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HomeMy WebLinkAboutRDA Reso No 1992RESOLUTION NO. RD?. 9 ~ A RESOLU'!'ION OF THE REDEVEIAPMENT AGENCY OF THE CITY OF LAKE ELSINORE AUTHORIZING AND DIRECTING THE EXECUTION OF A LOAN AGRE~IVIENT RELATING TO TI~ ISSUANCE OF CEEtTAIN BONDS BY Tf~ LAKE ELSINORE PUBLIG FINANCING AUTHORITY, APPROVII~TG FINAL OFFICIAL STATEA~IVT RELATING TO SUCH BONDS, A1~TD AUTHOF{,IZING AND APPROVING OTHER MATTERS PROPERLY RELATING T~tETO WIiEREAS, the City of Lake Eleinore and the Redevelopment Agency of the City of Lake Elsinore (the "Agency") have heretofore entered into a Joint Esercise of Powera Agreement dated as of July 2b, 1989, establishing the Lake Eleinore Public Finaacing Authority (the "Authority") for the purpose of issuing its bonds to be used to provide finanaal assistance to the Agency; WHEREAS, the Authority proposes to iesue a series of bonds, namely, its 1992 Series A Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) and its 1992 Series B Taxable Tax Allocation Revenue Bonds (the "Bonds") for the purpose of providing funds to make a loan (the "Loan") to the Agency pursuant to the loan agreement hereinafter described (the "Loan Agreement") to finance various redevelopment activities of the Agency, the form of such Loan Agreemeat being on ffie with the Secretary; WFIEREAS, the Bonds will be repaid from, aad secured by, paymente to be made to the Authority by the Agency pursuant to the Loan Agreement; WIiEREAS, the Authority has sold the Bonds to First Califoraia Capital Markets Group, Inc. (the "Underwriter") for offer and sale by the Underwriter to members of the general pubiic, and in connection with the offering of the Bonds, the Underwriter has caused to be prepared an Officaal Statemeat describing, among other things, the Agency and the Bonds, the form of which ia on file with the Secretary; WHEREAS, the Loan will be made with respect to Rancho Laguna Ftedevelopment Project Area No. I("Project Area No. I") and a portion of the prceeeds o£ the Loan will be used to pay at maturity the Agency's outstanding $4,000,000 principal amount of Rancho Laguna Redevelopment Project Area No. III Taxable Refunding Bond Anticipation Notes,1991 Serie's (the "1991 Notes") pursuant to the 1991 Notes Escrow Deposit and Trust Agreement (the "1991 Notes Escrow Agreement"), the form of wluch is oa file with the Secretary; WHEREAS, the 1991 Notes were issued to provide funds to finance the redevelopment activity of acquiring the site for a shopping mall (the °Shopping Mall Site') to be located within Rancho Laguna Redevelopment Project Area No. II ("Project Area No. II") and Rancho Laguna Redevelopment Project Area No. III ("Project Area No. III°) and repayment of the 1991 Notes is secured by a pledge of tax increment revenues from Praject Area No. III; WSEREAS, the improvements coneieting of the Shopping Mall Site and appurteaant commercial and retail sites (the "Improvemeate") are located immediately adjacent to Project Area No. I(across Mission R4~si1) and the Improvements are hereby determined, based on such locatioa and the availability of commercial aad retail facilities afforded thereby to the properties and residents within Project Area No. I, to be of benefit to Project Area No. I(as well as being of benefit to Project Area No. II aad to Project Area No. III);` WHEREAS, it is hereby determined that there is no other reasonable meana of refinancing the Improvements, except with a portion of the proceeds of the Loan; ~PHEREAS, the determinations made herein shall be final and conclusive; WHEREAS, the Agency has previously issued its $6,b00,000 aggregate principal amount of Redevelopment Agency of the city of Lake Elsinore Rancho Laguna Redevelopment Project Area No. I 1990 Tax Allocation Bonds (the "1990 Bonds") pursuant to an Indenture of 14~ust (the "1990 Indenture'), dated as of July 1, 1990, by and between the Ageacy and the Authority, as trustee (the "199014~ustee"); WHEREAS, the Agency has determined to use a portion of the proceeds of the Loan to pay iu full and redeem the 1990 Bonds on Januaxy 16, 1992, by making a deposit with the Authority Trustee pursuant to the 1990 Bonds Redemption Deposit Agreement (the "1990 Bonds Deposit Agreement") in an amount sufficient to pay in full the principal of the 1990, Bonds and interest accrued on the Bond to and including Jaauary 16, 1992; WHEREAS, Section 2.03(a) of the 1980 Indenture provides that the 1990 Bonds may be redeemed with the approval of the Authority on aay interest payment date of the 1990 Bonds and the Agency and the Authority, as the 1990 Trustee, desire to amend the 1990 Indenture to provide for redemption of the 1990 Bonds on "any date", as provided in the 1990 Boads Deposit Agreemeat; and WHEREAS, the Ageacy, with the sid of its staff, has reviewed the Loan Agreement, the 1991 Notes Escrow Agreement, the 1990 Bonds Deposit Agreement and the forni of Official Statement and the transactions therein described, and wishes at this time to approve the forgoing in the public interests of the Agency, subject to the terms and conditions set forth; NOW, THE~2EFORE, BE IT RESOLVED, DETERM~TED AND ORDERED by the Redevelopment Agency of the City of Lake Elsinore as follows: _Z_ $ection 1. Approval of Loan. The Agency hereby suthorizes and approves the making of the loan to the Agency. The loan is to be made in two advaaces, namely, the first advance to be made from the proceeds of the Series A Bonds and the second advance to be made from the proceeds of the Series B Bonds pursuaat to the following Loan Agreement, namely, the Loan Agreement, dated as of January 1, 1992, by and among the Authority, the Trustee aad the Agency relating to the loan to the Agency with respect to the Rancho Laguna Redevelopment Project Area No. I. The Agency hereby approves the Loan Agreement in substantially the form on file with the Secretary together with any additions thereto or changes therein (including but not limited to the principal amount of the loan provided for therein) deemed necessary or advieable by the Executive Director or an authorized representative of the Executive Director, whose eaecution thereof shall be conclusive evidence of approvai of any such additions and changes. The Executive Director is hereby authorized and directed to execute, and the Secretary ie hereby suthorized and directed to attest aad affix the seal of the Agency to, the final form of the Loan Agreement for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and perFormance of the Loan Agreement. Section 2. Official Statemeat. The Agency hereby approves the Official Statement describing the Bonds, in substantially the form submitted by the Underwriter and on file with the Secretary. Distribution of the final Official Statement by the Underwriter is hereby approved. Section 3. Determination of $enefit; Means of F`inancing. Based on the location and preliminary plans for the Improvements and the other evidence submitted to the Agency, which location, preliminary plans and evidence the Ageacy finds to be substantial, persuasive and conclusive as to the following determinations, the Agency determiaea that (i) the Improvemeats are of benefit to Project Area No. I, and (ri) there is no reasonable means of refiaaacing the Improvemeats, ezcept with a portion of the proceeds of the Loan. Section 4. Official Actioae. The Chairmaa, the Vice-Chairman, the Treasurer, the Secretary, the Agency General Counsel and any and all other officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Agency, to do any and all things and take any and all actions, including eaecution and delivery of any and all assignments, certificates, requisitions, agreements, including, without limitation, the 1990 Bonds Deposit Agreement and the 1991 Notes Escrow Agreement, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance, sale and delivery of the Bonds, the making of the loan pursuant to the Loan Agreement and the refunding of the 1990 Bonds and the 1991 Notes. -3- Section 4. Effective Date. This Resolul3on shall take effect from and after the date of ita passage and adoption. PASSED AND ADOPTED thie 9th day of January,1992. AYES: eORRD"1E"1~ERS:- DOP~INGUEZ, STA,RKEY, 4ASNBURN, I~IPlK.LER, BUCK NOES: `BOP,f:D^1E"1EE~Sc P!ONE ABSENT: 60I1RD"'E"?BEP.S" ;;0~'E [SEAL] Attest: A~proved as to Form & Leoality: V~II~ ~ John R. Harper, Cit ttorney -4- Chairman STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that" the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a regular meeting of said Agency on the 9th day of January, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: DOMINGUEZ, STARKEY, WASHBURN, WINKLER, BUCK NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY Of LAKE ELSINORE ) VICKI LYN KASAD, CITY CLERK CITY OF L. , E I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 92-1 of said Agency, and that the same has not been amended or repealed. D: January 9, 1992 VICKI LYNI~l~ KASAD, CITY CLERK CITY Of LAKE ELSINORE _: (SEAL) RESOLUTION NO. RD!!.92-2. A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAI~ ELSINORE AUTHORIZING AND DIItECTING THE EXECUTION OF A LOAN AGREEMENT RELATING TO Tf~ ISSUANCE OF CERTAIN BONDS BY THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY, APPROVING FINAL OFFICIAL STATEMENT RELATING TO SUCH BONDS, AND AUTHORIZING AND APPROVING OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, the City of Lake Elsinore and the Redevelopment Agency of the City of Lake Elsinore (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement dated as of July 25, 1989, establishing the Lake Elsinore Public Financing Authority (the "Authority") for the purpose of issuing its bonds to be used to provide financial assistance to the Agency; WHEREAS, the Authority proposes to issue a series of bonds, namely, its 1992 Series C Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) (the "Bonds") in the aggregate principal amount of not to exceed $25,000,000 for the purpose of providing funds to make a loan (the "Loan") to the Agency pursuant to the loan agreement hereinafter described (the "Loan Agreement") to finance and refinance various redevelopment activities of the Agency, the form of such Loan Agreement being on file with the Secretary; WHEREAS, the Bonds will be repaid from, and secured by, payments to be made to the Authority by the Agency pursuant to the Loan Agreement; WHEREAS, the Authority has sold the Bonds to First California Capital Markets - Group, Inc. (the °Underwriter") for offer and sale by the Underwriter to members of the general public, and in connection with the offering of the Bonds, the Underwriter has caused to be prepared an Official Statement describing, among other things, the Agency and the Bonds, the form of which is on file with the Secretary; WHEREAS, the Loan will be made with respect to Rancho Laguna Redevelopment Project Area No. II ("Project Area No. II") and a portion of the proceeds of the Loan will be used to pay at maturity the Agency's outstanding $3,600,000 principal amount of Rancho Laguna Redevelopment Project Area No. II Tax Allocation Bonds, 1986 Series (the "1986 Bonds") pursuant to the 1986 Bonds Escrow Deposit and Trust Agreement (the "1986 Bonds Escrow Agreement"),the form of which is on file with the Secretary; WHEREAS, the 1986 Bonds were issued to provide funds to finance the redevelopment activities and improvements and essential governmental functions of and within the Project Area No. II and repayment of the Prior Bonds is secured by a pledge of taac increment revenues from Project Area No. II; WHEREAS, the Agency has previously issued its $5,b00,000 aggregate principal amount oF Redevelopment Agency of the city of Lake Elsinore Rancho Laguna Redevelopment Project Area No. II 1990 Subordinate Taac Allocation Bonds (the "1990 Bonds") pursuant to an Indenture of Trust (the "1990 Indenture'), dated as of July 1, 1990, by and between the Agency and the Authority, as trustee (the "1990 Trustee"); WHEREAS, the Agency has determined to use a portion of the proceeds of the Loan to pay in full and redeem the 1990 Bonds by making a deposit with the Authority Trustee pursuant to the 1990 Bonds Redemption Deposit Agreement (the "1990 Bonds Deposit Agreement"); and WHEREAS, the Agency, with the aid of its staff, has reviewed the Loan Agreement, the 1986 Bonds Escrow Agreement, the 1990 Bonds Deposit Agreement and the form of Oflicial Statement and the transactions therein described, and wishes at this time to approve the forgoing in the public interests of the Agency; NOW, THEREFORE, BE IT R.ESOLVED, DETER'A'IINED AND ORDER,ED by the Redevelopment Agency of the City of Lake Elsinore as follows: Section 1. Approval of Loan. The Agency hereby authorizes and approves the making of the Loan to the Agency. The Loan is to be made in the principal amount of the Bonds issued by the Authority pursuant to the Loan Agreement, dated as of February 1, 1992, by and among the Authority, Security Pacific National Bank, as trustee, and the Agency relating to a loan to the Agency with respect to the Rancho Laguna Redevelopment Project Area No. II. The Agency hereby approves the Loan Agreement in substantiaily the form on file with the Secretary together with any additions thereto or changes therein (including but not limited to the principal amount of the loan provided for therein) deemed necessary or advisable by the Executive Director or an authorized representative of the Executive Director, whose execution thereo£ shall be conclusive evidence of approval of any such additions and changes. The Executive Director is hereby authorized and directed to execute, and the Secretary is hereby authorized and directed to attest and affix the seal of the Agency to, the final form of the Loan Agreement for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Loan Agreement. Section 2. Official Statement. The Agency hereby approves the Of£cial Statement describing the Bonds, in substantially the form submitted by the Underwriter and on file with the Secretary. Distribution of the final Official Statement by the Underwriter is hereby approved. Section 3. Official Actions. The Chairman, the Vice-Chairman, the Treasurer, the Secretary, the Agency General Counsel and any and all other officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Agency, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, including, without limitation, the 1990 Bonds Deposit Agreement and the 1986 Bonds Escrow Agreement, notices, consents, instruments of conveyance, warrants and other documents, which -2- they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance, sale and delivery of the Bonds, the making o£ the Loan pursuant to the Loan Agreement and the refunding of the 1986 Bonds and the 1990 Bonds. Section 4. Effective Date. This Resolution shall take e.ffect from and after the date of its passage and adoption. PASS~D AND ADOPTED this 25th day of February, 1992. AYES`. BOARD~IEMBERS: DOMINGUEZ, STARKEY, I~ASHBURN, WINKLER, BUCK NOES: BOARDMEMBERS: NONE ABSENT: BOARD^9EP1BERS: NONE Chairman [SEAL] Attest: Approved as to & Legalfty: Jo n R. Harper, L g 1 Counsel -3- STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a regular meeting of said Agency on the 25th day of February, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: DOMINGUEZ, STARKEY, WASHBURN, WINKLER, BUCK NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE VICKI LYNNE ~A6,`Cr CITY OF LaKE SINORE (SEAL) STATE OF CALIFORNIA ) > COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 92-2 of said Agency, and that the same has not been amended or repealed. : February 28, 1992 VICKI LYNNE ~AD, CITY CLERK CITY OF LAKE SINORE (SEAL) RESOLUTiONNO. RDA 92-3 RESOLUTiON OF TI~ REDEVELOPMENT AGENCY OF THE CITY OF LAKE EISINORE AUTHORIZIlVG ISSUANCE OF NOT TO EXCEED $5,750,000 PRINCIPALAMOUNT OF RANCHO LAGUNAREDEVELOPMENT PROJECT ARF.A NO. III TAX ALLOCATION BOND ANrICIPATION NOTES, 1992 SERIES, APPROVING AND AUTHORIZING AND DIRECTING II~CUTION OF INDENTURE OF TR,UST RELATING TI~RETO, AUTHORIZIIVG SAI.E OF SUCH NOTES, APPROVING OFFICIAL STATEI~~NT AND PROVIDING QTHER MATTERS PROPERLY RELATING THERETO. WHEREAS, the Agency is authorized 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 (the "Law") to issue its tax allocation bond anticipation notes for the purpose of financing redevelopment activities within and of benefit to the redevelopment project areas; and WHEREAS, after due investigation and deliberation, the Agency has determined that it is in the interests of the Agency at this time to provide for the issuance of its Redevelopment Agency of the City of Lake Elsinore Rancho Laguna Redevelopment Project Area No. III Tax Allocation Bond Anticipation Notes, 1992 Series (the "Notes"), for the purpose of financing redevelopment activities within and of benefit to the Agency's Rancho Laguna Redevelopment Project Area No. III; and WHEREAS, the Notes are proposed to be issued pursuant to an Indenture of Trust (the "Indenture") dated as of March 15, 1992, by and between the Agency and Security Pacific National Bank, as trustee; and WHEREAS, the Agency proposes to sell the Notes to the Lake Elsinore Pubiic Financing Authority (the "Authority") which will concurrently sell the Bonds to First California Capital Markets Group, Inc. as the proposed purchaser of the Bonds (the °Underwriter"},; and ~/HEREAS, the Underwriter has caused to be prepared an Official Statement describing the Notes, the preliminary form of which is on file with the Secretary; and WHEREAS, the Agency, with the aid of its staff has reviewed the Indenture, the Purcbase Contract and the Official Statement; and the Agency wishes at this time to approve the foregoing in the public interests of the Agency; NOR', THEREFORE, BE IT R.ESOLVED by the Redevelopment Agency of the City of Lake Eisinore, as follow: Section 1. Tssuance of Notes• Annroval of Indenture. The Agency hereby authorizes the issuance of the Notes under and pursuant to the Law and the Indenture, in the aggregate principal amount of not to exceed $5,750,000. The Agency hereby approves the Indenture in substantially the form thereof on file with the Secretary together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director, including, without limitation, the addition to the Indenture of the final principal amount of the NoLes (not to exceed $5,750,000) and of the final interest rate payable with respect to the Notes as contained in the Purchase Contract hereinafter approved, and execution o£ the Indenture shall be deemed conclusive evidence of the Agency's approval of such additions or changes. The Chairman and Secretary o£ the Agency are hereby authorized and directed to execute, attest and affix the seal of the - Agency to the Indenture for and in the name and on behaif of the Agency. The Agency hereby authorizes the delivery and performance of the Indenture. Section 2. Sale of Notes. The Agency hereby authorizes the sale of the Notes to the Authority for concurrent resale to the Underwriter pursuant to and in accordance with the Purchase Contract in substantially the form on file with the Secretary together with any additions thereto or changes therein approved by either the Executive Director or the Agency Treasurer of the Agency (or the written designee of either ), whose execution thereof shall be conclusive evidence of such approval. The Agency hereby delegates to both the Executive Director and the Agency Treasurer (and to the written designee of either), whose execution thereof shall be conclusive evidence of such approval. The Agency hereby delegates to both the Executive Director and the Agency Treasurer (and to the written designee of either) the authority to accept an offer from the Underwriter to purchase the Notes from the Authority and to execute the Purchase Contract for and in the name and on behalf of the Agency; provided, however, that the stated interest rate payable with respect to the Notes shall not exceed seven and one-half percent (7 1/2%) per annum and the purchase price paid by the Underwriter for the purchase of the Notes shall be not less than ninety-seven and one-half percent (97 1/2%) of the par amount thereof, exciuding any original issue discount on the Notes. Section 3. Official Statement. The Agency hereby approves the preliminary Official Statement describing the Notes, in substantially the form on file with the Secretary, together with any changes therein or additions thereto necessary or convenient to cause the preliminary Off`icial Statement to describe accurately matters pertaining to the Notes and either the Chairman or Executive Director (or the written designee of either) is authorized and directed on behalf of the Agency to deem the preliminary Official Statement "near final" pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934, prior to its distribution by the Underwriter. The Underwriter is hereby authorized to distribute the preliminary Of~'icial Statement in connection with the marketing of the Notes. The Chairman (or his written designee) is hereby authorized and directed to approve any changes in or additions to the final form of such Official Statement as the Chairman (or his written designee) shall deem advisable to cause the final Of~`icial Statement to describe accurately the Notes and matters contained in the Purchase Contract, the Indenture and the related proceedings and actions and to execute (or to cause to be so executed by his written designee) said final Official Statement for and in the name and on behalf of the Agency. Section 4. Official Action. All actions heretofore taken by the officers and agents of the Agency with respect to the issuance of the Notes are hereby approved, confirmed and ratified. The Chairman, the Executive Director and Secretary-Treasurer, the Agency Assistant Treasurer and the General Counsei of the Agency and any and all other officers of the Agency are hereby authorized and directed, for and in the name and on behalf ~f the Agency, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements (including but not limited to an agreement for investment of the proceeds of the Notes), notices, consents, instruments of conveyance, warrants and other documents, which they or any of them, may deem necessary or advisable in order to consummate the sale, issuance and detivery of the Notes to the Underwriter pursuant to the documents approved herein. Section b. Effective Date. This resolution shall take effect from and after the date of approval and adoption thereof. PASSED, APPROVED AND ADOPTED this lOth day of March, 1992, by the following vote: AYES: MEMBERS: NOES: MEMBERS: ABSENT: MEMBERS: ABSTENTIONS: MEMBERS: BUCK, DOMINr,UEZ, STARKEY, WINKLER, I~ASHBURN NONE NONE NONE ATTEST: ~~ ~ Secretary APPROVED TO FORM AND LEGALITY: -- `\_=~~uu~- John Harper, gal Counsel l:hairlTlan Redevelopment Agency of the City of Lake Elsinore STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a regular meeting of said Agency on the lOth day of March, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: DOMINGUEZ, STARKEY, WASHBURN, WINKLER, BUCK NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~ ( i~~ VICKI LYNNE SAD, CITY CLERK CITY OF LAKE ELSINORE (SEAl~) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 92-3 of said Agency, and that the same has not been amended or repealed. DA ED: March 11, 1992 ,~ ~ ~~ VICKI LYNNE K D, CITY CLERK' CITY OF LAKE SINORE (SEAL) RESOLiJTIONNO. RDA 92-5 A RESOLUTION MAHING CERTAIlV BENEFIT DETERI~'IINATIONS RELATING TO Tf~ R,ANCHO LAGUNA REDEVELOPMENT PROJECT AREA NO. I AND RANCHO LAGUNA REDEVELOPMENT PROJECT AREA NO. II OF 7.Z~ REDEVELOPMENT AGENCY OF 1'I~ CITY OF LAKE ELSINORE AND PROVIDING MATTERS PROPERLY ItELATING THERETO REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE RESOLVED, by the Redevelopment Agency of the City of Lake Elsinore (the "Agency"), as follows: WHEREAS, the Agency proposes to issue its not to exceed $5,750,000 principal amount of Rancho Laguna Redevelopment Project Area No. III Tax Allocation Bond Anticipation Notes, 1992 Series (the "Notes"), under and pursuant to the provisions of Part 1 of Division 24 (commencing with 5ection 33000) of the Health and Safety Code of the State of California (the "Law") and other applicable laws, for the purpose of financing redevelopment activities within and of benefit to the Agency's Rancho Laguna Redevelopment Project Area No. III; WFIEREAS, such redevelopment activities consist of the consCruction of publicly owned infrastructure improvements relating to the Regional Shopping Mall Project (as such unprovements are generally shown on the "Lear Option Map", revised May 28, 1991, prepared by Ballew and Associates, Special Project Planners) and relating to the East Lake Project (as such improvements are generally described and shown in the East Lake Master Plan and Financial Analysis prepared by TMC, as referenced in its letter to the City Manager, dated February 24, 1992), such improvements being herein collectively referred to as the "Public Improvements"; WHEI~EtLS, First California Capital Markets Group, Inc., the underwriter of the Notes, has advised the City and the Agency that the marketability of the Notes requires the Agency to pledge certain tax increment revenues of its Rancho Laguna Redevelopment Project Area No. I("Project Area No. I") and its Project Area No. II ("Project Area No. II"); WHEREA,S, in order for the Agency to make such a pledge, Section 33445 of the California Health and Safety Code requires the City of Lake Elsinore and the Agency to make certain determinations; and WHEREAS, the Agency has reviewed the nature and location of the Public Improvements and desires to make such determinations; NOW, THEREFORE, BE 11'RESOLVED by the Redevelapment Agency of the City of Lake Elsinore, as follows: 1. The Public Improvements are hereby determined to be of benefit to both Project Area No. I and Project Area No. II. 2. It is further determined that there is no reasonable means of financing the Public Improvements other than by the issuance of the Notes. 3. The Notes shall only be marketable if the Agency is permitted to pledge tax increment revenues from Project Area No. I and Project Area No. II to the repayment of refunding bonds or other obligations issued or incurred to refund the Notes at or prior to maturity of the Notes. 4. The pledge by the Agency of such tax increment revenues for such purpose is hereby approved. 5. This Resolution shall take effect from and after its adoption. PASSED, APPROVED AND ADOPTED this 12th day of May, 1992, by the following vote: AYES: MEMBERS: ALONGI, DOMIN~UEZ, !dINKLER, WASHBURN NOES: MEMBERS: CHERVENY ABSENT: MEMBERS: NONE ABSTENTIONS: MEMBERS: PJONE _ ~ n y" Chairman Redevelopment E of the City of Lake : A APPROVED AS Tb' FORM AND LEGALITY: ~ John Harpe •, egal Counsel -2- STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) ~ I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a regular meeting of said Agency on the 12th day of May, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, DOMINGUEZ, WASHBURN, WINKLER NOES: COUNCILMEMBERS: CHERVENY ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~ ~ CKI LYNNE K AD, CITY CLER CITY OF LAKE SINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 92-5 of said Agency, and that the same has not been amended or repealed. DATED: MaY 13, 1992 ~.~ ~ ~~ VICKI LYNNE K AD, CITY CLERK CITY OF LAKE SINORE (SEAL) RESOLUTION NO. RDA 92- 6 A RESOLUTION OF THE REDEVEIAPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING AND ADOPTING THE BUDGET FOR FISCAL YEAR 1992-93 AND APPROPRIATING THE FUNDS NECESSARY TO MEET THE EXPENDITURES SET FORTH THEREIN WHEREAS, the Executive Director has submitted to the Board of Directors of the Lake Elsinore Redevelopment Agency a budget for Fiscal Year 1992-93, having proposed expenditures for all funds in the amount of $14,797,300 and projected revenues and carry-over funds which total $14,190,500, and anticipate the interest from the 1992 escrow funds held by the Trustee to cover the difference; and NOW, TAEREFORE, the Board of Directors of the Lake Elsinore Redevelopment Agency does hereby find, determine and declare that the budget for Fiscal Year 1992-93 is hereby PASSED, APPROVED AND ADOPTED this 23rd day of June, 1992, by the following vote: AYES: NOES: ABSENT: ABSTAIN: _~ i ~ CLERK OF THE BOARD SOARDMEMBERS: BOARDMEMBERS: BOARDMEMBERS: APPROVED AS TO FORM AND LEGALITY: W~ JOHN R. HARPE , AGENCY ATTORNEY ALONGI, DOMINGUEZ, bIASHBURN~ I~IINKLER, CHERVENY NONE NONE NONE AGENCY STATE OF CALIFORNIA ) COUNTY Of RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a regular meeting of said Agency on the 23rd day of June, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, DOMINGUEZ, WASHBURN, WINKLER, CHERVENY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~~ ~~~~~~ VICKI LYNNE ASAD, CITY CLERK CITY OF LAK ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 92-6 of said Agency, and that the same has not been amended or repealed. June 26, 1992 VIC~CI LYNNE SAD, ITY(C~ CITY OF LAKE LSINORE (SEAL) RDA RESOLUTION NO. 92-7 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA REQUESTING THE TAX COLLECTOR OF THE COUNTY OF RIVERSIDE TO PLACE SPECIAL TAXES ON THE BILLS OF CERTAIN PROPERTIES WHEREAS, the Board of Directors of the Redevelopment Agency of the City of Lake Elsinore, California (the "Agency"), has - heretofore instituted and conducted proceedings under the terms and provisions of the Mello-Roos Community Facilities Act of 1982 (the "Act"), being Chapter 25 of Part 1 of Division 2 of Title 5 (commencing at Section 53311) of the State of California Government Code for the acquisition and construction of certain public works of improvements, together with appurtenances and appurtenant work in a special tax district designated as COMMUNITY FACILITIES DISTRICT NO. 90-2 (TUSCANY HILLS PUBLIC IMPROVEMENTS), hereinafter referred to as the CFD 90-2; and WHEREAS, in Agency Resolution RDA No. 90-6 adopted on October 24, 1990, the "Resolution of Intention"; Agency Resolution No. RDA 90-12 entitled "A Resolution Declaring Results of Special Election and Directing Recording of Notice of Special Tax Lien", adopted November 27, 1990; and Agency Ordinance No. RDA 1 entitled "An Ordinance of the Governing Board of the Redevelopment Agency of the City of Lake Elsinore Levyinq Special Taxes Within the Redevelopment Agency of the City of Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public Improvements)", adopted December 11, 1990; and WHEREAS, all special taxes in this district were levied without regard to property valuation; and NOW, THEREFORE, the Board of Directors of the Redevelopment Agency of the City of Lake Elsinore does hereby resolve as follows: 1. That the portion of the principal, interest and other costs related to CFD 90-2 due or coming due through June 30, 1993, be placed on the County Tax Rolls and be collected by the Riverside County Tax Collector, as provided for in Exhibit ~~A" (a summary of fixed charges). 2. That the properties to be so assessed and the related amounts are submitted on magnetic tape as requested by the RDA Resolution No. 92- 7 Page 2 Riverside County Tax Collector, further identified as County Fund No. 68-2364. PASSED, APPROVED AND ADOPTED this 14th day of Jul.y , 1992 by the following vote: AYES: BoARD MEMBERS: ALON;I, DO^1IN~UEZ, WASHBURN, I~IINKLER NOES: BOARD MEMBERS: NONE ABSENT: BOARD MEMBERS: CHERVENY ABSTAIN: BOARD MEMBERS: NONE ~ T TER CHE VENY~CHAIR OMA Y OF LAKE ELSINO REDEVELOPMENT AGENCY AT ST: ~, VICKI L. KASAD CLERK OF THE BOARD APPROVED AS TO FORM AND LEGALITY: REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE EXHIBIT "A" COMMUNITY FACILITIE$ DISTRICT 90-2 (TUSCANY HILLS PUBLIC IMPROVEMENTS) SUMMARY OF FIXED CHARGES FOR TAX ROLL FISCAL YEAR 1992-93 FUND NUMBER 68-2364 TOTAL PARCELS 893 TOTAL CHARGES $ 1,920,549.05 CFD90-2.EXA STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE 1 I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a regular meeting of said Agency on the 28th day of July, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, DOMINGUEZ, WASHBURN, WINKLER NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: CHERVENY ABSTAIN: COUNCILMEMBERS: NONE 1 ~ ~ ~~~~ CKI LYNNE K SAD, CITY CLERK CI"iY OF LAKE LSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 92-7 of said Agency, and that the same has not been amended or repealed. D~D: August 3, 1992 .. ~XVXi~~C. ~""" ,,,~I VICKI LYNNE K AD, CITY CLERK CITY OF LAKE SINORE (SEAL) RESOLIITION NO. RDA 92- ~ A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LARE ELSINORE~ FINDING AND DECLARING THAT THE REQUIREMENTS OF LOW AND MODERATE INCOME HOUSING IN ALL PROJECT AREAS ARE BEING MET. WHEREAS, Section 33334.2 of the Redevelopment Law requires that every redevelopment plan adopted after January 1, 1977, not less than twenty percent (20%) of tax revenues be set aside in a separate low and moderate income housing fund and be used for the purpose of increasing and improving the community°s supply of low and moderate income housing, unless one of the following findings is made: 1. That no need exists in the community, the provisions of which would benefit the project area, to improve or increase the supply of low and moderate income housing; 2. That some stated percentage less than twenty percent (20%) of the taxes which are allocated to the agency is sufficient to meet such housing needs; or 3. That a substantial effort to meet low and moderate income needs in the community is being made and that this effort, including the obligation of funds currently available for the benefit of the community from State, local and Federal sources for low and moderate income housing alone or in combination with tax revenues, is equivalent in impact to the funds otherwise required to be set aside; and WHEREAS, Resolution 89-1 of the Redevelopment Agency o£ the City of Lake Elsinore made findings that all low and moderate income housing within the City, even though outside a project area, is of benefit to the project areas; and, WHEREAS, the guidelines defining low and moderate income housing as promulgated by the U. S. Department of Housing and Urban Development are the criteria for determining qualification of low and moderate income housing; and, RESOLUTION NO. RDA 92- g Page 2 WHEREAS, the 1992 HUD guidelines as applied to Riverside County define the area median income at $36,000.00 for low and moderate income housing purposes; and WHEREAS, the Regional Housing Needs Assessment for 1988, as published by the Southern California Association of Governments, and the City's General Plan housing element identifies for Lake Elsinore 6,644 total residential units of which 2,758 (41.5%) are classified as "Lower Income Housing Units", and permits issued since those findings produced another 529 units, thus bringing to a total 7,173 units with forty percent (40%) or 2,856 classified as "Lower Income Housing Units". NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That the housing available to low and moderate income families in the City of Lake Elsinore substantially exceed twenty percent (20%) of the total available housing. SECTION 2. The finding is made that the low and moderate income housing needs in the City of Lake Elsinore are being met and no need exists to set aside twenty percent (200) of the tax increment revenue generated in any project area for the Fiscal Year 1991-1992. SECTION 3. The Secretary of the Agency will certify to the adoption of this resolution. RESOLUTION NO. RDA 92- ~ Page 3 PASSED, APPROVED AND ADOPTED this eighth day of September, 1992, upon the following vote: AYES: BOARDMEMBERS: DOMIN6UEZ, WASHBURN, WIPlKLER, CHERUENY NOES: BOARDMEMBERS: ALON~I ABSENT: BOARDMEMBERS: NONE ABSTAIN: BOARDMEMBERS NONE /I ~ REDEVELOPMENT~A CY OF THE CITY OF LAKE EL NORE AT EST: ~ ~~ VICKI L. KASAD CLERK OF THE BOARD APPROVED AS TO FORM AND LEGALITY: rYI~ ~ JOHN R. HARPER, EGAL COUNSEL RDA No. 92-g_ September 8, 1992 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a regular meeting of said Agency on the 8th day of September, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: DOMINGUEZ, WASHBURN, WINKLER, CHERVENY NOES: COUNCILMEMBERS: ALONGI ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~~ r-~~'~J' VICKI LYNNE SAD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 92-9 of said Agency, and that the same has not been amended or repealed. September 9, 1992 VICKI LYNNE SAD,"CITY CLERK CITY OF LAK LSINORE (SEAL) RESOLUTION NO.RDA 92-~ A RESOLUTION OF THE REDEVEIAPMENT AGENCY OF THE CITY OF LAKE ELSINORE DECLARING THAT THE PUBLIC INTEREST AND NECESSITY DEMAND THE IMMEDIATE EXPENDITURE OF PUBLIC MONEY AND DISPENSING WITH THE BIDDING PROCESS FOR THE CONSTRUCTION OF AN AERATION PROJECT FOR LAKE ELSINORE WHEREAS, Lake Elsinore is approaching a dangerous condition in which the water level has decreased, the temperature of the lake has risen, and dangerous oxygen levels have been reached which indicate that a large fish kill may be imminent based on past history, as is more particularly described in the staff report accompanying this resolution; and WHEREAS, past fish kills have been disastrous and have required clean-up efforts costing approximately $100,000.00 and have caused great odor, serious health concerns, ecological and environmental problems and have caused great economic impact on businesses that are affected by such lake conditions; and WHEREAS, Public Contract Code Section 20168 provides that the bidding process may be dispensed with when the Redevelapment Agency Board determines, by a 4/5 vote of its members, that there is a great public calamity or other disaster and that the public interest and necessity demand the immediate expenditure of public money to safeguard life, health or property; and WHEREAS, staff has proposed the construction of an aeration system that will avert this disaster from occurring; NOW, THEREFORE, the Redevelopment Agency Board does hereby determine: 1. That for all of the reasons cited above, in the staff report accompanying this resolution, and based on any additional matter that may be before the Redevelopment Agency Board at the time it votes on this resolution, the Redevelopment Agency Board does hereby make the findings stated above and in Public Contract Code Section 20168. 2. That this rE~solution has been passed by a four-fifths vote of its members. Page 2 Resolution No.RDA 92-3 August 11, 1992 3. That the Executive Director may take all steps necessary and expend any sums required to meet the emergency without compliance with the public bidding laws. PASSED and ADOPTED this 13th day of August ~ 19g2. UPON THE FOLLOWING VOTE: AYES: BOARDPIEMBERS: DOMIN;UEZ, WASHBURN, WINKLER, CHERVENY NOES: BOARD~IEP4BERS: ALONGI City Clerk APPROVED AS 'O FORM ~i.~. I v . Legal Counsel STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a regular meeting of said Agency on the 13th day of August, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: DOMINGUEZ, WASHBURN, WINKLER, CHERVENY NOES: COUNCILMEMBERS: ALONGI ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~ , V CYI LYNNE K'AD, CITY CLERK CITY OF LAKE E SINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 92-8 of said Agency, and that the same has not been amended or repealed. DATED: August 13, 1992 lJ~ ~~.~`,°"^'.,\ VICKI t.YNNE K AD, CITY CLERK CITY Of LAKE ~SINORE