HomeMy WebLinkAboutCC Reso No 1990-006RESOLUTION NO 90-6
A RESOLUTION OF THE CITY COUNCIL TO THE CITY, OF LAKE
ELSINORE APPOINTING AN INVESTMENT BANKING FIRM AND
CO-BOND COUNSEL FIRMS FOR PURPOSES ALL BONDS AND
OTHER LOCAL OBLIGATIONS OF THE CITY TO BE ACQUIRED
OR OTHERWISE FINANCED BY THE LAKE ELSINORE PUBLIC
FINANCING AUTHORITY WITH PROCEEDS OF ITS BONDS AND
PROVIDING OTHER MATTERS PROPERLY RELATING THERETO.
WHEREAS, pursuant to Articles l through 4(commencing
with Section 6500) of Chapter 5, Division 7, Title 1 of the
Government Code of the State of California (the "Act"), the
City of Lake Elsinore (the "City") and the Redevelopment
Agency of the City of Zake Elsinore (the "Agency") have by
Joint Exercise of Powers Agreement, dated as of July 15, 1989,
as amended November 28, 1989 (the "Agreement"), created the
Lake Elsinore Public Financing Authority (the "Authority")
for the purposes, among other things, of assisting the City
and the Agency in the financing of Public Capital Improvements
as defined in and pursuant to the Marks-Roos Local Bond
Pooling Act of 1985, being Article 4 of the Act (commencing
with Section 6584) (the "Bond Law"); and
VJHEREAS, the Authority has determined to implement a
program for the financing of Public Capital Improvements for
and on behalf of the City and the Agency by the purchase of
local obligations of the City and Agency, or otherwise as
authorized by the Agreement and the Bond Law, with the
proceeds of the issuance of $500,000,000 of local agency
revenue bonds (the "Bonds") „ the Bonds to be issued in series
and sold and delivered from time to time as funds are required
for the financing of such Public Capital Improvements; and
WHEREAS, the City Council has determined that it is
in the best interests of the City, the Agency, the Authority
and the qeneral public to appoint two firms as co-bond counsel
for all bonds and other local obligations of the City to be
purchased or otherwise financed by the Authority with the
proceeds of the Bonds; and
WHEREAS, such determination of the City Council is
based on the advice of City staff to the City Council that the
appointment of one firm as the investment banking firm and two
firms as co-bond counsel for all such bonds and other local
obligations will, in accordance with the purposes of the Bond
Law and the Agreement, avoid duplication of effort,
inefficiencies in administration, and excessive cost in the
acquis.ition and financing of such Public Capital Improvements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Lake Elsinore as follows:
Section L Except as the City Council may hereafter
order to the contrary, the investment banking firm of First
California Capital Markets Group, Inc., is hereby appointed as
the investment banking firm for all bonds and other local
obligations of the City to be purchased or otherwise financed
by the Authority with the proceeds of the Bonds and the law
firms of Harper & Burns and Jones Hall Hill & White, a
Professional Law Corporation, are hereby appointed as co-bond
counsel for all bonds and other local obliqations of the City
to be purchased or otherwise financed by the Authority with
the proceeds of the Bonds.
Section 2. This Resolution shall take effect from
and after its adoption.
PASSED, APPROVED AND ADOPTED this 13th day of
February, 1990, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
BUCK, DO^1ZN~UEZ, STARKEY, ~INKLER
NONE
IdASUBURN
ABSTENTIONS: COUNCILMEMBERS: NONE
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JIM WINKLER~ MAYOR
ATTEST:
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VICKI L. KASAD, CI1^Y CLERK
a.
APPROVED AS TO FORM AND
STAT~ OF CALIFORNIA )
COUNT'Y' OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
2, 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 13th day of February, 1990, and that it
was so adopted by the following vote:
AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY,
WINKLER
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: WASHBURN
~ Af3~7P.IN: COUNCILMEMBERS: NONE
~~ ~
VICKI LYNNE SP.D, ITY CLERK
CITY OF LAKE LSINORE
(SEAT,)
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. 90-6 of said Council, and that the
same has not been amended or repealed.
D TED: February 15, 1990
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CKI I~YNNE AU, CI Y CLERK
CITY OF' LAKE SINORE
(SEAL)
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