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Home My WebLink AboutPublic Financing Authority AgendaCI T y 0r City of Lake Elsinore Regular Agenda Public Financing Authority NATASHA JOHNSON, CHAIR DARYL HICKMAN, VICE CHAIR BRIAN TISDALE, AUTHORITY MEMBER STEVE MANOS, AUTHORITY MEMBER ROBERT MAGEE, AUTHORITY MEMBER GRANT YATES, EXECUTIVE DIRECTOR LAKE- ELSINORE.ORG (951) 674 -3124 PHONE CULTURAL CENTER 183 N. MAIN STREET LAKE ELSINORE, CA 92530 Tuesday, January 13, 2015 7:00 PM Cultural Center CLOSED SESSION - None PUBLIC SESSION at 7:00 p.m. Cultural Center 183 N. Main St., Lake Elsinore The City of Lake Elsinore appreciates your attendance. Citizens' interest provides the Council and Authority with valuable information regarding issues of the community. Meetings are held on the 2nd and 4th Tuesday of every month. In addition, meetings are televised live on Time Warner Cable Station Channel 29 and Verizon subscribers can view the meetings on Channel 31. If you are attending this Meeting, please park in the parking lot across the street from the Cultural Center. This will assist us in limiting the impact of meetings on the Downtown Business District. Thank you for your cooperation. The agenda is posted 72 hours prior to each meeting outside of City Hall and is available at each meeting. The agenda and related reports are also available at City Hall on the Friday prior to the meeting and are available on the City's website at www.Lake- Elsinore.org. Any writings distributed within 72 hours of the meeting will be made available to the public at the time it is distributed to the Authority. In compliance with the Americans with Disabilities Act, any person with a disability who requires a modification or accommodation in order to participate in a meeting should contact the City Clerk's Department at (951) 674 -3124 Ext. 269, at least 48 hours before the meeting to make reasonable arrangements to ensure accessibility. City of Lake Elsinore Page 1 Printed on 11812015 Public Financing Authority Regular Agenda January 13, 2015 CALL TO ORDER - 7:00 P.M. ROLL CALL CLOSED SESSION REPORT - None PRESENTATIONS / CEREMONIALS - None PUBLIC COMMENTS — NON - AGENDIZED ITEMS — 1 MINUTE (Please read & complete a Request to Address the Authority form prior to the start of the meeting and turn it into the Clerk. The Chair or Clerk will call on you to speak.) CONSENT CALENDAR (All matters on the Consent Calendar are approved in one motion, unless an Authority Member or any member of the public requests separate action on a specific item.) 1) ID# 14-404 Approval of Minutes Recommendation: It is recommended that the Authority Board approve the minutes as submitted. Attachments: PFA Staff Rpt Minutes for Approval PFA Minutes of 12 -9 -2014 PUBLIC HEARING(S) 2) ID# 14-405 Adoption of Resolutions by the City Council Acting as the Legislative Body of Community Facilities Districts No. 2004 -3 (Rosetta Canyon - Improvement Areas No. 1 & 2), No. 2005 -1 (Serenity), No. 2005 -6 (City Center Townhomes), No. 2006 -2 (Viscava) and No. 2003 -2 (Canyon Hills) Regarding the Issuance of Special Tax Bonds by Such Communitv Facilities Districts Adoption of a Resolution by the Public Financing Authority Authorizing the Issuance of its Local Agency Revenue Refunding Bonds to Purchase the Refunding of Bonds for the Aforementioned Community Facilities Districts Recommendation: It is recommended that the City Council approve and adopt the following five (5) Authorizing Resolutions that approve the issuance of various community facilities district (CFD) refunding bonds ( "Local Obligations ") to refinance certain outstanding bonds previously issued for six (6) CFDs: 1. Resolution No, 2015 -001 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, ACTING AS THE LEGISLATIVE BODY OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2004 -3 (ROSETTA CANYON), AUTHORIZING THE ISSUANCE OF ITS IMPROVEMENT AREA NO. 1 2015 SPECIAL TAX REFUNDING BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED TWENTY -NINE MILLION DOLLARS ($29,000,000) AND ITS IMPROVEMENT AREA City of Lake Elsinore Page 2 Printed on 11812015 Public Financing Authority Regular Agenda January 13, 2015 NO. 2 2015 SPECIAL TAX REFUNDING BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED TWENTY -SIX MILLION DOLLARS ($26,000,000) AND APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH 2. Resolution No. 2015 -002 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, ACTING AS THE LEGISLATIVE BODY OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2005 -1 (SERENITY), AUTHORIZING THE ISSUANCE OF ITS 2015 SPECIAL TAX REFUNDING BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED TEN MILLION DOLLARS ($10,000,000) AND APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH 3. Resolution No. 2015 -003 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, ACTING AS THE LEGISLATIVE BODY OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2005 -6 (CITY CENTER TOWNHOMES), AUTHORIZING THE ISSUANCE OF ITS 2015 SPECIAL TAX REFUNDING BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED THREE MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($3,750,000) AND APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH 4. Resolution No. 2015 -004 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, ACTING AS THE LEGISLATIVE BODY OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2006 -2 (VISCAYA), AUTHORIZING THE ISSUANCE OF ITS 2015 SPECIAL TAX REFUNDING BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED EIGHT MILLION DOLLARS ($8,000,000) AND APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH 5. Resolution No. 2015 -005 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, ACTING AS THE LEGISLATIVE BODY OF CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2003 -2 (CANYON HILLS), AUTHORIZING THE ISSUANCE OF ITS IMPROVEMENT AREA B 2015 SPECIAL TAX REFUNDING BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED TWENTY -NINE MILLION DOLLARS ($29,000,000) AND APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH It is recommended the Public Financing Authority approve and adopt the following Authorizing Resolution that approves the issuance of local agency revenue bonds ( "Authority Bonds ") to purchase the Local Obligations in a pooled financing structure: 1. Resolution No. PFA- 2015 -001 RESOLUTION OF THE BOARD OF DIRECTORS OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY, RIVERSIDE COUNTY, CALIFORNIA, AUTHORIZING THE ISSUANCE OF ITS LOCAL AGENCY REVENUE REFUNDING BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED ONE HUNDRED THIRTY -ONE MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($131,750,000) AND APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH City of Lake Elsinore Page 3 Printed on 11812015 Public Financing Authority Regular Agenda January 13, 2015 Attachments: Lake Elsinore - 2015 CFD Ref Bond Approval - Staff Report 1 -8 -2015 PFA Resolution No. 2015- DOCSOC- Authority Indenture of Trust Lake Elsinore PFA Local Agency 2015 Bonds Bond Purchase Agreement TEMPLATE ESCROW AGREEMENT FOR LAKE ELSINORE TEMPLATE BOND INDENTURE FOR LAKE ELSINORE Continuing Disclosure Certificate LakeEls- POS -12 30 14 APPEALS) - None BUSINESS ITEM(S) - None EXECUTIVE DIRECTOR COMMENTS LEGAL COUNSEL COMMENTS AUTHORITY MEMBER COMMENTS ADJOURNMENT The Public Financing Authority of the City of Lake Elsinore will adjourn this meeting to the next regularly scheduled meeting. AFFIDAVIT OF POSTING I, Virginia J. Bloom, Authority Clerk, do hereby affirm that a copy of the foregoing agenda was posted at City Hall 72 hours in advance of this meeting. Virginia J. Bloom, Authority Clerk City of Lake Elsinore Page 4 Printed on 11812015