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HomeMy WebLinkAboutSA Reso 2015-004 Preliminary Offical Statement Form & Continuning Disclosure Certificate Approval for 2015 BondsRESOLUTION NO. SA -2015 -004 RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE FORM OF THE PRELIMINARY OFFICIAL STATEMENT FOR THE 2015 BONDS TO DEEM IT FINAL UNDER RULE 15c2 -12, APPROVING A CONTINUING DISCLOSURE CERTIFICATE AND IRREVOCABLE REFUNDING INSTRUCTIONS RELATING TO THE 2015 BONDS AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the Successor Agency has previously approved the issuance of its Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Subordinated Tax Allocation Refunding Bonds, Series 2015 (the "2015 Bonds ") by Resolution No. SA- 2015 -002 (the "Resolution "), at its meeting on May 12, 2015; and WHEREAS, the Successor Agency wishes at this time to approve the Preliminary Official Statement for the 2015 Bonds to deem the Preliminary Official Statement final within the meaning of Rule 15c2 -12 of the Security and Exchange Act of 1934 ('Rule 15c2 -12 "); and WHEREAS, the Successor Agency wishes at this time to approve the form of the Continuing Disclosure Certificate and Irrevocable Refunding Instructions relating to the 2015 Bonds; and WHEREAS, the Oversight Board to the Successor Agency to the Redevelopment Agency of the City of Lake Elsinore has approved of the issuance of the 2015 Bonds by its Resolution No. OB- 2015 -002 at its meeting on May 26, 2015; and WHEREAS, initially capitalized terms used in this resolution without definition have the meanings set forth in the Resolution; and NOW, THEREFORE, THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS: SECTION 1. The Preliminary Official Statement relating to the 2015 Bonds (the "Preliminary Official Statement'), in the form presented at this meeting and on file with the Secretary, is hereby approved and deemed final for the purposes of Rule 15c2- 12. The Underwriter is hereby authorized to distribute the Preliminary Official Statement to prospective purchasers of the 2015 Bonds in substantially the form hereby approved, together with such additions thereto and changes therein as are determined necessary by the Executive Director or the Administrative Services Director to make the Preliminary Official Statement final as of its date for purposes of Rule 15c2 -12, Successor Agency Resolution No. SA- 2015004 Page 2 of 3 including, but not limited to, such additions and changes as are necessary to make all information set forth therein accurate and not misleading. SECTION 2. The preparation and delivery of an Official Statement, and its use by the Successor Agency and the Underwriter, in connection with the offering and sale of the 2015 Bonds, is hereby authorized and approved. The Official Statement shall be in substantially the form of the Preliminary Official Statement with such changes, insertions and omissions as may be requested by Bond Counsel, Disclosure Counsel or the Underwriter and approved by any Authorized Officer of the Successor Agency, such approval to be conclusively evidenced by the execution and delivery thereof. The Chair of the Successor Agency, the Executive Director of the Successor Agency, the Administrative Services Director of the Successor Agency and the Secretary of the Successor Agency are each hereby authorized and directed to execute the final Official Statement and any amendment or supplement thereto, in the name of and on behalf of the Successor Agency, and thereupon to cause the final Official Statement and any such amendment or supplement to be delivered to the Underwriter. SECTION 3. The Continuing Disclosure Certificate relating to the 2015 Bonds in substantially the form submitted at this meeting and made a part hereof as though set forth in full herein (the "Continuing Disclosure Certificate "), is hereby approved. The Chair of the Successor Agency, the Executive Director of the Successor Agency, the Administrative Services Director of the Successor Agency and the Secretary of the Successor Agency are each hereby authorized and directed to execute and deliver the Continuing Disclosure Certificate in the form presented at this meeting with such changes, insertions and omissions as may be requested by Bond Counsel and approved by the Chair, said execution being conclusive evidence of such approval. SECTION 4. Each of the Authorized Officers, acting singly, be and each of them hereby is authorized and directed to execute and deliver any and all documents and instruments, relating to the 2015 Bonds, and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by the Indenture, the Bond Purchase Contract, the Escrow Agreements, the Continuing Disclosure Certificate, the Resolution, this resolution and any such instruments, including but limited to the execution of irrevocable refunding instructions relating to the redemption and defeasance of the Refunded Obligations in lieu of the Escrow Agreements approved by the Resolution. SECTION 5. Section 8 of the Resolution is hereby amended to appoint Wilmington Trust, N.A., or such other entity as may be appointed by the Chair of the Successor Agency or the Executive Director of the Successor Agency, in consultation with Bond Counsel, as Trustee for the 2015 Bonds. Successor Agency Resolution No. SA- 2015004 Page 3 of 3 SECTION 6. This resolution shall take effect immediately upon its adoption. PASSED, APPROVED AND ADOPTED at a regular meeting of the Successor Agency of the Redevelopment Agency of the City ofVoe Elsinore, California, this 28th day of July, 2015. St6v ano ,Chair of the Successor Agency of the- Agency of the Mayor City of Lake Elsinore ATTEST: W Diana Giron, Derpuiy Agency Secretary APPROVE AS TO ra Leibold, Successor Agency Counsel STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Diana Giron, Deputy Agency Secretary of the Board of the Successor Agency of the Redevelopment Agency for the City of Lake Elsinore, California, hereby certify that Resolution No. SA 2015 -004 was adopted by the Successor Agency, at a regular meeting held on the 28th day of July 2015, and that the same was adopted by the following vote: AYES: Vice Chair Tisdale, Agency Member Johnson, Agency Member Hickman, Agency Member Magee, and Chair Manos NOES: None ABSENT: None ABSTAIN: None Diana Giron, Deputy Ag icy Secretary