Loading...
HomeMy WebLinkAboutRDA Reso No 1995RESOLUTION NO. RDA 95-1 RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE APPROVING A CERTAIN OWNER PARTICIPATION AGREEMENT BYAND BETWEEN THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE AND OSBORNE DEVELOPMENT CORPORATION IN ACCORDANCE WI1'H A CERTAIN MORTGAGE ASSISTANCE PROGRAM WHEREAS, the City of Lake Elsinore, California (the "City") is a municipal corporation duly created and existing pursuant to the constitution and laws of the State of California; and WHEREAS, the Redevelopment Agency for the City of Lake Elsinore (the "Agency"), is a redevelopment agency, a public body, corporate and politic of the State of California, organized and existing pursuant to the Community Redevelopment Law (Part 1 of Division 24) commencing with Section 33000 of the Health and Safety Code of the State of CaliFornia (the "Act"); and WHEREAS, the City and the Agency have previously adopted several redevelopment plans for various portions of the City; and WHEREAS, pursuant to its various redevelopment plans, the Agency has an obligation to provide certain assistance to low-and moderate-income households; and WHEREAS, the Agency deems it desirable to establish a Mortgage Assistance Program within the City whereby the A.gency would provide certain forms of assistance, including but not limited to, down payment assistance, mortgage interest rate write down assistance and payment of fees and escrow closing costs to qualifying low- and moderate- income households; and WHEREAS, participants in the Agency's Mortgage Assistance Program would have to comply with certain tow- and moderate-income and affordablilty criteria as estabtished in the California Community Redevelopment Law; and WHEREAS, the Agency has received a request for assistance from Osborne Development Corporation (the "Participant") to assist in the development of certain low- and moderate-income residential lots within the City in accordance with a Mortgage Assistance Program; and WfIEREAS, the Participant's request for assistance involves the contribution of Agency Assistance in a total amount of not to exceed One Hundred FSfty Thousand Dollars ($150,000) to be used to assist low- and moderate-income households purchase lots developed by Participant or its successors in interest; and WHEREAS, the Agency deems it desirable to enter into a certain Owner Participation Agreement by and between the Agency and the Participant (the "Agreement"), a copy of which is attached hereto as Exhibit "A" and incorporated herein by this reference; and WHEREAS, Pursuant to the terms of the Agreement, the Agency Assistance will be retlected in certain Promissory Notes secured by Deeds of Trust in favor of the Agency, executed by the purchasers of the Low- and moderate-income residential units. NOW, THEREFORE, THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE AS FOLLOWS: 5ection 1. The foregoing recitals are true and correct and are incorporated herein by this reference. Section 2. The Agency hereby approves the Agreement as attached hereto as Exhibit "A" and authorizes the Chairperson to execute the A.greement on behalf of the Agency with any such nonsubstantive c6anges as may be approved by the Executive Director of the Agency and Agency CounseL Section 3. The Agency hereby approves the establishment of a Mortgage Assistance Program consistent with the requirements of the California Communtty redevelopment Law and the parameters as established pursuant to the terms of the Agreement. Section 4. The Agency hereby approves the allocation of $150,000 of low- and moderate-income funds for the purposes of funding the MAP Program under the terms of the Agreement. Section 5. The ffndings and determinations herein shall be final and conclusive. This Resolution shall take effect upon the date of its adoption. RESOLVED, APPROVED AND ADOPTED this 14 day of February, 1995, by the following vote: AYES: BOARDMEMBERS: NOES: BOARDMEMBERS: ABSENT: BOARDMEMBERS: BENDER, BRINLEY, WASHBURN, PAPE NONE NONE ABSTAIN: BOARDMEMBERS: ATl~S'P: ~ ~- ~'icki Kasad, Clerk ~F Yhe Board APPROVEY- AS TO FORM: ~^'~ ~ John R. Harper, City tt ey A T (1N(' T STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 14th day of February, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: BENDER~ BRINLEY, WASHBURN, PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTAIN: BOARDMEMBERS: ALONGI ~k_i~`-' lti4'~_.0.-(S CKI KA AD, CITY CLERK CITY OF' LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO AEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 95-1 of said Council, and that the same has not been amended or repealed. DATED: March 6, 1995 ~~.,~~~~ ' VICKI KASAD, CI`t'Y CLERK CITY OF LAKE ELSINORE (SEAL) R D A RESOLUTION NO. 95- 2 A RESOLUTION OF THS REDEVELOPMENT AGENCY OF TSE CITY OF LARE BLSINORE, CALIFORNIA~ ADOPTING PROGRAM SIIPPLEMENT NO. 001 TO LOCAL AGENCY-STATB AGREEMENT FOR FEDERAL-AID PROJBCTS NO. OS-5074 LARESHORE DRIVE BRIDGE REPLACEMENT W1iEREAB, the existing Lakeshore Drive Bridge over the San Jacinto River was constructed of wood piling in approximately 1935 and has deteriorated over the years, and WSEREAS, the Lakeshore Drive bridge carries approximately 20,000 vehicles per day with two traffic lanes, and is expected to carry approximately 64,000 vehicles per day at build-out to planned land use patterns and densities, and WHEREAS, the City of Lake Elsinore and the State of California Department of Transportation entered into an Agreement for Federal Aid on June 11, 1979, and WHEREAB, the costs of Construction Engineering, Right of Way Acquisition, and Construction have been determined and are set forth in the attached Program Supplement No. o01e NOW, THEREFORE, 8E IT RESOLVED by the Redevelopment Agency of the City of Lake Elsinore that the attached Program Supplement No. 001 be incorporated into the Local Agency-State Agreement for Federal Aid Projects No. 08-5074, Lakeshore Drive Bridge Replacement. Further, that as a condition to payment of funds obligated to this project, the Agency accepts and will comply with the covenants or remarks set forth in the Program Supplemen~, Page 2, Numbered 1 through 5. PA88ED~ APPROVED AND ADOPTED this 28th day of February ~ 1995 by the following vote: AYES: BOARDMEMBERS: ALONGI, BENDER, BRINLEY, WASHBURN, PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTENTIONS: BOARDMEMBERS: NONE TES'~' • ~~ VICKI LYN KASyD, CITY CLERK AP~ED S TO RM AND LEGALITY: ~ CITY ATTORNE , CITY ATTORNEY STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 meetinq of said Agency on 28th day of February, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: ALONGI, BENDER, BRINLEY, WASHBURN, PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABS IN: BOARDMEMBERS: NONE _~ `'~`W VIC:ZI KASAD, CLTY CLERK CITY GP' LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 95-2 of said Council, and that the same has not been amended or repealed. DATED: March 6, 1995 ~.~.(/~I ~-~-r~-r~t> I VIGKS KASAD,,CITY CLERK CITY Ol' LAKE EL~'INORE (SEAL) RESOLIITION NO. RDA 95-3 A RESOLOTION OF THE LARE ELSINORE REDSVELOPMENT AGENCY AMENDING RESOLIITION NO. RDA 94-10 TO CONFIRM ASSIGNMENT OF CERTAIN SPECIAL TA% BONDS BY THE LARB ELSINORE PUBLIC FINANCING AOTHORITY WITH RESPECT TO A SINGLE ISSOS OF AIITHORITY BONDS AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO - COMMi1NITY FACILITY DISTRICT NO. 90-2 (TIISCANY HILLS PIIBLIC IMPROVEMENTS) - 1990 SPECIAL TAB BONDB. WHEREAS, the City of Lake Elsinore (the "City ")and the Redevelopment Agency of the C~i;~ of ;:,_ike Elsinore (the "Agency") have heretofore entered ir.to a Joint Exercise of Powers Agreement, establishing the Lake Elsinore Public Financing Authority (the "Authority") for the purpose of issuing its bonds, notes and other obligations to be used to provide financing for public capital improvements of the City and the Agency; and WHEREAB, in order to provide for the financinq of additional public capital improvements of benefit to the City and to refund, in advance, the Authority's outstanding 1990 Local Agency Revenue Bonds, Series B, issued in the original principal amount of $15,700,000 (the "Prior Bonds"), the Authority had proposed to enter into a fourth Series D( The "Series D Bonds"), and a fifth supplemental indenture to provide for the issuance of its 1990 Local obligation Revenue Bonds, Series E(the "Series E Bonds"); and WHEREAS, the Authority now proposes to issue for such purpose only a single issue of bonds, namely, the Series D Bonds; and WHEREAB, the Agency has heretofore issued its Redevelopment Agency of the City of Lake Elsinore Community Facility No. 90-2 (Tuscany Hi~ls Public Improvements) 1990 Special Tax Bonds (the "Special Tax Bonds"); and WHEREAS, the Authority purchased the Special Tax Bonds with a portion of the proc;seds of the Prior Bonds and the Authority pledged and assigned the Special Tax Bonds for the payment and security of the Prior Bonds; and PAGE TWO - RESOLIITION NO. RDA 95-3 WHEREAS, upon the refunding of the Prior Bonds, the Authority will pledge and assiqn the Special Tax bonds for the payment and security of the Series D Bonds; and iPSEREAS, the Agency pursuant to its Resolution No. RDA 94-10, adopted November 22, 1994, approved the pledge and assignment of the Special Tax Bonds to both the Series D Bonds and the Series E Bonds and the Authority desires that the Agency consent to such pledge and assignment solely for the benefit of the Series D Bonds; NOW, THEREFORE, be it resolved by the Redevelopment Agency of the City of Lake Elsinore as follows: SECTION 1. Consent to Pledge and Assianment. Resolution No. RDA 94-10 is hereby amended to delete the references to the Series E Bonds and by such amendment the Agency consent to the pledge and assignment of the Special Tax bonds for payment and security solely of the Series D Bonds. SECTION 2. Confirmation of Actions. Except as provided herein to the contrary, the Agency hereby confirms the actions taken and to be taken pursuant to Resolution No. RDA 94-10~ SECTION 3. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED this llth day of April, 1995, by the following vote: AYES: BOARDMEMBERS: ALONGI~ BENDERe BRINLEYo WASHBURN~ PAPE NOES: BOARDMEMBERSe NONE ABSENT: BOARDMEMBERS: NONE ABSTAIN: BOARDMEMBERSC NONE R R TEST; CR~ KAS ~ C~ER~F THE BOARD APp?R nED iti0 LEGAL FORM: ~~~ JOHN R. HARPER,V~IT ATTORNEY /~~~ W. PAP;~ CHAIRMAN LOPMENT AGENCY STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Public Finance Authority of the City of Lake Elsinore at a regular meeting of said Authority on iith day of April, 1995, and that it was so adopted by the followinq vote: AYES: COUNCILMEMBERS: ALONGI, BENDER, BRINLEY, PAPE~ WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE , , VICKI AD.,-_: CLERK CITY OF' LAKE EI•SINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and ccrrect copy of Resolution No. PFA 95-3 of said Council, and that the same has not been amended or repealede De'ED: April 28, 1994 CKI hA~~i~ CLERK VI , CITY t9B' LAKE T~'I SINORE (SEAL) 22051-15 JHHW:ACH:dam 5/22/95 RESOLUTION NO. RDA 95- 4 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CTI'Y OF LAKE ELSINORE APPROVING AND AUTHORIZING AND DIRECTING EXECUTION OF FIRST AMENDMENT TO FISCAL AGENT AGREEMENT AND PROVIDING OTHEI2 MATTERS PROPERLY RELATTNG THERETO ' REDEVELOPMENT AGENCY OR THE QTY OF LAKE ELSINORE COMMUNIT'Y FACILTY'Y -7IST1iICT NO. 90-2 (TUSCANY HILLS PUBLdC IMPROVEMENTS) 1990 SPECIAd. TAX BONDS WHEREAS, the Redevelopment Agency of the City of Lake Elsinore (the "Agency°) has formed the above-referenced District under the provisions of the Mello-Roos Community Facilities Act of 1982, as amended (Section 53311 et seq. of the California Government Code) (the "Act") and Resolution No. RDA 90-9 of the Agency adopted on November 27, 1990; WHEREAS, under the provisions of the Act, on November 27, 1990, the Agency adopted its Resolution No. RDA 90-13, which resolution, among other matters, authorized the issuance of the Redevelopment Agency of the City of Lake Elsinore, Community Facilities District No. 90-2 (Tuscany Hills Public Improvements) 1990 Special Tax Bonds (the "1990 Bonds") pursuant to a Fiscal Agent Agreement, dated as of December 1, 1990, by and between the Agency and the Lake Elsinore Public Financing Authority (the "Authority") (the "Fiscal Agent AgreemenY'); WHEREAS, the Authority is refinancing bonds (the "Prior Bonds") issued by it to acquire the 1990 Bonds and, with respect to such refinancing, the Authority desires that the Agency clarify provisions of the Fiscal Agent Agreement relating to the time of payxnent of the 1990 Bonds and the redemption premium payable upon the redemption of the 1990 Bonds; and WHEREAS, it is in the best interest of the Agency that the refinancing of the Prior Bonds - be consummated and, accordingly, the Agency desires to amend the Fiscal Agent Agreement to provide for such clarification as hereinafter provided in the First Amendment to Fiscal Agreement (khe "Amendment"); NOW, THEREFORE, be it resolved by the Redevelopment Agency or the City of Lake Elsinore as follows: Section 1. Amendment of Fiscal Agent Agreement. The proposed Amendment in the form presented to this Agency at this meeting, is hereby approved. The Assistant Treasurer of the Agency is hereby authorized and directed to execute and deliver the Fiscal Agent Agr2ement in substantially said form, with such additions thereto or changes therein as are approved by the Assistant Treasurer of the Agency upon consultaHon with Co-Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and deliver of the Amendment by the Agency. Section 2. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED this 23rd of May, 1995. AYES: BOARDMEMBERS: BENDER, BRINLEY, PAPE NOES: BOARDMEMBERS: ALONGI ABSENT: BOARDMEMBERS: WASHBURN [SEAL] APPROVED AS TO FORM AND LEGALITY: ~J~f, John R. ar r General o sel -2- STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 23rd day of May, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: BENDER, BRINLEY, PAPE NOES: BOARDMEMBERS: ALONGI ABSENT: BOARDMEMBERS: WASHBURN ABSTAIN; BOARDMEMBERS: NONE • ~ ~~'~-~~/"~' VICK~AD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) 2, VICKI 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 95-4 of said Council, and that the same has not been amended or repealed. DATED: J'r*.ic 1, 1995 ae VIC~K7~IR~ , I'' ERK CITY OF LAI?E ELSINORE (SEAL) RDA RESOLUTION NO. 95- 5 A RESOLUTIQN 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 Cali£ornia 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 FACILZTIES 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 Levying Special Taxes Within the Redevelopment Agency of the City of Lake Elsinore Community Facilities Diatrict No.90-2 (Tuscany Hills Public Improvements)", adopted December 11, 1990; and WHEREAB, 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, 1996, 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 RDA Resolution No. 95- 5 Page 2 amounts are submitted on magnetic tape as requested by the Riverside County Tax Collector, further identified as County Fund No. 68-2364. PASSES, APPROVED AND ADOPTED this 25th day of July, 1995 by the following vote: AYES: BOARD MEMBERS: BENDER, BRINLEY, WASHBURN, PAPE NOES: BOARD MEMBERS: NONE ABSENT: BOARD MEMBERS: ALONGI ABSTAIN: BOARD MEMB~tRS': /~,ONE nnv a~ rearu~~ CI Y OF LAKE AT ST:. ~ ~~ ~ ~ ~~~ VICKI L. KASAD' CLERK OF THE BOARD APPROVED AS TO FORM AND LEGALITY: ~'~~Y~ ~ JOHN R. HARP R, LEGAL COUNSEL [u~u,iv INORE REDEVELOPMENT AGENCY REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE EXHIBIT "A" COMMUNITY FACILITIES DISTRICT 90-2 (TUSCANY HILLS PUBLIC IMPROVEMENTS) SUMMARY OF FIXED CHARGES FOR TAX ROLL FISCAL YEAR 1995-95 FUND NUMBER 68-2364 TOTAL PARCELS 1,036 TOTAL CHARGES $1,523,405.00 CFD90-2.ExA STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I~ VICKI 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 25th day of July, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: BENDER, BRINLEY, WASHBURN, PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: ALONGI ABSTAIN: BOARDMEMBERS: NONE ~ I~ . ~ ~ ,CIiY LERK r CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 95-5 of said Council, and that the same has not been amended or repealed. DATED: July 27, 1995 ~' ~ ~'~ (~i~~..~ C~.-~~-~^ VICKI KASAD, CITY CLERK CITY E'F" -LAKE EL•SINORE (SEAL) RESOLUTION NO. ~A 95-6 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AUTHORIZING THE APPOINTMENT OF A SUCCESSOR TRUSTEE AND AUTHORIZING THE EXECUTION OF A FIRST AND SECOND SUPPLEMENTAL INDENTURE OF TRUST IN CONNECTION WITH ITS VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (MERCURY SAVINGS AND LOAN PROJEC~ 1985 SERIES A WHEREAS, the Redevelopment Agency of the City of Lake Elsinore (the "Agency") issued its Variable Rate Demand Multifamily Housing Revenue Bonds (Mercury Savings and Loan Project) 1985 Series A{the "Bonds") in the original aggregate principal amount of $5,000,000 pursuant to an Endenture of Trust dated as of October 1, 1985 (the "Original Indenture") by and between the Agency and Seattle-First National Bank (the'Trustee"); WHEREAS, Section 1001 of the Original Indenture provides that the Agency and the Trustee may, with the approval of MercurySavings and Loan Association ("Old Association") and with the consent {if affected) of the Remarketing Agent (as defined in the Original Indenture), but without the consent of, or notice to, any of the Bondholders, modify or amend the Original Indenture by supplemental indentures in such manner as shall not impair the security or adversely affect the Bondholders; WHEREAS, payment of the principal amount of interest and premium, if any, on the Bonds was secured by a letter of credit issued by Dld Association; WHEREAS, the office of ThriR Supervision ("OTS") by Order No. 90-415 dated February 22, 1990, appointed the Resolution Trust Corporation ("RTC") as Conservator of the Old Association; WHEREAS, the OTS by Order No. 90-952 dated May 25, 1990, replaced the Conservator of the Old Association with RTC as Receiver of Old Association; the OTS by Order No. 90-953 dated May 25,1990, authorized the organization of MERCURY FEDERAL SAVINGS AND LOAN ASSOCIATION ("New Association"), and thereafter, the RTC as Receiver of the Old Association and the New Association entered into a certain Purchase and Assumption Agreement dated May 25, 1990, under which the asset(s) which are #he subject matter of this document were transferred to the New Association. The OTS by Order No. 90-954 dated May 25, 1990, appointed RTC as Conservatorof the New Association; WHEREAS, the OTS by Order No. 90-1768 dated September 21,1990, replaced the Conservator of the New Association with the RTC as Receiver of the New Association for the purpose of liquidation. WHEREAS, the RTC has assumed ail the obligations of Old Association under the Reimbursement Agreement (as defined in the Originat Indenture), the Leiter of Credit (as defined in the Original Inder~ture)' and ali other documents contemplated therein orexecuted in connection therewith to the extent of the collateral; V1IHEREAS, the RTC has succeeded to all rights of Old Association under the Original Indenture, the Reimbursement Agreement and ail other documents relating to the issuance of the Bonds, WHEREAS, presen#ly, the primary source of money for redemption of the Bonds is from payments to be made to the Trustee under the Letter of Credit and other moneys held by the Trustee for the benefit of the Bondholders, WHEREAS, the RTC desi~es #o amend the Original (ndenture in a manner which would not adversely affect the interests nf the Bondholders by granting the RTC an option to purchase the Bonds in lieu of redemption and, in the event the RTC exercises its option to purchase, permit an additional amendment of the Indenture to release certain collateral pledged to secure the Bonds. ~' WHEREAS, the Trustee desires to withdraw and First Trust of Califomia is qualified under the Oriyinal In~+enture and desires to be appointed as Successor Trustee (the "Successor Trustee"); WHEREAS, the Agency has determined that it is in the Agency's best interest to enter into a First Supplemental Trust Indenture to supplement the Original Indenture of Trust to grant RTC the power to purchase the Bonds in lieu of redemption, to grant certain other rights in connection therewith, and, subsequentiy, a Second Supplemental Tn~st Indenture to authorize the release of collateral if the RTC purchases the Bonds and consents thereto. WHEREAS, the Agency has had presented to it and has considered a form of the First Supplemental Trust Indenture, a form of Second Supplemental Trust Indenture and a form of Agreement of Resignation/Appointment and Acceptance attached hereto as Exhibits A, B and C, respectively. NOW, THEREFORE, BE IT RESOLVED, by the REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, as foilows: Section 1. Recitals True and Correct. The Agency dces hereby find and declare that the above recitals are true and correct. Section 2. A~proval of First Supplemental Trust indenture and the Second S~u plemental Trust Indenture. The proposed form of the First Supplemental Trust Indenture and the Second Supplemental Trust indenture, substantially in the form presented at this meeting, are hereby approved, and the EXe~uti~e nire~tor oftheAgencyandthe chairman of the Agency are hereby authorized and directed to execute and deliver, for and in the name of and on behalf of the Agency, the First Supplemental Trust Indenture and, if the RTC exercises the purchase option under the First Supplemental Indenture and, as the sole Bondholder, consents thereto, the Second Supplemental Trust Indenture with such additions, changes and corrections'assaid officers may approve upon consultation with Agency counsei, said approval to be conclusively evidenced by the execution of each respective document with such additions, changes or corrections. Section 3. Appointment of Successor Trustee. The EXecutive nirect~ ~e Agency is hereby authorized and directed to execute and deliver, for and in the name of the Agency the Agreement of Resignation/Appointment and Acceptance, the form of which has been presented at this meeting and hereby approved, to appoint First Trust of California as the Successor Trustee to act as trustee under the Indenture, as supplemented by the First Supplemental Trust Indenture, with the duties and powers set forth therein with such additions, changes and corrections as said officer may approve upon consuitation with Agency counsel, said approval to be conclusively evidenced by the execution of the document with suah additions, changes or corrections. Section 4. Additional Actions. The officers of the Agency are hereby authorized and directed to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to consummate the foregoing described matters, and such actions previously taken by such officers are hereby rat~ed and approved. Section 5: Effective Date. This resolution shall take effect immediately upon its passage. PASSED, APPROVCD AND ADOPTED this 25th day of July, 1995, upon the following vote: AYES: BOARDMEMBERS: BENDER, BRINLEY, WASHBURN, PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: ~ONGI ABSTAIN: BOARDMEMBERS: NONE A EST: ` VIC I KASA , CL F THE BOARD REDEVELOPMFNT AGENCY APPROVED AS TO LEGAL FORM : ~4`~~f ~ l ~ JOHN R. HARPER, LEG L OUNSEL ~ M7~ ~ `/~ W. PAPE, CHAIRMAN ELOPMENT AGENCY STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I~ VICKI 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 25th day of July, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: BENDER, BRINLEY, WASHBURN~ PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: ALONGI ABS AIN: BOARDMEMBERS: NONE ~~~-(°~Y.~ ~ ~~~ VICKi 't',r`,SAD, CTTY CLERK CITY OF LAKE FLSINORE ( s~~,) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) S5: CITY OF LAKE ELSINORE ) I, VICKI 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 95-6 of said Council, and that the same has not been amended or repealed. DATED: July 27, 1995 ~ ~ VICKI KAS?`D, CITY CLERK CIiY OF LAKE ELSINORE (SEAL) RESOLUTION NO. RDA 95- `7 RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE APPROVING A CERTAIN OWNER PARTICIPATION AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE AND K. HOVANIAN COMPANY IN ACCORDANCE WITH A CERTAIN MORTGAGE ASSISTANCE PROGRAM WHEREAS, the City of Lake Elsinore, California (the "City") is a municipal corporation duly created and existing pursuant to the constitution and laws of the Stat of California; and WHEREAS, the Redevelopment Agency for the City of Lake Elsinore (the "Agency"), is a redevelopment agency, a public body, corporate and politic of the State of California, organized and existing pursuant to the Community Redevelopment Law (Part 1 of Division 24) commencing with Section 33000 of the Heaith and Safety Code of the State of California (the "AcY'); and WHEREAS, the City and the Agency have previously adopted several redevelopment plans for various portions of the City; and WHEREAS, pursuant to its various redevelopment plans, the Agency has an obligation to provide certain assistance to low- and moderate-income households; and WHEREAS, the Agency has established a Mortgage Assistance Program within the City whereby the Agency would provide certain forms of assistance, including but not limited to, down payment assistance, mortgage interest rate write down assistance and payment of fees and escrow closing costs to qualifying low- and moderate-income households; and WHEREAS, participants in the Agency's Mortgage Assistance Program would have to comply with certain low- and moderate-income and affordability criteria as estabiished in the California Community Redevelopment Law; and WHEREAS, the Agency has received a request forassistance from K. Hovanian Company (the "ParticipanY') to assist in the development of certain low- and moderate- income residential lots within the City in accordance with a Mortgage Assistance Program; and WHEREAS, the ParticipanYs request for assistance involves the contribution of Agency Assistance in a total amount of not to exceed One Million Three Hundred Fifty Thousand Dollars ($1,350,000) to be used to assist low- and moderate-income households purchase lots developed by Participant or its successors in interest; and WHEREAS, the Agency deems it desirable to enter into a certain Owner Participation Agreement by and between the Agency and the Participant (the "Agreement"), a copy of which is attached hereto as Exhibit "A" and incorporated herein by this reference; and WHEREAS, Pursuant to the terms of the Agreement, the Agency Assistance will be reflected in certain Promissory Notes secured by Deeds of Trust in favor of the Agency, executed by the purchasers of the low- and moderate-income residential units. NOW, THEREFORE, THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The foregoing recitals are true and correct and are incorporated herein by this reference. Section 2. The Agency hereby approves the Agreement as attached hereto as Exhibit "A" and authorizes the Chairperson to execute the Agreement on behalf of the Agency with any such nonsubstantive changes as may be approved by the Executive Director of the Agency and Agency Counsei. Section 3. The Agency hereby approves that allocations of $1,350,000 of low- and moderate-income funds for the purposes of funding the MAP Program under the terms of the Agreement. Section 4. The findings and determinations herein shall be final and conclusive. This Resolution shall take effect upon the date of its adoption. RESOLVED, APPROVED AND ADOPTED this 21 st day of August, 1995, by the following vote AYES: BOARDMEMBERS: NOES: BOARDMEMBERS; ABSENT: BOARDMEMBERS: ABSTAIN: BOARDMEMBERS: ALONGI, BENDER, WASHBURN, PAPE NONE BRINLEY NONE EST: ~~ ~ Vicki Kasad, Cler"~ af the Board APPROVED AS TO FORM: ~ _ John R. Harper, City tt rney STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 21st day of August, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: ALONGI, BENDER, WASHBURN, PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: BRINLEY A TAINs BOARDMEMBERS9 NONE ~ ~~ ~~ VICI?.T. Ki~SE1D, CI7`Y CLERK CITY OF LAKE ELSINORE ( S ~'[~.L ) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 95-7 of said Council, and that the same has not been amended or repealed. D ED: Augtlst 22, 1995 ~~;~k~,i,`` f ~ f?~..~y~-~ VICKT iZASAD, ^IT~ CLERK ^ITY OF LAKE EL~INORE (SEF.7~) RESOLUTION NO. RDA 95- 8 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AUTHORIZING AN AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT APPROVED BY THE REDEVELOPMENT AGENCY BOARD ON MARGH 25, 1993, AND AMENDED NOVEMBER 8, 1994 RESOLUTION #94-9 RELATING THERETO. WHEREAS, the Redevelopment ?,gency of the City of Lake Elsinore and Camelot Property Counselors, Inc. entered into a Disposition and Development Agreement on March 25, 1993, and subsequently amended on November 8, 1994; and WHEREAS, The Amendment requested are as foliows: 1) The time limit for finishing Phase II, Camelot Center, be set at December 31, 1996; and 2) Camelot Property Counselors, Inc. have the options to a) either expand the Theatre or buifd 12,000 square feet of shops adjacent to it as originally planned; and, b) to place either a restaurant or other commercial enterprise (such as a bank) on the pad at the entrance to Kmart. 3) All other aspects of RDA Resolution 94-9 remain the same. NOW, THEREFORE, BE IT RESOLVED AND ORDERED by the Redevelopment Agency of the City of Lake Elsinore as follows: 1) Approve the Second Amendment to the Disposition and Development Agreement as requested. PASSED~ APPROVED AND ADOPTED this lZth~ay of Sepeember; :±995 ;~ upon the following vote: AYES: BOARDMEMBERS: BENDEx, BRINLEY, WASHBURN, PAPE NOES: BOARDMEMBERS: NoNE ABSENT: BOARDMEMBERS: vncANT ABSTAIN: BOARDMEMBERS: NONE 9 ~ ~/~ % K VIN W. PAP , CHAIRMAN DEVELOPMENT AGENCY AT d'F y'T: C~ ~~~ , VICi~:. KASAD, CLT OF THE BOARD REDEVELOPA2EN?'AGENCY APPROVED AS TO FORM & LEGALITY: i ~ I J ~~, ~~~ ER~ . `~ ~, ~~ AL COUNSEL REDEVELOPMENT ~iGENCY STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 12th day of September, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: BENDER, BRINLEY, WASHBURN, PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: VACANT ABSTAIN: BOARDMEMBERS: NONE VICTCI KAC.?~`b, CI7:'Y!CLERK CITY.QF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO AEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 95-8 of said Council, and that the same has not been amended or repealed. 3eptember 18, 1995 ~~ ~ .., CITY OF LAKE E7~iINORE (S~l~T,) RESOLUTTON NO. RDA 95- 9 A RESOLUTTON OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AUTHORIZING AND DIRECTING THE EXECUTION OF HOUSING FtJND LOAN AGREEMENT RELATING TO THE ISSUANCE OF CERTAIN BONDS BY THE LAKE ELSINORE PUBLIC FINANQNG AUTHORITY, APPROVING OFFTQAL STATEMENT RELATING TO SUCH BONDS, CONFIRMING CERTAIN FINDINGS OF BENEFIT AND AUTHORIZING AND APPROVING OTHER MATTERS PROPIItLY RELATING THERETO WHEREAS, the City of Lake ELsinore (the "City") and the Redevelopment Agency of the City of Lake Elsinore (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the Lake Elsinore Public Financing Authority (the "Authority") for the purpose of issuing its bonds, notes and other obligations to be used to provide financial assistance to the City and the Agency; WHEItEAS, Rodd Gunn & Associates, the Authority's Financial Advisor, has advised the Authority and the Agency that current interest rates payable on municipal obligations are as favorable to borrowers as they have been at any tune in the past several years and, therefore, now is an appropriate rime to borrow moneys to fund low and moderate income housing redevelopment activities which are required to be undertaken by the Agency under Section 33334.2 of the California Health and Safety Code and other related provisions of law; WHEREAS, the Agency desires that the Authority assist the Agency in obtaining the funding for such low and moderate income housing redevelopment activities and the Authority is willing to assist the Agency by issuing the following described bonds; WHEKEAS, the Authority proposes to issue two separate issues of bonds, namely, its 1995 Series A Housing Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) (the "Series A Bonds") and its 1995 ~eries B Subordinate Housing Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) (the "Series B Bonds") (the Series A Bonds and the Series B Bonds being herein together referred to as the "Bonds") for the purpose of providing funds to make a loan in the principal amount of not to exceed $32,000,000 (the "Housing Loan") to the Agency pursuant to the loan agreement hereinafter described (the "Loan Agreement") to finance such low and moderate income housing redevelopment activities of the Agency, the form of such Loan Agreement being on ffie with the Secretary; 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, the Loan Agreement and the Bonds, the prelixninary form of which is on file with the Secreta ; WHEREAS, the Authority has heretofore issued its 1995 Series A Subordinate Tax Allocation Series A Notes in the aggregate principal amount of $8,385,000 (the "1995 Notes") and used the proceeds thereof to make three separate loans (together, the "Prior Loans") with respect to the Agency's Rancho Laguna Redevelopment Project Area No. I, Rancho Laguna Redevelopment Project Area No. II and Rancho Laguna Redevelopment Project Area No. III (together, referred to as the "Three Project Areas"); WHEftEAS, the net proceeds of the Housing Loan wili be deposited by the Agency into the Agency's Low and Moderate Income Housing Fund (established pursuant to Section 33334.3 of the California Health and Safety Code) (the "Housing Fund") and the amount of such deposit will be concurrentiy transferred by the Agency pursuant to interfund loans (collectively, the "Interfund Loans") to each of the Three Project Areas to be used (i) to repay the Prior Loans (and, hence, the 1995 Notes), (ri) to finance additional redevelopment activities within or to benefit to each of the Three Project Areas and (iii) for certain other uses and purposes; WHEREAS, because the proceeds of the Housing Loan will be deposited in the Housing Fund, the Housing Loan will be repaid by the Agency (and, hence, debt service on the Series A Bonds and the Series B Bonds will be paid by the Authority) from tax increment revenues allocated to the Agency pursuant to 33334.2 of the California Health & Safety Code for deposit in the Housing Fund (the "Housing Set-Aside Revenues"); WHEAEAS, because the proceeds of the Housing Loan will not be used immediately for low and moderate income housing purposes, but wffl instead be initially loaned for the uses and purposes of the Interfund Loans (the applicable low and moderate income housing purposes to be financed with the proceeds of repayment of the Interfund Loans), co-bond counsel to the Authority have advised the Authority that it would be prudent for the Authority to bring an action in the Superior Court of the County of Riverside requesting a judgment approving the legal validity of the Series A Bonds, and the Series B Bonds, including, without lunitation, the use of the Housing Set-Aside Revenues to repay the Housing Loan and, hence, the Series A Bonds and the Series B Bonds; WHEREAS, the Agency desires to approve the bringing of such validation action by the Authority; and WHEREAS, the Agency, with the aid of its staff, has reviewed the form of the Loan Agreement and the form 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 terxns and conditions set forth. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the Redevelopment Agency of the City of Lake ELsinore as follows: Section 1. ~orov^1 of Housi~g Loan and Interfund i.oans. The Agency hereby authorizes and approves the making of the Housing Loan to the Agency in the combined principal amount of not to exceed $32,000,000 and the use of the net proceeds thereof, on an interun basis, to make the Interfund Loans. The Loan and the Interfund Loans shall be made as further provided in the Housing Fund Loan Agreement, dated as of November 1, 1995, by and between the Authority and the Agency (the °Loan AgreemenY'). 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 advisable by the Executive Director or an authorized representative of the Executive Director, whose execution thereof 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 sea] of the Agency to, the final form of the Loan Agreements 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 Official Statement describing the Agency, the Loan Agreement and the Bonds, in substantially the form submitted by the Underwriter and on file with the Secretary with such additions and changes as shall be required to accurately describe the Agency, the Loan Agreement and the Bonds. Distribution of the final Official Statement by the Underwriter is hereby approved. Section 3. Annroval of Validation Action. The Agency hereby approves the bringing of the validation action by the Authority for the purpose above described and hereby directs Agency staff to cooperate with the Authority in the bringing of such action in any way deemed necessary or appropriate by co-bond counsel to the Authority. Section 4. 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 d'uected, 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 ail assignments, certificates, requisitions, agreements, including, without limitation, the Escrow Agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order for the Authority to bring the above described validation action and to consummate the lawful issuance, sale and delivery of the Bonds, the making of the Housing Loan and the Interfund Loans pursuant to the Loan Agreement and the refunding of the Prior Loans and the 1995 Notes. Section 5. F.ffective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED this 26th of September 1995. AYES: BOARDMEMBERS: BENDER, NOES: BOARDMEMBERS: WASHBUR ABSENT: BOARDMEMBERS: NONE [5cAL] APPROVED AS TO FORM AND LEGALITY: G'~A , John R. Harper General Counsel STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SSe CITY OF LAKE ELSINORE ) I, VICKI 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 reqular meeting of said Agency on 26th day of September, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: BENDER, BRINLEY, PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: WASHBURN, VACANT ABSTAIN: ~OARDMEMBERS: NONE VICICI~~[~A~AP, ~aTY CLERK CITY OF LAIrE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy o£ Resolution No. RDA 95-9 of said Council, and that the same has not been amended or repealed. D~ED: Se~~,ember 29, 1995 ~~L~~1 ~~ VICKI KASAD, CITY CLERK CITY OF LAKE ELSZNORE _ (SEAL) RESOLUTION NO.: RDA 95- lo RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE APPROVING A CERTAIN OWNER PARTICIPATION AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE AND WEST COAST HOMES IN ACCORDANCE WITH A CERTAIN MORTGAGE ASSISTANCE PROGRAM WHEREAS, the City of Lake Elsinore, California (the "City") is a municipal corporation duly created and existing pursuant to the constitution and laws of the State of California; and WHEREAS, the Redevelopment Agency for the City of Lake Elsinore (the "Agency"), is a redevelopment agency, a public body, corporate and politic of the State of California, organized and existing pursuant to the Community Redevelopment Law (Part 1 of Division 24) commencing with Section 33000 of the Health and Safety Code of the State of California (the "Act"), and WHEREAS, the City and the Agency have previously adopted several redevelopment plans for various portions of the City; and WHEREAS, pursuant to its various redevelopment plans, the Agency has an obligation to provide certain assistance to low- and moderate-income households; and WHEREAS, the Agency has established a Mortgage Assistance Program within the City whereby the Agency would provide certain forms of assistance, including but not limited to, down payment assistance, mortgage interest rate write down assistance and payment of fees and escrow closing costs to qualifying low- and moderate-income households; and WHEREAS, participants in the Agency's Mortgage Assistance Program would have to comply with certain low- and moderate-income and affordability criteria as established in the California Community Redevelopment Law; and WHEREAS, the Agency has received a request for assistar~cs ~rom West voast Homes ( the "Participant") to assist in the development of certain low- and mocierate- income residential lots within the City in accordance with a PJlortgag~ Assistance Program; and WHEREAS, the ParticipanYs request for assistance involves t~~~ contribution of Agency Assistance in a total amount of not to exceed Two Hundred Twenty Five Thousand Dollars ($225,000) to be used to assist low- and moderate-income households purchase lots developed by Participant or its successors in interest; and WHEREAS, the Agency deems it desirable to enter into a certain Owner Participation Agreement by and between the Agency and the Participant (the "AgreemenY'), a copy of which is attached hereto as Exhibit "A" and incorporated herein by this reference; and WHEREAS, Pursuant to the terms of the Agreement, the Agency Assistance will STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) S5: CITY OF LAKE ELSINORE ) I, VICKI 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 26th day of September, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: BENDER, BRINLEY, PAPE NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: WASHBURN, VACANT ABSTAIN: BOARDMEMBERS: NONE ~D, C TY ERK CITY OF S,t1KE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 95-10 of said Council, and that the same has not been amended or repealed. DATED: September 29, 1995 V llil\1 1\L]JS]L ~ ~rl l L ~ CITY Ol' LAKE ELSINORE (SEAL) RESOLU7CION NO, RDA 95- 14 A RESOLUTION OF THE RE[~E~IELOPMENT AGENCY OF THE CITY OP LAKE ELSINORE AUTI-IORIZi1VG AND DIRECTING THE EXECLTI'dON OF PROJECT AREA LOAN AGREEMENT RELATING TO THE ISSUANCE OF CERTAIN BONDS BY THE LAKE ELSINORE PUBLIC FINANQNG AUTHORITY, APd'IZOVING OFFICIAL STATEMENT RELATING TO SUCH BONDS AND AUI'I-dORIZING AND APPROVING OTHER MATTERS PROPERLY RELATTNG THERETO WHEREAS, the City of Lake Elsinore (the "City") and the Redevelopment Agency of the City of Lake Elsinore (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the Lake Elsinore Public Financing Authority (the "Authority") for the purpose of issuing its bonds, notes and other obligations to be used to provide financial assistance to the City and the Agency; and WHEREAS, the Authority, pursuant to Resolution No. PFA 95-2, adopted September 26, 1995, authorized the issuance of two separate issues of bonds, namely, its 1995 Series A Housing Tax Allocation Bonds (Lake Elsinore Redevelopment Projects) (the °Series A Bonds") and its 1995 Series B Subordinate Housing Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) (the °Series B Bonds°) for the purpose of providing funds to make a loan (the "Housing Loan") pursuant to a loan agreeix~ent (the "Housing Pund Loan AgreemenP') to the Agency to finance low and moderate income housing redevelopment activities of the Agency within or of benefit to its Rancho Laguna Redevelopment Project Area No. I, its Rancho Laguna Redevelopment Project Area No. II and its Rancho Laguna Redevelopment Project No. III; and WHEREAS, the Authority and the Agency now propose to use a portion of the proceeds of the Series B Bonds to make a loan ko the Agency's Rancho Laguna Redevelopment Project Area No. III ("Project Area No. 3") to refu~ance redevelopment activities within or of benelfit to Project Area No. III pursuant to the Rancho Laguna Redevelopment Project Area No. III Loan Agreement, dated as of December 1, 19~5, by and between the Authority and the Agency (the "Project Area Loan Agreement"), the form of which is on file with the Secretary of the Authority; and WHEAEAS, the Authority, in said Resolution No. PFA 95-2, approved the sale of the Series A Bonds and the Series B Bonds to First California Capital Markets Group, Inc., (the "Underwriter") for offer and sale Uy the Underwriter to members of the general public, and in coru~ection with the offering of the Series A Bonds and the Series B Bonds, the Underwriter had caused to be prepared a single Official Statement describing, unong other things, both the Series A Bonds and the Series B Bonds; and WHEREAS, the Agency, pursuant to Resolution No. RDA 95-9, adopted September 26, 1995, has heretofore approved flie Housing Fund Loan Agreement and the Official Statetnent; WHEREAS, the Bank of California, N.A., will now also act as an underwriter of the Series A Bonds and the Series B Bonds (The Baz1k of California, N.A, and First California Capital Markets Group, Inc. being herein referred to as the "Underwriters") and khe Underwriters have now caused the preparation of two separate Official Statements for the Series A Bonds, and the Series B Bonds, respectively, the preliminary forms of which, dated as of December 4, 1995, are on file with the Secretary of the Agency, (the "Preliminary Official Statements°); and WHEREAS, certain details with respect to the Series A Bonds and the Series B Bonds, (sometnnes referred to as herein the "Bonds") have been changed, includ'uig, without limitation, the deletion of the term "Housin~° from the names of the Bonds (because the loan to Project Area No. III will be for non-housing purposes) and the redating of documents from November 1, 1995, to December 1, 1995 (because the delivery of the Bonds is now expected to take place in December, 1995); and ~ WHEREAS, the Agency, with the aid of its staff, has reviewed the forms on file with the Secretary of the Project Area Loan Agreement and the two Preliminary Official Statements and the transactions therein described, and wishes at this time to approve the fore~oing in the public interests of the Agency; NOW, THEREFORE , BE IT RESOLVED by the Redevelopment Agency of the City of Lake Elsinore, as follows Section 1. Annrov~l of the Project Area Loan Agreement. The Agency hereby authorizes and approves the making of the loan to the Agency pursuant to the Project Area Loan Agreement. The Agency hereby approves the Project Area 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 and the schedule for repayment of the loan) deemed necessary or advisable by the Chairman or an authorized representative of the Chairman, whose execution thereof shall be conclusive evidence of approval of any such additions and changes. The Chairman is hereby authorized and directed to execute, and the Secretary is hereby authorized axid directed to attest and affix the seal of the Authority to, the final lform of the Projeck Area Loan Agreement for and in the name az~d on behalf of the Agency. The Agency hereby authorizes the delivery and perfoxmance of the Project Area Loan Agreement. Section 2. Official Statements. The Agency hereby approves the Preliminary Official Statements describing the Agency, the Housing Fund Loan Agreement, the Project Area Loan Agreement and the Bonds, in substantially the form submitted by the Underwriters and on file with the Secretary with such additions and changes as shall be required to accurately describe the Agency, the Loan Agreements and the Bonds. Distribution of the final Official Statement by the Underwriter is hereby approved. Section 3. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED this 12th of December 1995. AYES: ROARDMEMBERS: ALONGI, KELLEY, METZE, PAPE, BRINLEY NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE [SEAL) APPROVED AS TO FORM AND LEGALITY: ~'~- John R. Ha r General Co STATE OF CALIFORNIA } COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI 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 12th day of December, 1995, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: ALONGI, KELLEY, METZE, PAPE, BRINLEY, NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE . BOARDMEMBERS: NONE TJICKI IiASP~, CITY CLERK LITY JF I.~~.I?E ELSINORE ~ ~ ;h~; STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SSa CITY OF LAKE ELSINORE ) I, VICKI 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 95-14 of said Council, and that the same has not been amended or repealede DATED: December 20, 1995 ~. ~~ 1l ~~w~~ ~ ~bICKl" RiASF_3, CITY CLERK CITY JF I~Af:~'• ; LSINORE (':;L'l_i~} RESOLUTION NO. RDA 95- l.s RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE APPROVING A CERTAIN OWNER PARTICIPATION AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE AND CENTEX HOMES IN ACCORDANCE WITH A CERTAIN MORTGAGE ASSISTANCE PROGRAM WHEREAS, the City of Lake Eisinore, Cal'rfomia (the "City") is a municipal ' corporation duly created and existing pursuant to the constitution and laws of the State of California; and WHEREAS, the Redevelopment Agency for the City of Lake Elsinore (the "Agency"), is a redevelopment agency, a public body, corporate and politic of the State of Cal'rfornia, organized and existing pursuant to the Community Redevelopment Law (Part 1 of Division 24) commencing with Section 33000 of the Heaith and Safety Code of the State of California (the "AcP'); and WHEREAS, the City and the Agency have previously adopted several redevelopment plans for various portions of the City; and WHEREAS, pursuant to its various redevelopment pians, the Agency has an obligation to provide certain assistance to low- and moderate-income households; and WHEREAS, the Agency has established a Mortgage Assistance Program within the City whereby the Agency would provide certain forms of assistance, including but not limited to, down payment assistance, mortgage interest rate write down assistance and payment of fees and escrow c~osing costs to qualifying low- and moderate-income househoids; and WHEREAS, participants in the Agency's Mortgage Assistance Program would have to comply with certain low- and moderate-income and affordability criteria as established in the California Community Redevelopment Law; and WHEREAS, the Agency has received a request for assistance from Centex Homes (the "ParticipanY') to assist in the development of certain low- and moderate-income residential lots within the City in accordance with a Mortgage Assistance Program; and WHEREAS, the ParticipanPs request for assistance invoives the contribution of Agency Assistance in a total amount of not to exceed One Hundred Fifty Thousand Dollars ($150,000) to be used to assist low- and moderate-income households purchase lots developed by Participant or its successors in interest; and WHEREAS, the Agency deems it desirable to enter into a certain Owner Participation Agreement by and between the Agency and the Participant (the "AgreemenY'), a copy of which is attached hereto as Exhibit "A" and incorporated herein by this reference; and WHEREAS, Pursuant to the terms af the Agreement, the Agency Assistance will be reflected in ceRain Promissory Notes secured by Deeds of Trust in favor of the Agency, executed by the purchasers of the low- and moderate-income residential units. NOW, THEREFORE, THE REDEVELOPMENT AGENCY FOR THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE AS FOLLOWS: ~gction 1• The foregoing recitais are true and carect and are incorporated herein . by this reference. Section 2. The Agency hereby approves the Agreement as attached hereto as Exhibit "A" and authorizes the Chairperson to execute the Agreement on behalf of the Agency with any such nonsubstantive changes as may be approved by the Executive Director of the Agency and Agency CounseL Section 3• The Agency hereby approves that allocations of $150,000 of low- and moderate-income funds for the purposes of funding the MAP Program under the terms of the Agreement. Section 4. The findings and determinations herein shall be final and conclusive. This Resolution shall take effect upon the date of its adoption. RESOLVED, APPROVED AND ADOPTED this ]~Sl1 day of December, 1995, by the following vote: AYES: NOES: ABSENT: ABSTAIN: BOARDMEMBERS: BOARDMEMBERS; BOARDMEMBERS: BOARDMEMBER ALONGI, KELLEY, METZE, PAPE, BRINLEY NONE NONE A' Vicki KasacJ, Clerk of the Board APPROVED AS TO FORM: ~VVY~ ~ John R. Harper, City tt rney n:-s ^S *m..n ^. +rt l+rt^rl^^A^)n .. ~.. ,.. ,.-.-.;i*xi..~~ -, ... ,.,n. -.> ., ...""-. .. « _...... . . _.. _ ,-. .m_.,_ , . . r..~~ ~ v r>~...~. ~ y:. -~-.ne.,,....,.. ~.~. .:.,~. . _ ... ..... .. .. ... _ ...~. ....... .,,...:. ...,..i .... .. . . .. STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) ~'~^•~..~-w-~- i~A~SPrD- ~~C-3'sERiC-~-OF ~~-£F'-F3~-0~•-~,AIbE-•~S~NOR~ i ~ . ,:.. , . ..,. .,.,... .,,. ... . . . _.. . . ._..... ~ . . . ., , 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 12th day of December, 1995, and that it was so adopted by the following vote: -~:~:y.~.~:e.:.,:~..~..,.p,,,,.v:..,,..w....».~.~.~,,:v:. .<.;,..:. ~ . .. ....... .. . ........ _,. ...~.._ N...,. . , ...~._._.. ......__. AYES~: BOARDMEMBERS: ALONGI; KELLEY, METZE, PAPE, BRINLEY, NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE . BOARDMEMBERS: NONE .~.r~ ...,, ^ ....,..:,.. y~..,:. . .~.....,, _, , /~~. „ ,; / ~ ~.. ` / ~ '~~~ VICKI 1C~t;S'A;7~ CITY CLERK CtTY UF L~,iC~ E:,SINORE (SB:aL; .,,.~.,~ ,. W -~~ -_.. , ,. ,,: . ,. ~. ,,,„ ,. _ _ _ _ STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) yo y; I, VICKI 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 95-15 of said Council, and that the same has not been amended or repealedo ,~~,.. ,,, ...-. ....-_-, , _ _ ~ YTI~~'.CIi5AL~ (riTY CLERK CTTY '=F LPI': '~LSINORE ~.S^Zi:~~ . _