HomeMy WebLinkAboutRDA Reso No 1984_ _.
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RESOLi1TION NO. CRA 84-1
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF LAKE ELSINORE, RIVERSIDE
COUNTY, CALIFORNIA, AUTHORIZING THE
ISSUANCE OF $1,850~000 PRINCIPAL AMOUNT
OF TAX ALLOCATION BONDS OF THE AGENCY
TO FINANCE A PORTION OF THE COST OF A
REDEVELOPMENT PROJECT KNOWN AS
PROJECT AREA NO. I
WHEREAS, the Redevelopment Agency of the City of Lake
Elsinore (the "Agency") is a redevelopment agency (a public body,
corporate and politic) duly created, established and authorized to
transact business and exercise its powers, all under and pursuant
to the Community Redevelopment,Law, being Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of
the State of California and the powers of the Agency incl~de the
power to issue bonds for any of its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment project
known and designated as "Redevelopment Plan for Rancho Laguna
Redevelopment Project No. I" has been adopted and approved by
Ordinance No. 624 of the City of Lake Elsinore which became
effective on August 12, 1981, and all requirements of law
precedent to the adoption and approval of the Redevelopment Plan
have been duly complied with; and
WHEREAS, for the corporate purposes of the Agency to aid in
the financing of a portion of the cost of the Redevelopment
Project and for other lawful corporate purposes, the Agency deems
it necessary to issue at this time $1,850,000 principal amount of
tax allocation bonds; and
WHEREAS, the purposes stated ahove will be accomplished by
issuing at this time $1,850,000 tax allocation bonds pursuant to
this Resolution to be known as the "Redevelopment Agency of the
City of Lake Elsinore, Project Area No. I, Tax Allocation Bonds,
Issue of 1984":
NOW, TPIEREFORE, the Redevelopment Agency of the City of Lake
~lsinore does hereby RESOLVE, DETERMINE AND ORDER as follows:
Section 1. Definitions. As used in this Resolution the
following terms shall i-T ave the following meanings, unless the
context otherwise requires:
(a) "Bond" or "BOnds" means $1,850,000 principal amount of
"Redevelopment Agency of the City of Lake Elsinore, Project Area
No. I, Tax Allocation Bonds, Issue of 1984", authorized by this
Resolution.
, (b) "Bondowner" or "Owner of Bonds", or any similar term,
means any person who shall be the registered owner of a Bond or
his duly authorized attorney, trustee, representative or assign.
(c) "City" means the City of Lake Elsinore, California.
(d) "Fiscal Agent" means the fiscal agent appointed by the
Agency p~rsuant to Section 20 hereof, its successors and assigns,
and any other corporation or association which may at any time be
substituted in its place, as provided in this Resolution.
(e) "Fiscal Year" means the year period beginning on July
lst and ending on the next following June 30th.
(f) "Independent Financial Consultant", "Independent
Engineer", "Independent Certified Public Accountant" or
"Independent Redevelopment Consultant" means any individual or
firm engaged in the profession involved, appointed by the Agency,
and who, or each of whom, has a favorable reputation in the field
in which his opinion or certificate will be given, and:
(i) is in fact independent and not under domination
of the Agency; and
(ii) does not have any substantial interest, direct or
indirect, with the Agency; and
(iii) is not connected with the Agency as an officer or
employee of the Agency, but who may be regularly retained to
make reports to the Agency.
(g) "Law" means the Community Redevelopment Law of the State
of California as cited in the recitals hereof.
(h) "Maximum Ann~al Debt Service" means the largest of the
sums obtained for any Fiscal Year after the computation is made,
by totaling the following for each such Fiscal Year.
(i) The principal amount of all serial Bonds and
serial Parity Bonds payable in such Fiscal Year; and
(ii) The amount of tdinimum Sinking Fund Payments for
term Bonds and term Parity Bonds to be made in such Fiscal
Year in accordance with the applicable schedule or schedules
of Minimum Sinking Fund Payments; and
(iii) The interest which would be due during such
Fiscal Year on the aggregate principal amount of Bonds and
Parity Bonds which would be outstanding in such Fiscal Year
if the Bonds and Parity Bonds outstanding on the date of such
computation were to mature or be redeemed in accordance with
the maturity schedule or schedules for the serial Bonds and
serial Parity Bonds and the schedule or schedules of Minimum
Sinking Fund Payments for term Bond and term Parity Bonds.
At the time and for the purpose of making such computation,
2.
the amount of term Bonds and term Parity Bonds already
' retired in advance of the above mentioned schedule or
' schedules shall be deducted pro rata from the remaining
amounts thereon.
(i) "Minimum Sinking Fund Payments" means the amount of
money to be deposited into the Term Bond Sinking Fund to be used
to redeem term Bonds and term Parity Bonds, in the principal
amounts and at the time set forth in the schedule or schedules of
Minimum Sinking Fund Payments contained in this Resolution or in
any resolution providing for the issuance of Parity Bonds.
(j) "Opinion of Counsel" means a written opinion of an
attorney or firm of attorneys of favorable reputation in the field
of municipal bond law. Any opinion of such counsel may be based
upon, insofar as it relates to factual matters, information which
is in the possession of the Agency as shown by a certificate or
opinion of, or representation by, an officer or officers of the
Aqency, unless such counsel knows, or in the exercise of
reasonable care should have known, that the certificate or opinion
or representation with respect to the matters upon which his
opinion may be based, as aforesaid, is erroneous.
(k) "Parity Bonds" means any additional tax allocation bonds
(including, without limitation, bonds, notes, interim certifi-
cates, debentures or other obligations) issued by the Agency as
permitted by Section 17 of this Resolution.
-- (1) "Paying Agent" means any paying agent provided by the
Agency pursuant to Section 20 hereof.
(m) "Permitted Investments" means those investments '
authorized pursuant to Article 1, Chapter 4, Part 1, Division 2 of
Title 5 of the Government Code of the State of California, as
amended from time to time.
(n) "Redemption Date" shall mean the interest payment date
on which Bonds are to be presented for redemption.
(o) "Redevelooment Agency" or "Agency" means the Lake
Elsinore Redevelopment Agency.
(p) "Redevelopment Plan" means the "Redevelopment Plan for
Rancho Laguna Redevelopment Project Area No. I", approved and
adopted by the City by Ordinance No. 624 and includes any other
amendment thereof heretofore or hereafter made pursuant to law.
(q) "Redevelopment Project" means Project Area No. I.
(r) "Redevelopment Project Area" means the project area
described and defined in the Redevelopment Plan.
(s) "Special Fund" means the "Project Area No. I Special
Fund", created by Section 12 of this Resolution.
3.
(t) "Tax Revenues" means that portion of taxes levied upon
taxable property in the Redevelopment Area which the Agency is
entitled to receive as provided by law and which, after the
issuance and delivery of the Bonds, will be allocated to and paid
into the Special Fund created by this Resolution pursuant to
Article 6 of Chapter 6 of the Law and Section 16 of Article XVI of
the Constitution of the State of California, all as more
particularly set forth hereafter in this Resolution.
(u) "Treasurer" or "Treasurer of the Agency" means the
officer who is then performing funetions of Treasurer of the
Agency.
Section 2. Amount, Issuance and Purpose of Bonds. Under and
pursuant to the Law and un er and pursuant to t is Resolution,
Bonds of the Agency in the principal amount of $1,850,000 shall be
issued by the Agency for the corporate purposes of the Agency to
aid in the financing of a portion of the cost of the Redevelopment
Project and for other lawful corporate purposes.
Section 3. Nature of Bonds. The Bonds shall be and are
special obligations of t e Agency and are secured by an irrevoc-
able pledge of, and are payable as to principal, interest thereon
and premium, if any, from, Tax Revenues and other funds as herein-
after provided. The Bonds, interest thereon and premium, if arty,
are not a debt of the City, the State of California or any of its
political subdivisions, and neither the City, State nor any of its
political subdivisions is liable on them, nor in any event shall
_ the Bonds, interest thereon and premium, if any, be payable out of
any funds or properties other than those of the Agency as set
forth in this Resolution. The Bonds do not constitute an indebt-
edness within the meaning of any constitutional or statutory debt
limitation or restriction. Neither the members of the Agency nor
any persons executing the Bonds are liable personally on the Bonds
by reason of their issuance.
The Bonds shall be and are equally secured by an irrevocable
pledge of Tax Revenues and other funds as hereinafter provided,
without priority for number, date of sale, date of execution, or
date of delivery, except as expressly provided herein.
The validity of the Bonds is not and shall not be dependent
upon: (a) the completion of the Redevelopment Project or any part
thereof, or (b) the performance by anyone of his obligation
relative to the Redevelopment Project, or (c) the proper expeni-
tures of the proceeds of the Bonds.
Nothing in this Resolution shall preclude: (a) the payment of
the Bonds from the proceeds of refunding bonds issued pursuant to
law, or (b) the payment of the Bonds from any legally available
funds. Nothing in this Resolution shall prevent the Agency from '
making advances of its own funds howsoever derived to any of the
uses and purposes mentioned in this Resolution.
4.
If the Agency shall pay or cause to be paid, or shall have
made provision to pay upon maturity or upon redemption prior to
maturity, to the Owners of the Bonds, the principal of, premium,
if any, and interest to become due thereon, through setting aside
trust funds or setting apart in a reserve fund or special trust
account created pursuant to this Resolution or otherwise, or
through the irrevocable seqregation for that purpose in some
sinking fund or other fund or trust account with a fiscal aqent or
otherwise, moneys sufficient therefor, including, but not limited
to, interest earned or to be earned on Permitted Investments, then
the lien of this Resolution, including, without limitation, the
pledge of the Tax Revenues, and all other riqhts granted hereby,
shall thereupon cease, terminate and become void and be discharged
and satisfied, and the principal of, premium, if any, and interest
on the Bonds shall no longer be deemed to be outstandinq and
unpaid; provided, however, that nothing in this Resolution shall
require the deposit of more than such Permitted Investments as may
be sufficient, takinq into account both the principal amount of
such Permitted Investments as may be sufficient, takinq into
account both the principal amount of such Permitted Investments
and the interest to become due thereon, to implement any refundinq
of the Bonds. In such event, the Fiscal Aqent shall cause an
accounting for such period or periods as shall be requested by the
Agency to be prepared and filed with the Aqency, and the Fiscal
Agent, upon the request of the Aqency, shall release the riqhts of
the Bondowners under this Resolution and execute and deliver to
the Agency all such instruments as may be desirable to evidence
such release, discharqe and satisfaction, and the Fiscal Aqent
shall pay over or deliver to the Agency all moneys or securities
held by it pursuant to this Resolution which are not required for
the payment or redemption of Bonds not theretofore surrendered for
such payment or redemption.
Provision shall be made by the Agency, satisfactory to the
Fiscal Agent, for mailed notice, postage prepaid, to the Owners of
Bonds that such moneys are available for payment.
Section 4. Description of Bonds. The Bonds shall be in the
principal amount of and shall be desiqnated as:
$1,850,000
REDEVELOPMENT AGFNCY OF TftE
CITY OF LAKE ELSINORE
PROJECT AREA NO. I
TAX ALLOCATION BONDS~ ISSUE OF 1984
The Bonds shall be issued in the form of fully registered
Bonds in denominations of $5,000 each or any whole multiple
thereof. The Bonds shall be dated as of:
February 1, 1984
The Bonds shall mature serially on February 1 in the years and
amounts as follows:
5.
Principal
Year Amount Year
Principal Principal
Amount Year Amount
1985 $20,000 1993 $40,000 2001 585,000
1986 20,000 199~ 45,000 2002 95,000
1987 20,000 1995 50,000 2003 105,000
1988 25,000 1996 55,000 2004 115,000
1989 25,000 1997 60,000 2005 125,000
1990 30,000 1998 65,000 2006 140,000
1991 30,000 1999 70,000 2007 155,000
1992 35,000 2000 80,000 2008 170,000
2009 190,000
Section 5. Interest. The Bonds shall bear interest at a
rate to be hereafter fi ed by resolution, but not to exceed twelve
percent (12~) per annum.
All interest shall be payable semiannually on February 1 and
August 1 of each year, commencing August 1, 1984. Each Bond shall
bear interest until the principal sum thereof has been paid.
The Bonds shall be numbered by the Fiscal Agent as the Fiscal
Agent shall determine and shall be dated as of the date of authen-
tication thereof, except that the eonds shall be dated so that no
gain or loss of interest shall result from such exchange or
transfer. Each Bond shall bear interest from the interest payment
date next preceding the date thereof unless (a) it is authenti-
cated as of an interest payment date, in which case it shall bear
interest from that interest payment date, or (b) it is authenti-
cated prior to the first interest payment date, in which case it
shall bear interest from the date of the Bonds. Interest on the
Bonds shall be paid by the Fiscal Agent (out of the appropriate
funds) by check or draft mailed on the interest payment date to
the registered owner as his name and address appear on the
register kept by the Fiscal Agent at the close of business on the
fifteenth (15th) day preceding the interest payment date.
Section 6. Place of Payment. The Bonds, the interest
thereon and any premium upon t e redemption thereof prior to
maturity shall be payable in lawful money of the United States of
America and (except for interest on the Bonds which is payable by
check or draft as stated above) shall be payable at the main
office of the Fiscal Agent in Los Angeles, California.
Section 7. Forms of Bonds and Conversion. The Bonds shall
be non-negotiable and s a 1 e su stantia ly in the form attached
hereto and by this reference incorporated herein, marked "Exhibit
A". Such form is hereby approved and adopted as the form of the
Bonds and of the redemption, change, registration and assignment
provisions pertaining thereto, with necessary or appropriate
variations,'omissions and insertions as permitted or required by
this Resolution.
6.
Any Bonds issued pursuant to this Resolution may be initially
issued in temporary form exchangeable for definitive Bonds when
the same are ready for delivery. The temporary Bonds may be
printed, lithographed or typewritten, shall be of such denomina-
tions as may be determined by the Agency, shall be without coupons
and may contain such reference to any of the provisions of this
Resolution as may be appropriate. Every temporary Bond shall be
executed by the Agency and be issued by the Fiscal Agent upon the
same conditions and in substantially the same form and manner as
the definitive Bonds. If the Agency issues temporary Bonds, it
will execute and furnish definitive Bonds without delay, and,
thereupon, the temporary Bonds shall be surrendered for cancella-
tion at the principal office of the Fiscal Agent in Los Angeles,
California, or at such other place in California as the Agency may
approve, and the Fiscal Agent shall deliver in exchange for such
temporary Bonds an equal aggregate principal amount of definitive
Bonds of authorized denominations of this same issue. Until so
exchanged, the temporary Bonds shall be entitled to the same
benefits under this Resolution as definitive Bonds of this same
issue delivered hereunder, except that any interest which has
accrued thereon shall not be paid until the exchange has been
accomplished.
Section 8. Execution of Bonds. The Bonds shall be signed on
behalf of the Agency y its C airman by his facsimile signature
and by its Secretary by his facsimile signature, and the seal of
the Agency shall be impressed, imprinted or reproduced thereon.
The foregoing officers are hereby authorized and directed to sign
said Bonds in accordance with this Section. If any Agency member
or officer whose facsimile signature appears on the Bonds ceases
to be such member or officer before delivery of the Bonds, his
signature is as effective as if he had remained in office.
The Fiscal Agent shall authenticate the Bonds on registration
and/or change to effectuate the registration and exchange pro-
visions set forth in Section 9, and only such of the Bonds as
shall have endorsed thereon a certificate of authentication, sub-
stantially in the form set forth in Exhibit "A", duly executed by
the Fiscal Agent, shall be entitled to any rights, benefits, or
security under this Resolution. No Bond shall be valid or obliga-
tory for any purpose unless and until such certificate of authen-
tication shall have been duly executed by the Fiscal Agent, and
such Certificate of the Fiscal Agent, upon any such Bond shall be
conclusive and the only evidence that such Bond has been duly
authenticated and delivered under this Resolution. The Fiscal
Agent's certificate of authentication on any Bond shall be deemed
to have been duly executed if signed by an authorized officer of
the Fiscal Agent, but it shall not be necessary that the same
officer sign the certificate of authentication on all of the Bonds
that may be issued hereunder at any one time.
7.
Section 9. Registration, Exchange and Transfers.
(a) The registration of each Bond shall be transferable only
upon the Bond Register, upon surrender thereof together with a
written instrument of transfer satisfactory to the Fiscal Agent
duly executed by the registered Owner or his duly authorized
attorney. Upon the registration of the transfer and the surrender
of any such Bond, the Fiscal Agent shall provide, in the name of
the transferee, a new Bond or Bonds of the same aggregate princi-
pal amount and maturity as the surrendered Bond or Bonds.
(b) The Fiscal Agent shall deem and treat the person in
whose name any Outstandinq Bond shall be registered upon the Bond
Register as the absolute owner of such Bond, whether such Bond
shall be overdue or not, for the purpose of receiving payment of,
or on account of, the principal and interest payments with respect
to such Bond for all other purposes, and all such payments so made
to any such registered Owner or upon his order shall be valid and
effectual to satisfy and discharge the liability upon such Bond to
the extent of the sum or sums so paid, and neither Agency nor the
Fiscal Agent shall be affected by any notice to the contrary. The
Agency agrees to indemnify the Fiscal Agent or cause the Fiscal
Agent to be indemnified against any and all loss, cost, charge,
expense, judgment or liability incurred by it, acting in good
faith and without gross negligence hereunder, in so treating such
registered Owner.
(c) In all cases in which the privilege of exchanging Sonds
or transferring registration of Bonds is exercised, the Fiscal
Agent shall execute and deliver Bonds in accordance with the
provisions of this Resolution. All IIonds surrendered in any such
exchanges or transfers shall forthwith be cancelled and destroyed
by the Fiscal Agent. For every such exchange or transfer of
Bonds, whether temporary or definitive, the Fiscal Agent may make
a charge sufficient to reimburse it for any tax, fee or other
governmental charge, other than one imposed by the Agency,
req~ired to be paid with respect to such exchange or transfer,
which sum or sums shall be paid by the person requesting such
exchange or transfer as a condition precedent to the exercise of
the privilege of making such exchange or transfer. Notwith-
standing any other provision of this Agreement, the cost of
preparing each new Bond upon the first exchange or transfer
following the initial delivery of the Bonds and any other expenses
of the Agency or Fiscal Agent incurred in connection therewith
(except any applicable tax, fee or other governmental charge other
than one imposed by the Agency) shall be paid by the Agency. The
Fiscal Agent shall not be obliged to make any such exchange or
transfer of Bonds during the fifteen (15) days next preceding any
date for payment of interest and/or principal.
Section 10. Bond Register. The Fiscal Agent will keep or
cause to be kept at its principal office in the City of Los
Angeles, California, sufficient books for the registration and
transfer of the Bonds, which shall at all times be open to
8.
inspection by the Agency; and, upon presentation for such purpose,
the Fiscal Agent shall, under such reasonable regulations as it
may prescribe, register or transfer, or cause to be registered or
transferred, on such register, the Bonds as hereinbefore provided.
Section 11. Call and Redemption of Bonds.
(a) Terms of Redemption. The Bonds maturing on or after
February 1, 1994, are subject to redemption in whole or in part
(but not in a total redemption amount of less than $20,000 at any
one time) in inverse order of mat~rity and by lot within a
maturity on any Interest Payment Date on or after February 1,
1994, at the principal amount thereof, toqether with the premium
set forth below (expressed as a percentage of the principal amount
to be redeemed), and accrued interest to the date fixed for
redemption from the proceeds of refunding bonds and/or any other
legally available funds of the Agency:
DATE OF REDEMPTION PREMIUM
February 1, 1994 and August 1, 1994 2.5~
February 1, 1995 and August 1, 1995 2.0%
February 1, 1996 and August 1, 1996 1.5~
February l, 1997 and August 1, 1997 1.0~
February 1, 1998 and August 1, 1998 .5g
Bonds may be called on February 1, 1999 and on any interest date
thereafter, without premium.
Redemption by lot shall be in such manner as the Fiscal Agent
shall determine; provided, however, that the portion of any Bond
to be redeemed shall be in the principal amount of $5,000 or any
multiple thereof, and that in selecting portions of the Bond, for
redemption, the Fiscal Agent shall treat each such Bond as
representing that number of Bonds which is obtained by dividing
the principal amount of such Bond by $5,000.
(b) Call and Redemption. The Agency may by resolution
direct the call and redemption prior to maturity of Bonds by the
Fiscal Agent in such amounts as funds are available therefor and
shall give notice to the Fiscal Aqent of such redemption at least
sixty (60) days prior to the redemption date.
(c) Notice of Redemption. When redemption is authorized or
required herein, the Fiscal Agent shall give to the Bondowners
notice of the redemption of the Bonds. Such notice shall specify:
(i) in whole or a designated portion of the Bonds to be redeemed,
(ii) the redemption date, and (iii) the place or places where the
redemption will be made. Such notice shall further state that on
the specified redemption date there shall becorne due and payable
upon each Bond to be redeemed, the principal thereof and premium,
if any, together with interest accrued to such redemption date,
and that from and after such redemption date interest thereon
shall cease to accrue and be payable.
9.
Notice of such redemption shall be given by mailing,
registered or certified mail, not more than sixty (60) days nor
less than thirty (30) days prior to the redemption date, copies of
the notice of redemption to each Owner of Bonds whose Bonds are to
be redeemed, at his address as it appears on the register or at
such address as he may have filed with the Fiscal Agent for such
purpose.
(d) Redemption Fund. Prior to notice given as above
required, t e Fiscal Agent shall establish, maintain and hold in
trust a separate fund which is hereby created for the purpose of
this Resolution entitled:
REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
PROJECT AREA NO. I
TAX ALLOCATION BONDS~ ISSUE OF 1984
REDEPdPTION FUND
There shall be set aside in the Redemption Fund, prior to
notice as above required, moneys for the purpose and sufficient to
redeem, at the premiums, if any, payable as provided in this
Resolution, the Bonds designated in such notice of redemption.
Such moneys shall be set aside in the Redemption Fund solely for
the purpose of redeeming the Bonds in advance of their maturity
and shall be applied on or after the redemption date specified in
the Notice of Redemption to the payment of principal and interest
with respect to the Bonds to be redeemed upon presentation and
surrender of such Bonds.
(e) Partial Redemption of Bonds. Opon surrender of any Bond
redeemed in part on y, t e Agency shall execute and the Fiscal
Agent shall authenticate and deliver to the registered owner
thereof, at the expense of the Agency, a new Sond or Bonds of
authorized denominations equal to aggregate principal amount to
the unredeemed portion of the Bond surrendered and of the same
interest rate or rates and same maturity or maturities.
The Bondowner may, in lieu of surrenderinq such Bond for a
new Bond, endorse on the reverse of such Bond a notation of such
partial redemption, in such form as may be satisfactory to the
Agency and the Fiscal Agent and such conditions as the Fiscal
Agent may approve. Such partial redemption shall be valid upon
payment of the amount thereby required to be paid to such Bond-
owner, and the Agency and the Fiscal Agent shall be released and
discharged from all liability to the extent of such payment
irrespective of whether such endorsement shall or shall not have
been made upon the reverse of such Bond by such Bondowner and
irrespective of any error or omission in such endorsement.
(f) Effect of Redemption. Notice of redemption having been
duly given as aforesaid, and moneys for payment of the orincipal
of, premium, if any, and interest payable upon redemption of the
Bonds being set aside as aforesaid, the Bonds, or parts thereof,
10.
as the case may be, so called for redemption shall, on the
redemption date, become due and payable at the redemption price
specified in such notice, interest on the Bonds, or parts thereof,
- as the case may be, so called for redemption shall cease to
accrue, and the Bonds, or parts thereof, as the case may be, shall
cease to be entitled to any lien, benefit or security under this
Resolution, and the Owners of the Bonds shall have no rights in
respect thereof except to receive payment of the redemption price
thereof, and, in the case of partial redemption of Bonds, to also '
receive a new Bond or Bonds for the unredeemed balance as
aforesaid.
All unpaid interest installments which shall have matured on
or prior to the redemption date designated in such notice shall
continue to be payable to the respective Owners thereof but
without interest thereon.
(g) Cancellation of Bonds. All Bonds, or parts thereof, as
the case may e, re eemed pursuant to the provisions of this
Section shall be cancelled upon surrender thereof and delivered
to, or upon the order of, the Agency.
(h) Rescission of Notice of Redemption. The Fiscal Agent
may, at its option, prior to t e ate fixed for redemption in any
- notice of redemption, rescind and cancel such notice of redemp-
tion.
Section 12. Funds. There is hereby established with the
Treasurer a special fund designated as:
REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
PROJECT AREA NO. I
REDEVELOPMENT FUND
There is hereby established with the Fiscal Agent a special
trust fund designated as:
REDEVELOPDIENT AGENCY OF THE
CITY OF LAKE ELSINORE
PROJECT AREA NO. I
SPECIAL FUND
Within the Special Fund, the following special trust funds
are hereby established: (a) the "Bond Interest Fund", (b) the
"Serial Bond Payment Fund", (c) the "Term Bond Sinking Fund", and
(d) the "Reserve Fund".
So long as any of the Bonds herein authorized, or any
interest thereon, remain unpaid, the moneys in the foregoing Funds
shall be used for no purposes other than those required or
nermitted by this Resolution, any resolution providing for the
issuance of Parity Bonds and the Law.
11.
Section 13. Sale
The Agency may prov di e
the manner provided by
The Fiscal Aqent,
proceeds from the sale
Bonds to the purchaser
proceeds as follows:
of Bonds and Disposition of Bond Proceeds.
by resolution for the sale of the Bonds in
law.
on behalf of the Aqency, shall receive the
of the Bonds, upon the delivery of the
a thereof, and shall dispose of such
(a) By depositing in the Reserve Fund a portion of the pro- ,
ceeds of the Bonds equal to the Maximum Annual Debt Service in the '
amount of: '
$207,100
Moneys in the Reserve Fund shall be transferred to the Bond ',
Interest Fund to pay interest on the Bonds as it becomes due to
the extent that moneys in the Bond Interest Fund are insufficent
therefor.
(b) By transferrinq to the Treasurer the balance of the
proceeds from the sale of the Bonds who shall. deposit the same in
the Redevelopment Fund. The moneys in the Redevelopment Fund ,
shall remain therein until from time to time expended for the '
purpose of aidinq in the financinq of a portion of the cost of the
Redevelopment Proiect and for other lawful corporate purposes; '
including without limitation:
(i) The payment, in any year ~uring which the Aqency '
owns property in the Redevelopment Project Area, to any city, '
county, city and county, district or other public corporation
which would have levied a tax upon such property had it not '
been exempt, an amount of money in lieu of taxes as ',
authorized by Section 33401 of the Law; and
(ii) The cost of any lawful corporate purpose; and
(iii) The necessary expenses in connection with the
issuance and sale of the Bonds and fees of the Fiscal Aqent ',
and Payina Aqents. ',
If any sum remains in the Redevelopment Fund after the full
accomplishment of the objects and purposes for which'the Bonds
were issued, such sum shall be transferred to the Special Fund. ',
Section 14. Tax Revenues. As provided in the Redevelopment '
Plan pursuant to Article 6 of Chapter 6 of the Law and Section 16
of Article XVI of the Constitution of the State of California,
taxes levied upon taxable property in the Redevelopment Pro~ect
Area each year by or for the benefit of the State of California,
any city, countp, city and county, district, or other public
corporation (herein sometimes collectively called "taxing
agencies") after the effective date of the Ordinance approvinq the
Redevelopment Plan (beinq Ordinance No. 624 of the City, which
Ordinance became effective on Auqust 12, 1981) shall be divided as
follows:
12.
(a) That portion of the taxes which would be produced by the '
rate upon which the tax is levied each year by or for each of the '
taxing agencies upon the total sum of the assessed value of the
taxable property in the Redevelopment Project Area as shown upon
the assessment roll used in connection with the taxation of such
property by such taxing agency last equalized prior to August 12, ,
1981 (beinq the effective date of Ordinance No. 624 above
referred to) shall be allocated to and when collected shall be '
paid into the funds of the respective taxing agencies as taxes by '
or for the taxing agencies on all other property are paid; and '
(b) That portion of said levied taxes each year in excess of
such amount shall be allocated fo and when collected shall be paid
into the Special Fund of the Agency. Such portion is herein
referred to as "Tax Revenues".
The foregoing provisions of this Section are a portion of the
provisions of Article 6 as applied to the Bonds and shall be '
interpreted in accordance with Article 6, and the further
provisions and definitions contained in Article 6 are incorporated '
herein by reference and shall apply. '
The Tax Revenues (except that portion which the Agency may
use pursuant to Section 15 hereof for any p~rpose a~thorized in
Article 6) are hereby irrevocably pledged in their entirety to the
payment of the principal of, premium, if any, and interest on the
Bonds and Parity Bonds, if any, as in this Resolution provided,
and until all of the Bonds and Parity Bonds, if any, and all
interest thereon, have been paid (or until moneys for that purpose ,
have been irrevocably set aside), the Tax Revenues (subject to the '
exception set forth above) shall be applied solely to the payment '
of the Bonds and any Parity Bonds and the interest thereon as in ',
this Resolution provided. Such allocation and pledge is for the
exclusive benefit of the Owners of the Bonds and shall be irrevoc-
able,
Section 33645 of the Health and Safety Code provides, in
applicable part here, as follows:
"The resolution, trust indenture, or mortgage shall
provide that tax increment funds allocated to an
agency pursuant to Section 33670 shall not be payable
to a trustee on account of any issued bonds when
sufficient funds have been placed with the trustee to
redeem all outstanding bonds of the issue".
This Resolution is presently in compliance with the above
quoted provision and shall be so construed.
Section 15. Special Fund. All Tax Revenues shall be
deposited in the Special Fund. The interest on the Bonds and any
Parity Bonds until maturity shall be paid by the Fiscal Agent from
the Special Fund. At the maturity of the Bonds and any Parity
Bonds, and, after all interest then due on the Bonds and Parity
13.
Bonds then outstanding has been paid or provided for, moneys in
the Special Fund shall be applied to the payment of the principal
of any of such Bonds and Parity Bonds.
Without limiting the generality of the foregoing and for the
purpose of assuring that the payments referred to above will be
made as scheduled, the Tax Revenues accumulated in the Special
Fund shall be Used in the following priority; provided, however,
that to the extent that deposits have been made in any of the
Funds referred to below from the proceeds of the sale of the Bonds
or otherwise, the deposits below need not be made:
(a) Bond Interest Fund. Deposits shall be made into the
Bond Interest Fund so t at the balance in said Fund one month
prior to the date of the payment of any installment of interest on
the Bonds and Parity Bonds shall be equal to six (6) months'
interest on the then outstanding Bonds and Parity Bonds. Moneys
in the Bond Interest Fund shall be used for the payment of
interest on the Bonds and Parity Bonds as the same becomes due,
and, after such payment, the Fund shall be restored by further
deposits to the required balance.
(b) Serial Bond Payment Fund. After the deposits have been
made pursuant to subparagrap (a) above, deposits shall next 6e
made into the Serial Bond Payment Fund so that the balance in said
Fund on December 1 of each year is equal to the principal coming
due on the then outstanding serial Bonds and serial Parity Bonds
on the next succeeding February 1. Moneys in the serial Bond
Payment Fund shall be used for the payment of the principal of
such serial Bonds and serial Parity Bonds, as the same becomes
due, and, after such payment, the Fund shall be restored by
further deposits to the required balance.
(c) Term Bond Sinkinq Fund. After the deposits have been
made pursuant to su paragrap a) above and subparagraph (b)
above, deposits shall next be made into the Term Bond Sinking Fund
so that the balance in said Fund on December 1 of each year is
equal to the Minimum Sinking Fund Payment for that year on the
then outstanding Bondsl.
Moneys in the Term Bond Sinking Fund shall be used and
applied by the Fiscal Agent to call and redeem the largest
principal amount of outstanding Bonds and term Parity Bonds which
can be called with the moneys available therefor. Any such call
and redemption shall be made in accordance with the provisions of
Section 11 hereof.
1 There are no term Bonds in this issue and this
subparagraph (c) is inserted here in case, at a
later time, the Agency issues Term Parity Bonds.
14.
(d) Reserve Fund. After deposits have been made pursuant to
subparagrap (a), subparagraph (b) and subparagraph (c) above,
deposits shall next be made into the Reserve Fund, if necessary,
so that the balance in said Fund is equal to the Maximum Annual
Debt Service. Moneys in the Reserve Fund shall be transferred or
applied as follows: '
(i) Prior to August 1, 1984, moneys in the Reserve Fund
(an initial deposit into which shall be made from Bond
proceeds and other sources pursuant to Section 13 hereof)
shall be transferred to the Bond Interest Fund to pay ,
interest on the Bonds as it becomes due to the extent moneys
in the Bond Interest Fund are insufficient therefor. Any
portion of the Reserve Fund which is in excess of an amount
equal to the Maximum Annual Debt Service shall, at the option
of the Agency, either be transferred to the Redevelopment
Fund or used for the call and redemption prior to maturity of
the Bonds.
(ii) After August 1, 1984, moneys in the Reserve Fund
shall be used solely for the purpose of paying the interest
on and principal of the Bonds and Parity Bonds as scheduled
in the event that the moneys in the Bond Interest Fund or
Serial Bond Payment Fund or Term Bond Sinking Fund are
insufficient theretor and for that purpose the Fiscal Agent
shall caithdraw and transfer moneys from the Reserve Fund to
the appropriate Fund. Moneys in the Reserve Fund may be used
to pay the interest and/or principal of the last outstanding
maturity of the Bonds and/or Parity Bonds so that the issue
of Bonds and/or Parity Bonds will be retired.
(e) Surplus. It is the intent of this Resolution: (i) that '
the deposits provided for in subparagraphs (a), (b) and (c) above '
to the Bond Interest Fund, Serial Bond Payment Fund and Term Bond
Sinking Fund, respectively, shall be made as scheduled, and (ii)
that the deposits provided for in subparaqraph (d) above to the
Reserve Fund shall be made as scheduled, if and only if the Tax
Fevenues are sufficient therefor. Failure to make the required
deposits into the Reserve Fund, as specified in subparagraph (d)
above, shall not be an event of default if, and only if, the Tax -
Revenues are insufficient therefor. Should it be necessary to
defer all or part of any deposits referred to in subparagraph (d)
above, the obligation to make such deferred deposits shall be '
cumulative and shall be made when the Tax Revenues are sufficient
to make the deposits required by subparagraphs (a), (b) and (c)
and thereafter make the deposits required by subparagraph (d).
Any moneys remaining in the Special Fund (other than those moneys
in the Bond Interest Fund, Serial Bond Payment Fund, Term Bond ,
Sinkiny Fund or Reserve Fund thereof) on February 1, 1985, and on
each February 1 thereafter, after the above transfers have been
made, may, upon receipt of a certificate of the Fiscal Agent '
certifying that such moneys are in excess of the amounts presently
required for the foregoing Funds, be declared "Surplus" and shall
be:
P
(i) Used by the Fiscal Agent, at the direction of the
Agency, for the payment of the principal of and interest on
obligations hereafter issued by the Agency pursuant to the
_ Law and having a lien on the Tax Revenues which is junior to
the Bonds herein authorized, as permitted in Section 17 and
Covenant 3 of Section 18) as used herein "obligations" shall
include, without limitation, bonds, notes, interim certifi-
cates, debentures or other obligations, loans, advances or
other forms of indebtedness incurred by the Agency); or
(ii) Used and applied by the Fiscal Agent, at the
direction of the Agency: (a) to the purchase of the Bonds,
provided that such Bonds shall not be purchased at a price in
excess of the then current redemption price or in excess of
the maximum redemption price if such Bonds are not then
subject to redemption, or (b) for transfers to the Redemption
Fund to be used to call and redeem Bonds prior to maturity,
or (c) for transfers to the Agency to be used and applied by
the Agency for any lawful purpose, provided that the Tax
Revenues to be received for the next Fiscal Year by the
Agency, based upon the most recent assessed valuation of
taxable property in the Redevelopment Project Area, are at
least equal to 1.30 times the Maximum Annual Debt Service on
all Bonds, Parity Bonds and any loans, advances or
indebtedness payable from the Tax Revenues pursuant to
Section 33670 of the Law, all as shown by the certificate or
opinion of an Independent Financial Consultant appointed by
the Agency.
Section 16. Deposit and Investment of Moneys in Funds.
Subject to the provisions of Covenant 9 o Section 1 hereof, all
moneys held by the Agency in the Redevelopment Fund and by the
Fiscal Agent in the Special Fund, except such moneys which are at
the time invested, shall be held in time or demand deposits in any
bank or trust company authorized to accept deposits of public
funds (including the banking department of the Fiscal Agent) and
shall be secured at all times by bonds or other obligations which
are authorized by law as security for public deposits, of a market
value at least equal to the amount required by law.
Moneys in the Redevelopment Fund may from time to time be
invested by the Agency, and moneys in the Special Fund may, and,
upon written request of the Agency, shall, be invested by the
Fiscal Agent as provided by law, subject to the following
restrictions:
(a) Moneys in the Redevelopment Fund shall be invested only
in obligations which will by their terms mature not later than the
date the Agency estimates the moneys represented by the particular
investment will be needed for withdrawal from such Fund.
(b) Moneys in the Bond Interest Fund, Serial Bond Payment
F~nd and Term Bond Sinkinq Fund of the Special Fund shall be
invested only in obligations which will by their terms mature on
16.
such dates as to insure that before each interest payment date
there will be in such Funds, from matured obligations and other
moneys already in such Funds, cash equal to the interest and
principal payable on such date, and moneys in the Reserve Fund of
the Special Fund shall be invested only in obligations which will
by their terms mature within such time period or periods as may be
recommended from time to time by the opinion of an Independent
Financial Consultant appointed by the Agency.
Obligations purchased as an investment of moneys in any of
said Funds shall be deemed at all times to be a part of such Fund
and the interest accruing thereon and any gain realized from such
investment shall be credited to such Fund and any loss resultinq
from any such authorized investment shall be charged to such Fund
without liability to the Agency or the members and officers
thereof or to the Fiscal Agent. The Agency or the Fiscal Agent,
as the case may be, shall sell at the best price obtainable or
present for redemption any obligation so purchased whenever it
shall be necessary to do so in order to provide moneys to meet any
payment or transfer from such Fund as required by this Resolution.
For the purpose of determining at any given time the balance in
any such Fund any such investment constituting a part of such Fund
shall be valued at the then estimated or appraised market value of
such investment; provided, however, that investments in the Bond
Interest Fund, Serial Bond Payment Fund and Term Bond Sinking Fund
shall be valued at the face amount thereof.
Section 17. Issuance of Parity Bonds. If at any time the
Agency determines that it will not have sufficient moneys
availahle from the sale of the $1,850,000 Bonds and other sources
to pay the costs of the Redevelopment Project, the Agency may
provide for the issuance of, and sell, Parity Bonds in such
principal amouats as it estimates will be needed for such purpose.
Such Parity Bonds shall be and are equally secured with the Bonds
by an irrevocable pledge of Tax Revenues, without priority for
number, date of sale, date of execution or date of delivery,
except as expressly provided herein; and the resolution or
resolutions providing for the issuance of such Parity Bonds shall
contain substantially the same covenants as are set forth herein.
The issuance and sale of any Parity Bonds shall be subject to the
following conditions precedent:
(a) The Agency shall be in compliance with all covenants set
forth in this Resolution.
(b) The resolution or resolutions providing for the issuance
of such Parity Bonds shall require that from the proceeds of the
sale thereof, or from other legally available funds, there shall
be deposited in the Reserve Fund an amount, which, together with
the balance in said Fund, shall equal the Maximum Annual Debt
Service, as required by Section 15(d) hereof.
(c) The Parity Bonds shall be serial bonds and/or term bonds
scheduled, when combined with the o~tstanding maturities and
17.
Minimum Sinking Fund Payments of the Bonds, to mature or to be
called and redeemed prior to maturity, on a substantially level
debt service basis on February 1 of any year, the latest maturity
_ of which shall be in a year not earlier than the latest maturity
of the Bonds, and the interest thereon shall be payable semi-
annually on the same dates as interest on the Bonds is payable,
except that interest for the first year may be payable at the end
of said year.
(d) Tax Revenues received by the Agency, for the current
Fiscal Year during which the calculation is made, or to be
received by the Agency for the Fiscal Year following the date on
which the calculation is made, based upon the most recent assessed
valuation of taxable property in the Redevelopment Project Area,
plus, at the option of the Agency, the item hereinafter designated
(i), are at least equal to 1.30 times the Maximum Annual Debt
Service on all ~onds, Parity Bonds and any loans, advances or
indebtedness payable from Tax Revenues pursuant to Section 33670
of the Law, which will be outstanding following the issuance of
such Parity Bonds:
(i) The item which may be added for the purpose of
applying the above restrictions is an allowance for estimated
annual additional Tax Revenues to be received by the Aqency
_ within any of the three (3) Fiscal Years following the date
the computation is made due to increases in assessed
valuation of taxable property in the Redevelopment Project
Area resulting from executed Disposition and Development
Agreement(s) between the Agency and a~ualified Developer,
and/or construction in proqress on the date such computation
is made.
(e) The issuance of such Parity Bonds shall have been
recommended by an opinion of an Independent Financial Consultant.
Notwithstanding the foregoing, if the Aqency is in compliance
with all covenants set forth in this Resolution, the Agency may
issue and sell obligations pursuant to the Law, having a lien on
the Tax Revenues which is junior to the Bonds herein a~thorized
and which shall be payable solely from "Surplus" as then declared
or which may thereafter be declared pursuant to Section 15 hereof
(as used herein "obligations" shall include, without limitation,
bonds, notes, interim certificates, debentures or other
obligations, loans, advances or other forms of indebtedness
incurred by the Agency).
Section 18. Covenants of the Agency. As long as any of the
Bonds are outstanding and unpaid, the Agency shall (through its
proper members, officers, agents or employees) faithfully perform
and abide by all of the covenants, undertakinys and provisions
contained in this Resolution or in any Bond issued hereunder,
including the following Covenants and agreements for the henefit
of the Bondowners which are necesary, convenient and desirable to
secure the IIonds and will tend to make them more marketable;
18.
provided, however, that said Covenants do not require the Agency
to expend any funds other than the Tax Revenues:
COVENANT 1. Complete Redevelopment Project; Amendment to
Redevelopment Plan. T e Agency covenants and agrees t at it will
diligently carry out and continue to completion, with all
practicable dispatch, the Redevelopment Project in accordance with
its duty so to do under and in accordance with the Law and the
Redevelopment Plan and in a sound and economical manner. The
Redevelopment Plan may be amended as provided in the Law but no
amendment shall be made unless it will not substantially impair
the security of the Bonds or the rights of the Bondowners, as
shown by an Opinion of Counsel, based upon a certificate or
opinion of an Independent Financial Consultant appointed by the
Agency.
COVGNANT 2. Use of Pr
and Operation of
Properties. The Agency cov
t e~~ of the Bonds will
this Resolution and that it
owned by it and comprising
in a sound and businesslike
enants and agrees that the proceeds of
be deposited and used as provided in
will manage and operate all properties
any part of the Redevelopment Project
manner.
COVENANT 3. No Priority. The Agency covenants and agrees
that it will not issue any oTligations payable, either as to
principal or interest, from the Tax Revenues which have, or
purport to have, any lien upon the Tax Revenues prior or superior
to the lien of the Bonds herein authorized and interest thereon.
Except as permitted in Section 17 hereof, it will not issue any
obligations, payable as to principal or interest, from the Tax
Revenues, which have, or purport to have, any lien upon the Tax
Revenues on a parity with the Sonds herein authorized and interest
thereon. Notwithstanding the foregoing, nothing in this
Resolution shall prevent the Agency (i) from issuing and selling
pursuant to law, refunding obligations payable from and having any
lawful lien upon the Tax Revenues, if such ref~nding obligations
are issued for the purpose of, and are sufficient for the purpose
of, refunding all of the outstanding Bonds, or (ii) from issuing
and selling obligations which have, or purport to have, any lien
upon the Tax Revenues which is junior to the Bonds herein
authorized and interest thereon, or (iii) from issuing and selling
bonds or other obligations which are payable in whole or in part
from sources other than the Tax Revenues. As used herein
"obligations" shall include, without limitation, bonds, notes,
interim certificates, debentures or other obligations, loans,
advances or other forms of indebtedness incurred by the Agency.
COVENANT 4. Punctual Payment. The Agency covenants and
_ agrees that it will duly and punctually pay or cause to be paid
the principal of and interest on each of the Bonds issued
hereunder on the date, at the place and in the manner provided in
the Bonds.
19.
COVENANT 5. Payment of Taxes and Other Charges. The Agency
covenants and agrees that it will from time to time pay and
discharge, or cause to be paid and discharged, all payments in
lieu of taxes, service charges, assessments or other governmental
charges which may lawfully be imposed upon the Agency or any of
the properties then owned by it in the Redevelopment Project Area,
or upon the revenues and income therefrom, and will pay all lawful
claims for labor, materials and supplies which if unpaid might
become a lien or charge upon any of said properties, revenues or
income or which might impair the security of the Bonds or the use
of Tax Revenues or other legally available funds to pay the
principal of and interest thereon, all to the end that the
priority and security of the Bonds shall be preserved; provided,
however, that nothing in this Covenant shall reguire the Agency to
make any such payment so long as the Agency in good faith shall
contest the validity thereof.
COVENANT 6. Books and Accounts; Financial Statements. The
Agency covenants and agrees that it will at all times keep, or
cause to be kept, proper and current books and accounts (separate
from all other records and accounts) in which complete and
accurate entries shall be made of all transactions relating to the
Redevelopment Project and the Tax Revenues and other funds
relating to said Project, and will prepare within one hundred
twenty (120) days after the close of each of its Fiscal Years a
complete financial statement or statements for such year in
reasonable detail covering such Redevelopment Project, Tax
Revenues and other funds, accompanied by an opinion of an
Independent Certified Public Acco~ntant appointed by the Agency,
and will furnish a copy of such statement or statements to the
original purchaser(s) of the Bonds (in the case of a syndicate,
the manager thereof), and any rating agency which maintains a
rating on the Bonds, and, upon written request, to any
Bondowner.
COVENANT 7. Eminent Domain Proceeds. The Agency covenants
and agrees that if all or any part of the Redevelopment Project
Area should be taken from it, by eminent domain proceedings or
other proceedings authorized by law, for any public or other use
under which the property will be tax exempt, the net proceeds
realized by the Agency therefrom will be deposited in the Special
Fund and used and applied for the purpose of paying principal of
and interest on the Bonds provided as in this Resolution.
COVCNANT 8. Disposition of Property. The Agency covenants
and agrees that it will not dispose of more than ten percent (10~)
of the land area in the Redevelopment Project Area (except
property shown in the Redevelopment Plan in effect on the date
this Resolution is adopted as planned for public use, or property
to be used for public streets, public offstreet parking, sewage
facilities, parks, easements or rights-of-way for public
utilities, or other similar uses) to public bodies or other
persons or entities whose property is tax exempt, unless such
disposition will not result in the security of the Bonds or the
20.
rights of Bondowners being substantially impaired, as shown by an
Opinion of Counsel, based upon the certificate or opinion of an
Independent Financial Consultant appointed by the Agency.
COVENANT 9. Protection of Security and Rights of Bondowners;
No Arbitrage. The Aqency covenants and agrees to preserve and
protect t~ie security of the Bonds and the rights of the Bondowners
and to defend their rights under all claims and demands of all
persons. Without limiting the generality of the foregoing, the
Agency covenants and agrees to contest by court action or other-
wise (a) the assertion by any officer of any government unit or
any other person whatsoever against the Agency that (i) the Law is
unconstitutional or (ii) that the Tax Revenues pledged hereunder
cannot be paid to the Agency for the debt service on the Bonds, or
(b) any other action affecting the validity of the Bonds or
diluting the security therefor, or (c) any asserton by the United
States of America or any department or agency thereof or any other
person that the interest received by the Bondowners is taxable
under federal income tax laws. The Agency covenants and agrees to
take no action which, in the Opinion of Counsel would result in
(a) the Tax Revenues being withheld unless the withholding thereof
is being contested in good faith, and (b) the interest received by
the Bondowners becoming taxable under federal income tax laws.
The Agency covenants and agrees that it will make no use of the
proceeds of the Bonds at any time during the term thereof which,
if such use had been reasonably expected at the date the Bonds are
issued, would have caused such Bonds to be "arbitrage bonds" with-
in the meaning of Section 103(c) of the United States Internal
Revenue Code of 1954, as amended, and applicable regulations
adopted thereunder by the Internal Revenue Service, and the Agency
hereby assumes the obligation to comply with such Section 103(c)
and such regulations throughout the term of the Bonds.
Section 19. Taxation of Leased Property. Whenever any
property in the Redevelopment Project Area has been re~eveloped
and thereafter is leased by the Agency to any person or persons
(other than a public agency) or whenever the Agency leases real
property in the Redevelopment Project Area to any person or
gersons (other than a public agency) for redevelopment, the
property shall be assessed and taxed in the same manner as
privately owned property, as required by Section 33673 of the Law,
and the lease or contract shall provide (a) that the lessee shall
pay taxes upon the assessed value of the entire property and not
merely upon the assessed value of his or its leasehold interest,
and (b) that if for any reason the taxes levied on such property
in any year during the term of the lease or contract are less than
the taxes which would have been levied if the entire property had
been assessed and taxed in the same manner as privately owned
property, the lessee shall pay such difference to the Agency
within thirty (30) days after the taxes for such year become
payable to the taxing agencies and in no event later than the
delinquency date of such taxes established by law. All such
payments shall be treated as Tax Revenues, and when received by
the Agency shall be deposited in the Special Fund.
21.
Section 20. Fiscal Agent and Paying Agents. Prior to the
delivery of the Bonds, t e Agency shall appoint a Fiscal Agent to
act as the agent, trustee and depositary of the Agency for the
purpose of receiving Tax Revenues and other funds in trust as
provided in this Resolution, to hold, allocate, use and apply such
Tax Revenues and other funds in trust as provided in this
Resolution, and to perform such other duties and powers of the
Fiscal Agent as are prescribed in this Resolution.
The Agency may remove the Fiscal Agent initially appointed or
any successor thereto and in such case shall forthwith appoint a
successor thereto but any successor shall be a bank or trust
company doing business and having an office in the City of Los
Angeles, havinq a combined capital and surplus of at least
$50,000,000. The Fiscal Agent herein appointed or any substituted
Fiscal Agent may at any time resign as such by writing filed with
the Agency in which event the Agency shall forthwith aPpoint a
substitute Fiscal Agent and the resignation shall become effective
upon such appointment. In the event that the Fiscal Agent or any
successor becomes incapable of actin9 as such, the Agency shall
forthwith appoint a substitute Fiscal Agent. Any bank or trust
company into which the Fiscal Agent may be merged or with which it
may be consolidated shall become the Fiscal Agent without action.
of the Agency. The Fiscal Agent may become the owner of any of
the Bonds authorized by this resolution with the same rights it
would have had if it were not the Fiscal Agent.
- The Fiscal Agent shall have no duty or obligation whatsoever
to enforce the collection of or to exercise diligency in the
enforcement of the collection of funds assigned to it hereunder,
or as to the correctness of any amounts received, but its
liability shall be limited to the proper accounting for such funds
as it shall actually receive.
The recitals of fact and all promises, covenants and
agreements herein and in the Bonds shall be taken as statements,
promises, covenants and agreements of the Agency, and the Fiscal
Agent assumes no responsibility for the correctness of the same,
and makes no representations as to the validity or sufficiency of
this Resolution or of the Bonds, and shall incur no responsibility
in respect thereof, other than in connection with the duties or
obligations herein or in the Bonds assigned to or imposed upon the
Fiscal Agent. The Fiscal Agent shall not be liable in connection
with the performance of its duties hereunder, except for its own
neqligence or default.
The Agency shall have discretion,
Bonds, to provide for Paying Agents, at
Illinois, and at least one in New York,
which the Bonds and interest theron are
the Owner.
during the
least one
New York,
payable at
life of the
in Chicago,
at the office of
the option of
22.
Section 21. Lost, Stolen, Destroyed or Mutilated Bonds. In
the event that any Bond is lost, stolen, destroyed or mutilated,
the Agency will cause to be issued a new Bond similar to the
original to replace the same in such manner and upon such
reasonable terms and conditions, including the payment of costs
and the posting of a surety bond if the Agency deems such surety ',
bond necessary, as may from time to time be determined and '
prescribed by resolution. The Agency may authorize such new Bond '
to be signed and authenticated in such manner as it determines in ',
said resolution. '
Section 22. Cancellation of Bonds. All Bonds surrendered to
the Fiscal Agent or any Paying Agent or payment at the maturity '
thereof or, in the case of call and redemption prior to maturity, ,
at the redemption date, shall upon payment therefor be cancelled
immediately and forthwith transmitted to the Treasurer or
destroyed by the Fiscal Agent at the direction of the Agency, in
which latter event a certificate of destruction shall forthwith be
transmitted to the Treasurer. Any Bonds purchased by the Fiscal
Agent as aforesaid shall be cancelled immediately and forthwith
transmitted to the Treasurer or destroyed as aforesaid. All of
the cancelled Bonds not therefore destroyed shall remain in the
custody of the Treasurer until destroyed pursuant to due
authorization.
Section 23. Amendments. This Resolution, and the rights and
obligations of the Agency and of the Owners of the Bonds may be
modified or amended at any time 6y supplemental resolution adopted
by the Agency: (a) without the consent of Bondownezs, if such '
modification or amendment is for the purpose of curing any '
ambiguities, defects or inconsistent provisions in this Resolution
or to insert such provisions clarifying matters or questions ',
arising under this Resolution as are necesary and desirable to
accomplish the same, provided that such modifications or ',
amendments do not adversely affect the rights of. the Bondowners,
as shown by an Opinion of Counsel, and/or (b) with the consent of '
Bondowners holding sixty percent (60~) in aggregate principal '
amount of the outstanding Bonds, exclusive of Bonds, if any, owned
by the Agency or the City, and obtained as hereinafter set forth;
provided, however, that no such modification or amendment shall,
without the express consent of the Owner of the Bond affected,
reduce the principal amount of any Bond, reduce the interest rate
payable thereon, extend its maturity or the times for paying
interest thereon or change the monetary medium in which principal
and interest is payable, or reduce the percentaqe of consent
required for amendment or modification.
Any act done pursuant to a modification or amendment so
consented to shall be binding upon the Owners qf all of the Bonds
and shall not be deemed an infringement of any of the provisions '
of this Resolution or of the Law, whatever the character of such
act may be, and may be done and performed as fully and freely as
if expressly permitted by the terms of this Resolution, and after ',
such consent relating to such specified matters has been given, no '
23.
Bondowner shall have any right or interest to object to such
action or in any manner to question the propriety thereof or to
enjoin or restrain the Agency or any officer thereof from taking
any action pursuant thereto.
(a) Calling Bondowners' Meeting. If the Agency shall desire
to obtain any such consent it shall duly adopt a resolution
calling a meeting of Bondowners for the purpose of considerinq the
action the cons~nt of which is desired.
(b) Notice of Meeting. Notice specifying the purpose,
place, date and our of such meeting shall be given by mail,
postage prepaid, not less than sixty (60) days nor more than
ninety (90) days prior to the date fixed for the meeting, to the
respective registered owners thereof at their addresses appearing
on the bond register in the hands of the Fiscal Agent. Notice
shall also be mailed to each Bondowner who has filed his name and
address with the Fiscal Agent for this purpose. The place, date
and hour of holding such meeting and the date or dates of mailing
such notice shall be determined by the Agency in its discretion.
Such notice shall set forth the nature of the proposed action
consent to which is desired.
The actual receipt by any Bondowner of notice of any such
meeting shall not be a condition precedent to the holding of such
meeting, and failure to receive such notice shall not affect the
validity of the proceedings thereat. A certificate by the
Secretary of the Agency, approved by resolution of the Agency,
that the meeting has been called and that notice thereof has been
given as herein provided, shall be conclusive as against all
parties and it shall not be open to any Pondowner to show that he
failed to receive actual notice of such meeting.
(c) Voting Qualifications. Prior to any such meeting,
the Fiscal Agent shall prepare and deliver to the chairman of the
meetinq a statement of the names and addresses of the Owners of
the Bonds, such statement to show maturities, serial numbers and
the principal amounts so that voting qualifications can be
determined. No Bondowners shall be entitled to vote at such
meeting unless their names appear upon such statement. D1o
Bondowners shall be permitted to vote with respect to a larger
aggregate principal amount of Bonds than is set against their
names on such statement.
(d) Issuer-Owned Bonds. No person shall be permitted at the
meeting to vote or consent with respect to any Bond which it shall
be established at or prior to the meeting is owned by the Agency
or the City, directly or indirectly, and no such Bond (in this
Resolution referred to as "issuer-owned Bond") shall be counted in
determining whether a quorum is present at the meeting.
(e) Quorum and Procedure. A representation of at least
sixty percent (60~) in aggregate principal amount of the Bonds
then outstanding (exclusive of issuer-owned Bonds, if any) shall
be necessary to constitute a quorum at any meeting of Bondowners,
24.
but less than a quorum may adjourn the meeting from time to time,
and the meeting may be held so as adjo~rned without further
notice, whether such adjournment shall have been held by a quorum
, or by less than a quor~m. The Agency shall, by an instrument in
writing, appoint a temporary chairman of the meeting, and the
meeting shall be organized by the election of a permanent chairman
and secretary. At any meeting each Bondowner shall be entitled to
, one vote for every $5,000 principal amount of Bonds with respect
', to o~hich he shall be qualified to vote as aforesaid, and such vote
', may be given in person or by proxy duly appointed by an instrument
', in writing presented at the meeting. The Agency, and/or the
' Fiscal Agent by their duly authorized representatives and counsel,
may attend any meeting of the Bondowners, but shall not be '
required to do so. '
(f) Vote Required. At any such meeting held as aforesaid ,
there shal e su mitted for the consideration and action of the '
' Bondowners a statement of the proposed action consent to which is ',
' desired, and if such action shall be consented to and approved by '
Bondowners holding at least sixty percent (60~) in aggregate
principal amount of the Bonds then outstanding (exclusive of
issuer-owner Bonds) the chairman and secretary of the meeting
shall so certify in writing to the Agency, and such certificate
shall constitute complete evidence of consent of the Bondowners
under the provisions of this Resolution. A certificate signed and
' verified by the chairman and the secretary of any such meeting
' shall be conclusive evidence and the only competent evidence of '
' matters stated in such certificate relating to proceedings taken ',
' at such meeting. ',
Section 24. Proceedings Constitute Contract; Events of '
Default and Remedies o Bondowners. The provisions of t is ',
Resolution, of the resolutions providing for the sale of the Sonds '
and awarding the Bonds and fixing the interest rate thereon, and
of any other resolution supplementing or amending this Resolution, ',
shall constitute a contract between the Agency and the Bondowners ',
and the provisions thereof shall be enforceable by any Bondowner ,
for the equal benefit and protection of all Bondowners similarly '
situated by mandamus, accounting, mandatory injunction or any
other suit, action or proceeding at law or in equity that is now
or may hereafter be authorized under the laws of the State of
California in any court of competent jurisdiction. Said contract
is made under and is to be construed in accordance with the laws
of the State of California. The following provisions shall not
limit the generality of the foregoing: ',
(a) Events of Default. If one or more of the following
events ("events of default") shall happen, that is to say -
(i) if default shall be made in the due and punctual
payment of any installment of interest on any Bond when and
as such interest installment shall become due and payable;
25.
(ii) if default shall be made in the due and punctual
payment of the principal of any Bond when and as the same
shall become due and payable, whether at maturity as therein
_ expressed, by declaration or otherwise;
(iii) if default shall be made in the due and punctual
payment into the Term Bond Sinking Fund, and such default
shall have continued for a period of thirty (30) days;
(iv) if default shall be made by the Agency in the
observance of any of the covenants, agreements or conditions
contained in this Resolution or in the Bonds, and such
default shall have continued for a period of thirty (30)
days; or
(v) if the Aqency shall file a petition or answer
seeking reorganization or arrangement under the federal
bankruptcy laws or any other applicable law of the United
States of America, or if a court of competent jurisdiction
shall approve a petition, filed with or without the consent
of the Aqency, seeking reorganization under the federal
bankruptcy laws or any other applicable law of the United
States of America, or if, under the provisions of any other
law for the relief or aid of debtors, any court of competent
jurisdiction shall assume custody or control of the Agency or
of the whole or any substantial party of its property;
-- then, and in each and every such case during the continuance of
such event of default, the Fiscal Agent or Bondowner(s) may, but
shall not be required to, exercise any and all remedies deemed
appropriate in the circumstances.
(b) Certain Remedies of Bondowners. Any Bondowner shall
have the right, for the equal benefit and protection of all
Bondowners similarly situated -
(i) by mandamus, suit, action or proceeding, to compel
the Agency and its members, officers, agents or employees to
perform each and every term, provision and covenant contained
in this Resolution and in the Bonds, and to require the
carrying out of any or all such covenants and agreements of
the Agency and the fulfillment of all duties imposed upon it
by the Law;
(ii) by suit, action or proceeding in equity, to enjoin
any acts or things which are unlawful, or the violation of
any of the Bondowners' rights; or
_ (iii) upon the happening of any event of default (as
defined in this Section), by suit, action or proceeding in
any court of competent jurisdiction, to require the Agency
and its members and employees to account as if it and they
were the trustees of an express trust.
26.
(c) Non-waiver. Nothing in this Section or in any other ,
provision of t- hi--`s Resolution, or in the Bonds, shall affect or ',
impair the obligation of the ~gency, which is absolute and
unconditional, to pay the principal of and interest on the Bonds I
to the respective Owners of the Bonds at the respective dates of '
maturity, as herein provided, or affect or impair the right, which
is also absolute and unconditional, of such Owners to institute
suit to enforce such payment by virtue of the contract embodied in
the Bonds. '
No remedy conferred hereby upon any Bondowner is intended to ,
be exclusive of any other remedy, but each such remedy is '
cumulative and in addition to every other remedy and may be
exercised without exhausting and without regard to any other
remedy conferred by the Community Redevelopment Law or any other
law of the State of California. No waiver of any default or I
breach of duty or contract by any Bondowner shall affect any '
subsequent default or breach of duty or contract or shall impair
any rights or remedies on said subsequent default or breach. No ,
delay or omission of any Bondowner to exercise any right or power ,
accruing upon any default shall impair any such right or power or ',
shall be construed as a waiver of any such default or acquiescence
therein. Every substantive right and every remedy conferred upon
the Bondowners may be enforced and exercised as often as may be
deemed expedient. In case any suit, action or proceeding to ,
enforce any right or exercise any remedy shall be brought or taken ',
and should said suit, action or proceeding be abandoned, or be '
determined adversely to the Bondowners, then, and in every such
case, the Agency and the Bondowners shall be restored to their
former positions, rights and remedies as if such suit, action or
proceeding had not been brought or taken. '
(d) Actions by Fiscal Agent as Attorney-in-Fact. Any suit,
action or proceeding which any Owner of the Bonds shall have the
right to bring to enforce any right or remedy hereunder may be
brought by the Fiscal Agent for the equal benefit and protection ,
of all Owners of Bonds similarly situated and the Fiscal Agent is ,
hereby appointed (and the successive respective Owners of the ',
Bonds, by taking and holding the same, shall be conclusively
deemed so to have appointed it) the true and lawful attorney-in-
fact of the respective Owners of the Bonds for the purpose of
bringing any such suit, action, or proceeding and to do and
perform any and all acts and things for and in behalf of the
respective Owners of the Bonds as a class or classes, as may be
necessary or advisable in the opinion of the Fiscal Agent as such
attorney-in-fact.
(e) General. After the issuance and delivery of the Bonds,
this Resoluti'on, and any supplemental resolutions hereto, shall 6e ',
irrepealable, but shall be subject to modification or amendment to
the extent and in the manner provided in this Resolution, but to
no greater extent and in no other manner.
27.
Section 25. CUSIP Identification Numbers. CUSIP identifica-
tion numbers will e imprin e on e on s, ut such numbers
shall not constitute a part of the contract evidenced by the Bonds
and no liability shall hereafter attach to the Agency or any of
the officers or agents thereof because of or on account of said
rnumbers. Any error or omission with respect to said numbers shall
not constitute cause for refusal by the successful bidder to
accept delivery of and pay for the Bonds.
Section 26. Severability. If any covenant, agreement or
provision, or any portionT~of`, contained in this Resolution,
or the applicetion thereof to any person or circumstance, is held
to be unconstitutional, invalid or unenforceable, the remainder of
this Resolution and the application of any such covenant,
aqreement or provision, or portion thereof, to other persons or
circumstances, shall be deemed severable and shall not be
affected, and this Resolution and the Bonds issued pursuant hereto
shall remain valid and the Bondowners shall retain all valid
rights and benefits accorded to them under this Resolution and the
Constitution and laws of the State of California. If the
provisions relating to the appointment and duties of a Fiscal
Agent are held to be unconstitutional, invalid or unenforceable,
said duties shall be performed by the Treasurer.
Section 27. Effective Date. This Resolution shall take
effect upon adoption.
ADOPTED AND APPROVED the 31st day of January, 1984.
~ c---~
-~{~ i/~-1
Chairman of he Redeveloprnent
Agency of the City of Lake
Elsinore
ATTEST:
~ ~
~a o~ Isa~9~
5ecretary of the Redevelopment
Agency of the City of Lake
Blsinore.
(SEAL)
28.
EXHIBIT A
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
PROJECT AREA NO. I
TAX ALLOCATION BOND, ISSUE OF 1984
No. R
The Redevelopment Agency of the City of Lake Elsinore (here- '
inafter sometimes called the "Agency"), a public body, corporate '
and politic, duly organized and existing under the laws of the I
State of California, for value received, hereby promises to pay ',
(but solely out of the funds hereinafter mentioned) to ,
or registerd assigns (the "Owner"), subject to the right of prior '
redemption hereinafter mentioned, the principal sum of
($ )
in lawful money of the United States of America and to pay ',
interest thereon in like lawful money from the interest payment ,
date next precedinq the date of authentication of this Bond, ',
(unless (i) this Bond is authenticated as of an interest payment ,
date, in which case it shall bear interest from said interest
payment date, or (ii) unless this Bond is authenticated prior to ,
the first interest payment date, in which case it shall bear ,
interest from its date) until the principal hereof shall have been ',
paid or provided for in accordance with the Resolution hereinafter ',
referred to, at the rate of '
~
ner annum. The interest shall be payable semiannually on
P'ebruary 1 and August 1
in each year commencing on February 1, 1984, as of the fifteenth
(15th) day immediately preceding the interest payment date. The
principal (or redemption price) hereof is payable at the principal
office of Crocker National Bank (the "Fiscal Agent" for the
Agency) in Los Angeles, California and interest hereon is payable
by check or draft mailed to the person whose name appears on the -
registration books of the Fiscal Agent as the registered Owner '
hereof at the close of business on the fifteenth (15th) day pre- ',
ceding each interest payment date, at his address as it appears on '-
such registration books, or, at the option of the Owner hereof, at ,
the office of any Paying Agent of the Agency in New York, New York ,
or Chicago, Illinois. I
This Bond, the interest hereon and any premium due upon the
redemption of this Bond prior to maturity are not a debt of the
City of Lake Elsinore, the State of California or any of its
political subdivisions, and neither said City, said State nor any
of its political subdivisions is liable hereon, nor in any event
shall this flond, said interest or said premium be payable out of
any funds or properties other than the funds of the Agency as set
forth in the Resolution hereinafter mentioned. This Bond does not
constitute an indebtedness within the meaning of any constitu-
tional or statutory debt limitation or restriction. Neither the
members of the Agency nor any persons executing this Bond are
liable personally on this Bond by reason of its issuance.
This Bond is one of a duly authorized issue of Bonds of the
Agency designated "Redevelopment Aqency of the City of Lake
Elsinore, Project Area No. I, Tax Allocation Bonds, Issue of 1984"
(the "Bonds"), in aggregate principal amount of $1,850,000, all of
like tenor (except for bond numbers and amounts) and all of which
have been issued pursuant to and in full conformity with the
Constitution and laws of the State of California and particularly
the Community Redevelopment Law (Part 1 of Division 24 of the
Health and Safety Code of the State of California) for the purpose
of aiding in the financing of the Redevelopment Project above
designated, and are authorized by and issued pursuant to Resolu-
tion No. CRA 84-1, adopted by the Agency on January 31, 1984,
copies of which are on file with the Secretary of the Agency and
the Fiscal Agent (Resolution No. CRA 84-1 being herein referred to
as the "Resolution"), and all of the Bonds are equally secured in
accordance with the terms of the Resolution, reference to which is
hereby made for a specific description of the security therein
provided for the Bonds, for the nature, extent and manner of
enforcement of such security, for the covenants and agreements
made for the benefit of the Bondholders, and for a statement of
the rights of the Bondholders, and, by the acceptance of this
Bond, the Owner hereof consents to all of the terms, conditions
and provisions of the Resolution. In the manner provided in the
Resolution, the Resolution and the rights and obligations of the
Agency and of the Bondowners may (with certain exceptions as
stated in the Resolution) be modified or amended with the consent
of the Owners of sixty percent (60~) in aggregate principal amount
of outstanding Bonds, exclusive of issuer-owned Bonds, unless the
modification or amendment is for the purpose of curing
ambiquities, defects, or inconsistent provisions, in which case no
Bondowner's consent is required.
The principal of this Bond and the interest hereon are
secured by an irrevocable pledge of, and are payable solely out
of, the Tax Revenues (as such term is defined in the Resolution ,
2.
with the exceptions noted therein) and certain other funds, all as ',
more particularly set forth in the Resolution. The Resolution is
adopted under and this Bond is issued under and is to be construed ',
in accordance with the laws of the State of California.
The outstanding Bonds may be called before maturity and
redeemed. The Bonds maturing on or after February 1, 1994, are
subject to redemption in whole or in part (but not in a total
redemption amount of less than $20,000 at any one time) in inverse
order o£ maturity and by lot within a maturity on any interest
payment date on or after February 1, 1994, at the principal amount
thereof, together with the premium set forth below (expressed as a ,
percentage of the principal amount to be redeemed), and accrued ',
interest to the date fixed for redemption from the proceeds of ',
refunding bonds and/or any other legally available funds of the ',
Agency:
Redemption Date Premium
February 1, 1994 and August 1, 1994 2.5~ '
February 1, 1995 and August 1, 1995 2.0~ ',
February 1, 1996 and August 1, 1996 1.50
February l, 1997 and August 1, 1997 1.Oo
February 1, 1998 and August 1, 1998 .5~
Bonds may be called on February 1, 1999 and on any interest date
thereafter, without premium.
This Bond is issued in fully registered form and is non- ',
negotiable. This Bond may be exchanged for a like aggregate
principal amount of Bonds of other authorized denominations, all
as more fully set forth in the Resolution. This Bond is
transferable by the Owner hereof, in person or by his attorney
duly authorized in writing, at the principal office of the Fiscal
Agent in the City of Los Angeles, California, but only in the
manner, subject to the limitations and upon payment of the charqes ,
provided in the Resolution, upon surrender and cancellation of ',
this Bond. Upon such transfer a new Bond of authorized '
denomination or denominations for the same aggregate principal
amount of the same issue will be issued to the transferee in
exchange therefor. No exchange or transfer shall be made between
the fifteenth (15th) day preceding any interest payment date and
such interest payment date. '
The Agency, the Fiscal Agent and any Paying Agent may treat '
the Owner hereof as the absolute owner hereof for all purposes,
and the Agency, the Fiscal Agent and any Paying Agent shall not
be affected by any notice to the contrary.
This Bond shall not be entitled to any benefit under the
Resolution, or become valid or obligatory for any purpose, until
the certificate of authentication hereon endorsed shall have been
signed by the Fiscal Agent. ,
3.
', It is hereby recited, certified and declared that any and all
' acts, conditions and things required to exist, to happen and to be
' performed precedent to and in the issuance of this Bond exist,
' have happened and have been performed in due time, form and manner
as required by the Constitution and laws of the State of
California.
IN WITNESS WHEREOF, the Redevelopment Agency of the City of
Lake Elsinore has caused this Bond to be signed on its behalf by
its Chairman by his facsimile signature and by its Secretary by
his facsimile signature, and the seal of said Agency to be
imprinted hereon, all as of the day of ,
~- ~is-.~-~,
' Chairman of the
Redevelopment Agency of the
' City of Lake Elsinore ',
~~ ~ ~4..~ 1 ~ll,(~
' Secretary of the ',
Redevelopment Agency of the '
City of Lake Elsinore ',
(SEAL) ,
(Form of Certificate of Authentication on Bonds)
This is one of the Bonds described in the within-mentioned
Resolution.
, Fiscal Agent
' By:
' Authorized Officer
4.
', (Form of Assignment of Bonds)
For value received hereby
sells, assigns and transfers unto
the within-mentioned Bond and hereby irrevocably constitutes and
' appoints , attorney, to
' transfer t e same on the books of the Fiscal Agent with full power
' of substitution in the premises.
Dated:
NOTES: The signature to this assignment must correspond with the ',
' name as written on the face of the within bond in every ',
'__ particular, without alteration or enlargement or any ',
charge whatsoever. ' :
5.
STATE OF CALIFORNIA )
' ) ss.
I COUNTY OF RIVERSIDE )
I, ROBERT TREVINO, Secretary of the Redevelopment Agency o£
the City of Lake Elsinore, California, DO HEREBY CERTIFY that
' the £oregoing Resolution, being Resolution No. CRA 84-1, was
duly adopted by the Board o£ Directors of said Agency at a
regular meeting of said Agency held on the 31st day of January,
1984, and that it was passed and adopted by the following vote:
AYES: DIRECTORS Knight, MacMurray, Torn, Unsworth
' and Valenzuela
NOES: DIRECTORS None
ABSENT: DIRECTORS None
ABSTAIN: DIRECTORS None
Executed this 31st day o£ January, 1984, at Lake Elsinore,
California.
~^-~ ~
~~~ 1 ~ ~w~
Secretary of the Redevelopment
Agency of the City of Lake
Elsinore.
(SEAL)
RESOLUTION N0. CRA 84-2
RFSOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CZTY OF LAKE ELSINORE, RIVERSIDE COUNTY,
CALIFORNIA, DESIGNATING A FISCAL AGENT
INCIDENT TO THE ISSUANCE OF $1~850~000 TAX
ALLOCATION BONDS TO FINANCE A PORTION OF THE
COST OF A REDEVELOPPIENT PROJECT KNOWN AS
PROJECT AREA N0. I
WHEREAS, the Redevelopment Agency of the City of Lake
Elsinore (the "Agency") is a redevelopment agency (a public body,
corporate and politic) duly created, established and authorized to
transact business and exercise its powers, all under and pursuant
to the Community Redevelopment Law bein9 Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of
the State of California and the powers of the Agency include the
power to issue bonds for any of its corporate purposes; and
WHEREAS, the Agency has heretofore adopted a resolution
entitled "Resolution of the Redevelopment Agency of the City of
Lake Elsinore, Riverside County, California, Authorizing the
Issuance of $1,850,000 Principal Amount of Tax Allocation Bonds of
the Agency to Finance a Portion of the Cost o'f a Redevelopment
Project Known as Project Area No. I" (the "Resolution of
Issuance"); and
WHEREAS, purs~ant to the Resolution of Issuance, it is
necessary for the Agency to appoint a Fiscal Agent to administer
the Bonds:
NOW, THEREFORE, the Redevelopment Agency of the City of Lake
Elsinore does hereby RESOLVE, DETERMINE AND ORDER as follows:
Section 1. Appointment of Fiscal Agent. The Agency hereby
appoints a Fiscal Agent to act as the aqent, trustee and
depositary of the Agency for the purpose of receiving tax revenues
and other funds in trust as provided in the Resolution of
Issuance, to hold, allocate, use and apply such tax revenues and
other funds in trust as provided in the Resolution of Issuance and
to perform such other duties and powers of the Fiscal Agent as are
prescribed in the Resolution of Issuance, to wit:
CROCKER NATIONAL BANK
Section 2. Qualifications of Fiscal Agent. The Agency
hereby finds and determines that the Fiscal Agent meets the
qualifications set forth in the Resolution of Issuance.
Section 3. Effective Date. This Resolution shall take
effect upon adoption.
ADOPTED this 31st day of January, 1984.
ATTEST:
~ ~Q~ 1 ~-Q~ ~~
Secretary
r
_~ i ~/L~`
Chairman
2.
STATE OF CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE )
I, ROBERT TREVINO, Secretary of the Redevelopment Agency of
the City of Lake Elsinore, California, DO HEREBY CERTIFY that
the foregoing Resolution, being Resolution No. CRA 84-2, was
duly adopted by the Board o£ Directors of said Agency at a
regular meeting of said Agency held on the 31st day of January,
1984, and that it was passed and adopted by the following vote:
AYES: DIRECTORS Knight, MacMurray, Torn, Unsworth
and Valenzuela
NOES: DIRECTORS None
ABSENT: DIRECTORS None
ABSTAIN: DIRECTORS None
Executed this 31st day of January, 1984, at Lake Elsinore,
California.
~~ ~+~9~...hLVU~
Secretary of the Redevelopment
Agency of the City of Lake
Elsinore.
(SEAL)
RESOLUTION N0. CRA 84-3
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CTTY OF LAKE ELSINORE~ RIVERSIDE COUNTY,
CALIFORNIA, APPROVING THE OFFICIAL STATEMENT
IN CONNECTION WITH THE ISSUANCE OF $1,850,000
TAX ALLOCATION BONDS TO FINANCE A PORTION OF
THE COST OF A REDEVELOPMENT PROJECT KNOWN AS
PROJECT AREA NO. I
WHEREAS, the Redevelopment Agency of the City of Lake
Elsinore (the "Agency") is a redevelopment agency (a public body,
corporate and politic) duly created, established and authorized to
transact business and exercise its powers, all ~nder and pursuant
to the Community Redevelopment Law being Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of
the State of California and the powers of the Agency include the '
power to issue bonds for any of its corporate purposes; and
WHEREAS, the Aqency has heretofore adopted a resolution
entitled "Resolution of the Redevelopment Agency of the City of '
Lake Elsinore, Riverside County, California, Authorizing the
Issuance of $1,850,000 Principal Amount of Tax Allocation Bonds of
the Agency to Finance a Portion of the Cost of a Redevelopment
Project Known as Project Area No. I" (the "Resolution of
Issuance"); and '
WHEREAS, the Agency has received and reviewed the Official
Statement for the sale of the Bonds; and
WHEREAS, the Agency deems it necessary to publish notice of
its intention to sell $1,850,000 Bonds as authorized by the
Resolution of Issuance.
- NOW, THEREFORE, the Redevelopment Agency of the City of Lake
Elsinore does hereby RESOLVE, DETERMINE AND ORDER as follows: '
Section 1. Approval of Official Statement. The Agency
hereby approves and authorizes, to be furnished to prospective
bidders for the Bonds and to the successful bidder, a preliminary
Official Statement, substantially in the form this date presented
to the Agency in selling its bonds, with such chanqes and
additions as are made by the Financial Consultant with the
approval of the Executive Director of the Agency and Bond
Counsel.
Section 2. Furnishing of Official Statement and Notice
Inviting Bids. The Secretary and the Financial Consultant are
hereby authorized and directed to cause to be furnished to
prospective bidders a reasonable number of copies of the Notice
Inviting Bids (including the Bid Form) and a reasonable number of
copies of the Official Statement.
Section 3. Notice of Intention to Sell Bonds. The Secretary
is hereby authorized and directed to cause Notice of Intention to
Sell $1,850,000 Bonds to be given in the time, form and manner
required by law.
Section 4. Effective Date. This Resolution shall take
effect upon adoption.
ADOPTED this 27th day of March, 1984.
/~,o~s~.e , ~n-`~
C airman
ATTEST:
~~ ~ 1~
Secretary
(SEAL)
2.
STATE OF CALIFORNIA ) '
) ss.
COUNTY OF RIVERSIDE ) I
I, ROBERT TREVINO, Secretary o£ the Redevelopment Agency of
the City of Lake Elsinore, California, DO HEREBY CERTIFY that
the foregoing Resolution, being Resolution No. CRA 84-3, was
duly adopted by the Board o£ Directors o£ said Agency at a
regular meeting of said Agency held on the 27th day of March,
1984, and that it was passed and adopted by the following vote: '
AYES: DIRECTORS Knight, MacMurray, Torn, Un'sworth
and Valenzuela '
NOES: DIRECTORS None '
ABSENT: DIRECTORS None
ABSTAIN: DIRECTORS None
Executed this 27th day of March, 1984, at Lake Elsinore,
California.
~I~+ ~LQ.~s\V.t~
Secretary of the Redevelopment
Agency of the City of Lake
Elsinore.
(SEAL)
RESOLUTION NO. CRA 84-4
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF LAKE ELSINORE, RIVERSIDE
COUNTY, CALIFORNIA, AWARDING $1,850,000
PROJECT AREA NO. I, TAX ALLOCATION BONDS,
ISSUE OF 1984, TO THE BEST BIDDER AND
REJECTING ALL OTHER BIDS
WHEREAS, at the time and place fixed for the opening of
bids for the purChase of $1,850,000 principal amount of bonds
of the Redevelopment Agency of the City of Lake Elsinore (the
"Agency") designated Project Area No. I, Tax Allocation Bonds,
Issue of 1984 (the "BOnds"), all bids were publicly opened,
examined and read and a tabulation thereof has been entered in
the minutes; and
WHEREAS, the bid o£ the bidder hereinafter named is the
best bid made by a responsible bidder for the Bonds:
NOW, THEREFORE, the Redevelopment Agency of the City of
Lake Elsinore does hereby RESOLVE, DETERMINE AND ORDER as
follows:
Section 1. Lowest Bid. The bid for the purchase of the
Bonds which will result in the lowest net interest cost to the
Agency has been submitted by:
M.L. STERN & CO., INC.
hereinafter called "LOwest Responsible Bidder".
Section 2. Award of Bid. The Agency hereby approves and
awards the bid submitted by the Lowest Responsible Bidder for
the purchase o£ the Bonds, in accordance with the terms and
conditions set forth in the bid.
Section 3. Nonconforming Bid. The Agency hereby finds
and determines that the bid submitted by Smith, Barney, Harris
` '
', Upham & Company is a nonconforming bid, in that, the bid is
subject to MBIA insurance.
Section 4. Rejection of Other Bids. The Agency hereby
rejects all other bids except the bid accepted in Section 2
hereof and directs the Secretary to return the checks
accompanying the rejected bids to the respective bidders.
' Section 5. Interest Rates. The interest rates on the
, Bonds are hereby fixed at the rates stated in the bid of the
Lowest Responsible Bidder.
Section 6. Delivery of Bonds. The officers of the Agency
are hereby authorized and directed to deliver the Bonds to the
Lowest Responsible Bidder upon payment therefor and accrued
' interest, if any, to the date of delivery.
Section 7. Authorization for Closing. The officers of the
Agency are hereby authorized and directed to execute and
' deliver any and all documents in connection with the issuance,
sale and delivery of the Bonds, with such changes, additions,
modifications or deletions as requested by Bond Counsel.
Section 8. Effective Date. This resolution shall take
effect upon adoption.
' ADOPTED this 27th day of March, 1984.
~+~5 l ~
Chai man
ATTEST:
~C~~ ~9J i~4~
Secretary
_ (SEAL)
2.
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
)
) ss.
)
I, ROBERT TREVINO, Secretary of the Redevelopment Agency of
the City of Lake Elsinore, Cali£ornia, DO HEREBY CERTIFY that
the foregoing Resolution, being Resolution No. CRA 84-4, was
duly adopted by the Board of Directors of said Agency at a
regular meeting o£ said Agency held on the 27th day of March,
1984, and that it was passed and adopted by the following vote:
AYES: DIRECTORS Knight, MacMurray, Torn, Unsworth
and Valenzuela
NOES: DIRECTORS None
ABSENT: DIRECTORS None
ABSTAIN: DIRECTORS None
Executed this 27th day o£ March, 1984, at Lake Elsinore,
California.
~ ~
`P.ol~~- 1 ~ ~,~
Secretary o£ the Redevelopment
Agency o£ the City of Lake
Elsinore.
(SEAL)
', RESOLUTION NO. CRA 84-5 '
' RESOLUTION OF THE REDEVELOPMENT AGENCY '
OF THE CITY OF LAKE ELSINORE, RIVERSIDE
COUNTY, CALIFORNIA, AUTHORIZING AND '
DIRECTING PAYMENT OF COSTS OF ISSUANCE '
INCIDENT TO $1,850,000 PROJECT AREA NO. I,
TAX ALLOCATION BONDS, ISSUE OF 1984
WHEREAS, the Redevelopment Agency of the City of Lake
Elsinore (the "Agency") has heretofore awarded a bid for the
purchase of $1,850,000 Project Area No. I, Tax Allocation
Bonds, Issue of 1984 (the "Bonds") and has heretofore
authorized its officers to take all appropriate action to cause
the Bonds to be delivered to the successful purchaser thereof;
and
WHEREAS, the Agency desires to authorize the payment of
certain costs of issuance from proceeds received from the sale
and delivery of the Bonds:
NOW, THEREFORE, the Redevelopment Agency of the City of
' Lake Elsinore does hereby RESOLVE, DETERMINE AND ORDER as '
' follows:
Section 1. Costs of Issuance. The Agency hereby approves
payment of the Costs of Issuance specified as follows:
Payee Amount Purpose
Nazarek, Harper, $18,500.00 Bond Counsel Services
Hopkins & McFarlin
Birr, Wilson & 10,000.00 Financial Consulting
Company Services
Wall Street Journal 3,227.87 Publication
The Bond Buyer 551.20 Publication
Sun Tribune 32.40 Publication
, Payee Amount Purpose
Sun Tribune 32.40 Publication
Moody°s Investor 1,700.00 Rating Service
' Service
', Pacific Financial 5,000.00 Printing of
' Printers (Not to Exceed) O£ficial Statement
Section 2. payment. The Agency hereby authorizes and
directs the financial officer to cause the foregoing Costs of
Issuance to be paid from the proceeds of the sale of the Bonds,
', upon receipt of an appropriate statement or invoice.
Section 3. Effective Date. This resolution shall take
e££ect upon adoption.
' ADOPTED this 27th day of March, 1984.
/V V'~ Y`1~~4~~._
Chairman
ATTEST:
~Y~k.t Y~~~~ ~
Secretary
(SEAL)
2.
~.
I STATE OF CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE )
I, ROBERT TREVINO, Secretary of the Redevelopment Agency of
the City of Lake Elsinore, Cali£ornia, DO HEREBY CERTIFY that
the foregoing Resolution, being Resolution No. CRA 84-5, was
duly adopted by the Board of Directors o£ said Agency at a
regular meeting of said Agency held on the 27th day o£ March,
1984, and that it was passed and adopted by the £ollowing vote:
AYES: DIRECTORS Knight, MacMurray, Torn, Unsworth
, and Valenzuela
NOES: DIRECTORS None
ABSENT: DIRECTORS None
ABSTAIN: DIRECTORS None
Executed this 27th day of March, 1984, at Lake Elsinore,
Cali£ornia.
~O~ ~!~1v~
Secretary of the Redevelopment
Agency of the City of Lake
Elsinore.
(SEAL)
RESOLUTION N0. CRA 84-6
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
LAKE ELSINORE REDEVELOPMENT AGENCY, APPROVING
AND ADOPTING THE BUDGET FOR THE 1984-85 FISCAL
YEAR AND APPROPRIATING FUNDS THEREFORE.
' WHEREAS, that certain document entitled "Budget Fiscal Year
1984-1985 LAKE ELSINORE REDEVELOPMENT AGENCY" on file in the office of
the Secretary, is hereby approved as the budget for the Lake Elsinore
Redevelopment Agency for the fiscal year 1984-85 to the extent of the
totals set forth for operating the Redevelopment Agency; and
WHEREAS, the sum of $1,036,980 is hereby appropriated for
' the purpose of carrying on the business of the Lake Elsinore Redevelop-
' ment Agency; and
4JHEREAS, the Executive Director, upon recommendation of
' the Fiscal Officer, may transfer funds within each of the object cate-
gory appropriations as required to achieve the purpose of this agency;
and
WHEREAS, the Directors, from time to time, by motion or
resolution, may approve and authorize the payment of non-budgeted
demands from appropriated funds; and may appropriate funds for budget-
ed and non-budgeted items, and any such appropriation for a non-budgeted
' item zhall constitute an approval to issue a warrant in payment of a
', proper demand or demands therefore,
NOW, THEREFORE, BE IT RESOLVED THAT the Secretary shall
cause this resolution to be published once within fifteen days after
its passage, in the Lake Elsinore Sun-Tribune newspaper as required
by Section 36933 of the Government Code, shall certify to the adoption
and publication of this resolution, and shall cause this resolution
and his certification, together with proof of publication, to be enter-
ed in the Book of Resolutions of the Lake Elsinore Redevelopment Agency.
NOW, THEREFORE, BE IT FURTHER RESOLVED that this resolution,
' being a resolution appropriating funds needed for the usual and current
expenses of the Agency, shall become effective and in full force imme-
'diately upon its passage.
, APPROVED AND ADOPTED this 14th day of Auqust , 1984.
J N MATSON, C AIRMAN
ATTEST:
STATE OF CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE )
I, Robert Trevino, Secretary 6f the Redevelopment Agency
of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing resolution
was duly adopted by the Board of Directors of said Agency at a regular meeting
of said Board held on the 14th day of August , 1984, and that it
was so adopted by the following vote:
AYES: BOARDMEt•iBERS: KNIGHT, MATSON, STRIGOTTE, VERMILLION, VALENAUELZ
NOES: BOARDMEMBERS: NONE -
ABSENT: BOARDMEhiBERS: NONE
. w.,~' s~~~ -~ ~ Kf,~ el/ -~..
DIANA MODESTI, SECRETARY OF THE
REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
(SEAL)
STATE OF CALIFORNIA )
) ss.
COUNTY Of RIVERSIDE )
-, I, Robert Trevino, Secretary of the Redevelopment Agency
of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoin~
is a full, true and correct copy of Resolution No. CRA 84-6, of said Agency
and that the same has not been amended or repealed.
DATED
August 16, 1984
~ ~
~ -
, ~., _ T~~ , / .
DIANA MODESTI, : SECP.ETARY OF ,THE
REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
(SEAL)
RESQLUTION N0. CRA 84-7
A RESOLUTION OF TNE REDEVELOPMENT AGENCY ',
OF THE CITY OF LAKE ELSINORE ADOPTING A ',
- MORTGAGE FINANCE PROGRAM IN COOPERATION
WITH THE COUNTY OF RIVERSIDE.
6JHEREAS, there is a shortage in the County of Riverside (the
"County") and in the City of Lake Elsinore of decent, safe and sani-
-- tary housing, particularly of housing affordable by persons in the
lower end of the purchasing spectrum, and a consequent need to
encourage the construction, purchase and rehabilitation of homes
affordable by such persons and otherwise to increase the housing
supply in the City and in the County for such persons; and
WHEREAS, the Board of Supervisors of the County has resolved
to engage in a home mortgage finance program (the "Program") pursuant
to Part 5 of Division 31 of the Health and Safety Code of the State
of California (the "Act") for persons and families within the income
limits established by the Act and has determined to issue revenue
bonds pursuant to the Act to provide funds for the Program; and '
WHEREAS, the Redevelopment Agency finds and determines that it
is in the best interest of the City to adopt the Program and to consent
to the imp~ementation of the Program by the County within the geo-
graphic boundaries of the Redevelopment Project Areas pursuant to the
Act;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of
the City of Lake Elsinore as follows:
SECTION 1. The Redevelopment Agency hereby adopts the Program
for the purpose of increasing the housing supply in the County and in
the City and consents to the implementation of the Program by the
County with respect to all property located within the geographical
boundaries of the City.
SECTION 2. The agreement, dated as of August 15, 1984, between
the County and the Redevelopment Agency (the "Cooperative Agreement"), ,
i -
in substantially the form submitted to this meeting, is hereby approved;
and the proper officers of the Agency are hereby authorized and directed
to execute and deliver the same, for and in the name and on behalf of
' the Redevelopment Agency, and to approve any additions to or changes in
said form thereof which they deem necessary or advisable, their approval
Qf such additions or changes to be conclusively evidenced by their I
execution of the Cooperative Agreement as so added to or changed. '
The proper officers of the Agency are further authorized to enter ',
into such additional agreements with the County, execute such other '
documents and take such other actions as they may deem necessary or ',
appropriate to carry out the purpose and intent of the Cooperative
Agreement or to cooperate in the implementation of the Program. ',
SECTION 3. This Resolution shall take effect immediately
upon its adoption. I
PASSED, APPROVED AND ADOPTED on the 14th day of August, 1984.
ti ~~
hn Matson, Chairman
Redevelopment Agency
ATTEST:
~~ ~ " _,_.
Diana Modesti, Secretary
Redevelopment Agency
-2-
~,~
STATE OF CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE )
I, Robert Trevino, Secretary of the Redevelopment Agency '
of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing resolution '
was duly adopted by the Board of Directors of said Agency at a re9ular meeting '
of said Board held on the 74th day of August , 1984, and that it ~
was so adopted by the following'vote: ~
AYES: BOARDMEMBERS: KNIGHT, MATSON, STRIGOTTE, VERMILLION '
VALENZUELA
NOES: BOARDMEMBERS: NONE -
ABSENT: BOARDMEMBERS: NONE
J,i ~%i~ Qi%(~~ ~~_~_.,
DIANA MODESTI, SECRETARY OF THE
REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
(SEAL)
STATE OF CALIFORNIA ) • ' '
) ss.
COUNTY OF RIVERSIDE )
--, I, Robert Trevino, Secretary of the Redevelopment Agency I
of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing i
is a full, true and correct copy of Resolution No. CRA 84-7, of said Agency ',
and that the same has not been amended or repealed.
DATED: Augast 20, 1984
~~.~/ ~~~~~~`
~ r,
DIANA MODESTI, ; SECP,ETARY OF ,THE
REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
(SEAL)
RESOLUTION N0. CRA 84-$
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, SETTING FORTH COMPENSATION FOR THE
RDA ADMINISTRATOR.
WHEREAS, Section 37206 of the Government Code of the State of
California requires that the Board of Directors prescribe the time and
_ method of paying salaries and wages of RDA employees; and
WHEREAS, the Board of Directors authorized and directed that
the compensation of the RDA Administrator be set by Resolution
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of
the Redevelopment Agency of the City of Lake Elsinore, that the compensa-
tion of the RDA Administrator be at Range 52 of the Wage and Salary
Schedule as adopted by the City Council. Also, the RDA Administrator
shall receive any and all benefits provided in the Memorandum of Under-
standing between the City of Lake Elsinore and the Department Heads as
adopted by the City Council at their meeting on June 26, 1984.
PASSED, APPROVED AND ADOPTED this 14th day of August, 1984,
_ upon the following vote:
AYES: KNIGHT, MATSON, STRIGOTTE, VERMILLION, VALENZUELA
NOES: NONE
ABSENT: NONE
~__y~~ GL~~¢e~
~John Matson, Chairman
Redevelopment Agency
ATTEST:
.. ~4 r .t / /,~~,~~iE-~r .~ .
Secretary, Redevelopment Agency
RESOLUTION N0. CRA 84-9
A RESOLUTION OF THE CITY COUNCIL AND THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, EXPRESSING
OPPOSITION TO PROPOSITION 36, ALSO KNOWN AS THE JARVIS IV
TAX INITIATIVE, AND PROVIDING REASONS THEREFORE.
WHEREAS, on November 6, 1984, California voters will decide on
Proposition 36, also known as the Jarvis IV Tax Initiative; and
WHEREAS, Proposition 36 is vague and subject to wide interpretation
with the result being litigation and court tie-ups for many years; and
WHEREAS, Proposition 36 is unfair, benefiting one-third of the
households by lowerin9 property taxes on properties purchased before March 1,
1977, at the expense of two-thirds of the households who purchased property
subsequent to March 1, 1977; and
WHEREAS, Proposition 36 will hamstring responsive local government
"Whatever worth it has, it's not worth the consequences"; and
WHEREAS, Proposition 36 undermines the economic growth of the State.
NOW, THEREFORE, BE IT RESOLVED that the City Council and the
Redevelopment Agency of the City of Lake Elsinore express their strong
-- opposition to Proposition 36 and its irresponsible approach to taxation.
PASSED, APPROVED AND ADOPTED this 23rd day of October ,
1984, upon the following vote:
AYES: BOARDMEMBERS: KNIGHT, MATSON, STRIGOTTE, VALENZUELA
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: VERMILLION
ABSTENTIONS: NONE
HN MATSON, CHAIRM~AN~
REDEVELOPMENT AGENCY
ATTEST:
'
~~~ ~
Ex~v2 Secretary