HomeMy WebLinkAbout05-24-2011 PFAMINUTES
PUBLIC FINANCING AUTHORITY MEETING
CITY OF LAKE ELSINORE
183 NORTH MAIN STREET
LAKE ELSINORE, CA 92530
TUESDAY, MAY 24, 2011
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CALL TO ORDER
Chairman Hickman called the meeting to order at 7:43 p.m.
ROLL CALL
PRESENT: Chairman Hickman
Vice - Chairman Tisdale
Authority Member Bhutta
Authority Member Magee
Authority Member Melendez
ABSENT: None
Also present: Executive Manager Brady, Authority Counsel Leibold, Director of
Administrative Services Riley, Public Works Director /City Engineer Seumalo, Director of
Lake, Parks and Recreation Kilroy, Police Chief Fontneau, Fire Chief Lawson, Authority
Secretary Bloom 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 /Public Financing Authority and
Recreation Authority Meetings — February 22, 2011
b) Public Financing Authority Meeting —February 22, 2011
It was moved by Authority Member Magee and seconded by Vice Chairman Tisdale to
approve the Consent Calendar. The motion carried unanimously.
PUBLIC HEARING(S)
(2) A Resolution of the Board of Directors of the Lake Elsinore Public Financing
Authority Approving the Issuance of Lake Elsinore Public Financing Authority
Local Agency Revenue Bonds (Summerly Project) 2011 Series A in the
Aggregate Principle Amount not to Exceed $6,000,000 pursuant to an Indenture
Public Finance Authority Minutes
Meeting of May 24, 2011
Page 2 of 3
of Trust, Authorizing the Sale of Such Bonds upon certain terms and Conditions,
Approving an official Statement, approving the execution of a purchase contract
and a continuing disclosure agreement, and takinq other actions related thereto.
Recommendation: It is recommended that the Board of Directors of the Public
Financing Authority:
(a) Open a joint public hearing the City of Lake Elsinore and take testimony.
(b) Waive further reading and adopt PFA Resolution No. 2011 -002 A
RESOLUTION OF THE BOARD OF DIRECTORS OF THE LAKE
ELSINORE PUBLIC FINANCING AUTHORITY approving the issuance of
Lake Elsinore Public Financing Authority Local Agency Revenue Bonds
(Summerly Project) 2011 Series A in the aggregate principal amount not
to exceed $6,000,000.
Chairman Hickman opened the Public Hearing at 7:43 p.m.
Director of Administrative Services provided an overview of the project.
The Public Hearing closed at 7:46 p.m.
It was moved by Agency Member Bhutta and seconded by Vice Chairman Tisdale to
adopt PFA Resolution No. 2011 -002. The motion carried unanimously.
BUSINESS ITEMS)
No business items scheduled.
PUBLIC COMMENTS — NON- AGENDIZED ITEMS — 3 MINUTES
None.
EXECUTIVE DIRECTOR COMMENTS
None.
LEGAL COUNSEL COMMENTS
None.
AUTHORITY MEMBER COMMENTS
None.
Public Finance Authority Minutes
Meeting of May 24, 2011
Page 3 of 3
ADJOURNMENT
There being no further business to come before the Public Financing Authority, the
meeting was adjourned at 8:17 p.m. which was held at the City's Cultural Center at 183
N. Main Street, Lake Elsinore, CA.
Hickman, Chairman
Lake Elsinore Public Finance Authority
V T EST: _ _
Virginia J loom, uthority Secretary
Lake Elsinore Public Finance Authority