HomeMy WebLinkAboutPFA Reso No 2019-001 Refunding Bonds in connection with the redevelopment agencyRESOLUTION NO. 2019- 001
A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING
AUTHORITY AUTHORIZING THE REFUNDING OF CERTAIN
BONDS ISSUED IN CONNECTION WITH THE ACTIVITIES OF
THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, AND AUTHORIZING THE DELIVERY
OF CERTAIN DOCUMENTS AND THE UNDERTAKING OF
CERTAIN ACTIONS IN CONNECTION THEREWITH
WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority ") has previously
issued its Tax Allocation Revenue Bonds (1999 Series A Refunding), 2010 Series C, in the initial
aggregate principal amount of $29,435,000 (the "Bonds "); and
WHEREAS, the payments of principal of and interest on the Bonds are secured by certain
payments to be made by the Successor Agency of the Redevelopment Agency of the City of Lake
Elsinore (the "Agency ") pursuant to (i) that certain Project Area No. I Loan Agreement (the "2010
Project Area I Loan Agreement ") between the Agency, as successor to the former Redevelopment
Agency of the City of Lake Elsinore (the "Former Agency "), and the Authority, dated as of
November 1, 2010 and (ii) that certain Project Area No. II Loan Agreement (the "2010 Project
Area II Loan Agreement" and together with the 2010 Project Area I Loan Agreement, the "2010
Loan Agreements ") between the Agency, as successor to the Former Agency, and the Authority,
dated as of November 1, 2010; and
WHEREAS, the Agency has determined to prepay and defease the 2010 Loan
Agreements, which will cause the redemption and defeasance of the Bonds, payment in full of
the Bonds and discharge of the indenture pursuant to which the Bonds were issued; and
WHEREAS, the Board of Directors of the Authority has determined to assist the Agency
by approving any documents and actions required to prepay and defease the 2010 Loan
Agreements and to redeem, defease and pay all amounts owing on the Bonds, including the
execution of an Escrow Agreement (the "Escrow Agreement ").
NOW THEREFORE, THE BOARD OF DIRECTORS OF THE LAKE ELSINORE PUBLIC
FINANCING AUTHORITY, DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Recitals. The recitals set forth above are true and correct and are
incorporated into this Resolution by this reference.
Section 2. Approval of Prepayment of 2010 Loan Agreements and Redemption
of Bonds. Authority staff are hereby directed and authorized to enter into any documents and
undertake any actions required in order to effect the prepayment of the 2010 Loan Agreements
and the redemption and defeasance of the Bonds. To this end, each of the Chair, the Vice Chair,
the Executive Director, the Assistant Executive Director, the Treasurer, the Secretary and other
appropriate officers of the Authority (the "Authorized Officers "), acting alone, is authorized and
directed, jointly and severally, to do any and all things and to execute and deliver any and all
documents and contracts that they may deem necessary or advisable in order to accomplish the
purposes of this Resolution, including the execution and delivery of the Escrow Agreement and
amendments to the 2010 Loan Agreements and /or the indenture relating to the Bonds, if
necessary to accomplish the transaction contemplated by this Resolution.
Section 3. Effective Date. This Resolution shall take effect immediately upon its
adoption by the governing board of the Authority, and the Secretary shall certify the vote adopting
this resolution.
PASSED AND ADOPTED by the Lake Elsinore Public Financing Authority, this 25th day
of June 2019.
Brian Tisda
Chair
ATTESTED:
Mark Mahan,
Deputy Secretary
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Mark Mahan, Deputy Secretary of the Lake Elsinore Public Financing Authority, hereby
certify that Resolution No. 2019 -001 was adopted by the Lake Elsinore Public Financing
Authority, at a Regular meeting held on the 25th day of June 2019 by the following vote:
AYES: Agency Member Magee; Vice -Chair Sheridan and Chair Tisdale
NOES: None
ABSTAIN: None
ABSENT: Agency Members Johnson and Manos
Mark Mahan,
Deputy Secretary