HomeMy WebLinkAboutCC Reso No 1999-01_ ,
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RESOLUTION NO. 99- 1
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE TAKING CERTAIN ACTIONS IN CONNECTION WITH THE
ISSUANCE OFLAKE ELSINOREPUBLICFINANCINGAUTHORITY TAX
ALLOCATION REVENUE BONDS
WHEREAS, theRedevelopment Agency ofthe City ofLakeElsinore (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 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, aredevelopmentplanforaredevelopmentprojectknown 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 planfora redevelopment projectknown and designated
as the "Rancho Laguna Redsvelopment 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 Aliocation Revenue Bonds (Lake Elsinore Redevelopment Projects) (the "Prior
Project Area No. 1 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 Allocation 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
WHEREAS, the Authorityloaned theproceeds ofthe PriorProject AreaNo. I Bonds
to the Agency under and pursuant to a loan agreement, dated as of January 1, 1992 (the "Prior
Project Area No. I Loan Agreement"); and
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 Pripr Project Area No. I Loan
Agreement, the "Prior Loan Agreements"); and
W H E REA S, 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")
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and Tax Aqocation 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 sepazate loan agreements (the "Loan Agfeements") for the purpose of refunding the
Prior Bonds by prepaying under the Prior Loan Agreements; and
WHEREAS, the bonds will be designated the Lake Elsinore Public Financing
Authority Ta~c AllocaYion 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 Securities,
as Underwriter of the Bonds; and
WHEREAS, to that end, each of the Agency and the Authority have adopted a
resolution ori the date hereo~ approving said Snancing; and
NOW, THEREFORE, TI~ CITY COUNCIL OF TI~ CITY OF LAKE
ELSINORE DOES RESOLVE AS FOLLOWS:
Section 1. The City Council hereby approves the refunding of the Prior Bonds and
the prepayment of the loan amounts under the Prior Loan Ageements by means of the issuance of
the Bonds, the debt service for which will be payable by the Agency pursuant to the Loan
Ageements.
Section 2. The City Manager or any other Responsible Officer the City is hereby
suthorized and directed to execute and deliver any and ail documents and instruments and to do and
cause to be done any and all acts and things necessary or proper for canying out the transactions
contemplated by this Resolution.
Section 3. The City Clerk shall certify to the adoption of this Resolutioq and
thenceforth and thereaRer the same shall be in full force and effect. Notwithstanding the foregoing,
such certification and any ofthe other duties and responsibilities assigned to the City Clerk pursuant
to this Resolution may be performed by an Assistant City Clerk/Deputy City Clerk with the same
force and effect as if performed by the Secretary hereunder.
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PASSED AND ADOPTED this 12th day of January , 1999.
AyeS: COUNCILMEMBERS: ALONGI, BRINLEY, PAPE, KELLEY
NOCS: COUNCILMEMBERS: NONE
Ab5t3iIl: COUNCILMEMBERS: NONE
AbSOIIt: COUNCILMEMBERS: METZE
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Rayor
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City Clerk
DK09770/988035/323450.3
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APPROVED AS TO FORM AND
STATE OF CALIFO1tNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
CALIFORPiIA, 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 12"' day of January, 1999, and that it was so adopted by the following
vote:
AYE5: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ALONGI, BRINLEY, KELLEY, PAPE
NONE
NONE
ABSTAIN: COUNCILMEMBERS:
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i'ICHI KAS~iD, CYTY CLERK
CI1 Y ~`JF IlA]KE ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNT4' OF ffiVERSIDE ) SS:
CITY OF LAKE ELSINORE)
METZE
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. 99-1 of said Council, and that the same has not been amended or repealed.
DATE: February 3,1999
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C~ D, CTTY C ERK
~ITY OF LAK~ ELSINORE
(SEAL)