HomeMy WebLinkAboutCC Reso No 2016-045 CC Reso Lease Revenue BondsRESOLUTION NO. 2016 -045
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, PROVIDING CONCEPTUAL APPROVAL
FOR PROCEEDING WITH THE ISSUANCE OF LEASE REVENUE
BONDS, APPOINTING A FINANCING TEAM WITH RESPECT TO THE
PROPOSED FINANCING AND APPROVING CERTAIN ACTIONS IN
CONNECTION THEREWITH
WHEREAS, the City Council of the City of Lake Elsinore (the "City ") desires to finance
the costs of acquiring certain public facilities and improvements, as provided in Exhibit A
attached hereto and incorporated herein (the "Project'); and,
WHEREAS, the City intends to consider financing the acquisition of the Project or
portions of the Project with the proceeds of the sale of lease revenue bonds (the "Bonds "); and,
WHEREAS, ongoing work will be necessary to further assess whether the issuance of
the Bonds should be undertaken; and,
WHEREAS, City staff has engaged in preliminary discussions with Stifel, Nicolaus &
Company, Incorporated ( "Stifel "), with Urban Futures, Inc. ( "Urban Futures ") and with Stradling
Yocca Carlson & Rauth, a Professional Corporation ( "Stradling "), and has determined: (a) that
Stifel is ready, willing and able to perform as underwriter in connection with the issuance of the
Bonds and to perform certain related services; (b) that Urban Futures is ready, willing and able
to perform as financial advisor in connection with the issuance of the Bonds and to perform
certain related services; and (c) that Stradling is ready, willing and able to perform as bond
counsel, including the preparation of an official statement and certain related services in
connection with the issuance of the Bonds; and,
WHEREAS, City staff has reviewed the background and experience of each of Stifel,
Urban Futures and Stradling, and has determined that each is well qualified to perform the tasks
described hereunder; and,
WHEREAS, the City desires to secure the services of Stifel as underwriter, Urban
Futures as financial advisor and Stradling as bond counsel in connection with the issuance of
the Bonds; and,
WHEREAS, approval of this Resolution does not obligate the City to issue the Bonds, as
any issuance would require the further express authorization of the City Council.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES
HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
Section 1. The above recitals are all true and correct.
Section 2. The City Council authorizes and directs the City Manager and City staff to
proceed with consideration of the issuance of the Bonds. The City Council approves of the
engagement of Stifel as underwriter, Urban Futures as financial advisor and Stradling as bond
counsel, as set forth above.
CITY COUNCIL RESOLUTION NO. 2016 -045
PAGE 2OF2
Section 3. This Resolution does not commit the City to issue the Bonds (or any
bonds). The issuance of any bonds would require further approval by the City Council.
Section 4. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the
City of Lake Elsinore, California, this 12th day of April, 2016.
ATTEST:
Susan -M. Domen, MMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE SS
CITY OF LAKE ELSINORE
B ri aie, yor
APPROVE AS TO R
rbara Leibo1d, City Attorney
I, Susan M. Domen, MMC, City Clerk of the City of Lake Elsinore, California, hereby
certify that Resolution No. 2016 -045 was adopted by the City Council of the City of Lake
Elsinore at a regular meeting held on the 12th day of April, 2016 by the following vote:
AYES: Council Member Johnson, Manos, and Hickman, Mayor Pro Tern Magee,
and Hickman, and Mayor Tisdale
NOES: None
ABSTAIN: None
ABSENT: None
6asan M. Domen, MMC, City Clerk
EXHIBIT A
DESCRIPTION OF PROJECT
• Development of 75 acres of campground owned by the Issuer for public use
• Campground improvements to include:
• New main entry and gate house
• Check -in building, offices and laundry
• Snack and concessions stand
• Dump station
• Club house
• Extended stay spaces (100)
• Double pull through spaces (20)
• Class A & B spaces (116)
• Cabins (6)
• Activity squares (4)
o Gazebo with Wi -Fi
o Tot -lot with cover
• Dog park
• Horseshoe pit
o Half basketball courts
• Outdoor checkers /chess
• Putting green
• Campsites (234)
• R.V. and boat storage spaces (120)
• Bait & tackle shop
• Picnic /barbeque /shade structures
• Restroom /shower building with trash enclosures
A -1