HomeMy WebLinkAboutItem PFA1REPORT TO PUBLIC FINANCING AUTHORITY
TO: HONORABLE CHAIR
AND MEMBERS OF THE PUBLIC FINANCING AUTHORITY
FROM: VIRGINIA J. BLOOM
AUTHORITY SECRETARY
DATE: DECEMBER 10, 2013
SUBJECT: APPROVAL OF MINUTES
Recommendation
It is recommended that the Authority Board approve the minutes as submitted.
Discussion
The following Public Financing Authority Minutes are submitted for approval:
a) Public Financing Authority meeting of May 14, 2013.
Prepared and
Approved by: Virginia J. Bloom, Authority Secretary
Approved by: Grant Yates, City Manager V
AGENDA ITEM NO. PFA1
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MINUTES
PUBLIC FINANCING AUTHORITY MEETING
CITY OF LAKE ELSINORE
31315 CHANEY STREET
LAKE ELSINORE, CA 92530
TUESDAY, MAY 149 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
►R.7iL_'
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.
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Public Finance Authority Minutes
Meeting of May 14, 2013
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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 City 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 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 (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 Tern Johnson asked if the CFD notification had been reviewed. Administrator
Riley responded in the negative. Mayor Pro Tern 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.
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Public Finance Authority Minutes
Meeting of May 14, 2013
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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 8:22 p.m. which was held at the Elsinore
Valley Municipal Water District at 31315 Chaney Street, Lake Elsinore, California.
Steve Manos, Chairman
Lake Elsinore Public Finance Authority
ATTEST:
Virginia J. Bloom, Authority Secretary
Lake Elsinore Public Finance Authority
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