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Home My WebLink About02-22-2011 PFA (2)MINUTES PUBLIC FINANCING AUTHORITY MEETING CITY OF LAKE ELSINORE 183 NORTH MAIN STREET LAKE ELSINORE, CA 92530 TUESDAY, FEBRUARY 22, 2011 .............................................................................. ............................... CALL TO ORDER Vice Chair Tisdale called the meeting to order at 7:24 p.m. ROLL CALL PRESENT: Vice - Chairman Tisdale Authority Member Bhutta Authority Member Magee Authority Member Melendez ABSENT: Chairman Hickman Also present: Authority Counsel Leibold, Executive Director Brady, Authority Secretary Bloom and Office Specialist Porch& CONSENT CALENDAR (1) Approval of Public Financing Authority Minutes Recommendation: Approve the following minute(s): a) Joint City Council /Redevelopment Agency and Public Financing Authority Meetings — January 25, 2011 b) Public Financing Authority Meeting —January 25, 2011 (2) Annual Financial Report for the Fiscal Year Ending June 30, 2010. Recommendation: It is recommended that the Authority Board receive and file the report. It was moved by Authority Member Magee and seconded by Authority Member Bhutta to approve the Consent Calendar. The motion carried unanimously. PUBLIC HEARING(S) There are no public hearings scheduled. Public Finance Authority Agenda February 22, 2011 Page 2 of 2 BUSINESS ITEM(S) There are no business items scheduled. PUBLIC COMMENTS — NON- AGENDIZED ITEMS — 3 MINUTES None. EXECUTIVE DIRECTOR COMMENTS None. LEGAL COUNSEL COMMENTS None. AUTHORITY MEMBER COMMENTS We ADJOURNMENT There being no further business to come before the Public Financing Authority, the meeting was adjourned at 7:58 p.m. which was held at the City's Cultural Center at 183 N. Main Street, Lake Elsinore, CA 92530. BrikrTisdale Vice - Chairman Lake Elsinore Public Finance Authority Virginia JUBloIpm, AOthtbrity Secretary Lake Elsinore P ublieFinance Authority MINUTES PUBLIC FINANCING AUTHORITY MEETING CITY OF LAKE ELSINORE 183 NORTH MAIN STREET LAKE ELSINORE, CA 92530 TUESDAY, JANUARY 25, 2011 .................................................................... ............................... CALL TO ORDER Chairman Hickman called the meeting to order at 7:16 p.m. ROLL CALL PRESENT: CHAIRMAN HICKMAN AGENCY MEMBER BHUTTA AGENCY MEMBER MAGEE AGENCY MEMBER MELENDEZ AGENCY MEMBER TISDALE ABSENT: None Also present: Authority Counsel Leibold, Executive Director Brady, and Office Specialist Porche. CONSENT CALENDAR (1) Approval of Public Financing Authority Minutes Recommendation: Approve the following minute(s): a) Joint City Council /Redevelopment Agency and Public Financing Authority Meetings — December 14, 2010 b) Public Financing Authority Meeting — December 14, 2010 It was moved by Agency Member Melendez and seconded by Agency Member Bhutta to approve the Consent Calendar. The motion unanimously carried by the following vote: AYES: Agency Members: Bhutta, Magee, Melendez, Tisdale and Chairman Hickman: NOES: None. PUBLIC HEARING(S) (2) Public Hearing — Resolution Approving the Issuance of Lake Elsinore Public Financing Authority Tax Allocation Revenue Bonds (Launch Ramp Project), 2011 Series A, In the Aggregate Principal Amount Not to Exceed $6,000,000; Approving a Bond Purchase Contract A Protect Area No. 1 Loan Agreement, A Continuing Disclosure Agreement and A Preliminary Official Statement; and Authorizing the Taking of Certain Other Actions Related Thereto; (2) Resolution of the City Council of the City of Lake Elsinore, California, Making Findings Public Finance Authority Agenda January 25, 2011 Page 2 of 3 Pursuant to Health and Safety Code Section 33445.1 Relating to Payment of All or Part of the Costs of the Boat Launch Project; (3) Resolution of the Redevelopment Agency of The City Council of the City of Lake Elsinore California, Approving the Funding of the Boat Launch Project Recommendation: It is recommended that the Public Financing Authority adopts PFA Resolution No. 2011 -001 authorizing issuance of bonds and authorize bond documents. Chairman Hickman opened the Public Hearing at 7:16 p.m Director of Administrative Services Riley provided an overview of the project to the Council and Agencies. Agency Member Melendez noted that the grant funds were received in 2005 and asked if there was a penalty for pre - paying the bonds. Don Hunt with Fulbright and Jaworoski stated that the bonds could be pre -paid without penalty in five years. Agency Member Melendez asked for an explanation of the details this project would provide. Director of Lake and Aquatics Kilroy stated that the improvements to the area were based on the recommendations of the Public Safety Advisory Committee. Chairman Hickman explained to the public that this is a start to improve the campground. He asked if the construction does not use up the entire amount of the estimated funds, could the remaining funds be used in escrow. Agency Counsel Leibold stated based on the engineers report, staff does not anticipate there would be any funds remaining. However if there are funds remaining, the funds could be spent on legible improvement, or the funds could be used to pay off the bonds. Agency Member Tisdale asked why it took so long for this project to get underway. Director of Lake and Aquatics Kilroy stated there were public safety concerns and the downturn of the economy. Agency Member Tisdale asked how staff planned on advertising the improvements to the public. Director of Lake and Aquatics Kilroy stated that there would be a grand opening event and posted on the City's Web site. Agency Member Melendez asked if there were left over funds, could the irrigation system in the area be improved. Director of Lake and Aquatics Kilroy stated that there could be an opportunity to put the extra funds to good use. Agency Member Bhutta stated that she is excited to see this project move forward Public Finance Authority Agenda January 25, 2011 Page 3 of 3 It was moved by Agency Member Magee and seconded by Agency Member Melendez to adopt Resolution No. 2011 -001 approving the issuance of Lake Elsinore Public Financing Authority Tax Allocation Revenue Bonds (Launch Ramp Project), 2011 Series A in the Aggregate Principal Amount not to exceed $6,000,000; approving an indenture of trust, a bond purchase contract, a Project Area No. 1 loan agreement and a preliminary official statement; and authorizing the taking of certain other actions related thereto. The motion unanimously carried by the following vote: AYES: Agency Members: Bhutta, Magee, Melendez, Tisdale and Chairman Hickman; NOES: None. BUSINESS ITEM(S) There are none. PUBLIC COMMENTS — NON - AGENDIZED ITEMS — 3 MINUTES None. EXECUTIVE DIRECTOR COMMENTS None. LEGAL COUNSEL COMMENTS None. AUTHORITY MEMBER COMMENTS None. ADJOURNMENT There being no further business to come before the Public Financing Authority adjourned the meeting at 8:51 p.m. which was held at the City's Cultural Center at 183 N. Main Street, Lake Elsinore, CA. 925N. DARYL HICK MAN, CHAIRMAN LAKE ELSINORE PUBLIC FINANCE AUTHORITY ATTEST: I�OBERT A. BRADY, EXECUTIVE DIRECTOR EXECUTIVE SECPtETARY LAKE ELSINORFJPUBLIC FINANCE AUTHORITY