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HomeMy WebLinkAboutCC Reso No 2000-16RESOLUTION NO. 2000- 16 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE APPROVING A SITE AND FACILITY LEASE, A LEASE AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT, AMENDED AND RESTATED REIMBURSEMENT AGREEMENTS, AN AGREEMENT REGARDING ADVANCES AND A BOND PURCHASE AGREEMENT; AND AUTHORIZING THE TAKING OF CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH V4'HEREAS, 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 Recreation Authority (the "Authority") for the purpose, among other things, of issuing its bonds to be used to provide financing and refinancing for public capital improvements of the City and the Agency; and WHEREAS, for the purpose of providing financing for the acquisition, construction, improving and equipping of capital improvements undertaken by the City, the Agency or other public entities, or for the purpose of providing refinancing of such capital improvements, the Authority has heretofore issued its Revenue Bonds, 1997 Series A(Pubiic Facilities project), in the aggregate principal amount of $14,680,000 (the "1997 Bonds"), all pursuant to and secured by on Indenture of Trust dated as of December 1, 1996 by and between the Authority and Union Bank of California, N.A., as trustee; and VVHEREAS, the Redevelopment Agency of the City of Lake Elsinore (the "Agency") and the Authority have previously entered into a Site and FaciliTy Lease, dated as of December ], 1996 (the "1996 Site Lease"), pursuant to which the Agency, as fee owner and lessor, leased to the Authorit}~ certain land and facilities commonly known as "Lake Elsinore Recreation Area" (the "Leased Property"); and WHEREAS, the Authority and the City entered into a Lease Agreement, dated as of December i, 1996 (the "1996 Lease"), pursuant to which the Authority leased the Leased Property back to the City, for rental consisting of base rental payments to be made by the City (the "1996 Base Rental Payments"); and R'HEREAS, the Authority wishes to issue its Vaziable Rate Lease Revenue Refunding Bonds, 2000 Series A(Public Facilities Project) (the "Bonds") to provide for the prepayment and refunding of the City's obligation under the 1996 Lease that will result in the defeasance of the Prior Bonds; - WHEREAS, the City and the Agency will ]ease to the AuthoriTy their fee interest in the Leased Propert}~ pursuant to a Site and Facility Lease (the "Site Lease"); and DK09720.' 10013194/Dl:-Cl'IYR. W PD VF'~I2EAS, the Auihority, concurrently with the execution of the Site Lease, will lease the Leased Property back to the City pursuant to a Lease Agreement (the "Lease"), in consideration for Base Rental payments equal to the principal and interest coming due on the Bonds; and R'HEREAS, the Bonds aze to be issued pursuant to the Mazks-Roos Local Bond Pooling Act of 1985 (the "AcP'), constituting Article 4(commencing with Section 6584 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of Califomia; and WHEREAS, the City Council has reviewed the doctunentation related to the issuance of the Bonds which documentation aze on file with the City Clerk of the City of Lake Elsinore; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lake Elsinore as follows: Section 1. Approval of Recitais. The City hereby finds and determines that the foregoing recitals are true and correct. Section 2. Approval of Site and Faciliry Lease. The Site and Facility Lease, in substantially the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any one of the Mayor, the City Manager and the City Clerk of the City, and each of them, and any designee of any of them (collectively, the "Authorized Officers"), is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Site and Facility Lease, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively e~~idenced by such execution and delivery. Section 3. A~nroval of Lease Agreement. The Lease Agreement, in substantially the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Lease Agreement, with such insertions and changes as may be approved by the Authorized Officer execuUng the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. Section 4. ~~proval of Bond Purchase Agreement. The Bond Purchase Agreement, in substantially the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Bond Purchase Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approva] to be conclusively evidenced by such execution and delivery. The initial interest rate shall not exceed 6.5% and the underwriter's discount DK 09720/ 1 OO l 3194/DI:-CiTYR. W PD for the Bonds specified in the Bond Purchase Agreement shall not exceed 2.0%, exclusive of original issue discount. cti n, Annroval of a Continuing Disclosure Aereement. The Continuing Disclosure Agreement, in substan6ally the form on file with the City Clerk of the City and presented to the City Council at this meeting, is hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behaif of the City, to execute and deliver the Continuing Disclosure Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. Section 6. ,4ouroval of Amended and Restated Reimbursement A¢reements and A~reement e azding Advances. The Amended and Restated Rennbursement Agreements with respect to each Rancho Laguna Redevelopment Project Area No. I, II and III, and the Agreement Regazding Ad~~ances, in substantially the forms on file with the City Clerk of the Ciry and presented to the City Council at this meeting, aze hereby approved. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Amended and Restated Reimbursement Agreements and the Agreement Regazding Advances, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approvai to be conclusively evidenced by such execution and delivery. Section 7. Further Authorization: Ratification. The Authorized Officers, the other o~cers and employees of the City, the members of the City Council, Bond Counse] and the other consultants to and agents of the City, are each hereby authorized and directed to do all things and take all actions necessar}~ or desirable to effectuate the transaction contemplated by this Resolution, and to execute such other assi~nments, agreements, certificates, receipts, endorsements, orders, opinions and other documents in connection with such transactions, including, without limitation, closing documents in connection with the issuance of the Bonds are hereby ratified, approved and confirmed in every respect. Section 8. Effective Date. This Resolution shall become effective immediately upon adoption. DF09 i20l10013194/DIC-CITYR. W PD PASS~D AND ADOPTED this 13th day of ~une 2000. , AYES: COLTNCILMEMBERS: KELLEY, METZE, PAPE, SCHIFfNER, BRINLEY NOES: COUNCILMEMBERS: NONE ABSENT: COLJNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBER: [SEAL] ATTE.ST: _~ ~~ City ClPrk APPROVED AS TO ~ Counsel DK09720/10013194/Dli-CITYA.R'PD 4 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the City Council of the City of Lake Elsinore at a Regular Meeting of said Council on the 13"' day of June, 2000, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: KELLEY, METZE,PAPE, SCHIFFNER, BRINLEY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~~~ ` ~ /~ VI~KI I{~ , CI A Y CLERK CYTY OF LAKE ELSINORE (SLA~.) 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. 2000-16 of said Council, and that the same has not been amended or repealed. DATE: June 16, 2000 ~' ~` rC : SAB, CTTY CLERK t i", Y OF LAKE ELSINORE (Sr,A.Y.3