HomeMy WebLinkAboutLERA Reso No. 2021-1 Lease Revenue Refunding Bonds (Public Facilities Project) Series 2013Escrow AgreementRESOLUTION NO. LERA 2021-1
RESOLUTION OF THE BOARD OF DIRECTORS OF THE LAKE ELSINORE
RECREATION AUTHORITY, RIVERSIDE COUNTY, CALIFORNIA,
APPROVING THE FORM OF AN ESCROW AGREEMENT IN CONNECTION
WITH THE REFUNDING OF THE AUTHORITY’S LEASE REVENUE
REFUNDING BONDS (PUBLIC FACILITIES PROJECT) SERIES 2013
Whereas, the Lake Elsinore Recreation 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;
Whereas, the Authority has previously issued its Lease Revenue Refunding Bonds (Public
Facilities Project) Series 2013 (the “2013 Bonds”) to refinance the costs of various “public capital
improvements” within the meaning of the Act, all of which are located within the boundaries of the
City of Lake Elsinore (the “City”) and collectively constitute the “Project;”
Whereas, the Authority and the City desire to refund the 2013 Bonds for interest rate
savings;
Whereas, the Lake Elsinore Facilities Financing Authority (the “Lake Elsinore FFA”) has
determined to issue lease revenue refunding bonds for the purpose of refunding the 2013 Bonds;
and
Whereas, the Authority desires approve the form of the escrow agreement (the “Escrow
Agreement”) on file with the Secretary of the Authority to facilitate the defeasance and refunding
of 2013 Bonds.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE LAKE ELSINORE
RECREATION 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, the Executive Director and the Treasurer, or their respective
written designees, is authorized to execute the Escrow Agreement and the Secretary, or his 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.
DocuSign Envelope ID: 16B69046-96C0-402D-9696-BCB159FE1636
Reso. No. LERA 2021-1
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Section 3. The Chair, the Executive Director 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 2013 Bonds and otherwise to effectuate the
purposes of this Resolution, including executing and delivering any amendments to, and
termination of, the documents for the 2013 Bonds.
Section 4. This Resolution shall take effect immediately upon its adoption.
Passed and Adopted at a regular meeting of the Lake Elsinore Facilities Financing
Authority this 14th day of December 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 of the Lake Elsinore Facilities Financing Authority do hereby
certify that Resolution No. LERA 2021-1 was adopted by the Lake Elsinore Recreation Authority
at the Regular meeting of December 14, 2021 and that the same was adopted 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: 16B69046-96C0-402D-9696-BCB159FE1636