HomeMy WebLinkAbout2009-11-24 PFA Item No.1 CITY OF
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REPORT TO THE PUBLIC FINANCE AUTHORITY
TO: HONORABLE CHAIRMAN
AND MEMBERS OF THE PUBLIC FINANCE AUTHORITY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: NOVEMBER 24, 2009
SUBJECT: APPROVAL OF MINUTES
Discussion
The following Public Finance Authority Meeting Minutes are submitted for approval as
follows:
(a) Public Finance Authority Meeting Minutes from
November 1C), 2009
Recommendation
Approve the Minutes as submitted.
Prepared by: Debora Thomsen
City Clerk
Approved by: Robert A. Brady
Executive Directo
PFA November 24, 2009 Item No. 1
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CITY OF LAKE ELSINORE
PUBLIC FINANCE AUTHORITY MEETING
MINUTES
November 10 2009
CALL TO ORDER
ROLL CALL
Chairman Hickman called the meeting of the Lake Elsinore Public Finance Authority
held on Tuesday, November 10 2009 to order at 8:00 p.m. in the Cultural Center,
located at 183 N. Main Street, Lake Elsinore, CA 92530.
PRESENT: Chairman Hickman, Vice Chair Bhutta, Agency member Buckley,
Agency member Magee, Agency member Melendez.
ABSENT: None.
Also present: Executive Director Brady, Authority Counsel Leibold, and Authority
Secretary Thomsen.
Staff members present included Acting Community Development Director Weiner,
Public Works Director / City Engineer Seumalo, Director of Lake and Aquatics and
Interim Parks and Recreation Director Kilroy, and Police Chief Cleary.
CLOSED SESSION
None.
PUBLIC COMMENTS — NON - AGENDIZED ITEMS — 1 MINUTE
None.
PUBLIC COMMENTS — AGENDIZED ITEMS — 3 MINUTES
None.
PFA November 24, 2009 Item No. 1
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Lake Elsinore Public Finance Authority Meeting
Regular Meeting Minutes of November 10, 2009
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CONSENT CALENDAR
None.
BUSINESS ITEMS
(1) A Resolution of the Board of Directors of the Lake Elsinore Public Financing
Authority Approving the Issuance of Lake Elsinore Public Financing Authority Tax
Allocation Revenue Bonds (1999 Series C Refunding), 2009 Series A in the
Aggregate Principal Amount not to Exceed $ 16,000,000; Approving an Indenture
of Trust, a Bond Purchase Contract, Loan Agreements and a Preliminary Official
Statement; and Authorizing the taking of Certain other Actions Related Thereto
Recommendation: Staff recommends that the Authority / City / Agency approve
the attached Resolutions and execute the necessary documents to issue bonds
in an amount not to exceed $ 16 million to refinance the Authority's
1999C Bonds.
Chairman Hickman noted each Resolution was approved during the session for
each Governing Board; City Council and Redevelopment Agency. During the
City Council meeting, Chairman Hickman offered an explanation to the City
Council and Redevelopment members. He noted the Bonds were being
refinanced at a lower interest rate for the same length of time. He noted by
combining the Bonds, there was only one Bond instead of the previous 3, which
also helped to save money. A motion was then made to approve the Public
Finance Authority's Resolution.
CITY COUNCIL RESOLUTION No. 2009 -058
A Resolution of the City Council of The City Of Lake Elsinore, California,
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 C
Refunding), 2009 Series A, in the Aggregate Principal Amount Not To Exceed
$16,000,000; and authorizing the taking of certain other actions related thereto
REDEVELOPMENT AGENCY RESOLUTION No. 2009 -015
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 (1999 Series C Refunding), 2009 Series A, in the
Aggregate Principal Amount Not to Exceed $16,000,000; approving a Bond
Purchase Contract, Loan Agreements, a Continuing Disclosure Agreement and a
Preliminary Official Statement; and authorizing the taking of certain other actions
related thereto
PFA November 24, 2009 Item No. 1
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Lake Elsinore Public Finance Authority Meeting
Regular Meeting Minutes of November 10, 2009
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Action was then taken on the Public Finance Authority Resolution:
LAKE ELSINORE PUBLIC FINANCING AUTHORITY No. 2009 -001
A Resolution of The Board Of Directors of The Lake Elsinore Public Financing
Authority approving the issuance of Lake Elsinore Public Financing Authority Tax
Allocation Revenue Bonds (1999 Series C Refunding), 2009 Series A in the
Aggregate Principal Amount Not to Exceed $16,000,000; approving an Indenture
Of Trust, a Bond Purchase Contract, Loan Agreements and a Preliminary Official
Statement; and authorizing the taking of certain other actions related thereto
MOTION was made by Authority member Magee, second by Authority
member Melendez and unanimously carried to approve the issuance of
Lake Elsinore Public Financing Authority Tax Allocation Revenue Bonds
(1999 Series C Refunding), 2009 Series A in the Aggregate Principal
Amount Not to Exceed $16,000,000; approving an Indenture Of Trust, a
Bond Purchase Contract, Loan Agreements and a Preliminary Official
Statement; and authorizing the taking of certain other actions related
thereto
AYES: Buckley, Bhutta, Hickman, Magee, Melendez.
NOES: None.
PUBLIC COMMENTS — NON - AGENDIZED ITEMS — 3 MINUTES
None.
EXECUTIVE DIRECTOR COMMENTS
None.
LEGAL COUNSEL COMMENTS
None.
PFA November 24, 2009 Item No. 1
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Lake Elsinore Public Finance Authority Meeting
Regular Meeting Minutes of November 10, 2009
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AUTHORITY MEMBER COMMENTS
None.
ADJOURNMENT
There being no further business to come before the Public Finance Authority (PFA)
Chairman Hickman adjourned the meeting at 8:01 p.m.
The Lake Elsinore Public Financing Authority will adjourn to a regular meeting to be
held on Tuesday, November 24, 2009, at 7:00 p.m. to be held in the Cultural Center
located at 183 N. Main Street, Lake Elsinore, CA 92530.
Debora Thomsen
Debora Thomsen, CMC
Public Finance Authority Secretary
City of Lake Elsinore, California
PFA November 24, 2009 Item No. 1
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