HomeMy WebLinkAboutCC Reso No 1996-53RE50LUTION NO. 96-53
A RESOLUTION OF THE CTTY COUNCIL OF THE CITY
OF LAKE ELSINORE AUTHORIZING AND DII2ECTING
THE EXECUTION OF A FIILST ANI~NDMENT TO JOINT
EXERCISE POWERS AGREEMENT TO PERMIT ADVANCES
TO TH~ LAKE ELSINORE PUBLIC FINANCING AUTHORITY,
AND PROVIDING OT~R MATTERS PROPERLY RELATING
THERETO.
WHEREAS, pursuant to Section 6500 et seq. of the California Government Code
(the "Joint Powers Law"), the City of Lake Elsinore (the "City") and the Redevelopment Agency
of the City of Lake Elsinore (the "Agency") have heretofore entered into a 7oint Exercise of
Powers Agreement dated as of 7uly 25, 1989 (the "AgreemenY'), establishing the Lake Elsinore
Public Financing Authority (the "Authority") for the purpose of issuing its bonds, notes and other
obligations to be used to provide financial assistance to the City and the Agency; and
WHEREAS, pursuant to the Agreement and an Indenture of Trust, dated as of
February 1, 1990, and a First Supplemental Indenture of Trust, dated as of 7une 1, 1990, the
Authority has issued $55,000,000 principal amount of 1990 Local Obligation Revenue Bonds,
Series A(the "Bonds") to provide financial assistance to the City and the Agency by providing
funds to purchase local obligations of the City and the Agency (the "Local Obligations") issued by
the City and the Agency to finance public capital improvements; and
WHEREAS, failure of property owners to pay special t~es payable with respect
to certain of the Local Obligations has created a deficiency in the amount necessary to pay debt
service on the Bonds on October 1, 1996; and
WHEREAS, the Agency desires to make an advance of moneys to the Authority
sufficient in amount to meet such deficiency; and
WHEREAS, Section 6504 of the 7oint Powers Law authorizes the Agency to
make such an advance for purposes of the Agreement, such an advance to be repaid to the
Agency as provided in the Agreement; and
WHEREAS, the City Council desires to amend the Agreement in order that the
Agreement shall provide for such advance and for the repayment of such advance;
NOW, THEREFORE, it is hereby ordered as follows:
i. Amendment. The amendment ofthe Agreement to provide for advances to
the Authority and repayment of advances by the Authority as further set
forth in the "First Amendment to 7oint Exercise Powers AgreemenY', dated
as of September 1, 1996, and on file with the CiTy Clerk (the "First
AmendmenY') is hereby approved.
2. Execution and Delivery. The Mayor is hereby authorized and directed to
execute and deliver the First Amendment and the City Clerk is authorized
and directed to attest his signature thereto.
3. Effective Immediatelv This Resolution shall be effective immediately upon
passage and adoption.
PASSED AND ADOPTED this 12th day of September, 1996, by the following
vote:
AYES: COUNCILMEMBERS: ALONGI, BRINLEY, KELLEY,
METZE, PAPE
PAGE TWO - RESOLUTION NO. 96-53
NOES:
ABSENT:
ABSTAIlV:
COUNCILMEMBERS: NONE
COUNCILMEMBERS: NONE
COUNCILMEMBERS: NONE
CITY OF
OF LAKE
A
y~CHI KA.5AT1; ~^ITY CLERK
C~'7"1' C1F Lt~I~ ELSINORE
APPROVED AS TO LEGAL FORM:
~~~
JOHN R HARPER, CI TTORNEY
ELSINORE
STATE OF CALIFORNIA )
COiTNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICKI KASAD, CITY CLERK OF TE~ CITY OF LAKE ELSINORE,
CALIFOILNIA, 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
12th day of September, 1996, and that it was so adopted by the following vote:
AYE5: COUNCILMEMBERS: ALONGI, BRINLEY, KELLEY,
METZE, PAPE
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
AB TA_T1V: COUNCILMEMBERS
\ 1' `(~~~
~.
d~CK[ f~AS~, CITY CLERK
~Y;,T.iCY OF TL.~~~?: ELSINORE
(SE~i.)
NONE
NONE
NONE
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. 96-53 of said Council, and that the same has not been amended or repealed.
September 13, 1996
~ITY C~lF' k:.AI~E ELSINORE
t'SF~AL)