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Home My WebLink About14-404 Approval of Minutes from 12-9-2014CITY OF , ,, LAKE LS I A E DR.E.AM EXTREME �u REPORT TO PUBLIC FINANCING AUTHORITY TO: HONORABLE CHAIR AND MEMBERS OF THE PUBLIC FINANCING AUTHORITY FROM: VIRGINIA J. BLOOM AUTHORITY SECRETARY DATE: JANUARY 13, 2015 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 9, 2014 Prepared by: Diana Giron, Deputy City Clerk Submitted and Approved by: Virginia J. Bloom, Authority Secretary Approved by: Grant Yates, City Manager Attachment: Draft Minutes of December 9, 2014 C 1,1,1' o 1: Fes. Lh.K�E LS11-'1 R_E Tuesday, December 9, 2014 CALL TO ORDER - 7:00 P.M. City of Lake Elsinore Meeting Minutes Public Financing Authority DARYL HICKMAN, CHAIR BRIAN TISDALE, VICE CHAIR NATASHA JOHNSON, AGENCY MEMBER STEVE MANOS, AGENCY MEMBER ROBERT MAGEE, AGENCY MEMBER GRANT YATES, EXECUTIVE DIRECTOR 7:00 PM Mayor Johnson called the meeting to order at 7:30 p.m. ROLL CALL LAKE- ELSINORE.ORG (951) 674 -3124 PHONE CULTURAL CENTER 183 N. MAIN STREET LAKE ELSINORE, CA 92530 PRESENT: Agency Member Magee, Ageny Member Manos, Agency Member Johnson, Vice -Chair Tisdale and Chair Hickman Also present: Executive Director Yates, Legal Counsel Leibold, Agency Clerk Bloom, Administrative Services Director Simpson, Community Development Director Taylor, Public Works Director Damasse, Community Services Director Skinner, Captain Hollingsworth, and Deputy City Clerk Giron. CLOSED SESSION REPORT - None PRESENTATIONS / CEREMONIALS - None PUBLIC COMMENTS — None CONSENT CALENDAR 1) ID# 14 -368 Approval of Minutes Attachments: PFA Staff Rpt Minutes for Approval PFA Minutes 11 -12 -2014 Cultural Center It is recommended that the Authority Board approve the minutes as submitted. City of Lake Elsinore Page 1 Public Financing Authority Meeting Minutes December 9, 2014 Motion by Vice -Chair Tisdale, seconded by Chair Hickman, to approve the Consent Calendar, passed by unanimous vote as follows: AYES Vice -Chair Tisdale, Chair Hickman, Agency Member Magee, Agency Member Manos, and Agency Member Johnson NOES None ABSENT: None ABSTAIN: None PUBLIC HEARING(S) 2) ID# 14 -369 Resolution No. 2014 -076 A Resolution of the Citv Council of the Cit 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, 2015 Series (Improvement Area B), Approving the Issuance of the Lake Elsinore Public Financing Authority Local Agency Revenue Bonds (SUMMERLY IA B) 2015 Series A, the Execution and Delivery of a Fiscal Agent Agreement, and the Preparation of a Commitment Agreement and Purchase Contract for Purchase and Sale of Local Obligation Bonds, a Purchase Contract and a Continuing Disclosure Aqreement Resolution No. PFA -2014 -002 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 B), 2015 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, Authorizing the Preparation of an Official Statement, 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 Attachments: PFA Staff Report for Summerly CFD Bonds CC Reso PFA Reso City Adopt City Resolution No. 2014 -076 authorizing issuance of the bonds and bond documents. PFA Adopt PFA Resolution No. 2014 -002 authorizing issuance of bonds and bond documents. City of Lake Elsinore page 2 Public Financing Authority Meeting Minutes December 9, 2014 Mayor Johnson called the Public Finance Authority meeting to order at 7:30 p.m. Mayor Johnson opened the Public Hearing for the City Council and Public Finance Authority at 7:30 p.m. jointly. Administrative Services Director Simpson provided an overview of the staff report and recommendation to the Council and Public Finance Authority. Council Member Hickman asked if the City is going to refinance the existing CFD. Director Simpson responded in the negative and explained this is an entirely different neighborhood currently under construction and improvements have been made and that the builder is now seeking reimbursement. Council Member Hickman asked if this is a 30 year bond. Director Simpson responded in the affirmative. Council Member Hickman asked what the interest rate would be? Director Simpson responded that interest rates have been favorable. Mayor Johnson called for public comments; no public comments were received. Mayor Johnson closed the Public Hearing at 7:34 p.m. Motion by Council Member Hickman, seconded by Mayor Pro Tern Manos, to adopt City Resolution No. 2014 -076 authorizing issuance of the bonds and bond documents, passed by unanimous vote as follow: AYES Council Member Hickman, Mayor Pro Tern Manos, Council Member Magee, Council Member Tisdale, and Mayor Johnson NOES None ABSENT: None ABSTAIN: None Motion by Vice -Chair Tisdale, seconded by Chair Hickman, to adopt Public Finance Authority Resolution No. 2014 -002 authorizing issuance of the bonds and bond documents, passed by unanimous vote as follow: AYES Vice -Chair Tisdale, Chair Hickman, Ageny Member Magee, Agency Member Manos, and Agency Member Johnson NOES None ABSENT: None ABSTAIN: None APPEAL(S) - None City of Lake Elsinore Page 3 Public Financing Authority Meeting Minutes December 9, 2014 BUSINESS ITEM(S) 3) ID# 14 -370 Annual Reorganization of the Public Financing Authority to Select the Chair and Vice -Chair Attachments: PFA Reorganization It is recommended that the Public Financing Authority 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 a roll call vote. Agency Clerk Bloom presented the report and opened the floor for nominations for Chair. Agency Member Hickman nominated Agency Member Johnson for Chair. No further nominations were received. Agency Clerk Bloom closed the nominations and the vote passed unanimously as follows: AYES Agency Member Hickman, Agency Member Magee, Agency Member Tisdale, Agency Member Johnson, and Agency Member Manos NOES None ABSENT: None ABSTAIN: None Chair Johnson opened the floor for nominations for Vice - Chair. Agency Member Magee nominated Agency Member Hickman for Vice - Chair. No further nominations were received. The nominations were closed and the vote passed unanimously as follows: AYES Agency Member Magee, Agency Member Hickman, Agency Member Tisdale, Agency Member Manos, and Chair Johnson NOES None ABSENT: None ABSTAIN: None EXECUTIVE DIRECTOR COMMENTS - None LEGAL COUNSEL COMMENTS - None AGENCY MEMBER COMMENTS - None City of Lake Elsinore Page 4 Public Financing Authority Meeting Minutes December 9, 2014 ADJOURNMENT There being no further business to come before the Public Financing Authority, Chair Johnson adjourned the meeting at 7:49 p.m. Daryl Hickman, Chair Lake Elsinore Public Finance Authority Virginia J. Bloom, Authority Clerk Lake Elsinore Public Finance Authority City of Lake Elsinore Page 5