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HomeMy WebLinkAboutCC Reso No 1990-047RESOLUTION NO. 90_47 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINQRE APPROVING AND AUTHORIZING AND DIRECTING EXECUTION OF COMMITMENT AGREEMENT RELATING TO SALE OF ASSESSMENT BONDS AND SPECIAL TAX BONDS, APPROVING SALE OF SUCH BONDS ON CERTAIN TERMS AND CONDITIONS, APPROVING OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTION WHE.REAS, the City of Lake ~Isinore (the "City") and the Redevelopment Agency of the City of Lake Elsinore (the "Agency") have entered into a Joint Exercise of Powers Agreement, dated as of July 25, 1989 (the "Agreement"), creating the Lake Elsinore Public P'inancing Authority (the "Authority"); WFiEREAS, pursuant to Article 4 of Chapter 5 of Division 7 0£ Title 1 of the Government Code of the State of California (the "Act") and the Agreement, the Authority is authorized to purchase bonds issued by the City and the Agency for financing and refinancing public capital improvements or projects whenever there are significant public benefits, as determined by the City or the Agency, as applicable; WHEREAS, for the purpose of providing financing and refinancing of capital improvements to be undertaken primarily by the City and the Agency, the Authority has duly provided for the issuance pursuant to a Trust Indenture (the "Indenture"), dated as of February 1, 1990, of its Lake Elsinore Public Financing Authority 1990 Local Agency Revenue Bonds, in the aggregate principal amount of $500,000,000 and has duly provided for the issuance pursuant to a Supplemental Indenture, dated as of May 1, 1990, of a series of said bonds in the aggregate principal amount of $55,000,000 (the "Authority's Series A Bonds"); WHEREAS, the Agency has determined to issue its Assessment Bonds (as such term is defined in the Indenture), or in the alternative, to cause the issuance of Special Ta~c Bonds (as such term is defined in the Indenture) (such Assessment Bonds and Special Tax Bonds being referred to herein collectively as the "City Bonds"), to provide financing of public capital improvements of benefit to the following described projects, namely: (i) The Tuscanny Hills Project in the estimated amount of $10,200,000; (ii) The Northwest Sewer Assessment District in the estimated amount of $4,80Q000; (iii) The Warm Springs Project in the estimated amount of $6,000,000; and (iv)The Friedman Homes Project in the estimated amount of $18,000,000. WHEREAS, the Authority desires to purchase the City Bonds with a portion oF the proceeds of the Authority's Series A Bonds and the City desires to seli the City Bonds to the Authority, all subject to the terms and conditions hereinafter set forth and in accordance with the Commitment Agreement for Purchase and Sale of Local Obligations, dated as of May 1, 1990, by and between the City and the Authority (the "Coinmitment Agreement") committing the City to - sell the City Bonds to the Authority, the form of the Commitment Agreement being on file with the City Clerk and in accordance with purchase contracts for the purchase and sale of the respective City Bonds to be entered into by and between the City and the Authority; WIiEREAS, the City hereby determines that there are significant public benefits to the City in selling the City Bonds to the Authority, all as set forth in the Commitment Agreement; WSEREAS, the Underwriter of the Authority's Series A Bonds has prepared and presented to the City for approval an official statement (the "Official Statement ) in preliminary form for use in sale of the Authority's Series A Bonds and containing information describing the City Bonds, and the City desires to grant such approval with respect to such information; and WHEREAS, the City, with the aid of its staff, has reviewed the Commitment Agreement and the Official Statement, and the City wishes to approve the foregoing in the public interests of, and for significant public benefits to, the City; NOW, THEREFORE, BE IT RESOLVED by the City Council oF the City of Lake Elsinore, as follows: Section 1. Approval of Commitment Agreement. The City hereby approves the terms and conditions o£ the Cominitment Agreement, including, without limitation, the City's obligation to sell the City Bonds to the Authority. The Mayor of the City is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Commitment Agreement. Approval of any additions or changes in the form of Commitment Agreement on file with the City Clerk, as deemed appropriate by the Administrative Services Director of the City, shall be conclusively evidenced by execution and delivery of the Commitment Agreement. Section 2. Approval of Official Statement. The City hereby approves the in£ormation describing the City Bonds in the preliminary Official Statement relating to the Authority's Series A Bonds, in substantially the form submitted by the Underwriter and on file with the Secretary. Distribution of the preliminary Official Statement by the Underwriter is hereby approved and the Administrative Services Director of the City is authorized and directed to deliver to the Underwriter a certificate with respect to the information set forth therein. Section 3. ~ffective Date. This resolution shall take effect from and after the date of approval and adoption hereof. • PASSED AND ADOPT~D this 22nd day of May, 1990, by the following vote: AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY, WINKLER, WASHBURN NO~S: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: GARY M. W SHBURN, P~IAYOR CITY OF k KE ELSINORE (SEAL) Attes : I By: VICKI IC~SAD,. CITY CLEKR CITY OF LAKE ELSINORE FORM LEGALITY: STATE OF CALIFORNSA ) 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 22nd day of May, 1990, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY WINKLER, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABuTAIN: COUNCILMEMBERS: NONE . , ~ ~~:X-~C~' VICKI LY'NNE , CITY CLERK CITY OF LAK 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, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 9A-47 of said Council, and that the same has not been amended or repealed. DA ED: June 13, 1990 ~ VICKI LYNNE SAD~LERK CITY OF LAK ELSINORE (SEAL)