HomeMy WebLinkAboutCC Reso No 1990-113RESOLUTION NO. 90-113
A RESOLUTION OF Z`f~ CITY COUNCIL OF THE CITY OF LAKE ELSINORE
DETEELMII~TING BENEFIT TO TElE R.ANCIiO LAGUNA REDF.'VELOPMENT
PILOJECT AR.EA NO. II OF'iZ~ REDEVELOPMENT AGENCY OF'1'I~ CITY
OF LAI~ EL.SINOItE
TUSCANY HII.LS SPECIAL TAR BONDS
WHEREAS, the City of Lake Elsinore (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 Financing Authority (the "Authority");
WHEREAS, pursuant to Article 4 of Chapter 6 of Division 7 of RYtle 1 of the
Govemment Code of the State of California (the "Act") and Lhe Agreement, the Authority
is authorized to purchase bonds issued by the City and the Agency for financing and
refinancing puUlic capital improvements or projects (the "Public Capital Improvements")
whenever there are significant pnblic benefits, as determined by the City or the Agency,
as applicable;
WHEREAS, for the purpose of providing financing and refinancing of Public
Capital Improvements to be undertaken primarily Uy the City and the .Agency, the
Authority has duly provided for the issuance pursuant to an Indenture of Trust (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 Second Supplemental
Indenture, dated as of November 1, 1990, of a series of said bonds in the aggregate
principal amount of not Lo exceed $35,000,000 (tl~e "Authority's Series B Bonds");
WHEREAS, the Agency has determined to cause the issuance of Special Tax
Bonds (as such term is defined in the Indenture) namely, Special Tax Bonds designated
as Redevelopment Agency of the City of Lake ~lsinore Community Facilities District No.
90-2 ('Puscany IIills Public Improvements) 1990 Special Tax Bonds in the principal
amount of not to exceed $30,000,000 (such Specia] Tax Bonds being referred to herein as
the "Tuscany 1Iills 5pecial Tax Bonds"), to provide financing of Public Capital
Improvements of benefit to the Tuscany Ilills Project within the Rancho Laguna
Reclevelo~~ment Project Area No. II (the "Project Area") of the Agency;
WHBREAS, the Authority desires to purchase the Tuscany Hills Special Tax
Bonds wit1~ a portion of the proceeds of the Authority's Series B Bonds and the Agency
desires to se11 the Tuscany Hills Special Tax Bonds to the Authority, as set forth and in
accordance with the Commitment Agreement for Purchase and Sale of Local
Obligations, dated as of November 1, 1990, by and between the Agency and the Authority;
WHEREAS, in order for the Authority to sell tlie Authority's Series B Bonds, it is
necessary for the Agency to agree to pledge certain ta~c increment revenues to be allocated
and paid to the Agency with respect to the Project Area as security for the repayment of
tl~e Tuscany IIills Special Tax I3onds;
WHEREAS, the Public Capita] Improvements constitute redevelopment activity
primarily of benefit to the Project Area and the Agency is authorized by Section 33445 of
the Health and Safety Code of the State of California to pledge such t~ increment
revenues to the payment of the Tuscany Hills Special Tax Bonds, provided that the
Agency and the City shall first make certain determinations with respect thereto; and
i
WHEREAS, the City Council, with the aid of its staff, has reviewed the Agency
Pledge Agreement, together with the proceedings for tbe issuance of the Tuscany Hills
5pecial Tax Bonds, and the City Council wishes to approve the foregoing in the public
interests of, and for significant puUlic benefits to, the Agency and the City;
NOW,'I'HER.EFOR.E, BE IT RESOLVED by the City Council of the City of Lake
Elsinore, as follows:
6ection 1. Determination. of Benefit Pursuant to authority contained in Section
33445 of the Health and Safety Code of the State of California, the City Council hereby
determines Lhat the PuUlic Capital Improvements for the Tuscany Hills Project are of
beneFit to the YrojecC Area and that no means other than the pledge of tax increment
revenues contained in the Agency Pledge Agreement is reasonably available to the City to
finance such Public Capital Improvements.
Section 2. Effective Date. This resolution shall take effect from and after the date
of approval and adoption hereof.
PASSED AND ADOPTED this 13th day of November, 1990, by the following vote:
AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY, WINKLER, WASHBURN
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
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1]I-~I~I 1'I YYIlJ11VV~~1\~ ~~~~r
CITY p LAKE ELSINORE
AT ST:
V
C I KASAD, CITY CLER
CITY OF LAKE ELSINORE
i
APPROVED AS TO FORM & LEGAtITY:
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 13th day of November, 1990, and that it was so
adopted by the following vote:
AYES:
NOES:
ABSENT:
~ ABSTAIN:
~~.1~~
VICKI LYNNE ~
CITY OF LAKE
(SEAL)
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
~--
AD, CITY CLERK
SINORE
BUCK, DOMINGUEZ, STARKEY,
WINKLER, WASHBURN
NONE
NONE
NONE
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. 90-113 of said Council, and that the
same has not been amended or repealed.
D ED: November 14, 1990
,, ~ ~
VICKI LYNNE SAD, CITY CLERK
CITY OF LAK ELSINORE
(SEAL)