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HomeMy WebLinkAboutRDA Reso No 1985'RESOLUTION NO.CRA 85-2 A RESOLUTION OF THE REDE~ELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AUTHORIZING INVESTMENT OF REDEVELOPMENT AGENCY MONIES IN THE LOCAL AGENCY INVESTMENT FUND. THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, DOES HEREBY RESOLVE AND ORDER AS FOLLOWS: SECTION 1: The name and address of the applying agency is: The Redevelopment Agency of the City of Lake Elsinore, a Non-Profit Corporation, 130 South Main Street, Lake Elsinore, Calfiornia, 92330. SECTION 2: The Redevelopment Agency of the City of Lake Elsinore does hereby authorize the deposit and withdrawal of Redevelopment Agency Monies in the Local Agency Investment Fund in the State Treasury in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of investment stated therein. SECTION 3: The following Redevelopment Agency officers or their successors in office shall be authorized to order the deposit or withdrawl of monies in the Local Agency Investment Fund: Controller Secretary, Executive Director Accounting Technician SECTION 4: The Secretary of the Redevelopment Agency shall certify to the adoption of this resolution, affix the Redevelopment Seal hereto, and file the same with the State Treasurer. PASSED, APPROVED AND ADOPTED thi 1985, on the following roll call vote: 26th day of March AYES: KNIGHT, MATSON, STRIGOTTE, VERMILLION NOES: NONE ABSENT: ABSTENTIONS: ~ALENZUELA NONE ATTEST• .~ ----~~`~ /~--~ Secretary ~f the edevelopment Agency John Matson, Chairman of the Redevelopment Agency Ap~A l~~ Form: John Harper, C nsel RESOLUTION N0. CRA 85-3 A RESOLUTION OF THE DEVELOPMENT AGENCY OF THE CTTY OF LAKE ELSINORE, CALIFORNIA, AMENDING RESOLUTION N0. CRA 85-2, AUTHORIZING INVESTMENT OF REDEVELOPMENT AGENCY MONIES IN THE LOCAL AGENCY INVESTMENT FUND THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE AND ORDER AS FOLLOWS: SECTION 1: The name and address of the applyi.ng agency is: The Redevelopment Agency of the City of Lake Elsinore, a Non-Profit Corporation, 130 South Main Street, Lake Elsinore, California 92330. SECTION 2: The Redevelopment Agency of the City of Lake Elsinore does hereby authorize the deposit and withdrawal of Redevelopment Agency Monies in the Local Agency Investment Fund in the State Treasury in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of investment stated therein. SECTION 3: The following Redevelopment Agency officers or their successors in office shall be authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund: Controller Secretary, Executive Director Accounting Technician Treasurer, City of Lake Elsinore SECTION 4: The Secretary of the Redevelopment Agency shall certlfy to the adoption of this resolution, affix the Redevelopment Seal hereto, and file the same with the State Treasurer. PASSED, APPROVED AND ADOPTED this 14th day of May , 1985, on the following roll call vote: AYES: KNIGHT, MATSON, STRIGOTTE, VERMILLION, VALENZUELA NOES: NONE ABSENT: NONE ABSTENTIONS: NONE ' ATTES ~ ~ ' '~~ ~ ', Secretary of tie Redevelopment Agency ~ - - -- - - -- _-__ -_---- .-- i%~ a..~~ John Matson, Chairman of the Redevelopment Agency Approved s To Form: i~ i ~ ~ I John Harper, unse __------ ._. i ' STATE Of CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) I, Jo Ann Money, Clerk of the Board of the Redevelopment Agency I of the City of Lake Elsinore, DO HEREBY CERTIFY that the foreaoin9 resolution was duly adopted by the Board of Directors of said Agency at a re9ular ', - meeting of said Board held on the 14th day of Mav ~ ' 1985, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: KNIGHT, MATSON, STRIGOTTE, VERMILLION, VALENZUELA NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTENTIONS: BOARDMEMBERS: NONE C~[/~ ~I J ANN MONEY, CLERK OF TH OARD ', EVELOPMENT AGENCY OF T C TY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA COUNTY OF RIVERSIDE ss. I, Ron Molendyk, Secretary of the Redevelopment Agency of the ! City of Lake Elsinore, DO HEREBY CERTIfY that the above and foregoing ' is a full, true and correct copy of Resolution No. CRA 85-3, of said Agency and that the same has not been amended or repealed. DATED: May 15, 1985 A- ~ .__'"__ RON MOLEND , SECRETA Y ~~ REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ', - (SEAL) RESOLUTION N0. CRA 85-4 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ACKNOWLEDGING THE RECEIPT AND FILING OF THE ANNUAL STATEMENT OF INVESTMENT POLICY FOR THE YEAR 1985. WHEREAS, the California State Le9islature passed legislation ~ during the 1984 Session requiring the filing of an annual Statement of Investment Policy by local agencies; and ' WHEREAS, the Governor of the State of California signed such legislation into law effective January 1, 1985 (Chapter 1226); and WHEREAS, the RDA Treasurer of the City of Lake Elsinore declares the annual Statement of Investment Policy to be as follows: PURPOSE: This statement is intended to provide guidelines for the prudent investment of temporary idle cash and trust funds and to outline a policy for effecting efficiency in the cash - management system. Ultimate investment qoal is the protection of pooled cash investments along with the enhancement of the economic status of the RDA. i OBJECTI~E: The RDA's cash management policy is designed to accurately monitor and forecast expenditures and revenues thus enabling the RDA to invest funds to the fullest extent. The ~ ', RDA attempts to obtain the highest yield possible as long as ' investments meet the criteria required for safety and liquidity. I I! POLICY: The Redevelopment Agency of the City of Lake Elsinore operates its pooled idle cash investments under the Prudent I Man Rule (Civil Code Section 2261, et seq.), which states, in ' ~ essence, that "in investing ... property for the benefit of I another, a trustee shall exercise the judgment and care, under ' i ~I~ the circumstances then prevailing, which men of prudence, : discretion, and intellegence exercise in the management of their own affairs. ..° (copy attached). This affords the RDA a broad specturm of investment`opportunities so long as the investment ', is deemed prudent and is allowable under current legislation '; of the State of California. The Redevelopment Agency of the City ~ I of Lake Elsinore strives to maintain the level of investment of ' isle funds as near to 100% as possible. Consistent with this factor, investments are made under the terms and conditions of ~ I j Section 53600 - 53683 of the Government Code of California. I Criteria for selecting investments and the absolute order of ' priority are: 1. Safety 2. Liquidity 3. Yield INVESTMENTS MAY BE MADE IN THE FOLLOWING MEDIA: 1. Government securities and debt obligations by Govern- mental agencies whose obligations carry the full faith and credit of the Federal Government, and repurchase agreements of the same stature, are the highest quality investments available in terms of safety and liquidity. 2. Certificates of deposit, savings accounts and interest bearing active deposits are insured or collateralized to the degree consistent with or exceeding existing law or regulation. As certificate maturities are selected to anticipate cash needs and cash flow, additional purchases of collateralized or insured term certificates of deposit will be limited, unless negotiables, to those with maturities not exceeding two years and for the most part will be kept within one year. 3. All deposits in the State Local Agency Investment Fund are in accordance with Section 16429.1 of the Government Code. These investments, highly liquid, will not exceed the insured limit. The RDA of the City of Lake Els-inore operates its investment program with many Federal, State, and self-imposed constraints. It does not buy stocks; it does not speculate; it does not deal in financial , , futures, commodity options, market indices, or reverse repurchase agreements. To maximize investment income, the RDA of the City of Lake Elsinore uses availiable, economically feasible investment aids. Economic conditions and the various money markets are constantly monitored to assess financial trends and the probable source of interest rates. The final basic premise underlying the RDA of the City of Lake Elsinore investment philosophy is to insure the safety of principal and to provide money vahen needed. A high dollar yield on investment, though important, ranks third in the priority of investment strategy. -2- NOW, THEREFORE,'BE IT HEREBY RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE: That an annual Statement of Investment Policy for the Redevelopment Agency of the City of Lake Elsinore has been filed by the Treasurer for the calendar year 1985 in compliance with Section 53646 (A) of the Government Code of the State of California. OHC~~ON, CHAR~IMA~N REDEVELOPMENT AGENCY Of THE CITY OF LAKE ELSINORE A7TEST: . REDE~ELOPMENT ~,,'GENCY OF THE CITY OF LAKE ELSINORE APPROVED AS TO FORM: STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) I, Jo Ann Money, Clerk of the Board of the Redevelopment Agency of the City of Lake Elsinore, DO HEREBY CERTIFY that the foreaoing 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 Mav . 1985, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: KNIGHT, MATSON, STRIGOTTE, VERMILLION, VALENZUELA NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTENTIONS: BOARDMEMBERS: NONE ~ J ANN MONEY, CL RK OF TH OARD E~ELOPMENT AGENCY OF CI7Y OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) I, Ron Molendyk, Secretary of the Redevelopment Agency of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. CRA 85-4, of said Agency and that the same has not been amended or r.epealed. DATED: May 15, 1985 /' ~ REDEVELOPM~NT AGENCY OF THE CITY OF LAKE ELSINORE (SEAL) ', RESOLUTION N0. CRA 85-5 I' A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LAKE ELSINORE REDEVELOPMENT AGENCY, APPRO~ING AND ADOPTING THE BUDGET FOR THE 1985-86 FISCAL I YEAR AND APPROPRIATING FUNDS THEREOf. WHEREAS, that certain document entitled "Budget Fiscal Year ' 1985-86 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 1985-86 to the extent of the ~~ totals set forth for operating the Redevelopment Agency; and ! WHEREAS, the sum of $1,580,307 is hereby appropriated for the purpose of carrying on the business of the Lake Elsinore Redevelop- I I ment Agency; and ' WHEREAS, 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 , I demands from appropriated funds; and may appropriate funds for budget- i I , ed and non-budgeted items, and any such appropriation for a non-budgeted item shall constitute an approval to issue a warrant in payment of a ' proper demand or demands therefore. NOW, THEREFORE, BE IT RESOL~ED THAT the Secretary shall I 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 llth day of June 1985. APPROVED AS TO FORM: ~ ~' JOHN HARPE , I Y RNEY STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) I, Jo Ann Money, Clerk of the Board of the Redevelopment Agency of the City of Lake Elsinore, DO HEREBY CERTIFY that the foreaoing resolution was duly adopted by the Board of Directors of said Agency at a regular ° meeting of said Board held on the llth day of June, ~ 1985, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: KNIGHT, MATSON, STIRGOTTE, VERMILLION, VALENZUELA NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTENTIONS: BOARDMEMBERS: NONE ~ J ANN MONEY, CLERK OF THE ARD EVELOPMENT AGENCY OF T CITY OF LAKE ELSINQRE (SEA~) STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) I, Ron Molendyk, Secretary of the Redevelopment Agency of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing ' is a full, true and correct copy of Resolution No. CRA 85-5, of said Agency and that the same has not been amended or repealed. i DATED: June 12, 1985 ~ ~- RON MOLEND K, SECRE ARY REDEVELOPM T AGENCY OF THE CITY OF LAKE ELSINORE by petition or required as a condition of develojanent under the Mello-Roos Community Facilities Act of 1982, being Division 2 of Title 5 of the Government Code. (k) A reasonable fee shall be established by the City Council, as an incidental expense, to pay for the annual costs of administration including issuance of revenue bonds under the Mello-Roos Community Facilities Act o£ 1982. (1) Any person or persons who request the City Council to initiate proceedings by petition or otherwise under the Mello-Roos Community Facilities Act of 1982 shall advance moneys to secure payment of the estimat~d costs of services of the engineer, financial consultant, appraiser and bond counsel by depositing such estimated amount with the City in cash or by providing an irrevocable letter of credit acceptable to the City. I£ the proceedings are successfully completed, any costs paid from the moneys placed on deposit with the City shall be reimbursed to the person or persons who deposited the same from the initial collection of special taxes and/or bond proceeds. 3. That the City Clerk sha11 certify to the adoption of this resolution. ', ADOPTED this 27th day of AUguSt , 1985, by the , following vote: I AYES: BOARDMEMBERS: KNIGHT, MATSON, STRIGOTTE, VERMILLION, ~ALENZUELA I NoES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ' ABSTAIN: BOARDMEMBERS: NONE II ~%~~~2'w '.-~~ ' JDHN-MATS(1N; CHAIRMAN REDEVELOPMENT AGENCY OF THE ATTFST: CITY OF LAKE ELSINORE II Jo nn Money, City C1 k ~ I ~/ ` ~_ , Approved As To Form: RON OLENDYK, SECRETAR REDEVELOPMENT AGENCY I , ~11'nn~ ~ oA.~~ CITY OF LAKE ELSINORE 3. ', (f) A fee equal to 1/8 of 1$ of the par value of , each bond issue shall be charged for single family housing , bonds payable from the bond proceeds at or prior to issuance , and delivery of the bonds. I Assessment Districts (g) An application £ee in the amount of $500 sha11 be charged as a condition to undertaking proceedings initiated ' by petition or required as a condition of develo~xnent under the Improvement Act o£ 1911, being Division 7 of the Streets ' and Highways Code or the Improvement Act o£ 1913, being i Division 12 of the Streets and Highways Code. ~ (h) A reasonable fee shall be established by the , City Council, as an incidental expense, to pay for the annual cost o£ administering i.mprovement bonds representing unpaid assessments under the Improvement Act o£ 1911, being Division I 7 of the Streets and Highways Code or the Improvement Bond Act of 1915, being Division 10 of the Streets and Highways Code. (i) Any person or persons who request the City ;I ; Council by petition or otherwise to initiate assessment , proceedings shall advance moneys to secure payment £or the , estimated costs of services o£ the engineer of work, financial I consultant, appraiser, and bond counsel by depositing such , estimated amount with the City in cash or by providing an I irrevocable letter of credit acceptable to the City. If j assessment proceedings are success£ully completed, any cost I ' paid £rom the moneys placed upon deposit with the City shall be reimbursed to the person or persons who deposited the same ~ I from cash collections and/or bond proceeds at or prior to ', issuance and delivery of bonds representing unpaid II assessments. If assessment proceedings are abandoned, regardless of the cause, by the City or otherwise, ii reimbursement shall be limited to those funds not yet expended. ' Mello-ROOS Community Facilities Act of 1982 (j) An application fee in the amount of $500 shall be charged as a condition to undertaking proceedings initiated 2. STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) I, Jo Ann Money, Clerk of the Board of the Redevelopment Agency of the City of Lake Elsinore, DO HEREBY CERTIFY that the foreaoing resolution was duly adopted by the Board of Directors of said Agency at a regular meeting of said Board held on the 27th day of Auqust > 1985, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: KNIGHT, MATSON, STRIGOTTE, VALENZUELA NOES: BOARDMEMBERS: VERMILLION ABSENT: BOARDMEMBERS: NONE ABSTENTIONS: BOARDMEMBERS: NONE ~ ~ J ANN MONEY, CLERK OF TH OARD R EVELOPMENT AGENCY OF CITY OF LAKE ELSINORE (SEAL1 STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) I, Ron Molendyk, Secretary of the Redevelopment Agency of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. CRA 85-6> of said Agency and that the same has not been amended or repealed. DATED: August 28, 1985 ~ ~ ~ ~ ~- RON MOLENDY , SECRETARY _ REDEVELOPME T AGENCY OF THE ', CITY OF LAKE ELSINORE , (SEAL) RESOLUTION NO. CRA 85-8 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $5,000,000 PRINCIPAL AMOUNT OF THE AGENCY'S VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS, (MERCURY SAVINGS AND LOAN PROJECT) 1985 SERIES A, APPROVING RELATED DOCUMENTS AND OFFICIAL STATEMENT AND ACCEPTING TRANSFER OF AND AUTHORIZING OFFICIAL ACTION WHEREAS, the Redevelopment Agency of the City of Lake Elsinore (the "Agency") is authorized by Chapter 8(commencinq with Section 33750j of Part 1 of Division 24 of the Health and Safety Code of the State of California to issue and sell revenue bonds for the purpose of providing financing for the acquisition, construction, and equipping of multifamily rental housing development within the City of Lake Elsinore (the "City"); and WHEREAS, the Agency proposes to issue its Variable Rate Demand Multifamily Housing Revenue Bonds (Mercury Savings and Loan Project) 1985 Series A in the aggregate principal amount of not to exceed $5,000,000 (the "Bonds"), under and pursuant to an Indenture of Trust (the "Indenture") dated as of October 1, 1985, between the Agency and Seattle-First National Bank as trustee (the "Trustee"); and WHEREAS, Bancroft, O'Connor, Chilton & Lavell, Ino. and Bankers Trust Company (herein collectively referred to as the "Purchaser") have submitted an offer to purchase the Bonds; and WHEREAS, it is appropriate at this time for the Board of Directors to authorize the issuance and award the sale of the Bonds and approve and authorize the execution of the Indenture and other financing documents relating to the Bonds. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Redevelopment Agency of the City of Lake Elsinore, as follows: SECT20N 1. SECTION 2 SECTION 3. Sale of Bonds. The Bonds are hereby awarded to the Purchaser, pursuant to and in accordance with the terms of that certain agreement, entitled "Bond Purchase Agreement" by and between the Agency and the Purchaser. The Bond Purchase Agreement, in substantially the form presented to the Board of Directors at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advise of Nazarek, Harper, Hopkins & McFarlin, as bond counsel to the Agency ("Bond Counsel") is hereby approved. The appropriate officers of the Agency are hereby authorized and directed to execute said agreement for and in the name and on behalf of the Agency. Indenture. The Indenture, dated as of October 1, 1985, from the Agency to the Trustee in substantially the form presented to the Board of Directors at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advise of Bond Counsel, is hereby approved. The appropriate officers of the Agency are hereby authorized and directed to execute said document for and in the name and on behalf of the Agency. Loan Aareement. That certain agreement, entitled "Loan Agreement" and dated as of October 1, 1985, by and between the Agency and Elsinore Lakeside Investors-84, a California Limited Partnership, (the "Developer") in substantially the form presented to the Board of Directors at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by 2. the Executive Director upon the advise of Bond Counsel, is hereby approved. The appropriate officers of the Agency are hereby authorized and directed to execute said agreement for and in the name and on behalf of the Agency. SECTION 4. Regulatory Agreement. That certain agreement, entitled "Requlatory Agreement and Declaration of Restrictive Covenants" (the "Requlatory SECTION 5. Agreement") and dated as of October 1, 1985, by and between the Agency, the Trustee and the Developer in substantially the form presented to the Board of Directors at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advise of Bond Counsel is hereby approved. The appropriate officers of the Agency are hereby authorized and directed to execute said agreement, as amended, for and in the name and on behalf of the Agency. Administration Aareement. That certain agreement, entitled "Administration Agreement" and dated as of October 1, 1985, by and between the Agency, the Developer and Urban Futures, Inc., a California corporation (the "Administrator"), in substantially the form presented to the Board of Directors at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advise of Bond Counsel is hereby approved. The appropriate officers of the Agency are hereby authorized and directed to execute said agreement, as amended, for and in the name and on behalf of the Agency. 3. SECTION 6. Official Statement. The Purchaser intends to use an Official Statement in connection with the offerinq and sale of the Bonds. The Executive Director is hereby authorized and directed to review a form of said Official Statement with the assistance of staff and to recommended any changes therein or additions thereto deemed necessary or advisable by the Executive Director. The appropriate officers of the Agency are hereby authorized and directed to execute said Official Statement, incorporating any such changes and additions, for and in the name and on behalf of the Agency. SECTION 7. Low and Moderate Units. The Board of Directors hereby finds and declares that not less than 20% of the total number of units in the project to be financed by the Bonds shall be for occupancy on a priority basis by individuals or families whose adjusted gross income does not exceed 80~ of the median adjusted gross income for the area as determined pursuant to Section 8 of the United States Housing Act of 1937. The Project shall be constructed and operated in compliance with state and federal law. 5ECTION 8. Official Action. All actions heretofore taken by the City Council on behalf of the City and by the officers and agents of the Agency with respect to - the sale and issuance of the Bonds, and specifically the transfer of the Inducement Resolution of the City, are hereby approved, confirmed and ratified, and the Chairman, the Secretary, the Executive Director and any and all 4. other officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Aqency, to do any and all things and take any and all actions relating to the execution and delivery of any and all certificates, requisitions, aqreements and other documents, including but not limited to those described in the Bond Purchase Agreement, which they, or any of them, deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with the Bond Purchase Agreement, the Indenture and this resolution. SECTION 9. Effective Date. This resolution shall take effect from and after its adoption. 5. PASSED, APPROVED and ADOPTED by the Board of Directors of the Redevelopment Agency of the City of Lake Elsinore, California, at a regular meeting held on this 22nd day of October, 1985, by the following vote, to wit: AYES: BOARDMEMBERS: KNIGHT, MATSON, STRIGOTTE, VALENZUELA _,, NOES: BOARDMEMBERS: VERP~ILLION ABSENT: BOARDMEP1BERS: NONE ABSTAIN: BOARDMEPnBERS: NONE John Matson~~airman of the Redevelopment Agency of the City of Lake Elsinore ATTEST: ~~,'~~.Q ~ P~I~~ ~ RONALD MOLENDYK, Secretary of the Redevelopment Agency of the City of Lake Elsinore APPROVED AS TO FORM: ~G~ ~ ~~,,w, {~.~-~a JOHN R. PER, Agency Counsel to the Redevelopment Agency of the City of Lake Elsinore 6.