit by obtaining a Certificate of Deposit in
the amount of $277,000.00 until the Standby Letter of Credit is no longer required.
SECTION 3. This Resolution shall take effect from and after the date of
its passage and adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
Council of the City of Lake Elsinore, California, this 8t" day of December, 2015.
PASSED, APPROVED AND ADOPTED at a
of the City of Lake Elsinore, Californiai -this,
ATTEST:`
Susan M. Domen, MMC
City Clerk
A=AS,,Tpf OR .
-c
Barbara Leibold, City Attorney
ular meeting of the City Council
Jay of December, 2015.
Mayor
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Susan M. 'fie City of Lake Elsinore, California hereby
that Resolution No. 2015 -094 was adopted by the City Council of the City of Lake
Elsinore, California, at a special meeting held on the 8th day of December 2015, and
that the same was adopted by the following vote:
AYES: Council Member Magee, Council Member Johnson, Mayor Pro Tern Tisdale,
And, Mayor Manos
NOES: None
ABSENT: Hickman
ABSTAIN: None
Susan M. Domen, City Clerk