HomeMy WebLinkAbout12-21-1994 Special Joint CC/RDA/PFA Meeting
MINUTES
REDEVELOPMENT
SPECIAL JOINT CITY COUNCIL/
AGENCY/PUBLIC FINANCING AUTHORITY MEETING
CITY OF LAKE ELSINORE
130 SOUTH MAIN STREET
LAKE ELSINORE, CALIFORNIA
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WEDNESDAY, DECEMBER 21, 1994
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CALL TO ORDER
The Special Joint ci ty Council/Redevelopment Agency /Public
Financing Authority Meeting was called to order by Mayor Washburn
at 8:30 a.m.
ROLL CALL
PRESENT:
COUNCILMEMBERS /BOARDMEMBERS: BENDER, BRINLEY, PAPB,
WASHBURN
ABSENT:
COUNCILMEMBERS/BOARDMEMBERS: ALONGI
Also present were: City Manager/Executive Director Molendyk, City
Attorney /Legal Counsel Harper , Administrative Services Director
Boone, Community Services Director Sapp, Manager of Special
Projects Wat~npaugh, Special Projects Coordinator Wood and City
Clerk/Clerk of the Board Kasad.
BUSINESS ITEM
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1. Public Financinq - Bond Anticipation Issuance - Resolution
Nos. 94-64. RDA 94-13 and PFA 94-4. (F:126.5)
City Attorney/Legal Counsel Harper explained that the
resolutions presented are for interim financing and noted that
Standard & Poors is unable to rate any bond issuances at this
time as a consequence of the Orange County financial
situation. He stressed that this is a short term situation
and there is not time to wait for the rating. He clarified
that while the maximum amount contemplated was $20 million for
these notes, the maximum anticipated at this time is $9
million.
Councilman/Chairman Pape inquired whether these notes could
carry a longer term. city Attorney/Legal Counsel Harper
indicated that one year is the maximum time allowed for notes.
He noted that in this case, the notes are callable at sixty
day intervals. Councilwoman/Boardmember Brinley requested
clarification that this would allow for other options. City
Attorney Harper confirmed that this will allow for changes and
noted that efforts will continue with Moody's and Standard &
Poors for ratings.
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Councilman/Chairman Pape stressed the impact of the Orange
County situation on municipal bonding. Mr. Harper confirmed
and explained that the rating agencies are now in the process
of sorting through the existing bonds, in light of the Orange
County problems.
Mayor Pro Tem/Vice Chairman Bender requested clarification
that this is anticipated to be $9 million ini tially and
questioned further amounts. Mr. Harper confirmed that $9
million is a close guess and clarified that if the Sumitomo
PAGE TWO - SPECIAL JOINT MEETING - DECEMBER 21, 1994
portion is not done up front, it will not be done with this
issuance ever.
Mayor Pro Tem/Vice Chairman Bender questioned the working
capital portion of this amount. Mr. Harper indicated that
this would be dollars for already budgeted projects.
MOVED BY BRINLEY, SECONDED BY PAPE AND CARRIED BY UNANIMOUS VOTE OF
THOSE PRESENT TO ADOPT CITY RESOLUTION NO. 94-64, REDEVELOPMENT --1
AGENCY RESOLUTION NO. RDA 94-13 AND PUBLIC FINANCING AUTHORITY
RESOLUTION NO. PFA 94-4.
RESOLUTION NO. 94-64
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,
APPROVING THE BORROWING OF FUNDS BY THE REDEVELOPMENT AGENCY
FROM THE PUBLIC FINANCING AUTHORITY, CONFIRMING CERTAIN
FINDINGS OF BENEFIT WITH RESPECT TO THE USE OF SUCH FUNDS,
AUTHORIZING TERMINATION OF LEASE AGREEMENT AND AUTHORIZING AND
APPROVING OTHER MATTERS PROPERLY RELATING THERETO.
RESOLUTION NO. RDA 94-12
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE
ELSINORE AUTHORIZING AND DIRECTING THE EXECUTION OF THREE
SEPARATE LOAN AGREEMENTS RELATING TO THE ISSUANCE OF CERTAIN
NOTES BY THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY,
APPROVING OFFICIAL STATEMENT RELATING TO SUCH NOTES,
CONFIRMING CERTAIN FINDINGS OF BENEFIT AND AUTHORIZING AND
APPROVING OTHER MATTERS PROPERLY RELATING THERETO.
RESOLUTION NO. PFA 94-4
....,
A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY
AUTHORIZING ISSUANCE BY THE AUTHORITY OF ITS 1995 SERIES A
SUBORDINATE TAX ALLOCATION REVENUE NOTES (LAKE ELSINORE
REDEVELOPMENT PROJECTS) AUTHORIZING SALE OF NOTES UPON CERTAIN
TERMS AND CONDITIONS, APPROVING OFFICIAL STATEMENT RELATING TO
THE NOTES, APPROVING LOAN AGREEMENTS RELATING TO THE PROCEEDS
OF THE NOTES, APPROVING TERMINATION OF LEASE AGREEMENT AND
APPROVING OTHER MATTERS PROPERLY RELATING THERETO.
ADJOURNMENT
MOVED BY BRINLEY, SECONDED BY BENDER AND C~I~Y UNANIMOUS VOTE
O~TBOSB ;~;iLURB TUB SPECIAL JOI?; ;IN~ A; 8:35 A.M.
Gl\RY~1IASBBURB' MAYOR IN .. ~AJ B, CBAIRIIAJI
CIT~ ~ LAKE ELSINORE EDEVELOPMFNT AGENCY/
PUBLIC FINANCING AUTHORITY
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CI Y CLERK/
BOARDS
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