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RESOLUTION NO. 2009-58
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LAKE ELSINORE, CALIFORNIA, APPROVING LOAN
AGREEMENTS TO BE ENTERED INTO BY THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE
ELSINORE IN CONNECTION WITH THE ISSUANCE OF
THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY
TAX ALLOCATION REVENUE BONDS (1999 SERIES C
REFUNDING), 2009 SERIES A, IN THE AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $16,000,000;
AND AUTHORIZING THE TAKING OF CERTAIN OTHER
ACTIONS RELATED THERETO
WHEREAS, the Lake Elsinore Public Financing Authority (the
"Authority") is a joint exercise of powers authority duly organized and existing under
and pursuant to that certain Joint Exercise Powers Agreement by and between the
City of Lake Elsinore (the "City") and the Redevelopment Agency of the City of Lake
Elsinore (the "Agency"), under the provisions of Articles 1 through 4 (commencing
with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of
the State of California (the "Act'), and is authorized pursuant to Article 4 of the Act to
borrow money for the purpose of financing the acquisition of bonds, notes and other
obligations to provide financing and refinancing for capital improvements of member
entities of the Authority; and
WHEREAS, the Authority has previously issued its Tax Allocation
Revenue Bonds, 1999 Series C (the "1999C Bonds") and used the proceeds thereof
to make loans (the 1999 Loans") to the Agency; and
WHEREAS, for the purpose of refunding the 1999C Bonds, the
Authority has determined to issue its Tax Allocation Revenue Bonds (1999 Series C
Refunding), 2009 Series A (the 'Bonds"); and
WHEREAS, the proceeds of the Bonds will be loaned to the Agency
pursuant to a Housing Fund Loan Agreement (the "Housing Loan Agreement") to be
repaid from certain housing set-aside revenues of the Agency, a Project Area No. I
Loan Agreement (the "PA No. I Loan Agreement") to be repaid from certain tax
increment revenues of the Agency derived from Project Area No. 1, a Project Area
No. II Loan Agreement (the "PA No. II Loan Agreement") to be repaid from certain
tax increment revenues of the Agency derived from Project Area No. 11, and a
Project Area No. III Loan Agreement (the "PA No. III Loan Agreement," and together
with the Housing Loan Agreement, the PA No. I Loan Agreement, and the PA No. 11
CC Resolution No. 2009-58
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Loan Agreement, the "Loan Agreements") to be repaid from certain tax increment
revenues of the Agency derived from Project Area No. III; and
WHEREAS, to that end, each of the Agency and the Authority have
adopted a resolution on the date hereof, approving said financing;
NOW, THEREFORE, the City Council of the City of Lake Elsinore,
California, does hereby resolve as follows:
Section 1. The City Council hereby approves the refunding of the 1999
Loans and approves the Agency entering into the Loan Agreements.
Section 2. Any one of the Authorized Officers, Bond Counsel, Disclosure
Counsel and the other consultants to and agents of the City, are each hereby
authorized and directed to do all things and take all actions necessary or desirable to
effectuate the transactions contemplated by this Resolution, and to execute such
other assignments, agreements, certificates, receipts, endorsements, orders,
opinions and other documents in connection with such transactions, including,
without limitation, closing documents in connection with the issuance of the Bonds,
and all actions heretofore taken by the officers, employees and agents of the City in
connection with the issuance of the Bonds are hereby ratified, approved and
confirmed in every respect. An Authorized Officer shall include the Mayor, the City
Manager, the Director of Administrative Service, and any designee of any of them.
Section 3. This Resolution shall become effective immediately upon
adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
Council of the City of Lake Elsinore, California, this 10th day of November 2009.
;OBERT E. IMAGE AYOR
CITY OF LAKE ELVNORE
ATTEST:
DEBORA THOMSEN, CMC
CITY CLERK dc'
CC Resolution No. 2009-58
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APPROVED AS TO FORM: LIZ I W-V
BARBA ZEID LEIBOLD
CITY TTORNEY
CC Resolution No. 2009-58
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE SS
CITY OF LAKE ELSINORE
I, DEBORA THOMSEN, City Clerk of the City of Lake Elsinore, California,
hereby certify that Resolution No. 2009-58 was adopted by the City Council of the
City of Lake Elsinore, California, at a regular meeting held on the 10th day of
November 2009, and that the same was adopted by the following vote:
AYES: Bhutta, Buckley, Hickman, Magee, Melendez
NOES: None.
ABSENT: None.
ABSTAIN: None.
W4~~ _Ca-~
DEBORA THOMSEN, CMC
CITY CLERK
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