HomeMy WebLinkAboutPFA Reso 2021-01 Local Agency Revenue Refunding Bonds Series 2021 Escrow AgreementsRESOLUTION NO. PFA 2021-1
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LAKE ELSINORE
PUBLIC FINANCING AUTHORITY, RIVERSIDE COUNTY, CALIFORNIA,
APPROVING THE FORMS OF ESCROW AGREEMENTS IN CONNECTION
WITH THE REFUNDING OF CERTAIN OUTSTANDING BONDS OF THE
AUTHORITY
Whereas, the Lake Elsinore Public Financing Authority (the “Authority”) is a joint exercise
of powers authority duly organized and existing under the provisions of Articles 1 through 4
(commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of
the State of California (the “Act”), and is authorized pursuant to Article 4 of the Act (the “Bond
Law”) to borrow money for the purpose of financing the acquisition of bonds, notes and other
obligations to provide financing and refinancing for capital improvements of member entities of
the Authority and other local agencies; and,
Whereas, the City of Lake Elsinore Community Facilities District No. 2005-5 (Villages at
Wasson Canyon) (“CFD No. 2005-5”) previously issued the $3,450,000 City of Lake Elsinore
Community Facilities District No. 2005-5 (Villages at Wasson Canyon) Special Tax Bonds, 2012
Series A (the “Prior CFD No. 2005-5 Bonds”) in connection with the issuance of the Authority’s
Local Agency Revenue Bonds (Villages at Wasson Canyon), 2012 Series A (the “Prior (Villages
at Wasson Canyon), 2012 Series A Bonds”); and,
Whereas, the City of Lake Elsinore Community Facilities District No. 2003-2 (Canyon
Hills) (“CFD No. 2003-2”) previously issued the $5,345,000 City of Lake Elsinore Community
Facilities District No. 2003-2 (Canyon Hills) Special Tax Bonds, 2012 Series (Improvement Area
C) (the “Prior CFD No. 2003-2 Improvement Area C Bonds”) in connection with the issuance of
the Authority’s Local Agency Revenue Bonds (Canyon Hills IA C), 2012 Series C (the “Prior
(Canyon Hills IA C), 2012 Series C Bonds”); and,
Whereas, the City of Lake Elsinore Community Facilities District No. 2006-1 (Summerly)
(“CFD No. 2006-1”) previously issued the $3,620,000 City of Lake Elsinore Community Facilities
District No. 2006-1 (Summerly) Special Tax Bonds, 2013 Series (Improvement Area A) (the “Prior
CFD No. 2006-1 Bonds”) in connection with the issuance of the Authority’s Local Agency
Revenue Bonds (Summerly IA A), 2013 Series A (the “Prior (Summerly IA A), 2013 Series A
Bonds”); and,
Whereas, the City of Lake Elsinore Community Facilities District No. 98-1 (Summerhill
Public Improvements) (“CFD No. 98-1,” together with CFD No. 2005-5, CFD No. 2003-2 and CFD
No. 2006-1, the “Community Facilities Districts”) previously issued the $13,615,000 City of Lake
Elsinore Community Facilities District No. 98-1 (Summerhill Public Improvements) Special Tax
Bonds, 2013 Series (the “Prior CFD No. 98-1 Bonds”) in connection with the issuance of the
Authority’s Local Agency Revenue Bonds (Community Facilities District No. 98-1), 2013 Series C
(the “Prior (Community Facilities District No. 98-1), 2013 Series C Bonds”); and,
Whereas, CFD No. 2003-2 previously issued the $7,505,000 City of Lake Elsinore
Community Facilities District No. 2003-2 (Canyon Hills) Special Tax Bonds, 2014 Series A
(Improvement Area D) (the “Prior CFD No. 2003-2 Improvement Area D Bonds” and, together
with the Prior CFD No. 2005-5 Bonds, the Prior CFD No. 2003-2 Improvement Area C Bonds, the
Prior CFD No. 2006-1 Bonds and the Prior CFD No. 98-1 Bonds, the “Prior Bonds”) in connection
with the issuance of the Authority’s Local Agency Revenue Bonds (Canyon Hills IA D), 2014
Series A (the “Prior (Canyon Hills IA D), 2014 Series A Bonds” and together with the Prior (Villages
DocuSign Envelope ID: A6529337-BAE4-405D-AEF4-5F77F9978BB0
Res. No. PFA 2021-1
Page 2 of 3
at Wasson Canyon), 2012 Series A Bonds, the Prior (Canyon Hills IA C), 2012 Series C Bonds,
the Prior (Summerly IA A), 2013 Series C Bonds and the Prior (Community Facilities District No.
98-1), 2013 Series C Bonds, the “Prior Authority Bonds”); and,
Whereas, as a result of favorable conditions in the municipal bond market, the Authority
and each of the Community Facilities Districts desire to refund the Prior Bonds and the Prior
Authority Bonds; and,
Whereas, the Lake Elsinore Facilities Financing Authority (the “Lake Elsinore FFA”), for
the purpose of acquiring special tax refunding bonds of each of the Community Facilities Districts
(the “Local Obligations”), the proceeds of which will be utilized to defease and refund the Prior
Bonds and in turn, the Prior Authority Bonds, has determined to issue its Local Agency Revenue
Refunding Bonds Series 2021 (Federally Taxable) (the “Lake Elsinore FFA Bonds”); and,
Whereas, the Authority desires approve the forms of the escrow agreements (the “Escrow
Agreements”) on file with the Secretary of the Authority to facilitate the defeasance and refunding
of Prior Bonds and the Prior Authority Bonds; and,
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE LAKE ELSINORE PUBLIC
FINANCING AUTHORITY, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
Section 1. Each of the above recitals is true and correct and is adopted by the Board
of Directors.
Section 2. The forms of the Escrow Agreements presented at this meeting are hereby
approved; and each of the Chair and the Treasurer, or their respective written designees, is
authorized to execute the Escrow Agreements and the Secretary, or her written designee, is
authorized to attest to the Escrow Agreements in the forms hereby approved, with such additions
thereto and changes therein as the officers executing the same deem necessary. Approval of
such changes shall be conclusively evidenced by the execution and delivery of the Escrow
Agreements by one or more of such officers.
Section 3. The Chair and the Treasurer, and their respective written designees, are
hereby authorized and directed, to do any and all things and to execute and deliver any and all
documents which they may deem necessary or advisable in order to consummate the defeasance
and refunding of the Prior Bonds and the Prior Authority Bonds and otherwise to effectuate the
purposes of this Resolution, including executing and delivering any amendments to the
documents for the Prior Bonds and the Prior Authority Bonds.
Section 4. This Resolution shall take effect immediately upon its adoption.
DocuSign Envelope ID: A6529337-BAE4-405D-AEF4-5F77F9978BB0
Res. No. PFA 2021-1
Page 3 of 3
Passed, Approved, and Adopted at a regular meeting of the Lake Elsinore Public
Financing Authority held this 13th day of April 2021.
Robert E. Magee
Chair
Attest:
Candice Alvarez, MMC
Secretary
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Candice Alvarez, MMC, Secretary to the Lake Elsinore Public Financing Authority hereby certify
that Resolution No. PFA 2020-1 was adopted by the Lake Elsinore Public Financing Authority at
a Regular meeting held on the 13th day of April 2021 by the following vote:
AYES: Authority Members Tisdale, Johnson, and Manos; Vice Chair Sheridan, and
Chair Magee
NOES: None
ABSENT: None
ABSTAIN: None
Candice Alvarez, MMC
Secretary
DocuSign Envelope ID: A6529337-BAE4-405D-AEF4-5F77F9978BB0