The URL can be used to link to this page

Home My WebLink AboutCC Reso No 1999-50\ RESOLUTION NO. 99- 50 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE TAHING CERTAIN ACTIONS I11F CONNECTION WITH THE ISSUANCE OF LAKE ELSINORE PUBLICFINANCING 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 i 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, 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 requirements of law for, and precedent to, the adoption and approval of said plan have been duty 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 W HEREAS, a redevelopment plan for a redevelopment project lmown and designated as the "Rancho Laguna Redevelopment Project 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 (the "Authority") has previously issued its $11,239,275 original principal amount of 1993 Series A Senior and Subordinate TaxAllocationRevenueNotes(LakeElsinoreRedevelopmentProjects)(the"1993 SeriesANotes") and $10,071,002.80 original principal amount of 1995 Series B Subordinate Tax A1location Revenue Bonds (Lake Elsinore Redevelopment Projects) (the "1995 Series B Bonds," and together with the 1993 Series A Notes, the "Prior Bonds"), which are currently outstanding in the amounts of $3,300,000 and $10,071,002.80, respectively; 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 WHEREAS, the Authority loaned the proceeds ofthe 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 1993 Loan Agreements, the "Prior Loan Agreements"); and JHO1560/09905293/561274.2 WHEREAS, the Agency wili 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 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 ageements (the "Loan Agreements") 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 Tax Allocation Revenue Bonds, 1999 Series C and Lake Elsinore Public Financing Authority T~ Allocation Revenue Bonds, 1999 Series D(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 on the date hereof, approving said financing; and NOW, THEREFORE, THE CITY COiJNCIL OF THE 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 Agreements by means of the issuance of the Bonds, the debt service for which will be payable by the Agency pursuant to the Loan Agreements. Section 2. The City Manager, the Assistant City Manager, and the Finance Director are each 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 3. The City Clerk 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 ofthe other duties and responsibilities assigned to the City Clerk pursuant to this Resolution may be performed by an Assistant City Cler}c/Deputy City Clerk with the same force and effect as if performed by the Secretary hereunder. JH01560/09905293/561274.2 ~ PASSED AND ADOPTED this 14th day of nrrnhP~- , 1999. AyeS: BRINLEY, METZE, PAPE, SCHIFFNER, KELLEY NOCS: NONE AbSt3tt1: NONE Absent: NONE ATTESI': ~ ~~~~~ City Clerk p;-.e-m i ~ APPROVED AS TO FORM i ~ ' M , Gene ounsel ~ 1H01560/09905293/561274.2 3 STATE OF CALIF012NIA ) 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 City Council of the City of Lake Elsinore at a regular meeting of said Council on the 14th day of October, 1999, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS BRINLEY, METZE, PAPE, SCHIFFNER, KELLEY NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: ABSTAIN: COUNCILMEMBERS: ~~~~ uItiKI ~SAD, CITY CLERK Cf'~'Y OF LAKE ELSINORE (SEAL) STAT'E OF CALIFORI~IIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) NONE NONE NONE 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. 99-50 of said Council, and that the same has not been amended or repealed. DATED: November 9, 1999 ~~°',~~.o( ~~ V,CKI KASAD, CITY CLERK t'~1TY Q~F LAKE ELSINORE ~s F~ I-)