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HomeMy WebLinkAboutRDA Reso No 1999~~ ~,. , , RESOLUT'ION NO. RDA 99- 1 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE (~ "AGENCY")AUTHORIZINGTHEREFINANCING OF CERTAIN OBLIGATIONS OFTHEAGENCY,AND TAHING CERTAIN OT~R ACTIONS IN CONNECTION WITH THE ISSUANCE OF LAKE ELSINORE PUBLIC FINANCING AUTHORITY TAX ALLOCATION REVENUE BONDS WHEREAS, the Redevelopment Agency ofthe City ofLake Elsinore (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 incur indebtedness for the purpose of financing and refinancing redevelopment activities within and of benefit to its redevelopment project areas; WHEREAS, aredevelopment planfor aredevelopmentprojectknown and designated as the "Rancho Laguna Redevelopment Project Area No. I" has heretofore been adopted and approved and all requirements of law for, and precedent to, the adoption and approval of said plan have been duly complied with; and WHEREAS, aredevelopment plan foraredevelopment projectknown and designated as the "Rancho Laguna Redevelopment Project Area No. II" has heretofore been adopted and approved and all requirements to law for, and precedent to, the adoption and approval of said plan have been duly complied with; and WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority") has previously issued its $ I 8,000, 000 original principal amount of 1992 Series A Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) and $4,225,000 original principal amount of 1992 Series B Taxable Tax Allocation Revenue Bonds (Lake Eisinore Redevelopment Projects) (the"Prior Project Area No. I Bonds"), which are currently outstanding in the amounts of $16,565,000 and $4,225,000, respectively; and WHEREAS, the Authority has previously issued its $24,000,000 original principal amount of 1992 Series C Tax Ailocation Revenue Bonds (Lake Elsinore Redevelopment Projects) (the "Prior Project Area No. II Bonds," and together with the Prior Project Area No. I Bonds, the "Prior Bonds"), which are currently outstanding in the amount of $16,590,000; and W HEREAS, the Authority loaned the proceeds ofthe Prior Project Area No. IBonds to the Agency under and pursuant to a loan ageement, dated as of 7anuary ], 1992 (the "Prior Project Area No. I Loan Agreement"); and Di:0972098RO5S~525451.3 ~ ~ J j, _ lv i ' \ \ WHEREAS, the Authority loaned the proceeds of the Prior Project Area No. II Bonds to the Agency under and pursuant to a loan agreement, dated as of February 1, 1992 (the "Prior Project Area No. II Loan Agreement," and together with the Prior Froject Area No. I Loan Agreement, the "Prior Loan Agreements"); and WHEREAS, the Agency will request that the Authority assist the Agency in refunding the Prior Bonds by issuing its Tax Allocation Revenue Bonds, 1999 Series A(the "Series A Bonds") and Tax Allocation Revenue Bonds, 1999 Series B(Taxable) (the "Series B Bonds," and together with the Series A Bonds, the "Bonds"), and loaning the proceeds of the Bonds to the Agency pursuant to four separate loan agreements (the "Loan Agreements") for the pwpose of refunding the Prior Bonds by prepaying under the Prior Loan Agreements; and WHEREAS, the City has approved the issuance of the Bonds and the execution by the Agency of the Loan Ageements; and WHEREAS, the bonds wiil be designated the Lake Elsinore Public Financing Authority Tax Allocation Revenue Bonds, 1999 Series A and Lake Elsinore Public Financing Authority Tax Allocation Revenue Bonds, 1999 Series B(Taxable), and will be sold pursuant to a Purchase Contract by and among the Agency, the Authority and O'Connor & Company Securiues, as Underwriter of the Bonds; and WHEREAS, the Agency will enter into a Continuing Disclosure Agreement with the Trustee, acting as dissemination agent thereunder, for the purpose of assisting the Underwriter in complying with the requirements of Rule 15c2-12 of the Securities and Exchange Act of 1934; and WHEREAS, the Agency, with the aid ofits sta~ has reviewed the Loan Agreements, the Purchase Contract, the Preliminary Official Statement and the Continuing Disclosure Agreement, and such other documents as were deemed appropriate by the Agency, and the Agency wishes to approve the Loan Agreements, the Purchase Contract, the Preliminary Official Statement, the Continuing Disclosure Agreement and matters related thereto: NOW, THEREFORE, TI~ REDEVELOPMENT AGENCY OF TI~ CITY OF LAKE ELSINORE DOES RESOLVE AS FOLLOWS: Section 1. The Agency hereby approves the refunding of the Prior Bonds by means of the Loan Agreements and the issuance of the Bonds. Section 2. The Agency hereby approves the Project Area No. I Loan Ageement, the Project Area No. II Parity Loan Agreement and the Project Area No. II Ta~cable Parity Loan Agreement, substantialty in the forms annexed hereto, marked "Exhibit A," "Exhibit B" and "Exhibit C," respectively, and any Responsible Officer of the Agency is hereby authorized and directed to execute and deliver the Loan Agreements with such changes therein as the Executive Director or any other Responsible Officer may approve, with the advice of counsel to the Agency, such approval to DK09720988055/525451.3 2 ; _ _\ , , - ~~ J be conclusively evidenced by the execution and delivery thereof. A"Responsible Officer" shall include any member of the Agency, the Chairgerson, the Vice Chairperson, the Executive Director, Agency Secretary, or any oflicial of the Agency designated by the Chairperson, Vice Chairperson or Executive Director as a Responsible Officer. Section 3. The Agency hereby approves the Purchase Contract substantially in the form annexed hereto, mazked "Exhibit D", and any Responsible Officer of the Agency is hereby authorized and directed to execute and deliver the Purchase Contract with such changes therein as the Executive D'uector or any other Responsible Oflicer may approve, with the advice of counsel to the Agency, such approval to be conclusively evideneed by the execution and delivery thereof. Section 4. The Agency hereby approves the Preliminary Off cial Statement prepared in connection with the issuance of the Bonds, substantially in the form annexed hereto marked as "Exhibit E," with such revisions, amendments and completions as shali be approved by any Responsible Off cer with the advice of bond counsel to the Agency. The Agency approves the prior circulation ofthe Preliminary Official Statement by the Underwriter in connection with the mazketing ofthe Bonds, and the distribution of such Preliminary Official Statement and Final Official Statement in connection with the sale of the Bonds is hereby authorized. The Executive Director or the designee ofthe ExecudveDirector is also authorized to deem thePreliminary pfficyal Statement Snal within the meaning ofRule ISc2-12 of the Securities Exchange Act of 1934 (the "Rule"), omitting only such information as is permitted under the Rule and to execute an appropriate certiScate stating the Agency's determination that the Preliminary Of£cial Statement has been deemed final within the meaning of such the Rule. Section 5. The Agency hereby approves the Escrow Deposit and Trust Ageements substantially in the form annexed hereto, mazked "Exhibit F," "Exhibit G" and "Exhibit H," and any Responsible Officer of the Agency is hereby authorized and directed to execute and deliver the Escrow Deposit and Trust Agreement with such changes therein as the Executive Director or any other Responsible Officer may approve, with the advice of counsel to the Agency, such approval to be conclusively evidenced by the execution and delivery thereof. Section 6. The Agency hereby approves the Continuing Disclosure Agreement substantially in the form annexed hereto, marked "Exhibit I," and any Responsible Officer of the Agency is hereby authorized and directed to execute and deliver the Continuing Disclosure Agreement with such changes therein as the Executive Director or any other Responsible Officer may approve, with the advice of counsel to the Agency, such approval to be conclusively evidenced by the execution and delivery thereof. Section 7. The Executive Director, based on such advice of staff as the Executive Director may deem necessary, is hereby authorized and d'uected to act on behalf of the Agency and the Authority to establish and determine (ij the final principal amount of the Bonds; (ri) the final interest rates on the various maturities of the Bonds; and (iii) the underwriter's discount for the DK09770.9 880 5 5/5 2 54 5 1.3 \_ \ ,~ - 1, ~ ~ ' purchase of the Bonds, all within the limitations set forth in the Authority's Resolution approving the issuance of the Bonds. Section 8. The Executive Director or any other Responsible Officer of the Agency is hereby suthorized and directed to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated b}~ this Resolution. Section 9. The Secretary shall certify to the adopdon of this Resolution, and thenceforth and thereafter the same shall be in full force and effect. Notwithstanding the foregoing, such certification and any of the other duties and responsibilities assigned to the Secretary pursuant to this Resolution may be performed by an Assistant Secretary/Deputy Secretary with the same force and effect as if perFormed by the Secretary hereunder. D1:09720988033'32343I.3 4 _ - \ - _ ~-. - ,~~ , ~ . : , PASSED AND ADOPTED this 12thdsy of _..Tanuarv , 1999 AyeS: COUNCILMEMBERS: ALONGI, BRINLEY, PAPE, KELLEY NOCS: COUNCILMEMBERS: NONE AbSt3/I1: COUNCILMEMBERS; Ab50IIt: COUNCILMEMBERS: ~1'TT ST: _ ~ r~Gl.~('~.d v Secrefary APPROVED AS TO FORM AND i T/"~ 17 i~res. DK09~20198 80 5 3/5 2 3 4 3 1.3 5 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAICE 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 12"' day of January, 1999, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: ALONGI, KELLEY, PAPE, BRINLEY NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: METZE ABSTAIN: BOARDMEMBERS: NONE ,~.. i~~d~~a'I v;c~ ~s~, ci:rY cLE~ ~I'~'Y Ol~ LAKE ELSINORE (SEALI 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 99-1 of said Agency, and that the same has not been amended or repealed. DATED: February 8, 1999 V ,~I..GW.0~0' ~ VICKI 1~ASAD, CITY CLERK CiTY OF LAKE ELSINORE (SEAL) RESOLUTION NO. RDA 99-2 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AUTHORIZING THE EXECUTIVE DIRECTOR OF THE AGENCY TO ACCEPT AND CONSENT TO DEEDS OR GRANTS CONVEYING ANY INTEREST IN, OR EASEMENT UPON, REAL PROPERTY TO THE AGENCY FOR PUBLIC PURPOSES. WHEREAS, Section 33391 of the Health and Safety Code authorizes a redevelopment agency to purchase, lease, obtain option upon, acquire by gift, grant, bequest, devise, or otherwise any interest in real property within the survey area or for purposes of redevelopment; an d WHEREAS, Section 27281 of the Government Code empowers a public agency to authorize an officer of the Redevelopment Agency to accept and consent to the recordation of deeds or grants conveying any interest in, or easement upon, real property to the Agency for public purposes; and WHEREAS, the Redevelopment Agency desires to authorize the Executive Director of the Agency to accept and consent to the recordation of deeds or grants conveying interests in, or easements upon, real property to the Agency for public purposes. NOW, THEREFORE, the Redevelopment Agency of the City of Lake Elsinore does resolve as follows: Section 1. The Redevelopment Agency of the City of Lake Elsinore hereby authorizes the Executive Director of the Agency to accept and consent to the recordation of any and all deeds or grants conveying any interest in, or easements upon, real property to the Redevelopment Agency for public purposes. PASSED, APPROVED AND ADOPTED this 23ra of MarCh, 1999. AYES: BOARDMEMBERS: KELLEY, METZE, PAPE, SCHIFFNER, BRINLEY NOES: ABSENT: ABSTAIN: BOARDMEMBERS: BOARDMEMBERS: BOARDMEMBERS: NONE NONE NONE ATTEST: PAGE TWO - RESOLUTION NO. RDA 99-2 ~~ VICKI KASAD, CL RK OF THE BOARD REDEVELOPMENT AGENCY APPROVLD AS TO LEGAL FORM: G~ B ARA . EIBOLD, L~GAL COUNSEL 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 March, 1999, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: KELLEY, METZE, PAPE, SCHIFFNER, BRINLEY NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS`. NONE ABSTAIN: BOARDMEMBERS: NONE ~ ~.~.~-a VICKI I~.ASAD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COLTNTY 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 99-2 of said Agency, and that the same has not been amended or repealed. DATED: Mazch 24, 1999 _ ~~~ ~~<~/ ' ICKI KAS.`~I~, CITY CLERK CITY OF LAKE ELSINORE (SEAL) RESOY.TJTION 1V0. RDA 99- 3 RESOLUTTOI~T OF'THE REDEVELOPMENT AGENCY OF THE CITY OF LnKE ELSIN022E AUI'HOxtIZING T~iE ISSUANCE OF SPECTAL TAX PARTTY BONDS OF Tf~ REDEVELOPMENT A,GENCY OF THE CTTY' OF 'LAIt~E EI.SLNORE COi~'L~1~TVTTY k'ACII.ITIES DISTRYCT NO. 90-2 (NSCANY HTLLS PUBLIC IIV~PROVEMENTS), .~~PP1tOVxNG AND DIREC7tNGTHE EJt'ECUl'I011i OFA SECONYI SUPPLE:~IEN'1'py FTSC,~I, AGENT AGREEMENT, AND APpItO~%LNG OTHER RET~ATED DOCLTMEN'2'S AND ACTIONS WFIEREAS,the Goveming Boazdo£thel2edeselopmeatA~encp oft6e City ofLake Elsinore (the "A~ency") has conducted procee~ings un,ier and pursaant to thz Mello-Roos Cozamimiry Faciiiti~ Act of 1982, as aznended (the "AcP~, to form tlze Redez•elopment Agency~ of the City of iake Elsiaare Commimity Faciliries Disnia Aio. 90-2 (Tuscany Hills Public Improvements) (the "D'utrict"), to suthorize the lew of special taxes upon the land within the Disuict, and to issue bonds secured by said special raxes the proceeds of which are to be used to finance certain facilities (the "Facil:ties'~, all as descrihed in the Resolurions entitled, "A Resolution of Formation of Redevelopmecn: Agency of the City of L,ake Elsinore Communit~~ Pacilifies'pisnict No. 90-2 (Tuscany Hiils Pe~blic Improyements), Authoriang the Levy of a Special Ta~ ~tt~,in the D'zs2ict, Pre~sr.;;ra,;',v Establishi.ng au Appropriations L'unit forthe District and Submit;ing Levy of the Special Tav and the Establishment of the A,ppropriafions I.imit to the Qualified Electorc of the District" and "A Resolutien Aetermining t}~e Necessity to Incur Bonded Tndebtedness Within the 12edecelopment Ageacy of the'City of Lake Elsino;e Community Faeilities 1?istict No. 90-2 (Tusczny Hills Public Improvemeau) and Submitting Proposiuon to the Qualified EIectors of the Dis~ict", adopted by this date; an,d ~i'fiE~tEAS, pnrsuant to said resotution, an electioa was heid wiihin the Disizict on A'ovember 27, ? 990 and the qualified electots approved th: propositions of the incuzzence of the bonded debt and the le~y of the speciai tax bg more Lhaa two-thirds of the votes rast at said special elecuon; aad WHER~AS, on January 23, I991, thE fust series of bonds for the District wzre issued in the pri,~cipa! amount of $14,088,000 pursuant to a Fiscal Agent Agreement, dated as of Aecemf.+er 1,1990, w~ich was s~bsequcnfly ameaded on May 23,1995 (the "Prior Agreement'~, by and between the Agency and the Lake F.~sinore Public Fiaancing Authorirv, designated "RedeveIopment Agency of the City of T_ake Blsiaore Communzty Pacilities Dimict No. 90-2 CI'usca-ny Hills Public Imp*ovemenu) 1990 Special Taa~ Bonds" (the "Prsor Bonds'~; and t'vHERE.AS, for the pur~ose of fundivg the acquisirion of cenain public improvzmenu previousiy cons~ucted and to fiaa~ce the conslruction af certain additioual public isnprovements (the "Project'~, the ,Ageacy deszxes to issue bonds oa a parity with the Prior Bonds ~` ,~ \ ~ desig~oated "RedevelopmantAgency ofthe City ofLaKe Elsinore Community FaciIities I?istricth'o. 90-2 (T'useany Hills Public Isnprovements) Speciat Tax Parity Boncts,1999 Series A" {the "Bonds"); __. and WHEREAS, there ha~e been submitted to this Croveraing Board cestain document, pro~iding fa* th~ issuaace of t~e Bonds and this Cra~eLIIaIIP,,. Boazd, witli the aid o: i*s sta$ has retiiewed said 3ocvments aad found t$em so be in proper ordrr, aad S'Vg]ERE,A C, all condirions, things and acts required to exist, ;,o havc happened and to hace be~ perfozmed grecedent to aud in the issuance of said Sonds and the le~y of s~id spzciai taxes as centenplated by this Resolution and the doeuments refesred to hcrein exzst; haee happened and have been ~erfosmed in $ue time, form aud manner as requaed by the laws of the State of Cali:fomia including the Ac~ • 1VO~i~, THEREFORE, TT IS HT~BY ORDIERED aS follows: Sectioa i. Pursuant to t~ie Act, this Resoluton and the Seeond Supplemental Fiscal A~ent A~eemeat (hereafter ~efined), special tax pazity tonds of the A~ency for the District den~xed as "Redeveiopment Agcacy o€the Ciiy of Lalce EIsinote Commu~ity Facilities Distriet ?Na y0.2 (Tuscauy Iii1Is Pubiic ImpmvemcaLc) Special Tax Parity Bonds, 1~99 Series A(the "Bonds") in ar. aggreeate Fri.acipal a*nount not to ex_ceed ~ 7,51~,000 aze heceby authoriz~n to be issued. The T3onds sh.ait be executed in the fe+am set forth in and otherwise as p: ovida3 in the Sec:on3 Suppler~ental Fiscal Aaznt A~eemeni. Seetion 2. '~'hegroposed t'or.u ofSecond SupplementalFiscal Agent A,~eement (the "Fiscal rlgent A~eemeat") Rith respect io.the BondS in tho form p.-esented to this Goveming Board at this meetin,g, is hereby approved. The $xeeutive D'uector ofthe Agrney is hereby authorized and directed to execute and deliver the Se:.ond Su~plemental Fiseal Ageat A~aemeat in substaarially s~id form, ulth such additions thereto or changes therein as are approved by the Executive Director oi :he Agency upon eonsultation with $ond Gounsel including such additions ar changes as aze necessarv or advisable in accordance w~i~ Seetion 6 hereaf,the ~ppzovai of sucfi additions or chan~es to be co~cIvsiveIy evidenced by the ~xec~tion and delivery of the riscal Agent Ageement by thz Ageacy. ?he date, manner of payment, interest rate or nfes, interest payment dates, deaominations, form, ;e,Q,isL~tion pri~~ileges, maaner of execution, piace of payment, tzrms of redemption and other temu of ti~e Bonds shall be as pro~lded in the Seeond Supplemental Fiscai Ag: nt ?,~.reement as fmally executat Sectiott 3. ?he proposed form o-f purchase eonttacc for the $oads (the "Piaehue CoaQaci") lietween the Agency and 4'Conaor & Coinpany Securities (the "LTnder~vriter"), in the fo:mpresentedtothismectn„isherebyappms~ed. TheExecut[velluoctorisherebyauthorizedand dirzcted, fo: and ia the r.ame and an behalf' of the ADency, to accept the offec of the trndernaiter co purchase the Bonds cantvined in the ~ichase Con+ract and to exeeute and deliver said Purchase Conuact in said form, with such additions thereto or changes therein as aze recomneaded or approved by sucb officer upon consiittatioa with Bond Couuscl (pmyldect that no additions or ~. ~F ~ \ changes shaIi authorize an ag~regate priacipaI amount of Bonds in excess of $ 7,500,000, ot result in an initial tsue interest cost on the Bonds in excess of 8.0% per anaum), the approval of such addidons or eh.nges to be conclusively ovidenced hy the execution and delivery by the Agency of said Purchase Contract T'!vs Goveming Board hereby SnBs and determines tbat the sale of the Bonds at negoriated sale as contemplated by the purchase eontract will result in a lower ovenll cosc Sectioa 4. ~~ Agency hereby covenants, foz tae benefit of the Bondowners, to commeacz aad diligendy ptasue to completion any foreclosure action reaaniiag deliaquent insu:lments of zny amouat le~zed as a special tax for the paymeat of interest or principal of the Boads, seid foreclosure action to be commanced and pu~ued as more completely set fortfi in tlie Yrior Agreezn~nt and the Second Stzpplemented Fis^,ai Aaeat Agreement Section S. The Bonds, when cxecuted, shall be delir•ered to the FiscQ.~ Ag~t fnx authenticaricn. The Fiscal Agen. is hereby requested and directed to au*]~enurzrte x~ e Bonds b}- ex.ecur~ng the Fiscal Agent's certificate of auiheatication and regiatation apprariny thereoa, and ~.c deli.•er the Bonds, whzn duly exeeuted and autheaticaied, to the UnderrF~riier izi accord~ce wiYh written instructions executed on behalf of the Agency by the EseCUtive Director, whieh instructiov~ such offxcer is hereby aurhorized and directed, fox and in the name znd on behalf of tke Agency,'a execute znd deliver to the FiscaI Agrnt Such insfructions shall grov,de for the delivery of the ~onds to the lindcnu~riter or zts desigaee in accordance with the Purch~se Contract, upon payment of the pwctase price thzrefor. Section 6. All actiams heretofore talcen bi~ the officers aad ageuu of the Agency with reso:ct to the sale and issuaace of the Bonds are fiereby approi•ed, coafinned and rsti$ed, and the pmper o£ficers of the Agency are hereby authorized and directed to do any and all things and take any znd aIl actions aad execute any and aIl certificates, aoreemeats and other documeats, wiuch they, or any of theni, aay dsem necessaty ar advisable in order to consummate the lawful issuance and delivery of t~':e Boads in accordance wzth this resolurion. zad any certificate, agreemcnt, and other doc~ent described in the documents herezn apgrcve3. Sectiaa 7. The Exeeutive 17irector, based on sucb ad~7ce of st~fiE'as the Execu~ve Dire~,-tor may deem neressary, is hereby authorizee~ and dir~ to act on behatf of the Agency and rhe Auth~rity to establish aud determine (i) the finaI pzzncipal amo•ant of the Bonds; (ii) the 5na1 interest rates on the, va~ioi:s maturities of the Bonds; and (ui) the undenvritec's discount for the purchase oi the Bonds, all w~thin the limitations set £orth in the Authoriry's ILesoIv~on approving the issuance of the Bonds. Section 8. The res~lution shall take effeci from an3 after its adoption. ~` f . PASSED AND ADOPTED this 13t1,~y o£ Apri 1 1999 Ay~: BOARDMEMBERS: KELLEY, METZE, PAPE, SCHIFFNER, BRINLE` Noes: BOARDMEMBERS:. NONE Abstaia: BOARDMEMBERS: NONE Absent: BOARDMEMBERS: t' ; ~ l A,~,~': ~~~~~~Jd~,Y , Sec~ctary APPROVBD A$ TO F4RM AI~'D LEGALITY: /~ ~, 4 ~' ~ \ 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 13th day of April, 1999, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: KELLEY, METZE, PAPE, SCHIFFNER, BRINLEY NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTAIN: BOARDMEMBERS: NONE < ~~ / J~..~~..~ VI~KI KASAD, CITY CLERK CITY OF LAxE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAI{E ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 99-3 of said Agency, and that the same has not been amended or repealed. DATED: Apri120, 1999 ~/1 ~~ ~ ~~ lJ~ ~I/D~-o-cr'~~ VICKI KASAD, CITY CLERK L,ITY OP LAKE ELSINORE (SEAL j R.D.A. RESOLUTION NO. 99- 3a A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING AND ADOPTING THE BUDGET FOR FISCAL YEAR 1999-00 AND APPROPRIATING THE FUNDS NECESSARY TO MEET THE EXPENDITURES SET FORTH THEREIN. ~~'HEREAS, the Executive Director has submitted to the Board of Directors of the Lake Elsinore Redevelopment Agency a budget for Fiscal Year 1999-00 having proposed expenditures for al] funds in the amount of $6,558,600 including pass through as presented; and WHEREAS, the Tax Increment Revenue, Interest Earnings and Reserves are estimated to be ~6,680,000 and will not require assistance from the City in Fiscal Year 1999-00. NO~V, THEREFORE, the Board of Directors of the Lake Elsinore Redevelopment Agency does find, detem~ine and declare that the budget for Fisca] Year 1999-00 is hereby PASSED, APPROVED AND ADOPTED this 8th day of June , 1999, by the following vote: AYES: BOARDMEMBERS NOES: BOARDMEMBERS: ABSE?~T: BOARDMEMBERS ABSTAII~': BOARDMEMBERS ATTEST: ~ ~ __-~~.~~ ~C/1 V?CHI I;~S.4D, CT ERK OF THE BOARD APP~O~~ ED AS TO FORM AND LEGALITY: l ~` 1~~ B LEIB , LEGAL COUNSEL KELLEY, METZE, PAPE, SCHIFFNER, BRINLEY NONE NONE NONE ,,.~ .............. ..~.. .,.. . . ~ r,., 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 8"' day of June, 1999, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: KELLEY, METZE, PAPE, SCHIFFNER, BRINI.,EY NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTAIN: BOARDMEMBERS: NONE / I h ,,~Q ~ ~~KI R: ASAD, Cl'i Y CLERK CITY OF LAKE EiSINORE (SEAL) STATE OF CALIFORNIA ) COLTNTY 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 fixll, true and correct copy of Resolution No. RDA 99-3aof said Agency, and that the same has not been amended or repealed. DATED: July 7, 1999 ~I n ~ '~.-~~,t.c~L~ ~2~-~, ~I'."CKI K~SAB, Cl i Y CLERK !'T"'Y OF LAKE ELSINORE ...., (SEAL} itDA RESOLUTION NO. 99- [ A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORIVIA REQUESTING THE TAX COLLECTOR OF THE COUNTY OF RIVERSIDE TO PLACE SPECIAL TAXES ON THE BII,LS OF CERTAIN PROPERTIES WI~IEREAS, 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 COMMLJNITY 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 Levying Special Ta~ces 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 regazd 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, 2000, 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 Riverside County Tax Collector, further identified as County Fund No. 68-2364. PASSED, APPROVED AND ADOPTED this 13'~ day of July, 1999 by the following vote: AYES: BOARDMEMBERS: KELLEY, METZE, PAPE, SCHIFFNER, BRINLEY NOES: BOARDMEMBERS~ NONE , ABSENT: BOARD MEMBERS: NONE ABSTAIN: - BOARD MEMBERS: NONE PAMELA BRIN] CITY OF LAKE ATTEST: ~~. ~II~KI L. KASAD C~.L:RK OF THE B~ARD APPROVED AS TO FORM AND LEGALITY: B LE O D, LEGAL COUNSEL AGENCY REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE EXHIBIT "A" COMMLJNITY FACILITIES DISTRICT 90-2 (TUSCANY HILLS PUBLIC IMPROVEMENTS) SUMMARY OF FIXED CHARGES FOR TAX ROLL FISCAL YEAR 1999-00 Fi.7ND NLJMBER 68-2364 TOTAL PARCELS 1,033 TOTAL CHARGES 2,163,412.36 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 Elsinare at a Regular meeting of said Agency on 13`~ day of July, 1999, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: KELLEY, METZE, PAPE, SCHIFFNER, BRINLEY NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTAIN: BOARDMEMBERS: NONE ~ ~" ,C~SA~f/~, (,~T ~Y 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 HEREBY CERTIFY that the above and foregoing is a fixll, true and correct copy of Resolution No. RDA 99-4 of said Agency, and that the same has not been amended or repealed. DATED: July 27, 1999 - 2~/ VIrKI K~ ADSr~Y CLERK CITY OF LAKE EI;~",1NORE (S~,~L) RESOLUTION NO. RDA 99- 5B RESOLUTION OF THE REDEVELOPMENTAGENCY OF THE CITY OF LAKE ELSINORE (THE "AGENCY") AUTHORIZING THE REFINANCING OF CERTAIN OBLIGATIONS OF THE AGENCY, AND TAHING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE ISSUANCE OF LAKE ELSINORE PUBLIC FINANCING AUTHORITY TAX ALLOCATION REVENUE BONDS WHEREAS, the Red?velopmen.t Agency ofthe City of Lake Elsinore (the "Agency") is authorized pursuant to the Cvmmunity Kedevelopment Law, being, Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of Califomia (the "Law") to incur indebtedness for the purpose of financing and refinancing redevelopment activities within and of benefit to its redevelopment project areas; WHEREAS, a redevelopment plan for a redevelopment project known and designated as the "Rancho Laguna Redevelopment Project Area No. I" has heretofore been adopted and approved and all requirenients of law for, and precedent to, the adoption and approval of said plan have been duly complied with; and WHEREAS, a redevelopment plan for a redevelopment project known and designated as the "Rancho Laguna Redevelopment Project Area No. II" has heretofore been adopted and approved and all requirements to law for, and precedent to, the adoption and approval of said plan have been duly complied with; and WHEREAS, a redevelopment plan for a redevelopment project known and designated as the "Rancho Laguna Redevelopment Proj ect Area No. III" has heretofore been adopted and approved and all requirements to law for, and precedent to, the adoption and approval of said plan have been duly complied with; and WHEREAS, the Lake Elsinore Public Financing Authority (ttie "Authority") has previously issued its $11,239,275 original principal amount of 1993 Series A Senior and Subordinate Tax Allocation Revenue Notes (Lake Elsinore Redevelopment Projects) (the "1993 Series A Notes") and $10,071,002.80 original principal amount of 1995 Series B Subordinate Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) (the "1995 Series B Bonds" and together with the 1993 Series A Notes, the "Prior Bonds"), which aze currently outstanding in the amounts of $~,300,000 and $10,071,002.80, respective(y; and WHEREAS, the Authority loaned the proceeds of the 1993 Series A Notes to the Agency under and pursuant to three loan agreements, each dated as of September 1,1993 (the " 1993 Loan Agreements"); and J H01560/988055/S6I 262.1 1~ WHEREAS, the Authority loaned the proceeds of the 1995 Series B Bonds to the Agency under and pursuant to two loan agreements, each dated as of December 1, 1995 (the "1995 Loan Agreements," and together with the 199~ Loan Agreements, the "Prior Loan Agreements"); and WHEREAS, the Agency will request that the Authority assist the Agency in refunding the Prior Bonds by issuing its Tax Allocation Revenue Bonds, 1999 Series C(the "Series C Bonds") and its Tax Allocation Revenue Bonds, 1999 Series D(Taxable) (the "Series D Bonds," and together with the Series C Bonds, the "Bonds"), and loaning the proceeds of the Bonds to the Agency pursuant to five separate loan agreements (the "Loan Agreements") for the purpose of refunding the Prior Bonds by prepaying under the Prior Loan Agreements; and WHEREAS, the City has approved the issuance of the Bonds and the execution by the Agency of the Loan Agreements; and WHEREAS, the bonds will be designated the Lake Elsinore Public Financing Authority Tax Allocation Revenue Bonds, 1999 Series C and Lake Elsinore Public Financing Authority Tax Allocation Revenue Bonds, 1999 Series D(Taxabie), and will be sold pursuant to a Purchase Contract by and among the Agency, the Authority and 0'Connor & Company Securities, as Underwriter of the Bonds; and WHEREAS, the Agency will enter into a Continuing Disciosure Agreement with the Trustee, acting as dissemination agent thereunder, for the purpose of assisting the Underwriter in complying with the requirements of Rule i 5c2-12 of the Securities and Exchange Act of 1934; and WHEREAS, the Agency, with the aid of its staff, has reviewed the Loan Agreements, the Purchase Contract, the Preliminary Official Statement and the Continuing Disclosure Agreement, and such other documents as were deemed appropriate by the Agency, and the Agency wishes to approve the Loan Agreements, the Purchase Contract, the Preliminary Official Statement, the Continuing Disclosure Agreement and matters related thereto: NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES RESOLVE AS FOLLOWS: Section 1. The Agency hereby approves the refunding of the Prior Bonds by means of the Loan Agreements and the issuance of the Bonds. Section 2. The Agency hereby approves the Project Area No. I Subordinate Loan Agreement, the Project Area No. II Subordinate Loan Agreement, the Project Area No. II Taxable Subordinate Loan Agreement, the Project Area No. III Loan Agreement, and the Housing Fund Subordinate Loan Agreement, substantially in the forms annexed hereto, marked "Exhibit A," "Exhibit B," "Exhibit C," "Exhibit D," and "Exhibit E," respectively, and any Responsible Officer of the Agency is hereby authorized and directed to execute and deliver the Loan Agreements with such changes therein as the Executive Director or any other Responsible Officer may approve, with the advice of counsel to the Agency, such approval to be conclusively evidenced by the execution JH01560/988055/j61262.1 \ . + and delivery thereof. A"Responsible Officer" shali include any member of the Agency, the Chairperson, the Vice Chaiiperson, the Executive Director, Agency Secretary, or any official of the Agency designated by the Chairperson, Vice Chairperson or Executive Director as a Responsible Officer. Section 3. The Agency hereby approves the Purchase Contract substantially in the form annexed hereto, marked "Exhibit F", and any Responsible Officer of the Agency is hereby authorized and directed to execute and deliver the Purchase Contract with such changes therein as the Executive Director or any other Responsible Officer may approve, with the advice of counsel to the Agency, such approval to be conclusively evidenced by the execution and delivery thereof. Section 4. The Agency hereby approves the Preliminary Official Statement prepazed in connection with the issuance of the Bonds, substantially in the form annexed hereto, marked as "Exhibit G," with such revisions, amendments and completions as shall be approved by any Responsible Officer with the advice of bond counsel to the Agency. The Agency approves the prior circulation of the Preliminary Official Statement by the Underwriter in connection with the marketing of the Bonds, and the distribution of such Preliminary Official Statement and Final Official Statement in connection with the sale of the Bonds is hereby authorized. The Executive Director or the designee ofthe Executive Director is also authorized to deem the Preliminary Official Statement final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 (the "Rule"), omitting only such information as is permitted under the Rule and to execute an appropriate certificate statin~ the Agency's determination that the Preliminary Official Statement has been deemed final within the meaning of such the Rule. Section 5. The Agency hereby approves the Escrow Deposit and Trust Agreements substantially in the form annexed hereto, marked "Exhibit H" and "Exhibit I," and any Responsible Officer of the Agency is hereby authorized and directed to execute and deliver the Escrow Deposit and Trust Agreements with such changes therein as the Executive Director or any other Responsible Officer may approve, with the advice of counsel to the Agency, such approval to be conclusively evidenced by the execution and delivery thereof. Section 6. The Agency hereby approves the Continuing Disclosure Agreement substantially in the form annexed hereto, marked "Exhibit J," and any Responsible Officer of the Agency is hereby authorized and directed to execute and deliver the Continuing Disclosure Agreement with such changes therein as the Executive Director or any other Responsible Officer may approve, with the advice of counsel to the Agency, such approval to be conclusively evidenced by the execution and delivery thereof. Section 7. The Executive Director, based on such advice of staff as the Executive Director may deem necessary, is hereby authorized and directed to act on behalf of the Agency and the Authority to establish and determine (i) the final principal amount of the Bonds; (ii) the final interest rates on the various maturities of the Bonds; and (iii) the undenvriter's discount for the purchase of the Bonds, ali within the limitations set forth in the Authority's Resolution approving the issuance of the Bonds. 1H01560/988055/561262.1 3 ~~ Sectioa 8. The Executive Director or any other Responsible Officer of the Agency ~ is hereby authorized and directed to execute and deliver any and all documents and instruments and ~, to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by this Resolution. Section 9. The Secretary shall certify to the adoption of this Resolution, and thenceforth and thereafter the same shall be in full force and effect. Notwithstanding the foregoing, such certification and any of the other duties and responsibilities assigned to the Secretary pursuant to this Resolution may be performed by an Assistant Secretary/Deputy Secretarywith the same force and effect as if performed by the Secretary hereunder. PASSED AND ADOPTED this 14thday of October 1999 , AyeS: KELI,EY, MF.TZF., PAPE, SCHIFFNER, BRINT.EY NOCS: NONF. Abstairi: NONE AbSent: NONE ATTEST: ~r~: ~,~~~ Secretary APPROVED AS TO FORM rr f ~ ~ v G er i Counsel JH01560/988055%561262.1 . «.,.~,....._ .._......_ .. . ,u~:•.z<• ~ . .. . .._ . , 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 14`~ day of October, 1999, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: KELLEY, METZE, PAPE, SCHIFFNER, BRINLEY NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTAIN: BOARDMEMBERS: NONE VIC KASAD CITY CLERK , CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFOItNIA ) 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 99-5 of said Agency, and that the same has not been amended or repealed. DATED: November 9, 1999 _ ~ ~~~`dt VICKI KASAD, CITY CLERK CITY OF LAKE ELSINORE (SEAL)