HomeMy WebLinkAboutCC Reso No 1992-29RESOLUTION NO. Q2-29
A RESOLUTION MAKING CERTAIN BENEFIT DETERMINATIONS
RELATING TO THE RANCHO LAGUNA REDEVELOPMENT PROJECT AREA
NO. I AND RANCHO LAGUNA REDEVELOPMENT PROJECT AREA NO. II OF
THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AND
PROVIDING MATTERS PROPERLY RELATING THERETO
CPI'Y OF LAKE ELSINORE
RESOLVED, by the City Council of the City of Lake Elsinore, as follows:
WHEREAS, the Redevelopment Agency of the City of Lake Elsinore (the "Agency")
proposes to issue its not to exceed $5,750,000 principal amount of Rancho Laguna
Redevelopment Project Area No. III Tax Allocation Bond Anticipation Notes, 1992 Series
(the "Notes"), under and pursuant to the provisions of Part 1 of Division 24 (commencing
with Section 33000) of the Health and Safety Code of the State of California (the "Law") and
other applicable laws, for the purpose of financing redevelopment activities within and of
benefit to the Agency's Rancho Laguna Redevelopment Project Area No. III;
WHEREAS, such redevelopment activities consist of the construction of publicly
owned infrastructure improvements relating to the Regional Shopping Mall Project (as
such improvements are generally shown on the "Lear Option Map", revised May 28, 1991,
prepared by Ballew and Associates, Special Project Planners) and relating to the East
Lake Project (as such improvements are generally described and shown in the East Lake
Master Plan and Financial Analysis prepared by TMC, as referenced in its letter to the
City Manager, dated February 24, 1992), such improvements being herein collectively
referred to as the "Public Improvements";
WHEREAS, First California Capital Markets Group, Inc., the underwriter of the
- Notes, has advised the City of Lake Elsinore and the Agency that the marketability of the
Notes requires the Agency to pledge certain tax increment revenues of its Rancho
Laguna Redevelopment Project Area No. I ("Project Area No. I") and its Project Area No.
II ("Project Area No. II");
WHERF,AS, in order for the Agency to make such a pledge, Section 33445 of the
California Health and Safety Code requires the City of Lake Elsinore and the Agency to
make certain determinations; and
.WHEREAS, the City Council has reviewed the nature and location of the Public
Improvements and desires to make such determinations;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lake
Elsinore, as follows:
1. The Public Improvements are hereby determined to be of benefit to both Project
Area No. I and Project Area No. II.
2. It is further determined that there is no reasonable means of financing the
Public Improvements other than by the issuance of the Notes.
3. The Notes shall only be marketable if the Agency is permitted to pledge tax
increment revenues from Project Area No. I and Project Area No. II to the repayment of
refunding bonds or other obligations issued or incurred to refund the Notes at or prior to
maturity of the Notes.
4. The pledge by the Agency of such tax increment revenues for such purpose is
hereby approved.
5. This Resolution shall take effect from and after its adoption.
PASSED, APPROVED AND ADOPTED this 12th day of May, 1992, by the following
vote:
AYES: COUNCILMEMBERS: ALON,I, DOMINGUEZ, WINKLER, WASHBURN
NOES: COUNCILMEMBERS: CHERVENY
ABSENT: COUNCILMEMBERS: NONE
ABSTENTIONS: COUNCILMEMBERS: NONE
Clerk
APPROVED AS TO FORM AND LEGALITY:
IVY`
John Harper, Ci y to ey
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne 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 May, 1992, 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
c
VICKI LYNNE SAD, ITY CLERK
CITY OF LAKE LSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne 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. 92-29 of said Council, and that the
same has not been amended or repealed.
D ED: May 13, 1992
C /~-~\
VICKI LYNNE SAD, CITY CLERK
CITY OF LAK ELSINORE
(SEAL)