HomeMy WebLinkAboutPFA Reso No 2019-002 Refunding Certain Bonds in connection with the Redevelopment AgencyRESOLUTION NO. 2019 -002
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 (1995 Series A Refunding), 2010 Series B, in the initial
aggregate principal amount of $10,855,000 (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 that certain Housing Fund Loan Agreement by and the
Authority and the Agency and dated as of May 1, 2010 (the "Housing Fund Loan Agreement');
and
WHEREAS, the Agency has determined to issue bonds for the purpose of prepaying and
defeasing the Housing Fund Loan Agreement, 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 Housing Fund Loan
Agreement and to redeem, defease and pay all amounts owing on the Bonds, including the
execution 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 Housing Fund Loan Agreement 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 Housing
Fund Loan Agreement and the redemption or payoff 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 indenture and /or loan agreement relating to the Bonds, if
necessary to accomplish the transaction contemplated by this Resolution.
PFA Reso. No. 2019 -002
Page 2 of 2
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
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, California,
hereby certify that Resolution No. PFA 2019 -002 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