HomeMy WebLinkAboutSA Reso 2018-001 Loan Agreement Health and Safety Code Section 34173(h)RESOLUTION NO. 2018-001
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE 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; and,
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 34171 Q) and Section 34173);
and,
Whereas, the City Council elected to act as the Agency's successor agency (Successor
Agency) under CRL Section 34173; and,
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; and,
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
One Hundred Fifty -Nine Thousand Seven Hundred Sixty -Five Dollars ($159,765.00); and,
Whereas, the Successor Agency has transmitted the Loan Agreement electronically to the
County Administrative Officer, County Auditor -Controller, and the State Department of Finance.
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. In accord with CRL Section 34173(h), the Successor Agency Board approves the
Loan Agreement, in the form attached as Exhibit A.
Section 2. The Successor Agency directs the Executive Director to (a) transmit the Loan
Agreement to the Oversight Board for approval and, upon approval transmit the Oversight
Board Resolution and the Loan Agreement to the County Auditor -Controller, the State
Controller's Office, and the State Department of Finance, or alternatively, to provide notice of
Resolution No. 2018-001
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the Oversight Board's approval to those entities, together with City's website address, and (b)
post the Loan Agreement to the City's website.
Section 3. 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 at the Regular meeting of the Successor Agency of the Redevelopment
Agency of the City of Lake Elsinore, held this 23rd day of January 2018.
ATTEST:
Susan M. Domen, MMC
Secretary
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Susan M. Domen, MMC, Clerk to the Successor Agency of the Redevelopment Agency of the
City of Lake Elsinore, California, do hereby certify that Resolution No. 2018-001 was adopted by
the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, at
the Regular meeting of January 23, 2018, and that the same was adopted by the following vote:
AYES: Members Hickman, Tisdale and Magee; Vice -Chair Manos and Chair Johnson
NOES: None
ABSENT: None
ABSTAIN: None
Susan M. Domen, MM
Clerk
EXHIBIT A
Loan Agreement
I