HomeMy WebLinkAboutSA Reso 2016-009 Low & Moderate Income Housing Fund Loan Repayment ScheduleRESOLUTION NO. SA 2016 -009
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, SETTING FORTH
CERTAIN FINDINGS WITH RESPECT TO A LOAN FROM THE LOW AND
MODERATE INCOME HOUSING FUND TO THE PROJECT AREAS OF THE
FORMER REDEVELOPMENT AGENCY IN ACCORDANCE WITH HEALTH &
SAFETY CODE SECTION 34171(D)(1)(G) AND APPROVING A REPAYMENT
SCHEDULE FOR THE LOAN IN ACCORDANCE WITH HEALTH & SAFETY
CODE SECTION 34176(e)(6)(B)
WHEREAS, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore
(the "Successor Agency ") has been established to wind down the affairs of the former
Redevelopment Agency of the City of Lake Elsinore (the "Agency ") in accordance with the
California Health & Safety Code Section 34179; and,
WHEREAS, in 1995, the Agency issued bonds, deposited the proceeds of approximately
$18,897,437 into its Low and Moderate Income Housing Fund ( LMIHF) and authorized a loan to
the Project Areas of the former Redevelopment Agency from the LMIHF (the "Interfund Loans ");
and,
WHEREAS, the Successor Agency's Interfund Loan obligation, less any payments made to date
and increased by any interest accrued to date, has been reported on the Successor Agency's
Recognized Obligation Payment Schedules (ROPS); and,
WHEREAS, the Successor Agency has read and considered the Agency's Staff Reports and
related materials and applicable statutes; and,
WHEREAS, the Successor Agency finds that the Interfund Loans constitute amounts borrowed
from, or payments owing to, the Low and Moderate Income Housing Fund of a Redevelopment
Agency, which had been deferred as of the date of dissolution of the Agency in accordance with
subdivision (d)(1)(G) of Health & Safety Code section 34171; and,
WHEREAS, the Successor Agency desires to approve a repayment schedule for the Interfund
Loans in accordance with subdivision (d)(1)(G) of Health & Safety Code section 34171 and
subdivision(e)(6)(B) of Health & Safety Code section 34176; and,
WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred.
NOW, THEREFORE, THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
SECTION 1. The Recitals set forth above are true and correct and incorporated herein by
reference.
SECTION 2. The Successor Agency finds that the Interfund Loans to the Project Areas from the
Low and Moderate Income Housing Fund in the original principal amount of approximately
$18,897,437 plus any interest accrued to date and less any payments made to date, constitute
amounts borrowed from, or payments owing to, the Low and Moderate Income Housing Fund of
a Redevelopment Agency, which had been deferred as of the date of dissolution of the Agency
in accordance with subdivision (d)(1)(G) of Health & Safety Code section 34171 and therefore
Reso. No. SA 2016 -009
Page 2 of 3
constitute an enforceable obligation of the Successor Agency in accordance with Health & Safety
Code Section 34171(d)(1)(G).
SECTION 3. The Successor Agency finds that the Interfund Loans to the Project Areas from the
Low and Moderate Income Housing Fund were made for legitimate Redevelopment purposes.
SECTION 4. In accordance with Health & Safety Code Section 34171(D)(1)(G), the Successor
Agency approves a repayment schedule for the Interfund Loans in an annual amount equal to the
lesser of (i) the maximum repayment calculated in accordance with Section 2.05(c) of that certain
Housing Fund Loan Agreement dated as of December 1, 1995, by and between the Lake Elsinore
Public Financing Authority and the Agency; (ii) the maximum amount allowed for repayment
calculated in accordance with Health & Safety Code Section 34176(e)(6)(B), or (iii) available Real
Property Tax Trust Funds (RPTTF) remaining for any given annual Recognized Obligation
Payment Schedule (BOPS) after payment of all other enforceable obligations.
SECTION 5. Repayments made on the Interfund Loans shall be transferred to the Low and
Moderate Income Housing Asset Fund established pursuant to subdivision (d) of Section 34176
as a housing asset and shall be used in a manner consistent with the affordable housing
requirements of the Community Redevelopment Law (Part 1 (commencing with Section 33000)).
SECTION 6. If any provision of this Resolution or the application thereof to any person or
circumstance is held invalid, such invalidity shall not affect other provisions or applications of this
Resolution which can be given effect without the invalid provision or application, and to this end
the provisions of this Resolution are severable. The Successor Agency hereby declares that it
would have adopted this Resolution irrespective of the invalidity of any particular portion thereof.
SECTION 7. The Agency Secretary shall certify to the passage and adoption of this Resolution
and enter it into the book of original resolutions.
SECTION 8. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED at a meeting of the Successor Agency of the Redevelopment
Agency of the City of Lak Elsinore, California, on the 28th day of June 2016.
Robert E. Mao
ATTEST:
Susan M. Domen, MMC
Agency Secretary
ice Chair
APPROVED AS T P R :
Ba ara Leibold
Agency Counsel
Reso. No. SA 2016 -009
Page 3 of 3
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE } ss.
CITY OF LAKE ELSINORE }
I, Susan M. Domen, MMC, Secretary of the Successor Agency of the Redevelopment Agency of
the City of Lake Elsinore, California, do hereby certify that Resolution No. SA 2016 -009 was
adopted by Successor Agency of the Redevelopment Agency of the City of Lake Elsinore,
California, at the regular meeting of June 28, 2016, and that the same was adopted by the
following vote:
AYES: Board Members Johnson and Manos; and Vice Chair Magee
NOES: None
ABSENT: Board Member Hickman and Chair Tisdale
ABSTAIN: None
Susan M. Domen, MMC
Agency Secretary