HomeMy WebLinkAboutCC Reso No 1991-45RESOLUTION N0. 91-45
A RESOLUTION OF TAE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE AUTHORIZING THE CITY MANAGER TO FILE
AN APPLICATION FOR A STANDBY LETTER OF CREDIT WITH
SECURITY PACIFIC NATIONAL BANK.
WHEREAS, the City Council took formal action at their April
25, 1991, meeting to approve a mitigation agreement #5-390-90 with the
California Department of Fish and Game; and
~ ~~ ~ WHEREAS, the City Council took formal action to authorize
staff to make application for a Standby Letter of Credit; and
WHEREAS, the City Council now authorizes the City Manager to
make application for a Standby Letter of Credit in the amount of
$800,000 as outlined in the mitigation agreement; and
wHEREAS, the City Attorney attests to the legality and
enforceability of this transaction; and all parties acknowledge the
importance of completing the multi-year mitigation agreement as approved
on April 25, 1991; and
WHEREAS, the City and the City of Lake Elsinore Redevelopment
Agency will execute and will equally be held liable for the full amount
of the Standby Letter of Credit.
, NOW, THEREFORE, LET IT BE RESOLVED, that the City Council
authorized the City Manager to execute all documents pertaining to the
' application of a Standby Letter of Credit in the amount of $800,000 with
the Security Pacific National Bank.
PASSED, APPROVED, this llth day of June , 1991,
by the following roll call vote:
AYES: couNCZ~EMSExs: BUCK, DOMINr,UEZ, STARKEY, V~!INKLER, b~ASHBURN
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTENTIONS: COUNCILMEMBERS: ~ NONE
GARY
APPROVED AS TO ORM AND LEGALITY:
~/'Y~~ ~
JOHN R. HARPE , C Y ATT NEY
, MAYOR
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Zynne Kasad, City Clerk of the City of Lake Elsinore,
, DO HEREBY.CERTIFY that the £oregoing Resolution duly adopted by the
City Council of the City of Lake Elsinore at a regular meeting of
said Council on the llth day of June, 1991, and that it was so
adopted by the following vote:
AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY~
WINKLER, WASHBURN
NOES: COIINCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
'~~LYN E KASA/ ~~ D Cr~Y CLERK
CITY O~' KE ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
ll0 HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. 91-45 of said Council, and that the
same has not been amended or repealed.
: June 12, 1991
VICKI LYNN~KAS'~AD, CITY CLERK
CITY OF LA ELSINORE
(SEAL)