HomeMy WebLinkAboutOB Reso No 2018-001RESOLUTION NO. 2018-001
A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR
AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF
LAKE ELSINORE, CALIFORNIA, APPROVING A LOAN AGREEMENT
BETWEEN THE CITY AND SUCCESSOR AGENCY UNDER HEALTH &
SAFETY CODE SECTION 34173(h)
Whereas, in accord with the provisions of the California Community Redevelopment
Law (Health and Safety Code Section 33000, et seq. (CRL), the City Council of the City
of Lake Elsinore (City) previously established the Redevelopment Agency of the City of
Lake Elsinore, a public body, corporate and politic (Agency) to carry out the purposes of
and exercise the powers granted to community redevelopment agencies under the CRL;
Whereas, on February 1, 2012, the Agency was dissolved pursuant to Assembly Bill
1X26 (Stats. 2011, 1st Ex. Sess., Ch. 5) (AB 26), and its rights, powers, duties and
obligations were transferred to a "successor agency" (as defined by CRL Section
341710) and Section 34173);
Whereas, the City Council elected to act as the Agency's successor agency (Successor
Agency) under CRL Section 34173;
Whereas, with the Oversight Board's approval, CRL section 34173(h) permits the City
to loan the Successor Agency funds to pay the Successor Agency's administrative
costs, enforceable obligations, and project -related expenses;
Whereas, the Successor Agency received an insufficient distribution from the
Redevelopment Property Tax Trust Fund (established pursuant to CRL Section 34170.5
and administered by the County Auditor -Controller in accord with CRL Sections 34182
and 34183) maintained by the Riverside County Auditor -Controller (RPTTF) to fully fund
Oversight Board and California Department of Finance (DOF) approved enforceable
obligations, administrative costs, and project related expenses identified on its
Recognized Obligation Payment Schedule for the period of January 1, 2018 through
June 30, 2018, (ROPS 17-18B); and
Whereas, the City and the Successor Agency have prepared a Loan Agreement
(attached hereto as Exhibit A) providing for a loan from the City to the Successor
Agency in the amount of $159,765.00.
NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF
THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES
HEREBY RESOLVE, AS FOLLOWS:
Section 1. The Recitals set forth above are true and correct and incorporated herein
by reference.
OB Reso No. 2018-001
Page 2 of 4
Section 2. In accord with CRL Section 34173(h), the Oversight Board approves the
Loan Agreement, in the form attached as Exhibit A.
Section 3. Upon approval by the Oversight Board, this Resolution and the Loan
Agreement shall be transmitted by the Successor Agency Executive Director or
designee to the County Auditor -Controller, the State Controller's Office, and the State
Department of Finance, or alternatively, notice of the Oversight Board's approval shall
be provided to those entities, together with City's website address and the Loan
Agreement shall be posted on the City's website.
Section 4. This Resolution shall take effect from and after the date of its passage and
adoption in accordance with, and subject to, all applicable requirements of the Health &
Safety Code.
Passed and Adopted on this 29th day of January 2018.
ie Kelley
Chair
ATTEST:
1
i
Susan M. Domen, MMC
Oversight Board Secretary
OB Reso No. 2018-001
Page 3 of 4
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )ss -
CITY
ss.CITY OF LAKE ELSINORE )
I, Susan M. Domen, MMC, Secretary of the Oversight Board to the Successor Agency of the
Redevelopment Agency of the City of Lake Elsinore, California, hereby certify that Resolution
No. 2018-002 was adopted by the Oversight Board to the Successor Agency of the
Redevelopment Agency of the City of Lake Elsinore at a Regular meeting held on the 29th day
of January 2018, by the following vote:
AYES:Members Tisdale, P. Williams, M. Williams, Jeffries, Lassey, Sanchez
*X;M: AYES: Chair Kelly
ABSTAIN: None
ABSENT: None
NOES: None
C
Usan . Damen, MMC
Oversight Board Secretary
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Loan Agreement