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HomeMy WebLinkAbout04-23-2013 PFA (2)MINUTES PUBLIC FINANCING AUTHORITY MEETING CITY OF LAKE ELSINORE 31315 CHANEY STREET LAKE ELSINORE, CA 92530 TUESDAY, MAY 147 2013 ....................................................................... ............................... CALL TO ORDER Chairman Manos called the meeting to order at 7:46 p.m. ROLL CALL PRESENT: Chairman Member Manos Authority Member Magee Authority Member Hickman Authority Member Johnson Authority Member Tisdale ABSENT: None Also present: Executive Director Yates, Authority Legal Counsel Leibold, Authority Secretary 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 PUBLIC COMMENTS — AGENDIZED ITEMS — 3 MINUTES 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 April 23, 2013. Motion by Authority Member Tisdale, seconded by Authority Member Hickman to approve the Consent Calendar; passed by a unanimous vote. Public Finance Authority Minutes Meeting of May 14, 2013 Page 2 of 3 PUBLIC HEARING(S) Mayor Magee opened the public hearing at 7:46 p.m. Chairman Manos called the Public Financing Authority meeting to order at 7:46 p.m. (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. 2006 -1 (Summerly) Authorizing the Issuance of CitV of Lake Elsinore Community Facilities District No 2006 -1 (Summerly) Special Tax Bonds 2013 Series (Improvement Area A) Approving the Issuance of the Lake Elsinore Public Financing Authority Local Agency Revenue Bonds (Summerly IA A) 2013 Series A and the Execution and DeliverV 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 (Summerly IA A) 2013 Series A in the Aggregate Principal Amount Not to Exceed $4,000,000 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 a Purchase Contract and a Commitment Agreement and Purchase Contract for the Purchase and Sale of Local Obligation Bonds of the City of Lake Elsinore Community Facilities District No 2006 -1 (Summerly) and Taking Other Actions Related Thereto Recommendation: It is recommended that: City Council: Adopt Resolution No. 2013 -021 authorizing issuance of the refunding bonds and bond documents. PFA: Adopt PFA Resolution No. 2013 -002 authorizing issuance of refunding bonds and bond documents. Administrative Services Director Riley provided an overview to Council. No public comments were received. Mayor Magee closed the public hearing at 7:54 p.m. Mayor Pro Tem Johnson asked if the CFD notification had been reviewed. Administrator Riley responded in the negative. Mayor Pro Tem Johnson stated that she would like to make sure that the notification for the CFD process was correct. Brian Millich of McMillan Communities, explained that there are several ways they notify homeowners; each builder provides a disclosure, there are also CFD notifications and public reports to ensure that future home buyers are notified of the special districts and anticipated tax rate. Mayor Pro Tem Johnson wanted to make sure that residents were received the proper disclosures and aware when their terms expire for the CFD. She also want to ensure that the information is on file with the City. Mr. Millich responded that the information would be double checked by the City's Finance Department. Council Member Hickman asked the length of time for the bond issuance. Mr. Millich responded that it is a 30 year bond. Public Finance Authority Minutes Meeting of May 14, 2013 Page 3 of 3 Mayor Magee commented that in the past the City did not do a good job with CFDs; there were some bonds that were floated before any homes were built or sold and the developers went bankrupt. The City now has a new finance team in place that has helped the City out of those situations which will ensure that the City will not repeat history. Mayor Magee also commented that the finance team also had a feasibility test that a certain number of homes had to be sold before bond were issued. Motion by Council Member Manos, seconded by Council Member Hickman, to adopt Resolution No. 2013 -021 authorizing issuance of the refunding bonds and bond documents; passed by unanimous vote. Motion by Authority Vice -Chair Tisdale, seconded by Authority Member Johnson, to adopt PFA Resolution No. 2013 -002 authorizing issuance of refunding bonds and bond documents; passed by a unanimous vote. BUSINESS ITEM(S) None PUBLIC COMMENTS — NON -AGENDIZED ITEMS — 3 MINUTES None EXECUTIVE DIRECTOR COMMENTS None LEGAL COUNSEL COMMENTS None BOARDMEMBER COMMENTS None ADJOURNMENT There being no further business to come before the Public Financing Authority, Chairman Manos adjourned the meeting at 22 p.m. which was held at the Elsinore Valley Municipal Water District at 313 a e treet, Lake Elsinore, California. Chairman Public Finance Authority Ipl Virginia '1. Ioc 1 Authority uthority Secretary Lake Elsinore 3 blic Finance Authority