HomeMy WebLinkAboutFFA Reso No. 2020-1 2020A BondsRESOLUTION NO. FFA 2020 -001
RESOLUTION OF THE LAKE ELSINORE FACILITIES FINANCING
AUTHORITY APPROVING THE FORM OF A PRELIMINARY OFFICIAL
STATEMENT AND A BOND PURCHASE AGREEMENT IN CONNECTION WITH
THE ISSUANCE OF THE LAKE ELSINORE FACILITIES FINANCING
AUTHORITY (RANCHO LAGUNA REDEVELOPMENT PROJECT AREAS NO. I
AND NO. II) TAX ALLOCATION REVENUE REFUNDING BONDS, SERIES
2020A, AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH
WHEREAS, by Resolution No. 2019 -001 adopted on June 25, 2019 (the "Authority
Resolution "), the Lake Elsinore Facilities Financing Authority (the "Authority ") authorized the
issuance of its Lake Elsinore Facilities Financing Authority (Rancho Laguna Redevelopment
Project Areas No. I and No. II) Tax Allocation Revenue Refunding Bonds, Series 2020A (the
"Bonds "); and
WHEREAS, by Resolution No. 2019 -004 adopted on June 25, 2019, the Successor
Agency of the Redevelopment Agency of the City of Lake Elsinore (the "Successor Agency ")
approved the execution and delivery of a Project Area I Loan Agreement and a Project Area II
Loan Agreement (collectively, the "Loan Agreements "), each by and between the Successor
Agency and the Authority; and
WHEREAS, the Successor Agency's payments to the Authority pursuant to the Loan
Agreements will be used to pay debt service on the Bonds; and
WHEREAS, the Authority now desires to approve a Preliminary Official Statement (the
"Preliminary Official Statement ") in connection with the marketing of the Bonds by Stifel, Nicolaus
& Company, Incorporated, as underwriter (the "Underwriter "), as well as the form of a Bond
Purchase Agreement (the "Bond Purchase Agreement ") by and among the Successor Agency,
the Authority and the Underwriter; and
WHEREAS, the Countywide Oversight Board for the County of Riverside has approved
the execution and delivery of the Loan Agreements by the Successor Agency by Resolution No.
2019 -038 adopted on July 18, 2019; and
WHEREAS, on September 19, 2019, the California Department of Finance approved the
execution and delivery of the Loan Agreements by the Successor Agency.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE LAKE ELSINORE
FACILITIES FINANCING AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Preliminary Official Statement, in the form presented at this meeting
and on file with the Secretary, is hereby approved. Each of the Chair, the Executive Director, the
Treasurer, and the Secretary of the Authority, any other member of the governing board of the
Authority, or their respective written designee (each an "Authorized Officer" and collectively, the
"Authorized Officers "), acting singly, is authorized to sign a certificate pursuant to Rule 15c2 -12
promulgated under the Securities Exchange Act of 1934 relating to said Preliminary Official
Statement, and each of the Authorized Officers, acting alone, is further authorized and directed
to execute, approve and deliver the final Official Statement in the form of the Preliminary Official
Statement, with such changes, insertions and omissions as may be recommended by Successor
Agency general counsel or Stradling Yocca Carlson & Rauth, a Professional Corporation, as bond
Brian Tii dai ,,
Chair
Attest:
� n
Candice Al are;
FFA Reso, No, 2020-001
Page 3 of 3
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE ss.
CITY OF LAKE ELSINORE
1, Candice Alvarez, MMC Secretary of the Lake Elsinore Facilities Financing Authority do hereby
certify that Resolution No. FFA 2020-001 was adopted by the Lake Elsinore Facilities Financing
Authority at the Regular meeting of March 24, 2020 and that the same was adopted • the
following vote:
AYES: Authority Members Manos, Johnson, and Sheridan; Vice-Chair Magee; and
Chair Tisdale
NOES: None
ABSENT: None
ABSTAIN: None
Candice AlV'at"
Secretary