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HomeMy WebLinkAbout04-23-2013 PFAMINUTES PUBLIC FINANCING AUTHORITY MEETING CITY OF LAKE ELSINORE 31315 CHANEY STREET LAKE ELSINORE, CA 92530 TUESDAY, APRIL 23, 2013 .............................................................................. ............................... CALL TO ORDER Chairman Manos called the meeting to order at 7:31 p.m. ROLL CALL PRESENT: Chairman Member Manos Authority Member Magee Authority Member Hickman Authority Member Johnson Authority Member Tisdale ABSENT: None Also present: City Attorney Leibold, City Manager Yates, City Clerk Bloom, Director of Administrative Services Riley, Public Works Director Seumalo, Acting Planning Manager MacHott, Lakes, Parks and Recreation Director Kilroy, Police Chief Kennedy - Smith, Fire Chief Barr, and Deputy City Clerk Gutierrez. PUBLIC COMMENTS — NON -AGENDIZED ITEMS —1 MINUTE None 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 December 11, 2012. Motion by Authority Member Tisdale, seconded by Authority Member Hickman to approve the Consent Calendar; passed by a unanimous vote. PUBLIC HEARING(S) None Public Finance Authority Minutes Meeting of April 23, 2012 Page 2 of 4 BUSINESS ITEM(S) (2) A Resolution of the City Council of the City of Lake Elsinore, California Acting as the Legislative Body of City of Lake Elsinore Community Facilities District No. 88- 3 (West Lake Elsinore) Authorizing the Issuance of City of Lake Elsinore Community Facilities District No. 88 -3 (West Lake Elsinore) Subordinate Special Tax Bonds 2013 Series Approving the Lake Elsinore Public Financing Authority Local Agency Revenue Bonds (CommunitV Facilities District 88 -3) 2013 Series B and the Execution and Delivery of a Fiscal Agent Agreement A Commitment Agreement and Purchase Contract for Purchase and Sale of Local Obligation Bonds a Purchase Contract and a Continuing Disclosure Agreement A Resolution of the Board of Directors of the Lake Elsinore Public Financing AuthoritV Approving the Issuance of Lake Elsinore Public Financing Authority Local Agency Revenue Bonds (CommunitV Facilities District 88 -3) 2013 Series B in the Aggregate Principal Amount Not to Exceed $6,000,000 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 an Escrow Agreement A Purchase Contract and a Commitment Agreement and Purchase Contract for the Purchase of Local Obligation Bonds of the City of Lake Elsinore Community Facilities District No. 88 -3 (West Lake Elsinore) and Taking Other Actions Related Thereto Recommendation: It is recommended that: City Council: Adopt City Resolution No. 2013 -019 authorizing issuance of the bonds and bond documents related to Community Facilities District 88 -3. Public Financing Authority: Adopt PFA Resolution No. 2013 -001 authorizing issuance of bonds and bond documents related to Community Facilities District 88 -3. Director of Administrative Services Riley presented a combined overview of Item Nos. 2 and 3 to City Council and Public Finance Authority. Council Member Hickman stated that he was in support of refinancing to bring down the CFD assessments for homeowners. Council Member Tisdale commended the Director of Administrative Services Riley for his work. Council Member Manos thanked Staff for their work. Mayor Magee commended Director of Administrative Services Riley for his work. Motion by Council Member Hickman, seconded by Mayor Pro Tern Johnson, to adopt City Resolution No. 2013 -019 authorizing issuance of the bonds and bond documents related to Community Facilities District 88 -3; passed by a unanimous vote. Public Finance Authority Minutes Meeting of April 23, 2012 Page 3 of 4 Motion by Authority Member Hickman, seconded by Authority Member Magee, to adopt PFA Resolution No. 2013 -001 authorizing issuance of bonds and bond documents related to Community Facilities District 88 -3; passed by a unanimous vote. (3) A Resolution of the City Council of the City of Lake Elsinore California, Acting as the Legislative Body of City of Lake Elsinore Community Facilities District No. 98- 1 (Summerhill Public Improvements) Authorizing the Issuance of City of Lake Elsinore Community Facilities District No. 98 -1 (Summerhill Public Improvements) Special Tax Bonds 2013 Series Approving the Issuance of the Lake Elsinore Public Financing Authority Local Agency Revenue Bonds jCommunity Facilities District 98 -1) 2013 Series C and the Execution and Delivery of a Fiscal Agent Agreement A Commitment Agreement and Purchase Contract for Purchase and Sale of Local Obligation Bonds A Purchase Contract and a Continuing Disclosure Agreement 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 (Community Facilities District No. 98 -1), 2013 Series C in the Aggregate Principal Amount Not to Exceed $16,000,000 Pursuant to an Indenture of Trust Authorizing the Sale of Such Bonds Upon Certain Terms and Conditions Approving an Official Statement Approving the Execution of an Escrow Agreement A Purchase Contract and a Commitment Agreement and Purchase Contract for the Purchase of Local Obligation Bonds of the City of Lake Elsinore Community Facilities District No. 98 -1 (Summerhill Public Improvements) and Taking Other Actions Related Thereto Recommendation: It is recommended that: City Council: Adopt City Resolution No. 2013 -020 authorizing issuance of the bonds and bond documents related to Community Facilities District 98 -1. PFA: Adopt PFA Resolution No. 2013 -002 authorizing issuance of bonds and bond documents related to Community Facilities District 98 -1. Motion by Council Member Tisdale, seconded by Council Member Manos, to adopt City Resolution No. 2013 -020 authorizing issuance of the bonds and bond documents related to Community Facilities District 98 -1; passed by a unanimous vote. Motion by Authority Member Tisdale, seconded by Authority Member Johnson, to adopt PFA Resolution No. 2013 -002 authorizing issuance of bonds and bond documents related to Community Facilities District 98 -1; passed by a unanimous vote. PUBLIC COMMENTS — NON - AGENDIZED ITEMS — 3 MINUTES None Public Finance Authority Minutes Meeting of April 23, 2012 Page 4 of 4 EXECUTIVE DIRECTOR COMMENTS None LEGAL COUNSEL COMMENTS HIM$ ILa BOARDMEMBER COMMENTS None ADJOURNMENT There being no further business to come before the Public Financing Authority, Chairman Manos adjourned the meeting at 7:43 p.m. which was held at the Elsinore Valley Municipal Water District at 31315 Chaney Street, Lake Elsinore, California. ibs, Chairman ore Public Finance Authority Virginia loom, 66thority Secretary Lake Elsi ore Public Finance Authority