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Home My WebLink AboutID# 14-534 PFA Approval of Minutes from 2-10-2015crry 01 LICE ��LSIAORL DREAM F.,O- tEML u REPORT TO PUBLIC FINANCING AUTHORITY TO: HONORABLE CHAIR AND MEMBERS OF THE PUBLIC FINANCING AUTHORITY FROM: VIRGINIA J. BLOOM AUTHORITY SECRETARY DATE: APRIL 14, 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 February 10, 2015 Prepared by: Diana Giron, Deputy City Clerk Submitted and Approved by: Virginia J. Bloom, Authority Secretary Approved by: Grant Yates, Executive Director Attachment: Draft Minutes of February 10, 2015 elry or Lf1I`E LSINC.)RE Tuesday, February 10, 2015 CALL TO ORDER - 7:00 P.M. 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 CPA -T YATES, EXECUTIVE DIRECTOR 7:00 PM Authority Chair Johnson opened the meeting at 7:47 p.m. ROLL CALL LAKE- ELSINORE.ORG (951) 674 -3124 PHONE CULTURAL CENTER 183 N. MAIN STREET LAKE ELSINORE, CA 92530 PRESENT: Authority Member Tisdale, Authority Member Magee, Authority Member Manos, Vice Chair Hickman, and Chair Johnson Also present: Executive Director Yates, Authority Counsel Leibold, Authority Clerk Bloom, Administrative Services Director Simpson, Community Development Director Taylor, Public Works Director Damasse, Community Services Director Skinner, Recreation Supervisor Davis, Police Clot. Hollingsworth, Fire Cheif Barr and Authority Deputy Clerk Giron PUBLIC COMMENTS — None CONSENT CALENDAR ID# 14-435 Approval of Minutes Attachments: PFA Staff Rot Minutes for Approval PFA 1 -27 -2015 Minutes It is recommended that the Authority approve the Minutes as submitted. Motion by Authority Member Tisdale, seconded by Vice Chair Hickman, to approve the Consent Calendar, 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 City of Lake Elsinore Page 1 Cultural Center Public Financing Authority Meeting Minutes February 10, 2015 PUBLIC HEARING(S) - None APPEAL(S) - None BUSINESS ITEM(S) ID# 14-436 Adoption of Resolutions by the City Council Acting as the Legislative Body of Community Facilities Districts No. 95 -1 (Lake Elsinore City Center Public Improvements) and No. 2005 -2 (Alberhill Ranch) Regarding the Issuance of Special Tax Bonds by Such Community Facilities District 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 (Viscaya) and No. 2003 -2 (Canyon Hills) Authorizing the Distribution of a Preliminary Official Statement in Connection With the Issuance of Refunding Revenue Bonds on the Behalf of Such Community Facilities Districts Adoption of a Resolution by the Public Financing Authority Authorizing the Distribution of a Preliminary Official Statement in Connection With the Issuance of Refunding Revenue Bonds on the Behalf of Community Facilities District No. 95 -1 (Lake Elsinore CitV Center Public Improvements) and Other Previously Approved CFDs Identified in Authority Resolution No. PFA- 2015 -001 Attachments: PFA Lake Elsinore 2015 CFD Ref Bond Alberhill PFA - Reso for CFD 2005 -2 Alberhill Ranch PFA - Reso for CFD 95 -1 Lake Elsinore PFA -Template Escrow Agreement PFA - Template Local Obligation Bond PFA - Local Obligation Purchase Agreement PFA - Authority Resolution Approving POS PFA - Reso Approving POS CFD 2005 -6 PFA - Reso Approving POS CFD 2004 -3 PFA - Reso Approving POS CFD 2005 -1 PFA - Reso Approving POS CFD 2006 -2 PFA - Reso Approving POS CFD 2003 -2 PFA 2 -3 -15 Lake Elsinore PFA POS It is recommended that the City Council approve and adopt the following two (2) Authorizing Resolutions that approve the issuance of Community Facilities City of Lake Elsinore Page 2 Public Financing Authority Meeting Minutes February 10, 2015 District (CFD) refunding bonds ( "Local Obligations ") to refinance certain -, outstanding bonds for two (2) previously formed CFDs (listed below) and approve the preparation and distribution of a Preliminary Official Statement ( "POS ") connection with the sale of local agency refunding revenue bonds to acquire the Local Obligations for the aforementioned CFDs. 1.) Resolution No. 2015 -012 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. 95 -1 (LAKE ELSINORE CITY CENTER PUBLIC IMPROVEMENTS), AUTHORIZING THE ISSUANCE OF ITS 2015 SPECIAL TAX REFUNDING BONDS IN .A PRINCIPAL AMOUNT NOT TO EXCEED ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) AND APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH 2.) Resolution No. 2015.013 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 -2 (ALBERHILL RANCH), AUTHORIZING THE ISSUANCE OF ITS IMPROVEMENT AREA A 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 It is recommended that the City Council approve and adopt the following five (5) Resolutions that approve the preparation and distribution of a preliminary official statement ( "POS ") in connection with the sale of local agency refunding revenue bonds to acquire the Local Obligations for six (6) previously formed CFDs (listed below): 1.) Resolution No. 2016.014 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 PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE ISSUANCE OF REFUNDING REVENUE BONDS OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH 2.) Resolution No. 2015.015 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 PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE ISSUANCE OF REFUNDING REVENUE BONDS OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH 3.) Resolution No. 2015 -016 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 PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE ISSUANCE OF REFUNDING REVENUE BONDS OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH City of Lake Elsinore Page 3 Public Financing Authority Meeting Minutes February 10, 2015 4.) Resolution No. 2015 -017 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 PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE ISSUANCE OF REFUNDING REVENUE BONDS OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH 5.) Resolution No. 2015 -018 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 PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE ISSUANCE OF REFUNDING REVENUE BONDS OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH It is recommended the Public Financing Authority approve and adopt the following Resolution that approves the preparation and distribution of a preliminary official statement ( "POS ") and certain other documents and actions in connection with the sale of local agency refunding revenue bonds to acquire the Local Obligations for eight (8) previously formed CFDs that are identified in more detail in the resolution and in Authority Resolution No. PFA- 2015 -001 previously adopted by the Authority at its January 13, 2015 meeting: 1.) Resolution 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 THE ISSUANCE OF REFUNDING REVENUE BONDS, APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH Mayor Manos announced the joint City Council and Public Financing Authority Business Agenda Item. PFA Chair Johnson called the Public Financing Authority meeting to order at 7:47 p.m. Administrative Services Director Simpson provided an overview of the staff report and stated that two additional bond issues are being added to this item. Director Simpson explained the resolutions giving an authorization for the final preliminary official statement (POS), which is intended to be released by February 13, 2015 upon Council's approval; bonds will be priced by February 20, 2015 and closing by March 12, 2015. The resolutions also include approvals for the related bond indentures, escrow agreements, and related financing documents. Director Simpson also explained the bond issue will be in excess of $112,000,000 in refunding and covers eight (8) Community Facility Districts (CFD). Director Simpson provided statistics as follows: Canyon Hills there will be a present value saving of approximately 10% on the bonds and will provide $7.5 to $8.5 million in reimbursements available to the developer for infrastructure. The two (2) CFDs related to Rosetta Canyon will generate $6.8 million that will be utilized to complete the park and there will be a reduction in the levy for existing property owners in Improvement Area 1 by $133 a year, Serenity will have an 11.4% City of Lake Elsinore Page 4 Public Financing Authority Meeting Minutes February 10, 2015 in savings and generate $1.4 million which will be utilized for improvements at Serenity Park, off - street lighting and a levy reduction by $97 for each parcel; City Center Townhomes will have approximately 12% in savings and a reduction of $191 for each parcel; the entire savings will go directly to the property owners. Viscaya will have an approximate savings of 12.7% and a reduction of the annual levy by $327 per parcel. The entire amount of the savings is going directly to the property owners. Director Simpson stated the nridifinnni rfinniimmnfg ir�Iwirwl. 95 -1 r;+ y C en t . i .vVc.n.,cnaw „ sw..i _ $1.1 million outstanding, but the City will realize annual saving per parcel $714 a year until it is paid off; and Alberhill Improvement Area A of approximately $23 million outstanding with an approximate savings of 10.5 %. The entire savings is going back to the property owners. The estimated annual saving reduction is $489 per parcel. Director Simpson reported that the CFDs will have no impacts to any schools and explained that by reducing the levies and creating bonding capacity may benefit any construction plans the School District may have. All the debt will be paid off within 25 years. Ms. Miller, Lake Elsinore resident, spoke in opposition of bond refinancing and the need of a smooth dirt sidewalk around the lake. Director Simpson introduced the finance team who was available to answer questions. He stated that based on changes within the finance team the City is able to save $1.7 million dollars in fees on this transaction. Council Member Hickman stated that he has always been an advocate of refinancing CFDs and that the City is making these changes because it is receiving a lower interest rate and will not extend the time of the bond. Mayor Manos stated that a year ago the City was unable to refund bonds for the Alberhill area, but this year there is a new finance team that was able to refinance the bonds. Motion by Mayor Pro Tern Tisdale, second by Council Member Johnson, to adopt Resolution No. 2015 -012, 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 g Public Financing Authority Meeting Minutes February 10, 2015 Motion by Mayor Pro Tem Tisdale, second by Council Member Johnson, to adopt Resolution No. 2015 -013, 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 -014, 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 -015, 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 -016, 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 -017, 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 City of Lake Elsinore Page 6 Public Financing Authority Meeting Minutes February 10, 2015 Motion by Mayor Pro Tern Tisdale, second by Council Member Johnson, to adopt Resolution No. 2015 -018, 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 Vice -Chair Hickman, second by Authority Member Tisdale, to adopt Resolution No. PFA- 2015 -003 , passed by unanimous vote as follows: AYES Vice -Chair Hickman, Authority Member Tisdale, Authority Member Manos, Authority Member Magee, and Chair Johnson NOES None ABSENT: None ABSTAIN: None AGENCY MEMBER COMMENTS - None ADJOURNMENT There being no further business to come before the Public Financing Authority, Chair Johnson adjourned the meeting at 8:31 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 7