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HomeMy WebLinkAbout10-12-2010 PFAMINUTES PUBLIC FINANCING AUTHORITY MEETING CITY OF LAKE ELSINORE 183 NORTH MAIN STREET LAKE ELSINORE, CA 92530 TUESDAY, OCTOBER 12,2010 CALL TO ORDER Chairman Hickman called the meeting to order at 7:20 p.m. ROLL CALL PRESENT: CHAIRMAN HICKMAN VICE-CHAIRMAN BUCKLEY AGENCY MEMBER BHUTTA AGENCY MEMBER MAGEE AGENCY MEMBER MELENDEZ ABSENT: None Also present: Authority Counsel Leibold, Executive Director Brady, and Authority Secretary Cowley. CLOSED SESSION There was none scheduled. PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 1 MINUTE None PUBLIC COMMENTS - AGENDIZED ITEMS - 3 MINUTES None CONSENT CALENDAR (1) Approval of Public Financing Authority Minutes Recommendation: Approve the following minute(s): a) Regular Public Financing Authority Meeting - June 22, 2010 b) Joint City Council/Redevelopment Agency and Public Financing Authority Meetings - June 22, 2010 Public Finance Authority Agenda October 12, 2010 Page 2 of 4 (2) Consideration of Resolution Establishing a Regular Meeting Schedule Recommendation: It is recommended the Authority Board adopt Resolution No. 2010-03 PFA Establishing the Authority's Meeting Schedule. It was moved by Authority Member Melendez and seconded by Authority Member Buckley to approve Items 1 and 2 on the Consent Calendar. The motion unanimously carried by the following vote: AYES: Authority Members: Buckley, Magee, Melendez, Vice-Chair Bhutta and Chairman Hickman; NOES: None. PUBLIC HEARING(S) There are none. BUSINESS ITEM(S) (3) Consideration of Adopting Resolution No. 2010-04 PFA Authorizing the Issuance of Bonds and Approving Bond Documents for Community Facilities District No. 2003-2 (Canyon Hills - Improvement Area C) Recommendation: It is recommended the Authority Board adopt Resolution No. 2010-04 PFA Authorizing Issuance of Bonds and Authorizing Bond Documents. Director of Administrative Services Riley provided a brief overview for consideration to adopt two resolutions for Community Facilities District No. 2003-02 (Canyon Hills Improvement Area C). He stated Mr. Rod Gunn and Don Hunt were available to provide more details to the public. Patrick Masterson resident and candidate for City Council addressed the issue of how much money was being requested for the two bonds and wanted to know where the money was coming from and how it was being spent. Council Member Buckley advised Mr. Masterson that he would be able to provide a document that states where the funds came from and how it would be spent. Council Member Buckley requested Mr. Gunn to come to the podium and explain to the public in detail on how the funds would be used. Rod Gunn with Rod Gunn Associates stated Area C is a Mello-Roos District which was formed in Canyon Hills in 2004 and divided into four to five improvement areas. He stated improvement areas A & B have already been bonded and area C is the next in line. He stated there are general categories on how the funds would be spent, primarily for impact fees and infrastructure. He indicated the bonds are repaid by special taxes which 149 homeowners have already been paying. Public Finance Authority Agenda Page 3 of 4 October 12, 2010 It was moved by Authority Member Magee and seconded by Authority Member Melendez to adopt Resolution No. 2010-063, a Resolution of the City Council, acting as the legislative body of City of Lake Elsinore Community Facilities District No. 2003-2 (Canyon Hills), authorizing the issuance of City of Lake Elsinore Community Facilities District No. 2003-2 (Improvement Area C), approving the issuance of the Lake Elsinore Public Financing Authority Local Agency Revenue Bonds (Canyon Hill IA C) 2010 Series A, and the execution and delivery of a fiscal agent agreement, a commitment agreement and purchase contract, a purchase contract and a continuing disclosure agreement. The motion unanimously carried by the following vote: Ayes: Authority Members: Bhutta, Buckley, Magee, Melendez and Chairman Hickman. Noes: Authority Members: None. Absent: None (4) Consideration of Resolution No. 2010-05 PFA Authorizing the Issuance of Bonds and Approving Bond Documents in Connection with the Issuance of the Lake Elsinore Public Financing Authority Tax Allocation Revenue Bonds 0999) Series Thereto Recommendation: It is recommended that the Authority Board Adopt Resolution No. 2010-05 PFA Authorizing Issuance of Bonds and Authorizing Bond Documents. Director of Administrative Services Riley provided an overview of the requested the Agency Board, the Authority Board and the City Council adopt a City resolution authorizing the issuance of bonds and bond documents. He stated the finance team has determined that it is feasible to refinance the Authority's 1999A Bonds and related loans to the Agency at an estimated savings in the first year ranging from $625,000 to $675,000 and thereafter annual savings ranging from $75,000 to $100,000. He stated the proposed refunding bonds would be issued by the Authority and the repayment is by way of tax increment from the Redevelopment Project Areas No. 1 and 2. He indicated because of the uncertainty of interest rates, staff recommends that the City and Agency authorize the issuance of Bonds in an amount not to exceed $31,000,000. It was moved by Authority Member Melendez and seconded by Vice Chair Bhutta of the Public Financing Authority to adopt Resolution No. 2010-064, 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 a refunding), 2010 series C; in the aggregate principal amount not to exceed $31,000,000; and authorizing the taking of certain other actions related thereto. The motion unanimously carried by the following vote: Ayes: Authority Members: Bhutta, Buckley, Magee, Melendez and Chairman Hickman. Noes: Authority Members: None. Absent: None Public Finance Authority Agenda October 12, 2010 PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 3 MINUTES None. EXECUTIVE DIRECTOR COMMENTS None. LEGAL COUNSEL COMMENTS None. AUTHORITY MEMBER COMMENTS None. ADJOURNMENT Page 4 of 4 There being no further business to come before the Public Financing Authority the meeting adjourned at 8:06 p.m. to a regular meeting to be held on Tuesday, October 26, 2010, at 7:00 p.m. to be held in the Cultural Center located at 183 N. Main Street, Lake Elsinore, CA 92530. xg/~ DARYL HICKMAN, CHAIRMAN LAKE ELSINORE PUBLIC FINANCE AUTHORITY A LAKE ELSINORE PUBLICPNANCE AUTHORITY