HomeMy WebLinkAboutPFA Reso 2021-02 CFD 2021-1 (Canyon Hills) Form of Escrow AgreementRESOLUTION NO. PFA 2021-2
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE LAKE ELSINORE
PUBLIC FINANCING AUTHORITY, RIVERSIDE COUNTY, CALIFORNIA,
APPROVING THE FORM OF AN ESCROW AGREEMENT IN CONNECTION
WITH THE REFUNDING OF ITS LOCAL AGENCY REVENUE REFUNDING
BONDS (ASSESSMENT DISTRICT NO. 93-1), 2012 SERIES B
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 (the “City”) previously issued its City of Lake Elsinore
Assessment District No. 93-1 Limited Obligation Refunding Improvement Bonds, 2012 Series A
(the “Prior Assessment District Bonds”) in connection with the issuance by the Authority of its
Local Agency Revenue Refunding Bonds (Assessment District No. 93-1), 2012 Series B (the
“Prior Authority Bonds”); and,
Whereas, the City has authorized the issuance of its City of Lake Elsinore Reassessment
District No. 2021-1 (Canyon Hills) Limited Obligation Refunding Bonds (Federally Taxable) (the
“Refunding Bonds”) to refund and defease the Prior Assessment District Bonds and to effectuate
a simultaneous refunding and defeasance of the Prior Authority Bonds; and,
Whereas, to facilitate the refunding and defeasance of the Prior Assessment District
Bonds and the Prior Authority Bonds, the Board of Directors of the Authority (the “Board”) desires
to approve an escrow agreement (the “Escrow Agreement”) with the City and Wilmington Trust,
National Association, as escrow agent, in the form on file with the Secretary of the Authority.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE LAKE ELSINORE PUBLIC
FINANCING AUTHORITY, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOW:
Section 1. Each of the above recitals is true and correct and is adopted by the Board
of Directors.
Section 2. The form of the Escrow Agreement presented at this meeting is hereby
approved; and each of the Executive Director and the Treasurer, or their respective written
designees (collectively, the “Authorized Officers”) is authorized to execute the Escrow Agreement
in the form hereby approved, with such additions thereto and changes therein as the officers
executing the same deem necessary and to cure any ambiguity or defect therein. Approval of
such changes shall be conclusively evidenced by the execution and delivery of the Escrow
Agreement by one or more of such officers.
Section 3. The Authorized Officers are hereby appointed as the authorized officers of
the Authority for all purposes required to effect the refunding, defeasance and redemption of the
Prior Assessment District Bonds and the Prior Authority Bonds and are hereby authorized,
empowered, and directed, jointly and severally, to do all such acts and things and to execute all
such documents as may be necessary to consummate the refunding, defeasance and redemption
DocuSign Envelope ID: A6529337-BAE4-405D-AEF4-5F77F9978BB0
Reso. No. PFA 2021-2
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of the Prior Assessment District 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 Assessment District Bonds and the Prior Authority Bonds.
Section 4. This Resolution shall take effect immediately upon its adoption.
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 2020-2 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