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HomeMy WebLinkAboutRDA Reso No 2010-001RESOLUTION NO. 2010-001 RDA A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE ISSUANCE OF 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; APPROVING A BOND PURCHASE CONTRACT, A HOUSING LOAN AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT AND A PRELIMINARY OFFICIAL STATEMENT; 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 NOW, THEREFORE, the Redevelopment Agency of the City of Lake Elsinore does hereby resolve as follows: Section 1. The Agency hereby approves the issuance of the Bonds in the aggregate principal amount not to exceed $11,000,000. Section 2. The Agency hereby approves the Housing Loan Agreement in substantially the forms on file with the Secretary of the Agency and presented to the Board at this meeting. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Housing Loan Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such Resolution No. 2010-001 RDA Page 2 of 4 approval to be conclusively evidenced by such execution and delivery. An Authorized Officer shall include the Chairperson, the Executive Director and the Secretary of the Agency, and each of them, and any designee of any of them. Section 3. The Agency hereby approves the Bond Purchase Contract, in substantially the form on file with the Secretary of the Agency and presented to the Board at this meeting. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Bond Purchase Contract, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. The underwriter's discount for the Bonds specified in the Bond Purchase Contract shall not exceed 1.5%, exclusive of original issue discount. The Bonds shall bear interest at a rate or rates not to exceed 6.0% per annum. Section 4. The Agency hereby approves the form of the Preliminary Official Statement ( the "Preliminary Official Statement"), in substantially the form on file with the Secretary of the Agency, with such changes and modifications as shall be necessary or appropriate for completion to the satisfaction of the Executive Director of the Agency, and approval by Fulbright & Jaworski L.L.P., the Authority's Disclosure Counsel. The Executive Director is authorized and directed, on behalf of the Agency to deem the Preliminary Official Statement "final" pursuant to Rule 15c2-12 under the Securities and Exchange Act of 1934. The Agency further approves distribution of the Preliminary Official Statement by the Underwriter to persons who may be interested in purchasing the Bonds. The Board hereby approves the final Official Statement describing the Bonds. Distribution of the final Official Statement by the Underwriter is hereby approved. The Executive Director, subject to approval by the Authority's Disclosure Counsel, is hereby authorized and directed to approve any changes in or additions to the final form of the Official Statement to conform to the requirements of the Bond Purchase Contract and the Indenture, as applicable. Section 5. The Agency hereby approves the Continuing Disclosure Agreement in substantially the form on file with the Secretary of the Agency and presented to the Board at this meeting. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Continuing Disclosure Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. Section 6. The Authorized Officers, the other officers and employees of the Agency, the members of the Agency's Governing Board, Bond Counsel, Disclosure Counsel and the other consultants to and agents of the Agency, are each hereby authorized and directed to do all things and take all actions necessary or desirable to Resolution No. 2010-001 RDA Page 3 of 4 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 Agency in connection with the issuance of the Bonds are hereby ratified, approved and confirmed in every respect. Section 7. This Resolution shall become effective immediately upon adoption. PASSED, APPROVED AND ADOPTED at a regular meeting of the Redevelopment Agency of the City of Lake Elsinore, California, this 23rd day of February, 2010. O 'ROBERT E. MAGE , CHAIRMAN REDEVELOPMENT ,AGENCY OF THE CITY OF LAKE ELSINORE A INTERIM AGENCY APPROVED AS TO COUNSEL Resolution No. 2010-001 RDA Page 4 of 4 STATE OF CALIFORNIA COUNTY OF RIVERSIDE SS CITY OF LAKE ELSINORE I, Carol Cowley, Interim Agency Secretary of the Redevelopment Agency of the City of Lake Elsinore, California, hereby certify that Resolution No.2010-001 RDA was adopted by the Redevelopment Agency of the City of Lake Elsinore, California, at a regular meeting held on the 23`d day of February, 2010, and that the same was adopted by the following vote: AYES: BOARDMEMBERS: BHUTTA, HICKMAN, MELENDEZ, CHAIRMAN MAGEE NOES: NONE ABSENT: VICE-CHAIRMAN BUCKLEY ABSTAIN: NONE INTERIM AGENCY