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Home My WebLink About01-13-2015 PFACITY OF A Lf31<E LS1N0RE `Vf Dnrn 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 Giron. CLOSED SESSION REPORT - None PRESENTATIONS / CEREMONIALS - None PUBLIC COMMENTS — None CONSENT CALENDAR 1) ID# 14-404 Approval of Minutes Attachments: PFA Staff Rpt 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 1 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# 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 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 or 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. 2016.002 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 ar 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 FACILITES 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 Tem 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 ($101000,000) 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, 2015 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 ($31750,000) 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 -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 5 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 APPEAL(S) - 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. N000O asha Johnso air 6 t La Elsinore P blic f inance Authority Y �, Virginia J., loo yN uthority Clerk Lake Elsinore PO tic Finance Authority City of Lake Elsinore Page 6