HomeMy WebLinkAboutPFA Reso 2021-03 Refunding Oustanding Bonds Escrow AgreementRESOLUTION NO. PFA 2021-3
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 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. 2006-1 (Summerly)
(“CFD No. 2006-1”) previously issued the $3,200,000 City of Lake Elsinore Community Facilities
District No. 2006-1 (Summerly) Special Tax Bonds, 2015 Series (Improvement Area B) (the “Prior
Bonds”) in connection with the issuance of the Authority’s Local Agency Revenue Bonds
(Summerly IA B), 2015 Series A (the “Prior Authority Bonds”); and,
Whereas,as a result of favorable conditions in the municipal bond market, the Authority
and CFD No. 2006-1 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 CFD No. 2006-1 (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
2021B (the “Lake Elsinore FFA Bonds”); and,
Whereas,the Authority desires approve the form of an escrow agreement (the “Escrow
Agreement”) on file with the Secretary of the Authority to facilitate the defeasance and refunding
of Prior Bonds and the Prior Authority Bonds.
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 form of the Escrow Agreement presented at this meeting is hereby
approved; and each of the Chair and the Treasurer, or their respective written designees, is
authorized to execute the Escrow Agreement and the Secretary, or her written designee, is
authorized to attest to the Escrow Agreement in the form 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
Agreement by one or more of such officers.
Res. No. PFA 2021-3
Page 2 of 2
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.
Passed, Approved, and Adopted at a regular meeting of the Lake Elsinore Public
Financing Authority held this 13th day of July 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 2020-3 was adopted by the Lake Elsinore Public Financing Authority at
a Regular meeting held on the 13th day of July 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