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HomeMy WebLinkAboutPFA Reso No 2015-002 ResolutionRESOLUTION NO. PFA- 2015 -002 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY APPROVING AN OFFICIAL STATEMENT, APPROVING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT, AND AUTHORIZING THE TAKING OTHER ACTIONS RELATED TO THE ISSUANCE OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE BONDS (SUMMERLY IA B), 2015 SERIES A WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority') is a joint exercise of powers authority duly organized and existing under and pursuant to that certain Joint Exercise Powers Agreement by and between the City of Lake Elsinore (the "City") and the Redevelopment Agency of the City of Lake Elsinore (the "Agency "), under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act), and is authorized pursuant to Article 4 of the Act to borrow money for the purpose of financing the acquisition of bonds, notes and other obligations to provide financing and refinancing for capital improvements of member entities of the Authority; and WHEREAS, the Authority previously adopted Resolution No. PFA- 2014 -002 approving the issuance of its Local Agency Revenue Bonds (Summerly IA B), 2015 Series A (the 'Bonds ") and authorizing the preparation of a Bond Purchase Agreement and a Preliminary Official Statement for approval by the Board of Directors (the 'Board ") of the Authority; NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The foregoing recitals are true and correct and the Authority hereby so finds and determines. SECTION 2, The Authority hereby authorizes the sale of the Bonds to Stifel, Nicolaus & Company, Incorporated, as the underwriter, and the purchase of related local obligations of the City of Lake Elsinore Community Facilities District No. 2006 -1 (Summerly) (the "District') from the District pursuant to and in accordance with the Bond Purchase Agreement (the "Purchase Agreement'), which Purchase Agreement the Authority hereby approves in substantially the form on file with the Secretary of the Authority and presented to the Board at this meeting. Any one of the Chairperson, the Executive Director and the Secretary of the Authority, and each of them, and any designee of any of them (collectively, the "Authorized Officers "), is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Purchase Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. The Public Finance Authority Resolution No. PFA- 2015 -002 Page 2 of 2 underwriter's discount for the Bonds specified in the Purchase Agreement shall not exceed 2.0 %, exclusive of original issue discount. The true interest cost applicable to the Bonds shall not exceed 5.5 %. The maturity date of the Bonds shall not extend beyond 2055. SECTION 3. The Authority hereby approves the Preliminary Official Statement (the "Preliminary Official Statement ") in substantially the form on file with the Authority Secretary, with such changes and modifications as shall be necessary or appropriate for completion to the satisfaction of the Executive Director of the Authority, and approval by Authority's Counsel. The Chairperson or the Executive Director is authorized and directed, on behalf of the Authority to deem the Preliminary Official Statement "final" pursuant to Rule 15c2 -12 under the Securities and Exchange Act of 1934. The Authority further approves distribution of the Preliminary Official Statement by the Underwriter to persons who may be interested in purchasing the Bonds. The Board hereby approves the final Official Statement (the "Official Statement ") describing the Bonds. Distribution of the final Official Statement by the Underwriter is hereby approved. The Chairperson or the Executive Director, subject to approval by the Authority's Counsel, is hereby authorized and directed to approve any changes in or additions to the final form of the Official Statement to conform to the requirements of the Purchase Agreement and the Indenture, as applicable. SECTION 4. The Authorized Officers, the other officers and employees of the Authority, the members of the Authority's Board of Directors, Bond Counsel, Authority's Counsel and the other consultants to and agents of the Authority, are each hereby authorized and directed to do all things and take all actions necessary or desirable to effectuate the transactions contemplated by this Resolution, and to execute such other assignments, agreements, certificates, receipts, endorsements, orders, opinions and other documents in connection with such transactions, including, without limitation, closing documents in connection with the issuance of the Bonds, and all actions heretofore taken by the officers, employees and agents of the Authority in connection with the issuance of the Bonds are hereby ratified, approved and confirmed in every respect. SECTION 5. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED on this 27trday, of January, 2015. 9 Barbara Zeid eiboTd, Counsel tot the Authority STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Virginia J. Bloom, City Clerk of the City of Lake Elsinore, California, hereby certify that PFA Resolution No. 2015 -002 was adopted by the Public Financing Authority of the City of Lake Elsinore, California, at a regular meeting held on the 27th day of January 2015, and that the same was adopted by the following vote: AYES: Authority Member Manos, Authority Member Magee, Authority Member Tisdale and Chair Johnson NOES: None ABSENT: Vice Chair Hickman ABSTAIN: None Virgin J. BI m, Authority Clerk