HomeMy WebLinkAbout14-434 Approval of MinutesC 1 "1:Y t )1"
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REPORT TO PUBLIC FINANCING AUTHORITY
TO: HONORABLE CHAIR
AND MEMBERS OF THE PUBLIC FINANCING AUTHORITY
FROM: VIRGINIA J. BLOOM
AUTHORITY SECRETARY
DATE: JANUARY 27, 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 January 13, 2015
Prepared by: Diana Girdn, Deputy City Clerk
Submitted and
Approved by: Virginia J. Bloom, Authority Secretary
Approved by: Grant Yates, Executive Director
Attachment: Draft Minutes of January 13, 2015
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Tuesday, January 13, 2015
CALL TO ORDER
City of Lake Elsinore
Meeting Minutes
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
7:00 PM
Chair Johnson called the meeting to order at 7:20 p.m.
ROLL CALL
LAKE- ELSINORE.ORG
(951) 674 -3124 PHONE
CULTURAL CENTER
183 N. MAIN STREET
LAKE ELSINORE, CA
92530
Cultural Center
PRESENT: Authority Member Tisdale, Authority Member Magee, Authority Member Manos,
Vice -Chair Hickman, and Chair Johnson
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, Police Cpt. Hollingsworth,
Fire Cheif Barr, and Deputy City Clerk Gir6n.
CLOSED SESSION REPORT - None
PRESENTATIONS / CEREMONIALS - None
PUBLIC COMMENTS — None
CONSENT CALENDAR
1) ID# 14-404 Approval of Minutes
Attachments: PEA Staff Rot Minutes for Approval
PEA Minutes of 12 -9 -2014
It is recommended that the Authority Board approve the minutes as submitted.
City of Lake Elsinore Page I
Public Financing Authority Meeting Minutes January 13, 2015
Motion by Authority Member Tisdale, second by Vice -Chair Hickman, to approve the Consent
Calendar, passed by unanimous vote as follows:
AYES Authority Member Tisdale, Vice -Chair Hickman, Authority Member Magee,
Authority Member Manos, and Chair Johnson
NOES None
ABSENT: None
ABSTAIN: None
PUBLIC HEARING(S)
Mayor Manos announced the joint City Council and Public Finance Authority Public Hearing.
Chair Johnson called the Public Finance Authority meeting to order at 7:20 p.m.
2) ID# 14405 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 Community 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
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
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
Public Financing Authority Meeting Minutes 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
Public Financing Authority Meeting Minutes January 13, 2015
Mayor Manos opened the Public Hearing at 7:21 p.m. Administrative Services Director
Simpson provided an overview of the staff report and recommendation to Council and Public
Financing Authority. Director Simpson explained the refinancing of the Community Facilities
Districts and approval of the Indenture of Trust of the Lake Elsinore Public Finance Authority
issued 2015 refunding bonds; the Bond Purchase Agreement for the Lake Elsinore Public
Finance Authority issued 2015 Refunding Bonds; the local Obligation Bond that ensure for
each of the local obligation relating to the Community Facilities Districts; the Escrow
Agreement for each of the refunded Community Facilities District Bonds: the local Bond
Purchase Agreement, and the Continued Disclosure Certificate. Mayor Manos called for
public comments however, no public comments were received. Mayor Manos closed the
public hearing at 7:27 p.m.
Mayor Pro Tern Tisdale thanked the Finance Department for their work of saving money for
the residents.
Motion by Mayor Pro Tern Tisdale, second by Council Member Johnson, to adopt 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 COMMMUNITY
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 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, passed by unanimous vote as follows:
AYES Mayor Pro Tenn Tisdale, Council Member Johnson, Council Member Hickman,
Council Member Magee, and Mayor Manos
NOES None
ABSENT: None
ABSTAIN: None
Motion by Mayor Pro Tern Tisdale, second by Council Member Johnson, to adopt 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 COMMMUNITY
FACILITES 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, passed by
unanimous vote as follows:
AYES Mayor Pro Tern Tisdale, Council Member Johnson, Council Member Hickman,
Council Member Magee, and Mayor Manos
NOES None
ABSENT: None
ABSTAIN: None
City of Lake Elsinore Page 4
Public Financing Authority Meeting Minutes January 13, 2016
Motion by Mayor Pro Tem Tisdale, second by Council Member Johnson, to adopt 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 COMMMUNITY
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 O1 HER
ACTIONS IN CONNECTION THEREWITH, passed by unanimous vote as follows:
AYES Mayor Pro Tem Tisdale, Council Member Johnson, Council Member Hickman,
Council Member Magee, and Mayor Manos
NOES None
ABSENT: None
ABSTAIN: None
Motion by Mayor Pro Tem Tisdale, second by Council Member Johnson, to adopt 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 COMMMUNITY
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, passed by
unanimous vote as follows:
AYES Mayor Pro Tem Tisdale, Council Member Johnson, Council Member Hickman,
Council Member Magee, and Mayor Manos
NOES None
ABSENT: None
ABSTAIN: None
Motion by Mayor Pro Tem Tisdale, second by Council Member Johnson, to adopt 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 COMMMUNITY
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, passed by unanimous vote as follows:
AYES Mayor Pro Tem Tisdale, Council Member Johnson, Council Member Hickman,
Council Member Magee, and Mayor Manos
NOES None
ABSENT: None
ABSTAIN: None
Chair Johnson called for public comments however, no public comments were received.
City of Lake Elsinore Page 6
Public Financing Authority Meeting Minutes January 13, 2015
Motion by Authority Member Tisdale, second by Vice Chair Hickman, to adopt 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, passed by unanimous vote as follows:
AYES Authority Member Tisdale, Vice Chair Hickman, Authority Member Manos,
Authority Member Magee, and Chair Johnson
NOES None
ABSENT: None
ABSTAIN: None
APPEALS) - None
BUSINESS ITEM(S) - None
AUTHORITY MEMBER COMMENTS - None
ADJOURNMENT
There being no further business to come before the Public Financing Authority, Chair
Johnson adjourned the meeting at 7:58 p.m.
Natasha Johnson, Chair
Lake Elsinore Public Finance Authority
Virginia J. Bloom, Authority Clerk
Lake Elsinore Public Finance Authority
City of Lake Elsinore Page 6