HomeMy WebLinkAboutCC Reso No 1995-78RESOLUT'ION NO. 95-? $
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINOAE
APPROVING THE BORROWING OF FUNDS BY THE REDEVELOPMENT AGENCY
FROM THE PUBLIC FINANCING AUTHORITY PURSUANT TO PROJECT AREA
LOAN AGREEMENT, ANDOPERLOY RELATINAGDTHERETO G~THER MATTERS
WHEREAS, 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 obligations to be used to provide financial
assistance to the City and the Agency; and
WHEREAS, the Authority, pursuant to Resolution No. PFA 95-2, adopted September
26, 1995, authorized the issuance of two separate issues oE bonds, namely, its 1995 Series A
Housin~ Tax Allocation Bonds (Lake Elsinore Redevelopment Projects) (the "Series A Bonds")
and its 1995 Series B Subordinate Housing Tax Allocation Revenue Bonds (Lake Elsinore
Redevelopment Projects) (the "Series B Bonds") for the purpose of provid'uig funds to make a
loan (the "Housing Loan") pursuant to a loan agreement (the "Housing Fund Loan AgreemenP')
to the A~ency to finance low and moderate income housing redevelopment activities of the
Agency within or of benefit to its Rancho Laguna Redevelopment Project Area No. I, its Rancho
Laguna Redevelopment Project Area No. II and its Rancho La~tna Redevelopment Project No.
III; and
WHEREAS, the City Council, pursuant to Resolution No. 95-64, approved the Housing
Loan to be made pursuant to the Housing Fund Loan Agreement and approved the issuance by
the Authority of the Series A Bonds and the Series B Bonds; and
WFIEREAS, the Authority and the Agency now propose to use a portion of the proceeds
of the Series B Bonds to make a loan to the Agency's Rancho Laguna Redevelopment Project
Area No. III ("Project Area No. 3") to refinaxice redevelopment activities within or of benefit to
Project Area No. III pursuant to the Randto Laguna Redevelopment Project Area No. III Loan
Agreement, dated as of December 1, 1995, by and between the Authority and the Agency (the
"Project Area Loan Agreement"), the form of which is on file with the Secretary of the
Authority; and
WHEREAS, certain details with respect to the Series A Bonds and the Series B Bonds,
(sometimes referred to as herein the "Bonds") have been cl~anged, h~cluding, without limitation,
the deletion of the term"Housing° from the names of the Bonds (because the loan to Project
Area No. III will be for non-housing purposes) and the redating of documents from November 1,
1995, to December ], 1995 (because the delivery of the Bonds is now expected to take place in
December, 1995); ,
NOW, THEIZEFOIZE, BE IT ItESOLVED by the City Coiuuil of the City of Lake Elsinore
that:
Section 1. Approval of Housing Loan. The City Council hereby confirms its approval of
the issuance of the Series A Bonds and the Series B Bonds by the Authority in the aggregate
principal amount of not to exceed $32,000,000, confirms its approval of the Housnl~ Loan to be
made pursuant to the Housing Fund Loan Agreement, and approves the loan to be made by the
Authority to the Agency pursuant to the Project Area Loan Agreement.
Section 2. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED AND ADOPTED this 12th day of December, 1995, by the following vote:
AYES: COUNCILMEMBERS: BRINLEY, KE
NOES: COUNCILMEMBERS: ALONGI
ABSENT: COUNCILMEMBERS: NONE
(SEAL)
ATT:iS •.
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' By~ u.~~.~,_,,.,~
~ C:ty Clerk
APPROVED AS TO FORM AND
LEGALITY:
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General Couns 1
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
2, 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 12th day of December,
1995, and that it was so adopted by the following votes
AYES: COUNCILMEMBERSt BRINLEY, KELLEY, METZE, PAPE
NOES: COUNCILMEMBERSf ALONGI
ABSENT: COUNCILMEMBERS: NONE
~A13°TAIN: COUNCILMEMBERS: NONE
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vIGKI ICASF,'J~. C:CTY CLERK
C~ T`_' OF LP~tE ~I,SINORE
(SE~L)
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. 95-78 of said
Council, and that the same has not been amended or repealedo
DA~D: December 20, 1995
L./ ~:r..
VICKI '.LF; .t'_. Cl'T CLERK
CITY OF T,~T.KE ELSINORE
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