HomeMy WebLinkAboutCC Reso No 1994-56RESOLUT'ION NO. 9456
A RESOLUTTON OF THE CITY COUNCIL 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 WI'TH RESPECT TO THE USE OF SUCH FUNDS AND AUTHORIZING
AND APPAOVING OTHER MATTERS PROPERLY RELATING THERETO
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
ARreement dated as of July 25, 7989, 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;
WFIEREAS, the Authority proposes to issue two separate series of bonds, namely, its
7994 Series A Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) (the
"Series A Bonds") and its 1994 Series B Subordinate Tax Allocation Revenue Bonds (Lake
Elsinore Redevelopment Projects) (the "Series B Bonds") for the purpose of providing funds to
make three separate ]oans in the aggregate prinapa] amount of not to exceed $35,000,000 (the
"Loans") to the Agency pursuant to the loan agreements therefor (the "Loan Agreements") to
finance and refinance various redevelopment activities of the Agency, the form of such Loan
Agreements being on file with the City Gerk;
WHEREAS, the proceeds of the Loans will be used, among other purposes, to finance
and to refinance the costs of the Lake Elsinore Municipal Stadium Project and related public
infrastructure improvements (the "Project"), the Project being located in the Rancho Laguna
Redevelopment Project Area No. III, but, as heretofore determined, the Project is also of benefit
to Rancho Laguna Redevelopment Project Area No. I and Rancho Laguna Redevelopment
Project Area No. II;
WHEAEAS, the Loans will be repaid from Tax Revenues (as defined in the Loan
Agreements) allocated to each of the three Project Areas;
WHEREAS, pursuant to Section 33679 of the Law, the City Counci] of the City and the
Agency held a joint public hearing on August 5, ]993, on the commitment of the Agency to use
Tax Revenues for the purpose of paying the cost of the Project; and
WHEREAS, upon the close at said public hearing, the City Council, by Resolution No.
93-56, adopted September 14, ]994, determined 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, and (ii) there is no reasonable means
of financing the Project, except with the proceeds of certain prior loans being refinance with the
proceeds of the Loans.
NOW, THEREFOIZE, BE IT RESOLVED by the City Council of the City of Lake Elsinore
that:
Section 1. Approval~of Loans. The City Counsil hereby approves the Loans in the
combined principal amount of not to exceed $35,000,000 to be made by the Authority to the
Agency pursuant to the Loan Agreements.
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 Redeve]opment Project Area No. I, Rancho Laguna Redevelopment Project Area No. II
and Rancho Laguna Redevelopment Project Area No. 1II, prior and (ii) there is no reasonable
means of financing the Project, except with the proceeds of the prior loans being refinanced, as
above described.
Section 3. EffecHve Date. This Resolution shall take effect hom and after the date of its
passage and adoption.
PASSED AND ADOPTED this 22nd day of November,1994, by the following vote:
AYES: COUNCILMEMBERS: ALONGI, BENDER, BRINLEY, PAPE, WASHBURN
NOES: COUNCILMEi~IBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
(SEAW
APPROVED AS TO FORM AND
LEGALITY:
General Counsel
-2-
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 22nd day of November, 1994, and that it was so
adopted by the following vote:
AYES: COUNCILMEMBERS: ALONGI, BENDER, BRINLEY, PAPE,
WASHBURN
NOES: COUNCILMENIBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
_ '
CKI"Y~ a.% , CITY CLERK
CITY OF LAKE EL&INORE
(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. 94-56 of said Council, and that the
same has not been amended or repealed.
D ED: November 28, 1994
v~-~'~ (~~
VICKI KASA:'.i, CITY CLERK
CITY OF LAKE E;,3INORE
(SEAL)