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Home My WebLink AboutCC Reso No 1990-116RESOLiJTION NO. 90-116 A R.ESOLUTION OF Tf~ CITY COUNCIL OF'I~ CPl'Y OF LAKE ELSINORE DETERMINING BENEFIT TO THE RANCHO LAGUNA REDEVELOPMENT PROJECT AREA NO. II OF TI-IE REDF.'VELOPMENT AGENCY OF THE CITY OF LAKE ELSINOItE TUSCANY HII.LS SPECIAL TAR BONDS WHER~AS, 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 5 of Division 7 of Title 1 of the Government Code of the State o£ 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 (the "Public Capital Improvements") 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 Public Capital Improvements to be undertaken primarily by 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 ~Isinore 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 to exceed $35,000,000 (the "Authority's Series B Bonds"); WHEKEAS, tl~e Agency has determined to cause the issuance of 5pecial 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 (Tuscany Hills Public Improvements) 1990 Special Tax Bonds in the principal amount of not to exceed $30,000,000 (such Special Tax Bonds being referred to herein as the "Tuscany Hills Special Tax Bonds"), to provide financing of Public Capital Improvements of benefit to the Tnscany Hills Project within the Rancho Laguna Redevelopment Project Area No. II (the "Project Area") of the Agency; WHEREAS, the Authority desires to purchase th~; Tuscany Hills Special Tax Bonds with a portion of the proceeds of the Authority's Series B Bonds and the Agency desires to sell the Tuscany Hills Special Ta~c 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 the Authority's Series B Bonds, it is necessary for the Agency to agree to pledge certain tax increment revenues to be allocated and paid to Lhe Agency with respect to I,he ProjecL Arca as security for thc repaycnent of the Tuscany Hills Special 'I'ax 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 taac 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 WHEREAS, the City Council, with the aid of its statT', has reviewed the Agency Pledge Agreement, together with the proceedings for the issuance of the 7~scany Hills Special Ta~c Bonds, and the City Council wishes to approve the foregoing in the public interests of, and for signif`icant public benefits to, the Agency and the City; NOW, TI~REFOR.E, BE IT RESOLVED by the City Council of the City of Lake Elsinore, as foilows: Section 1. Determu~ation 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 that the Public Capital Improvements for the Tuscany Hills Project are o£ benefit to the Project 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 Lo finance such Public Capital Improvements. Section 2. Effective Date. This resolution shall take eff'ect from and after the date of approval and adoption hereo£ PASSED AND ADOPTED this 27 day of November, 1990, by the following vote: AYES: COUNCILP9EP1[3ERS: BUCK, DOP1INGUEZ, WINKLER, WASHBURN NOES: COU~JCILP1EME3ERS: NONE ABSENT: COUWCILP4EPiBERS: STARKEY ABSTAIN: COUNCILPIEMBERS: NONE (SEAL) Attes : By. ~~i VICKI KASAD, CITY CLERK Flpproved as to Form: `\~~ JOHN R, HARP R, C TK ATTORNEY '~~ WASHBURN, MAYOR STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City C1erk 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 27th day of November, 1990, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, WINKLER, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: STARKEY ABSTAIN: COUNCILMEMBERS: NONE V~CKI LYNN~KASA~, CITY CITY OF L7~Y 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. 90-116 of said Council, and that the same has not been amended or repealed. ATED: November 28, 1990 ~ ~-" ~~ VICKI LYNN KASAD, CITY CLERK CITY OF LA ELSINORE (SEAL)