HomeMy WebLinkAbout11-23-2012 PFAMINUTES
PUBLIC FINANCING AUTHORITY MEETING
CITY OF LAKE ELSINORE
183 NORTH MAIN STREET
LAKE ELSINORE, CA 92530
TUESDAY, OCTOBER 23, 2012
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CALL TO ORDER
Chairwoman Melendez called the meeting to order at 7:45 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 Kennedy- Smith, 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 June 26, 2012.
It was moved by Vice -Chair Weber and seconded by Authority Member Hickman to
approve the minutes; motion passed unanimously.
PUBLIC HEARING(S)
None
Public Finance Authority Minutes
Meeting of October 23, 2012
Page 2 of 3
BUSINESS ITEM(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 Refunding Bonds (Assessment District No. 93 -1)
2012 Series B in the Aggregate Principal Amount Not to Exceed $15,500,000
Pursuant to an Indenture of Trust Authorizing the Sale of Such Bonds Upon
Certain Terms and Conditions Approving an Official Statement, Approving the
Execution of Commitment Agreement and Purchase Contracts for the
Purchase of Local Obligations of the CitV of Lake Elsinore Assessment District
No. 93 -1 Limited Obligation Refunding Improvement Bonds 2012 Series A,
and Taking Other Actions Related Thereto
Recommendation
City Council Adopt City Council Resolution No. 2012 -046 declaring the City's
intention to refund bonds, to levy reassessments and to continue the lien; and
City Council Adopt City Council Resolution No. 2012 -047 authorizing issuance of
the refunding bonds and bond documents.
PFA: Adopt PFA Resolution No. 2012 -002 authorizing issuance of refunding
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
7:45 p.m.
Director Riley provided an overview of the item to Council and the Public Finance
Authority.
Council Member Weber asked why the Assessment Districts have been removed from
the Property Tax bills. Director Riley answered that the County changed the naming of
the Assessment Districts on the Property Tax bills, but that they have not been removed
and have been requested to revert back to the original naming convention. Council
Member Weber inquired as to the revenue of the Bond Counsel. Mr. Hunt and Mr. Gunn
answered that the current estimation is $250,000 which is split among 10 agencies. Mr.
Gunn offered that he took to the suggestion of Chairwoman Melendez and is trying to
eliminate some of the firms that take part in the process by trying to balance the need
for information against the costs for the same. Chairwoman Melendez thanked Mr.
Gunn for removing 2 agencies from the process which is going to save each
homeowner $127 annually.
Authority Member Tisdale asked if other Assessment Districts will be refinanced. Mr.
Gunn offered that his firm will continue to look at refunding options in order to use the
funds more efficiently and expects to bring forward several other Assessment Districts
forward for approval of refinancing.
Public Finance Authority Minutes
Meeting of October 23, 2012
Page 3 of 3
It was moved by Authority Member Magee and seconded by Authority Member Tisdale
to adopt Public Financing Authority Resolution No. 2012 -002 authorizing issuance of
refunding 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 9:53 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
Virginia J Bloo Authority Secretary
Lake EI inore blic Finance Authority