HomeMy WebLinkAboutCC Reso No 1997-33RESOLiTTION NO. 97- 33
A RESOLUTION OF TI~ CITY COUNCIL OF
TI~ CITY OF LAKE ELSINORE AUTHORIZING
9 THE SECOND AMENDMENT TO THE
BANK DF AMERICA STANDBY LETTER OF CREDIT
IN TfiE AMOLTNT OF $800,000.00
WHEREAS, the City Council took formal action at their Apri125, 1991 meeting to approve
a mitigation agreement #5-390-90 with the California Department of Fish and Game; and
WHEREAS, that agreement was approved with the authorization of a Letter of Credit that
was amended the first time in 7uly 1996; and
WHEREAS, Bank of America is requesting that the $800,000.00 reserve fund balance in
Project Area #I at 6/30/96 be available and remain in place as of 6/30/97; and'
WHEREAS, the City Council now authorizes the City Manager to insure that the
$800,000.00 reserve be in place at 6/30/97; and
WHEREAS, the City Attorney attests to the legality and enforceability of this transaction;
and all parties acknowledge the importance of completing the multi-year mitigation agreement as
approved on Apri125, 1991; and
WHEREAS, the City Council and the City of Lake Elsinore Redevelopment Agency will
execute and will equally be held liable for the full amount of the Standby Letter of Credit; and
NOW, THEREFORE, LET IT BE RESOLVED, that the City Council authorized the City
Manager to authorize the second amendment to the agreement ant the $800,000.00 reserve fixnd
amount.
PASSES, APPROVED, this 24th day of 7une 1997 by the following roll call vote:
AYES: BOARDMEMBERS: ALONGI, ARINLEY, KELLEY, METZE,
PAPE
NOES: BOARDMEMBERS: NoNF.
.
ABSENT: BOARDMEMBERS: rtoNE
ABSTAIN: BOARDMEMBERS: NoNE
.~,~TEST:
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VICKI :.: ILAS~, CITY CLERK
AP~R~ ti'P:D A$ T,O FORM AND LEGALITY:
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JOHN R. HARPER, Y ATTORNEY
I~EVIN1fA~, MAYOR -
CITY OF LAKE ELSINORE
STATE OF CALIFORN7A )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, DO HEREBY CERTIFI' that the foregoing Resolution duly adopted by
the City Council of the City of Lake Elsinore at an Adjourned Regular Meeting of said
Council on the 24th day of dune, 1997, and that it was so adopted by the fotlowing vote:
AYES: COiTNCILMEMBERS:
ALONGI, BRINLEY, METZE,
KELLEY, PAPE
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
~
~~
~I~HI KA~AID~ CITY CLERK
Cl'I'~' O~'LAKE ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE)
NONE
NONE
NONE
I, VICHI KA5AD, C1TY CLERK OF THE CTTY OF LAKE ELSINORE,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
Resolution No. 97-33 of said Council, and that the same has not been amended or repealed.
DATE: dune 26,1997
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~IICKI 3CASr~32, CITY CLERK
CITY uF LP.K_. ELSINORE
(S E:A.L)