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HomeMy WebLinkAboutCC Reso No 1996-08RESOLUTION NO. 96-8 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ASSIGNMENT AND PAYMENTAGREEMENT RESOLVED, by the City Council of the City of Lake Elsinore (the "City") that: WHEREAS, on March 12, 1993, the Redevelopment Agency of the City of Lake Elsinore (the "Agency") entered into an Owner Participation Agreement (the "OPA") with Oak Grove Equities, a California limited partnership (the "Developer") pursuant to which the Agency has agreed to reimburse the Developer in the amount of $1,800,000, plus interest (the "Reimbursement") for a portion of the cost of construction of certain public facilities, grading and impact fees, subject to the limitations, in the amounts and from the sources of funds as further described in Attachment No. 3 to the OPA; and WHEREAS, the Developer is the sole owner of the real property located within the boundaries of the City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements) (the "District"), and has requested that the City issue its City of Lake Elsinore Community Facilities District No. 95-1 (Lake Elsinore City Center Public Improvements) Special Tax Bonds (the "Bonds") in order to finance public capital improvements described in the proceedings of the City to form the District; and WHEREAS, on December 12, 1995, this City Council adopted a resolution authorizing the issuance of the Bonds and the execution and delivery of related documents; and WHEREAS, in order to enhance the security For the repayment of the Bonds, the Developer now desires to assign to the City all right, title and interest of the Developer in and to the portion of the Reunbursement not heretofore assigned by the Developer to others, to be used by the City to pay delinquencies in special taxes levied in the District; and WHEREAS, in order to effect such assignment, there has been prepared and placed on file with the City Clerk an Assignment and Prepayment Agreement (the "Agreement"), and it has been requested that the City execute the Agreement and take the actions required to be taken by the City thereunder; and WHEREAS, the City intends to assist the Developer with respect to the foregoing, and now desires to approve the execution, delivery and performance by the City of the Agreement. NOW, THEREFORE, IT IS HEREEY ORDERED as follows: Section 1. Apuroval of Agreement. The City Council hereby approves the Agreement in the form on file with the City Clerk, together with any additions thereto or changes therein deemed necessary or advisable by the City Manager, whose execution tl~ereof shall be conclusive evidence of approval of any such additions and changes. The City Manager is hereby authorized and directed to execute the final farm of the Agreement far and in the name and on behalf of the City. The City Council hereby authorizes the delivery and performance of the Agreement. Section 2. Official Actions. The Mayor, City Manager, Finance Director, City Clerk, City Attorney and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order for the City to perform its obligations under tre Agreement and make the transfers required thereby. Section 3. Effective Date. This Resolution shall take effect from and after the date of its and adoption. PASSED AND ADOPTED this ]3th of February 1996, by the Following vote: AYES: COUNCILMEMBERS: BRINLEY, KELLEY, METZE, PAPE NOES: COUNCILMEMBERS: ALONGI ABSENT: COUNCILMEMBERS: NONE [SEAL] APPROVED AS TO FORM AND LEGALITY: ~~ ~ John R. H r City Atto 22054-i l:]2071 02/07/96 _2' City of Lake Elsinore 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 City Council of the City of Lake Elsinore at a regular meeting of said Council on the 13th day of February, 1996, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BRINLEY, KELLEY, METZE, PAPE NOES: COUNCILMEMBERS: ALONGI ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE tl'I~IZ~ :I~.SAL-, C:ITY CLERK C; TY O~' LA2ZE £LSINORE ( 4E'aL) STATE CF 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. 96-8 of said Council, and that the same has not been amended or repealed. DATED: February 15, 1996 ~ ~^ /~ 2~~~~~ J.tiCKI "i':ASAL', i:IT~ CLERK ~:'aTY QF LAY:G ~.LSINORE (aF'~L)