The URL can be used to link to this page

Home My WebLink About04-14-2015 PFACity of Lake Elsinore Meeting Minutes Public Financing Authority NATAS HA JOlrrVSOil, C H Al R DARYL- HICKTIAN, V'CE CHAIR 8R'A'V NSDALE AUTHORITY MEMBER STE!/E TIANOS, AUTHORITY MEfrIBER ROBERT MAGEE, AUTHORITY MEMBER GRANT YATES, AGCUNW D//RECTOR LAKE.ELSINORE.ORG (9s1) 674-3'.t24 PHONE CULTURAL CENTER .I83 N. MAIN STREET LAKE ELSINORE, CA 92530 Tuesday, April 14, 2015 7:00 PM Gultural Center CALL fO ORDER - 7:00 P.M. Chair Johnson called the meeting to order at 8:20 p.m. ROLL CALL PRESENT: Authority Member Tisdale, Authority Member Manos, Authority Member Magee, Vice-Chair Hickman, and Chair Johnson Also present Executive Director Yates, Authority CounselLeibold, Authority Clerk Bloom, Administrative Services Director Simpson, Community Development Director Taylor, Public Works Director Damasse, Community Services Director Skinner, Planning Manager MacHott, Management Analyst Dailey, Police Chief Hollingsworth, Fke Cheif Barr, Deputy City Clerk Gir6n PU B LIC COMII E!{IS_- None CONSHNT CALENDAR 1l lD# 14-534 Aoqfpvalof Minutes Attachqefrls; PFA Slaf Bpt .Minutes for Aoproval PFA Minutes of 2-10-2015 It is rccomnended that the Authority Board approve the minutes as submitted. Motion by Authority Member Tisdale, second by Authority Member Manos, to approve the minutes on the Consent Calendar, passed by unanimous vote as follows: AYES : Authority Member Tisdale, Authority Member Manos, Authority Member Magee, Vice-Chair Hickman, and Chair Johnson NOES : None ABSENT: None ABSTAIN: None Cltyt ol lake Etslnore Pagp 1 Public Flnancing AuthoritY Meeting Minutes April 14, 2015 - PUBLIC HEAR!NG(SI . NqNE APPEAL{$I - None BUSINESS ffEm(sl 2l lp# 14:s3$ Rpsolutiqn of the cJIv counsif ,gf the cttJ,.grf Lake Elqinore,.*ptino Fs the Leqislative Bq$tt.pf the Clff of Lake Elsinore*Eommqnltv Facilities Dlstrict No. $8-3 (Wett Lake Elsinorel. Authorizing.the lssuance of its Speclal Tax Refundino Bonds. 2015 Series B in a Principal Amount Not to Exceed Thirtheen Million Dollar,s {$13.000.0001 and Anprovinq Certain Eocuments and Takinq Certain Other Actions in Connection Therewith. Resolution of th* Bqard of Directors of the Lake Elsinore PuFlic Financinguluthoritv. Riverside Countv. California.,Suthorizlno the tssuancs of its Lg-c-al Aoencv Reven*S, Refunding Bqnde , (Communitv Facilltiet Fistrict No.88-?I'3015 $erieq B in an Aoqreqflte Principal Amount Not to Exeeed Thirteen Mllliot! Dollars {$13.000.000} *,n{.Approvinq Certain DocumenG and Takinq. Certain Other Actionr in Connection Therewith' AttaehmenF: PFA Joint Aggndg ltem Resolution of lssuance Lake Elsjnore CFD 88-3 D0CSOG;fi170'!842-v4-Authsritv Rqsolution of lssuance- lndeotsre Lake Elsinore PFA GfF-.88:3 Refu4ding Third-suolemental FAA LalSe Elsinore CFD BQ:3. Esefl.Y_Agreernent "CFD.*S.9:3- llLakg_Ehingtgl DoeSoc4 1 70281:v?:Prelirningv"*Off cia-LStdsee0llqhe*ElciCI" ore PFA CFP-88-3 L?(e Elsinore PFA Logal Agencl Bevenue Refund-ing 2915 Bonds- gEp-o&3-Eea PFA Continuing Displq- rutg Agreernent l). City: Adopt Caty Resolution No. 2015'028 authorizing issuance of the bonds and bond documents. 2). PFA: Adopt PFA Reeolution No. 2015{104 authorlzing issuance of bonds and bond documents. Mayor Manos announced the joint City Council and Public Financing Authority Business ltem. PFA Chair Johnson called the Public Financing Authority meeting to order at 8:20 p.m. Clty of ,-,ke E stnorc Page 2 Public Financlng Authority Meeting Minutes April lit,20l5 - PFA Chair Johnson announced that she lives in Lake Elsinore Community Facilities District No. BB-3 and asked City Attorney Leibold if she was able to participate on this item. City Attorney Leibold responded that she reviewed the rules of the Fair Political Practice Commission and PFA Chair Johnson's residence ownership of the property in CFD 88-3 does not constitute a disqualifying conflict of interest, therefore she was clear to participate on this item. Administrative Services Director Simpson provided an overview of the staff report and recommendation to Council. Director Simpson explained the City Counciland PFA resolutions are to authorize documents and approvals needed to refund the outstanding obligations of CFD 88-3. There is approximately $13,000,000 million of bonds outstanding. The cost was reduced because fees were not taken from the previous refunding to help facilitate further savings to the homeowners. Director Simpson stated staff believes the debt service can be reduced by $300,000 per year for the next five years. He explained the assurity bond provides a savings to the property owners of $135 - $140 reduction on the annuallevyforthenextfive(5)yearsstartingwiththenextsetoftaxbills.Theentiresavings willgo to the property owners. " -- Motion by Mayor Pro Tem Tisdale, second by Council Member Hickman to adopt Resolution No. 2015-028 A Resolution of the City Council of the Ci$ of Lake Elsinore, Acting as the Legislative Body of the City of Lake Elsinore Community Facilities Dishict No. 88-3 (West Lake Elsinore), Authorizing the lssuance of its Special Tax Refund Bonds 2015 Series B in a PrincipalAmount Not to Exceed Thirteen Million Dollars ($13,000,000) and Approving Certain - Documents and Taking Certain Other Actions in Connection therewith, passed by unanimous vote as follow: AYES : Mayor Pro Tem Tisdale, CouncilMember Hickman, Council Member Johnson, Council Member Magee, and Mayor Manos NOES : None ABSENT: None ABSTAIN: None Motion by Authority Member Manos, second by Vice Chair Hickman to adopt Resolution PFA 2Oi5-A04 A Resolution of the Board of Directors of the Lake Elsinore Public Financing Authority, Riverside County, California, Authorizing the lssuance of its Local Agency Revenue Refund Bonds (Community Facilities District No. 88-3) 2015 Series B in an Aggregate Principal Amount Not to Exceed Thirteen Million Dollars ($13,000,000) and Approving Certain Documents and Taking Certain Other Actions in Connection Therewith, passed by unanimous vote as follows: AYES : Authority Member Manos, Vice Chair Hickman, Authority Member Tisdale, Authority Member Magee, and Chair Johnson NOES : None ABSENT: None ABSTAIN: None CltyofLakoElslnora P.ga? ) Public Financlng AuthoritY Meeting Minutes April 1'1, 2015 EXECUTIVE DIRECTOR QOMMENT$ - None LE$AL CQUNSEL COMMENT$ - None *GEr'tGY MEMFEE G*!!#,fifiF,1-tlrs - None ADJOURNIIIENT There being no further business to come before the Public Financing Authority, Chair Johnson adjourned the meeting at 8:36 p.m. Diil-a Gircrn, Deptty Authority Clerk Lake Elsinore Public Financing Authority \r 1'---.--" CW of L.ke Elslnoto Pago 4