HomeMy WebLinkAboutPFA Reso No 2015-003 ResolutionRESOLUTION NO. PFA- 2015 -003
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
LAKE ELSINORE PUBLIC FINANCING AUTHORITY,
RIVERSIDE COUNTY, CALIFORNIA, AUTHORIZING THE
PREPARATION AND DISTRIBUTION OF THE
PRELIMINARY OFFICIAL STATEMENT IN CONNECTION
WITH THE ISSUANCE OF ITS LOCAL AGENCY
REFUNDING REVENUE BONDS SERIES 20153
APPROVING CERTAIN DOCUMENTS AND TAKING
CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH
WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority ") is a
joint exercise of powers authority duly organized and existing 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 (the "Bond Law ") 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 other local
agencies; and
WHEREAS, the Authority previously authorized the issuance of its Local Agency
Revenue Refunding Bonds Series 2015 (the "Authority Bonds ") pursuant to Resolution
No. PFA- 2015 -001, adopted by the Board of Directors of the Authority (the 'Board of
Directors ") on January 13, 2015; and
WHEREAS, the City of Lake Elsinore Community Facilities District No. 95 -1
(Lake Elsinore City Center Public Improvements) ( "CFD No. 95 -1 ") previously issued
the $1,375,000 City of Lake Elsinore Community Facilities District No. 95 -1 (Lake
Elsinore City Center Public Improvements) Special Tax Bonds, 2011 Series (the 'Prior
CFD No. 95 -1 Bonds ") to refinance certain public improvements; and
WHEREAS, the Authority previously issued the $1,405,000 Lake Elsinore Public
Financing Authority Local Agency Revenue Bonds (1996 Series E Refunding), 2011
Series B (the 'Prior Authority Bonds ") to purchase the Prior CFD No. 95 -1 Bonds; and
WHEREAS, the Authority Bonds are being issued for the purpose of acquiring
special tax refunding bonds of certain community facilities districts of the City of Lake
Elsinore identified in Resolution No. PFA- 2015 -001, including CFD No. 95 -1, the
proceeds of which will be utilized (1) to defease and refund certain outstanding bonds of
such community facilities districts, (2) to defease and refund the Prior Authority Bonds
and (3) in certain instances to finance additional public improvements; and
WHEREAS, the Board of Directors desires to approve certain other documents
related to the issuance of the Authority Bonds;
Public Finance Authority Resolution No. PFA- 2015 -003
Page 2
NOW, THEREFORE, the Board
Of Directors
of the
Lake Elsinore Public
Financing
Authority does hereby resolve,
determine and
order as
follows:
Section 1. Each of the above recitals is true and correct and is adopted by the
Board of Directors.
Section 2. The form of the Preliminary Official Statement presented at this
meeting is hereby approved, and the underwriters of the Authority Bonds are hereby
authorized to distribute the Preliminary Official Statement to prospective purchasers of
the Authority Bonds in the form hereby approved, together with such additions thereto
and changes therein as are determined necessary or desirable by the Mayor, the City
Manager, the Director of Administrative Services, or their written designees (collectively,
the "Authorized Officers "), to make such Preliminary Official Statement final as of its
date for purposes of Rule 15c2 -12 of the Securities and Exchange Commission,
including, but not limited to, such additions and changes as are necessary to make all
information set forth therein accurate and not misleading. Each of the Authorized
Officers is hereby authorized to execute a final Official Statement in the form of the
Preliminary Official Statement, together with such changes as are determined
necessary by the Authorized Officers to make such Official Statement complete and
accurate as of its date. The underwriters of the Authority Bonds are further authorized
to distribute the final Official Statement for the Authority Bonds and any supplement
thereto to the purchasers thereof upon its execution on behalf of the Authority as
described above.
Section 3. The form of the Escrow Agreement relating to the refunding of the
Prior Authority Bonds (the "Escrow Agreement'), with MUFG Union Bank, N.A., as
Escrow Bank, in substantially the form presented herewith is hereby approved; and any
one of the Authorized Officers is hereby authorized and directed, for and in the name of
the Authority, to execute and the Secretary, or her written designee, is authorized to
attest to the Escrow Agreement, with such additions thereto and changes therein as
may be approved or required by an Authorized Officer, including changes to conform to
the final pricing of the escrow investments and to clarify any ambiguities; provided that
the form of Escrow Agreement may be modified to conform to federal tax law
requirements or to achieve further savings, with the advice and assistance of Bond
Counsel, such approval to be conclusively evidenced by the execution of the Escrow
Agreement by an Authorized Officer. MUFG Union Bank, N.A. is hereby appointed to
act as Escrow Agent under the Escrow Agreement.
Section 4. The Authorized Officers are hereby authorized and directed, to do
any and all things and to execute and deliver any and all documents which they may
deem necessary or advisable in order to consummate the issuance and sale of the
Authority Bonds and otherwise to effectuate the purposes of this Resolution.
Public Finance Authority Resolution No. PFA- 2015 -003
Page 3
Section 5. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Board of
Directors of the Lake Elsinore Public Financing Authority this 101' day of February,
2015.
Nat sha Johnson Cfiairperson
ATTEST:
Virginia 106H, ecretary
APPROVED AS
Mbara ZeidLeibdld,
Counsel to thb 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 -003 was adopted by the Public Financing Authority of the City
of Lake Elsinore, California, at a regular meeting held on the 10th day of February 2015,
and that the same was adopted by the following vote:
AYES: Vice Chair Hickman, Authority Member Tisdale, Authority Member Magee,
Authority Member Manos and Chair Johnson
NOES: None
ABSENT: None
ABSTAIN: None
Virgini . BI om, Authority Clerk