HomeMy WebLinkAboutCC Reso No 2010-010RESOLUTION NO. 2010-010
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, APPROVING A HOUSING LOAN
AGREEMENT 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 (1995 SERIES A
REFUNDING), 2010 SERIES B, IN THE AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $11,000,000; 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 of 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 1995 Series A Tax Allocation
Revenue Bonds (Lake Elsinore Redevelopment Projects) (the "1995A Bonds"); and
WHEREAS, for the purpose of refunding the 1995A Bonds, the Authority has
determined to issue its Tax Allocation Revenue Bonds (1995 Series A Refunding), 2010
Series B (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; 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 1995A
Bonds and approves the Agency entering into the Housing Loan Agreement.
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
Resolution No. 2010-010
Page 2 of 3
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 23rd day of February, 2010.
MELISSA A. MELENDEZ, MAYO[ -
CITY OF LAKE ELSINORE
ATTE
CAROL COWLEY
INTERIM CITY CLERK
APPROVED AS TO
kRBAgA ZEID LEI
CITY ATTORNEY
Resolution No. 2010-010
Page 3 of 3
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE SS
CITY OF LAKE ELSINORE
I, Carol Cowley, Interim City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2010-010 was adopted by the City Council of the City of Lake
Elsinore, California, at a regular meeting held on the 23rd day of February 2010, and
that the same was adopted by the following vote:
AYES: COUNCIL MEMBERS: HICKMAN, MAGEE, MAYOR PRO TEM
BHUTTA, MAYOR MELENDEZ
NOES: NONE
ABSENT: COUNCIL MEMBER BUCKLEY
ABSTAIN: NONE