HomeMy WebLinkAboutAgenda Item No SA 1CITY OF
LSII`4OKE
DREAM EXTREME
REPORT TO PUBLIC FINANCING AUTHORITY
TO: HONORABLE CHAIR
AND MEMBERS OF THE PUBLIC FINANCING AGENCY
FROM: VIRGINIA J. BLOOM
AGENCY SECRETARY
DATE: OCTOBER 23, 2012
SUBJECT: APPROVAL OF MINUTES
Recommendation
It is recommended that the Authority Board approve the minutes as submitted.
Discussion
The following Public Financing Agency Minutes are submitted for approval:
a) Public Financing Authority meeting of June 26, 2012.
Prepared and
Approved by: Virginia J. Bloom
Agency Secretary
Approved by: Thomas P.
Interim City
AGENDA ITEM NO. PFA 1
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MINUTES
PUBLIC FINANCING AUTHORITY MEETING
CITY OF LAKE ELSINORE
183 NORTH MAIN STREET
LAKE ELSINORE, CA 92530
TUESDAY, JUNE 26, 2012
.............................................................................. ...............................
CALL TO ORDER
Chairwoman Melendez called the meeting to order at 9:39 p.m.
ROLL CALL
PRESENT: Chairwoman Melendez
Vice - Chairman Weber
Authority Member Hickman
Authority Member Magee
Authority Member Tisdale
ABSENT: None
Also present: Executive Manager Evans, Authority Counsel Leibold, Director of
Administrative Services Riley, Public Works Director /City Engineer Seumalo, Police
Chief Fontneau, Acting Community Development Director Morelion, and Authority
Secretary Bloom.
CONSENT CALENDAR
(1) Approval of Public Financing Authority Minutes
Recommendation: It is recommended that the Public Financing Authority
approve the minutes as submitted:
a) Public Financing Authority meeting of April 10, 2012.
It was moved by Authority Member Tisdale and seconded by Authority Member
Hickman to approve the minutes; motion passed unanimously.
PUBLIC HEARING(S)
None.
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Public Finance Authority Minutes
Meeting of June 26, 2012
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BUSINESS ITEMS)
(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 Refunding Bonds (Wasson Canyon) 2012 Series A in the
Conditions, Approving an Official Statement, Approving the Execution of
Commitment Agreement and Purchase Contracts for the Purchase of Local
Obligations of the City of Lake Elsinore Community Facilities District No. 2005 -5
(Villages at Wasson Canyon) and Taking Other Actions Related Thereto
Recommendation: It is recommended that the Authority Board adopt PFA
Resolution No. 2012 -001 authorizing issuance of bonds and bond documents.
Mayor Tisdale announced that this item would be heard jointly with the City Council.
Chairwoman Melendez called to order the Public Financing Authority for this item at
9:39 p.m.
Director Riley provided an overview of the item to Council and the Public Finance
Authority.
Chairwoman Melendez asked what the estimated saving over the next 12 years or until
2026. Director Riley stated the saving is estimated at $195 per parcel, per year, which
comes to $37,000 per year. Chairwoman Melendez asked for the costs to refund the
bonds. Rod Gunn stated the cost is $145,000.
It was moved by Authority Member Tisdale and seconded by Authority Member
Hickman to adopt Public Financing Authority Resolution No. 2012 -001 authorizing
issuance of bonds and bond documents; the motion passed unanimously.
ADJOURNMENT
There being no further business to come before the Public Financing Authority,
Chairwoman Melendez adjourned the meeting at 9:54 p.m. which was held at the
Cultural Center at 183 N. Main Street, Lake Elsinore, CA.
Melissa Melendez, Chairwoman
Lake Elsinore Public Finance Authority
ATTEST:
Virginia J. Bloom, Authority Secretary
Lake Elsinore Public Finance Authority
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