HomeMy WebLinkAbout92-76 CC ResolutionRESOLUTION NO. 92-76
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA
APPROVING THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF
THE CITY OF TEMECULA OF NOT TO EXCEED $25,000,000 OF ITS 1992
TAX ALLOCATION BONDS, SERIES A, AUTHORIZING THE
EXECUTION AND DELIVERY OF A COOPERATION AGRF~g~IENT, AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH.
WHEREAS, the Redevelopment Agency of the City of Temecula (the "Agency") is
authorized pursuant to Chapter 8 (commencing with Section 33000) of Part 1 of Division 24 of
the California Health and Safety Code (the "Act") to issue bonds for any of its redevelopment
purposes; and
WHEREAS, the Agency, in order to provide for the financing of a portion of the
Redevelopment Project (the "Project"), has indicated its intention to issue up to $25,000,000
aggregate principal amount of 1992 Tax Allocation Bonds, Series A, (the "Bonds"), the proceeds
of which will be used to f'mance the Project; and
WHEREAS, a portion of the proceeds of the Bonds will be used by the Temecula Valley
Unified School District (the "District") to frnance certain capital projects, in return for which the
District will pledge a portion of its pass through amount to pay its pro rata share of the debt
service on the Bonds; and
WHEREAS, in order to expedite the issuance of the Bonds, the City, the Agency and the
District will enter into a cooperation agreement (the "Cooperation Agreement"), the form of which
has been presented to this City Council at this meeting.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TEMECULA DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. Approval of Financing. The City Council hereby approves the financing of
a portion of the Project, which constitutes a "redevelopment activity" as such term is defined in
the Act, by means of the issuance of up to $25,000,000 principal amount of the Agency's 1992
Tax Allocation Bonds, Series A, pursuant to the provisions of the Act.
Section 2. Cooperation Agreement. The Cooperation Agreement presented at this
meeting is hereby approved. The Mayor or the Mayor Pro Tern is authorized and directed to
execute and deliver said agreement, and the City Clerk is authorized and directed to attest the seal
of the City. The agreement shall be executed in substantially the form hereby approved, with such
additions thereto and changes therein as are recomrnended or approved by the City Attorney and
approved by such officials executing the document, such approval to be conclusively evidenced
by the execution and delivery thereof.
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Section 3. Certification. The City Clerk shall certify the adoption of this resolution.
PASSED, APPROVED AND ADOPTED this 6th day of October, 1992.
Patricia H. Birdsall, Mayor
ATTEST:
J('g~_~k, City Clerk/~
[SEAL]
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STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) SS
CITY OF TEMECULA )
I, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the
foregoing Resolution No. 92-76 was duly adopted at a regular meeting of the City Council of the
City of Temecula on the 6th day of October, 1992 by the following roll call vote.
AYES: 5
COUNCILMEMBERS:
Birdsall, Moore, Lindemans, Mufioz,
Parks
NOES:
0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
~~ ~/Greek, City Clerk
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