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HomeMy WebLinkAboutSA Reso 2020-004 Preliminary Official Statement, Bond Purchase Agreement, & Project Area 1 and 2 Loan Agreement (2020A Bonds)RESOLUTION NO. SA 2020-004 RESOLUTION OF THE SUCCESSOR AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA APPROVING THE FORM OF A PRELIMINARY OFFICIAL STATEMENT AND A BOND PURCHASE AGREEMENT IN CONNECTION WITH THE EXECUTION AND DELIVERY OF A PROJECT AREA NO. I LOAN AGREEMENT AND A PROJECT AREA NO. II LOAN AGREEMENT BETWEEN THE SUCCESSOR AGENCY AND THE LAKE ELSINORE FACILITIES FINANCING AUTHORITY, AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, by Resolution No. 2019-004 adopted on June 25, 2019 (the "Successor Agency Resolution"), 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 (the "Loan Agreements"), each by and between the Successor Agency and the Lake Elsinore Facilities Financing Authority (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 Lake Elsinore Facilities Financing Authority (Rancho Laguna Redevelopment Project Areas No. I and No. II) Tax Allocation Revenue Refunding Bonds, Series 2020A (the "Bonds") to be issued by the Authority; and WHEREAS, the Successor Agency 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 in connection with the sale of the Bonds by the Authority to 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 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE 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 Assistant Executive Director, the Treasurer, and the Secretary of the Successor Agency, any other member of the governing board of the Successor Agency, 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 counsel, and approved by the officer executing the same, said execution being conclusive evidence of such approval. The Underwriter SA Reso. No. 2020-004 Page 2 of 3 is hereby authorized to distribute the Preliminary Official Statement to prospective purchasers of the Bonds and is directed to deliver copies of any final Official Statement to all actual purchasers of the Bonds. Section 2. The Bond Purchase Agreement, in the form presented at this meeting and on file with the Secretary, is hereby approved. The Authorized Officers are, and each of them is, hereby authorized and directed, for and in the name of the Successor Agency, to execute and deliver the Bond Purchase Agreement in substantially said form, with such changes and additions therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the Bond Purchase Agreement shall be signed only if the terms of the agreement comply with the requirements and parameters set forth in the Successor Agency Resolution. Section 3. The Authorized Officers and all other officers of the Successor Agency are hereby authorized, jointly and severally, to execute and deliver any and all necessary documents and instruments and to take all actions which they deem necessary or proper to effectuate the purposes of this Resolution and the Successor Agency Resolution, completion of the transactions contemplated by such resolutions, the execution and delivery of the Loan Agreements, and the issuance of the Bonds by the Authority. Section 4. This Resolution shall take effect immediately upon its adoption by the governing board of the Successor Agency, and the Secretary shall certify the vote adopting this Resolution. Passed and Adopted at a regular meeting of the Successor Agency of the City of Lake Elsinore, California, this 24' day of March 2020. Brian Tigd Chair Attest: Can rce Alyrez, MC Secretary SA Reso. No. 2020-004 Page 3 of 3 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Candice Alvarez, MMC Secretary of the Successor Agency of the City of Lake Elsinore, California, do hereby certify that Resolution No. SA 2020-001 was adopted by the Successor Agency of the City of Lake Elsinore, California, at the Regular meeting of March 24, 2020 and that the same was adopted by the following vote: AYES: Agency Members Manos, Johnson, and Sheridan; Vice -Chair Magee; and Chair Tisdale NOES: None ABSENT: None ABSTAIN: None Candice AI arez, MMC Secretary