HomeMy WebLinkAboutCC Reso No 1995-64RESOLUTION NO. 95- 64
A RESOLUTION OF THE CI'I1' COLTNCIL OF THE CITY OF LAKE ELSINORE
APPROVING THE BORROWING OF FUNDS BY THE REDEVELOPMENT AGENCY
FROM THE PUBLIC FINANQNG AUTHORITY, CONFIRMING CERTAIN FINDINGS
OF BENEFIT W1TH RESFECT TO THE USE OF SUCH FUNDS AND AUTHORIZING
AND APPROVING OTHER MATTII2S PROPERLY RELATING THERETO
WHEIZF.AS, the City of Lake Elsinore (the "City") and the Redevelopment Agency of the
City of Lake Elsinore (the "Agency") have heretofore entered into a Joint Exercise of Powers
Agreement establishing the Lake Elsinore Public Financing Authority (the "Authority") for the
purpose of issuing its bonds, notes and other obiigations to be used to provide financial
assistance to the City and the Agency;
WHEIZEAS, the Authority proposes to issue two separate series of bonds, namely, its
1995 Series A Housing Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects)
(the "Series A Bonds") and its 1995 Series S Subordinate Housing Tax Aliocation Revenue
Bonds (Lake Elsinore Redevelopment Projects) (the "Series B Bonds") for the purpose of
providing funds to make a loan in the aggregate principal amount of not to exceed $32,000,000
(the "Housing Loan") to the Agency pursuant to the Housing Fund Loan Agreement (the "Loan
Agreement") to tinance low and moderate income housing redevelopment activities of the
Agency, the form of the Loan Agreement being on ffie with the City Clerk;
WHEREAS, the proceeds of the Housing Loan will be used, in part and on an interim
basis, to refinance a portion of the costs of the Lake ELsinore Municipal Stadium Project and
related public infrastructure improvements (the "Project"), the Project being located in the
Rancho Laguna RedeveYopment Project Area No. III, but, as heretofore determined by the City
Council, by Resolution No. 93-56, adopted September 14, 1994, the Project is also of benefit to
Rancho Laguna Redevelopment Project Area No. I and Rancho Laguna Redevelopment Project
Area No. Il;
NOW, THEREFORE, BE TT I2ESOLVED by the City Council of the City of Lake Elsinore
that
Section 1. Approval of Housing Loan. The City Council hereby approves the issuance
of the Series A Bonds and the Series B Bonds by the Authority and approves the Housing Loan
in the principal amount of not to exceed $32,000,000 to be made by the Authority to the
Agency pursuant to the Loan Agreement.
Section 2. Confirmation of Determination of Benefit; Means of Financing. The City
Council hereby confirms its earlier determination that (i) the Project is of benefit to Rancho
Laguna Redevelopment Project Area No. I, Rancho Laguna Redevelopment Project Area No. II
and Rancho Laguna Redevelopment Project Area No. III, prior and (ri) there is no reasonable
means of financing the I'roject, except with the proceeds of the prior loans being refinanced, as
above described.
Section 3. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED AND ADOPTED this 26th day of September, 1995, by the foliowing vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
(SEAL)
ATTES :
,
By:
City Clerk
APPROVED AS ; O F(?RM AND
LEGALI'1'Y;
~ ~
John R. Ha er
General Co e
-z-
BENDER, BRINLEY, PAPE
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 foregoinq Resolution duly
adopted by the City Council of the City of Lake Elsinore at a
regular meeting of said Council on the 26th day of September,
1995, and that it was so adopted by the following vote:
AYES: COUNCILMEMBERS: BENDER, BRINLEY, PAPE,
NOES: COUNCILMEMBERSt ALONGI
ABSENT: COUNCILMEMBERS: WASHBURN
ABSTAINs COUNCILMEMBERS: NONE
~
VICKI KASAD, CI'Y CLERK
CITY OF LAK~ ELSINORE
(SEAL)
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. 95-64 of said
Council, and that the same has not been amended or repealed.
DATED: September 29, 1995
~~~.~ar'~.`~`.'~ 1
CKI KASAD, CITY CLERK
CITY OF T,AKE EL~INORE
(SEAL)