HomeMy WebLinkAboutItem No. LERA 2CITY OF
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REPORT TO LAKE ELSINORE RECREATION AUTHORITY
TO: CHAIR AND MEMBERS OF THE LAKE ELSINORE RECREATION
AUTHORITY
FROM: GRANT YATES
EXECUTIVE DIRECTOR
DATE: APRIL 23, 2013
SUBJECT: RESOLUTION ESTABLISHING A REGULAR MEETING SCHEDULE
Recommendation
Adopt LERA Resolution No. 2013 -001 establishing the Authority's meeting schedule.
Background
The Lake Elsinore Recreation Authority ( "LERA ") was created pursuant to a Joint
Exercise Powers Agreement dated December 1, 1996. A primary purpose of the LERA
was to establish a joint powers authority to provide financing for public capital
improvements. In connection with the establishment of the LERA, the Board issued
bonds in 1997 and refunding bonds in 2000.
Because the LERA Board convenes infrequently, a regular meeting schedule was not
established. The proposed action before the Board this evening is to establish a regular
meeting schedule in order to comply with certain State laws related to bond financing.
Discussion
California Government Code section 6592.1 was adopted in 2010 and requires that a
Board resolution regarding bonds be considered only during a regularly scheduled
meeting. The Finance Team is currently evaluating the refunding of the outstanding 2000
Variable Rate Series A Bonds (the "2000 Bonds ") to a fixed interest rate.
The Finance Team recommends that the Authority establish its regular meeting schedule
on the second and fourth Tuesday of each month in order to provide flexibility for the
Board to consider refinancing the 2000 Bonds at a future regular meeting date and also
comply with State law.
AGENDA ITEM NO. LERA 2
Page I of 5
Resolution Establishing Meeting Schedule
April 23, 2013
Page 2
A resolution providing for regular meetings on the second and fourth Tuesday of each
month is attached for the Board's consideration. The resolution provides that the regular
meeting will be automatically canceled if there is no scheduled business to conduct.
The attached resolution does not authorize the issuance of bonds. Such matters will be
presented to the Board for consideration at a later date.
Fiscal Impact
There is no fiscal impact
Prepared by: James R. Riley
Director of AdmirkVtrative Services
Approved by: Grant Yates
City Manager /Executive Director]
Page 2 of 5
RESOLUTION NO. 2013 -001
A RESOLUTION OF THE LAKE ELSINORE RECREATION AUTHORITY
ESTABLISHING A REGULAR MEETING SCHEDULE AND PROVIDING
FOR OTHER MATTERS RELATED THERETO
WHEREAS, on or about December 1, 1996, the City of Lake Elsinore (the "City ")
and the former Redevelopment Agency of the City of Lake Elsinore (the "Agency "), entered
into a Joint Exercise Powers Agreement (the "Agreement') creating the Lake Elsinore
Recreation Authority (the "Authority "), pursuant to Articles 1 through 4 (commencing with
Section 6500) of Chapter 5, Division 7, Title 1 of the Government Code of the State of
California (the "Act'); and
WHEREAS, as of January 1, 2010, California Government Code (the "Code ")
Section 6592.1 requires that a resolution authorizing bonds or any issuance of bonds or
accepting the benefit of any bonds or the proceeds of bonds shall be adopted by the
Authority only during a regular meeting held pursuant Section 54954 of the Code; and
WHEREAS, it now appears necessary and advisable for the Authority to establish a
regular meeting schedule.
NOW, THEREFORE, THE LAKE ELSINORE RECREATION AUTHORITY DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The foregoing recitals are true and correct.
SECTION 2. The Board hereby establishes a regular meeting schedule of the
Authority, consisting of the second (2 ") and fourth (4th) Tuesday of every month at 7:00
p.m., or as soon thereafter as the City of Lake Elsinore City Council meeting is concluded,
for which an agenda is posted at least 72 hours in advance of the meeting (each, a
'Regular Meeting), beginning May 14, 2013.
SECTION 3. In the event there is no scheduled business to conduct, no agenda
for the Authority shall be posted and such Regular Meeting shall be automatically canceled
thereby.
SECTION 4. The Regular Meeting schedule established herein may be amended
by the adoption of a supplemental resolution by the Authority.
SECTION 5. The Chair, Vice Chair, Executive Director, Treasurer and Secretary,
or their respective designees, are, and each of them is, hereby authorized and directed to
do any and all things, and to execute and deliver any and all documents which said officers
may deem necessary or advisable in order to carry out, give effect to and comply with the
terms and intent of this Resolution.
SECTION 6. The Secretary shall certify to the passage and adoption of this
resolution and the same shall thereupon take effect and be in force.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the Board of
Directors of the Lake Elsinore Recreaton Authority this 23rd day of April, 2013.
ROBERT E. MAGEE, CHAIR
ATTEST:
VIRGINIA BLOOM
SECRETARY
APPROVED AS TO FORM:
BARBARA ZEID LEIBOLD
AUTHORITY COUNSEL
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE }SS
I, VIRGINIA BLOOM, Secretary of the Lake Elsinore Recreation Authority, hereby
certify that Resolution No. 2013- 001 was adopted by the Board of Directors of the Lake
Elsinore Recreaton Authority at a regular meeting held on the 23rd day of April, 2013, and
that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
VIRGINIA BLOOM
SECRETARY
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