HomeMy WebLinkAboutCC Reso No 1993-56RESOLUTION NO. 93-56
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAIC ELSINORE
APPROVING THE BORROWING OF FUNDS SY THE REDEVELOPMENT
AGENCY FROM THE PUBLIC FINANCING AUTHORITY, MAKING
CERTAIN FINDINGS OF BENEFIT WITH RESPECT TO THE U5E OF SUCH
FUNDS AND AUTHORIZING AND APPROVING OTHER MATTERS
PROPERLY RELATING TI3EItETO
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 dated as of July 25, 1989, establishing the Lake Elsinore Public
Financing Authority (the "Authority") for the purpose of issuing its bonds, notes and
other obligation to be used to provide financial assistance to the Agency; and
WHEREAS, the Authority proposes to issue two separate series of notes, namely,
its 1993 Series A Subordinate Tax Allocation Revenue Notes (Lake Elsinore
Redevelopment Projects) in the aggregate principal amount of not to exceed $13,500,000
(the "Series A Notes") and its 1993 Series B Subordinate Taxable Tax Allocation Revenue
Notes (Lake Elsinore Redevelopment Projects) in the aggregate principal amount of not to
exceed $10,500,000 (the "Series B Notes") for the purpose of providing funds to make three
separate loans in the aggregate principal amount of not to exceed $24,000,000 (the
"Loans") to the Agency pursuant to the loan agreements hereinafter described (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 Clerk;
WHEREAS, the proceeds of the Loans will be used to pay 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 hereinafter determined,. the Project also being of benefit to Rancho
Laguna Redevelopment Project Area No. I and Rancho Laguna Redevelopment Project
Area No. II;
WHEREAS, 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 Council of the City and
the Agency held a joint public hearing on August 5, 1993, on the commitment of the
Agency to use Tax Revenues for the purpose of paying the cost of the Project, notice of
such public hearing having been duly published as evidenced by affidavit of publication
on file with the City Clerk; and
WHEREAS, at said public hearing, all persons desiring to be heard were heard
and the City Council has considered all matters pertinent to its determinations to be
made pursuant to Section 33445 of the Law, as hereinafter set forth;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lake
Elsinore that:
Section 1. Approval of Loans. The City Council hereby approves the Loans in the
aggregate principal amount of not to exceed $24,000,000 to be made by the Authority to the
Agency pursuant to the Loan Agreements.
Section 2. Determination of Benefit; Means of Financing. Based on the location
and construction plans for the Project, the preliminary Official Statement, and the other
evidence submitted to the City Council in connection with the approval of the Project,
which evidence the City Council finds to be substantial, persuasive and conclusive as to
the following determinations, the Agency determines 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 the
Loans. The foregoing determinations shall be final and conclusive.
Section 3. Effective Date. This Resolution shall take effect from and after the date
of its passage and adoption.
PASSED AND ADOPTED this 14th day of September, 1993, by the following vote:
AYES: COUNCILMEMBERS: ALONGI, DOMINGUEZ, WINKLER, WASHBIJRN
NOES: COUNCILMEMBERS: CHERVENY
ABSENT: COUNCILMEMBERS: NONE
(SEAL)
Attes
By:
City Clerk
APPROVED AS TO FORM & LE,ALITY:
JOHN R. HARPE C TY ATTORNEY
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 14th day of September, 1993, and that it was so
adopted by the following vote:
AYES: COUNCILMEMBERS: ALONGI, DOMINGUEZ, WINKLER,
WASHBURN
NOES: COUNCILMEMBERS: CHERVENY
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
VICKI KASAD, C TY CLERK
CITY OF LAKE 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. 93-56 of said Council, and that the
same has not been amended or repealed.
D TED: ,rSeptember 16, 1993
VICKI KASAD, CITY CLERK
CITY OF LAKE EL•SINORE
(SEAL)