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HomeMy WebLinkAbout14-197 Approval of minutes of December 10, 2013crrY t)r CLARE LSINQfF E DREAM EXTREME REPORT TO PUBLIC FINANCING AUTHORITY TO: HONORABLE CHAIR AND MEMBERS OF THE PUBLIC FINANCING AUTHORITY FROM: VIRGINIA J. BLOOM AUTHORITY SECRETARY DATE: JUNE 24, 2014 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 December 10, 2013. Prepared and Approved by: Virginia J. Bloom, Authority Secretary Approved by: Grant Yates, City Manager MINUTES PUBLIC FINANCING AUTHORITY MEETING CITY OF LAKE ELSINORE 31315 CHANEY STREET LAKE ELSINORE, CA 92530 TUESDAY, DECEMBER 10, 2013 ............................................................................... ............................... CALL TO ORDER Chairman Manos called the meeting to order at 7:17 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, Acting Finance Manager Lassey, Lake, Parks, & Recreation Director Kilroy, Interim Public Works Director Eskandari, Planning Manager MacHott, Management Analyst Dailey, 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 Minutes Recommendation: It is recommended that the Authority Board approve the Minutes of the Regular meeting of May 14, 2013. Motion by Authority Member Hickman, seconded by Vice -Chair Tisdale, to approve the Consent Calendar; passed by a unanimous vote. PUBLIC HEARING(S) None Public Finance Authority Minutes Meeting of December 10, 2013 Page 2 of 3 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. 2003 -2 (Canyon Hills) Authorizing the Issuance of City of Lake Elsinore Community Facilities District No. 2003 -2 (Canyon Hills) Special Tax Bonds, 2014 Series A (Improvement Area D) Approving the Issuance of the Lake Elsinore Public Financing Authority Local Agency Revenue Bonds (Canyon Hills IA D), 2014 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 (Canyon Hills IA D), 2014 Series A in the Aggregate Principal Amount Not to Exceed $8,000,000 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. 2003 -2 (Canyon Hills) and Taking Other Actions Related Thereto Recommendation: It is recommended that: City Council: Adopt City Resolution No. 2013 -068 authorizing issuance of the bonds and bond documents. PFA: Adopt PFA Resolution No. 2013 -03 authorizing issuance of bonds and bond documents. Mayor Magee opened the public hearing at 7:17 p.m Public Financing Authority Chairman Manos called the Authority meeting to order at 7:18 p.m. and noted all Authority members present. This Agenda item was heard concurrently with the City Council and Public Financing Authority. Acting Finance Manager Lassey introduced Dennis Anderson, tax consultant with Harris & Associates. Mr. Anderson provided an overview to Council. No public comments were received. Mayor Magee closed the public hearing at 7:20 p.m. Council Member Tisdale moved, seconded by Council Member Hickman, to adopt City Resolution No. 2013 -068 authorizing issuance of the bonds and bond documents, passed by unanimous vote. Motion by Authority Member Hickman, seconded by Authority Vice -Chair Tisdale, to adopt PFA Resolution No. 2013 -03, passed by unanimous vote (Note: The PFA Resolution was miss - numbered in the Agenda packet and has been corrected by the City Clerk to be Resolution No. PFA- 2013 -004). Public Finance Authority Minutes Meeting of December 10, 2013 Page 3 of 3 (3) Annual Reorganization of the Public Financing Authority to Select the Chair and Vice -Chair Recommendation: It is recommended that the Authority Board yield the chair to the Authority Clerk to open the nomination process for the office of Chair, receive nominations, close the nominations and conduct a roll call vote; then the newly selected Chair will assume the chair and open the nomination process for the office of Vice - Chair, receive nominations, close the nominations and conduct the roll call vote. Chairman Manos yielded the Chair to Authority Secretary Bloom. Authority Secretary Bloom opened the floor for nominations for Chair. Vice Chair Tisdale nominated Authority Member Hickman for Chair. Authority Member Hickman nominated Authority Member Magee for Chair. Authority Member Magee declined the nomination. Authority Secretary Bloom closed the floor for nominations. The nomination to appoint the Authority Member Hickman for Chair, passed by unanimous vote. Chairman Hickman opened the floor for nominations for Vice - Chair. Authority Member Manos nominated Vice -Chair Tisdale as Vice - Chair. No other nominations were received. The nomination passed by unanimous vote. 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 7:53 p.m. which was held at the Elsinore Valley Municipal Water District at 31315 Chaney Street, Lake Elsinore, California. Daryl Hickman, Chairman Lake Elsinore Public Finance Authority ATTEST: Virginia J. Bloom, Authority Secretary Lake Elsinore Public Finance Authority