HomeMy WebLinkAboutPFA Reso No 2003
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RESOLUTION NO. PFA 2003-1
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A RESOLUTION FOR THE PUBLIC FINANCE
AUTHORITY FOR THE CITY OF LAKE
ELSINORE, CALIFORNIA
THE CITY COUNCIL OF LAKE ELSINORE, DOES HEREBY RESOLVE
AND ORDER AS FOLLOWS:
SECTION 1: The name and address of the applying agerlC.y is; The City of Lake
Elsinore, a Municipal Corporation, 130 Soutb Main Street, La..ke Elsinore, California,
92530.
SECTION 2: The City of Lake Elsinore does hereby authorize the deposit and
Withdrawal of City Monies in the Local Agency Investment Fund in the State Treasury in
Accordance with the provisions of Section 16429.1 of the Government Code for the
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Purpose of investment as stated therein.
SECTION 3: The following City Officers or their successors in office shall be
Authorized to order the deposit or withdrawal of monies in the Local Agency Investment
Fund:
Richard Watenpaugh
City Manager
Marlene Best
Assistant City Manager
Matt Pressey
Administrative Services Director
Kimberly Magee
Finance Manager
Vicki Kasad
City Clerk/Human Resources
Director
SECTION 4: The City Clerk shall certify to the adoption of this resolution, affix
The City Seal hereto, and file the same with the State Treasurer.
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Adoptedthis .24th day of June 2003, on the following roll call vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
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A~:: .
2Lk y~u!
Vicki Kasad, City Clerk .
City of Lake Elsinore
CO~CUL11E11BERS: BRINLEY, HICKMAN, KELLEY,
SCHIFFNER, BUCKLEY
CO~CIL11E11BERS : NONE
CO~CUL11E11BERS : NONE
CO~CIL11E11BERS : NONE
....-., .....-..>.?~.....t:: __..
............_................'...>..1...>-. "~".~. 3..
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~/ TI1iri'if Buc~ley .
Chairman
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STATE OF CALIFORNIA )
- COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Public Finance
Authority ofthe City of Lake Elsinore at a Regular meeting of said Agency on 24th day of
June, 2003, and that it was so adopted by the following vote:
AYES:
BOARDMEMBERS:
BRINLEY, HICKMAN, KELLEY, SCHIFFNER,
BUCKLEY
NOES:
BOARDMEMBERS:
NONE
ABSENT:
BOARDMEMBERS:
NONE
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AfT. A..IN: BOARD. MEMBERS:
0\ ^ 1/ I
~jl~ l"c'Vtc'\
VICKI KASAD, CITY CLERK
CITY OF LAKE ELSINORE
(SEAL)
NONE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution
N~.. FA... 2.003_01 of said Agency, and that the same has not been amended or repealed.
D TED: (J:7 2003
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i . \.J,' .:1.(.c. . .
ZlCiihs b; dfi JRK
CITY OF LAKE ELSINORE
(SEAL)
Public Finance Authority
Regular Account Resolution
Resolution of the Public Finance Authority
of the City of Lake Elsinore
Resolution # PFA 2005-1
Agency
Address 130 S. Main St. Lake Elsinore. CA 92530
Agency
Phone Number (951) 674-3124
AUTHORIZING INVESTMENT OF MONIES
IN THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976 Section 16429. It was
added to the California Government Code to create a Local Agency Investment Fund in
the State Treasury for the deposit of money of a local agency for purposes of investment
by the State Treasurer; and
WHEREAS, the City Council does hereby find that the deposit and withdrawal of money
in the Local Agency Investment Fund in accordance with the provisions of Section
16429.1 of the Government Code for the purpose of investment as stated therein as in the
best interests of the City.
NOW THEREFORE, BE IT RESOLVED, that the City Council does hereby authorize
the deposit and withdrawal of City monies in the Local Agency Investment Fund in the
State Treasury in accordance with the provisions of Section 16429.1 of the Government
Code for the purpose of investment as stated therein, and verification by the State
Treasurer's Office of all banking information provided in that regard.
BE IT FURTHER RESOLVED, that the following City officers or their successors in
office shall be authorized to order the deposit or withdrawal of monies in the Local
Agency Investment Fund:
cki Kasad Robert Brady Vacant
C rkIH an Resource Director Executive Director Assistant Executive Director
~i~ture) AL~(~:m::me)
Matt Pressey
~Z;;ices
(Signature)
Kim Magee
Fin \anager
I
PASSED AND ADOPTED, by the City Council of City of Lake Elsinore, Riverside
County of State of California on January 25,2005.
LOCAL AGENCY INVESTMENT FUND
AUTHORIZATION FOR TRANSFER OF FUNDS
DATE
1/25/05
ADDITIONS
AGENCY NAME
Public Finance Authority
LAlF ACCOUNT #
40-33-004
Name
Robert A. Brad
DELETIONS
Name
Please mail completed form to:
Richard WatenDauah
Marlene Best
State Treasurer's Office
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
Director of Administrative Services
Print Title
Finance Manaqer
Print Title
Matt N. Pressey
Print Name
x
Authorized 5i ture
(Must be authoriz per Resolution)
Two authorized signatures required
June 30, 2004
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Public Finance
Authority of the City of Lake Elsinore at a Regular meeting of said Agency on 25th day of
January, 2005, and that it was so adopted by the following vote:
AYES: BOARDMEMBERS:
BUCKLEY, HICKMAN, KELLEY, SCHIFFNER,
MAGEE
NOES: BOARDMEMBERS:
NONE
ABSENT: BOARDMEMBERS:
NONE
BOARDMEMBERS:
NONE
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2JJl W
VICKI KASAD, CITY CLERK
CITY OF LAKE ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution
No FA 2005-01 of said Agency, and that the same has not been amended or repealed.
t T:D: J~uaryl~)
Q~, CITY CLERK
CITY OF LAKE ELSINORE
(SEAL)
""'"
Public Finance Authority for the City of Lake Elsinore
Regular Account Resolution
Resolution of the Public Finance Authority for the City of Lake Elsinore
Resolution # cl.CD(" - /
-
Agency
Address: 130 S. Main St.. Lake Elsinore. CA. 92530
Agency
Phone Number: (951) 674-3124
AUTHORIZING INVESTMENT OF MONIES
IN THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976 Section 16429. It was added to
the California Government Code to create a Local Agency Investment Fund in the State
Treasury for deposit of money of a local agency for purposes of investment by the State
Treasurer; and
WHEREAS, the Public Finance Authority Board of Directors does hereby find that the
deposit and withdrawal of money in the Local Agency Investment Fund in accordance with
the provisions of Section 16429.1 of the Government Code for the purpose of investment as
stated therein as in the best interests of the City.
~",. NOW THEREFORE, BE IT RESOLVED, that the Public Finance Authority Board of
r Directors does hereby authorize the deposit and withdrawal of Agency monies in the local
Agency Investment Fund in the State Treasury in accordance with the provisions of Section
16429.1 of the Government Code for the purpose of investment as stated therein, and
verification by the State Treasurer's Office of all banking information provided in that regard.
BE IT FURTHER RESOLVED, that the following City officers or their successors in
office shall be authorized to order the deposit or withdrawal of monies in the Local Agency
Investment Fund:
Services
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PASSED AND ADOPTED, by the Public Finance Authority Board of Directors, for the City
of Lake Elsinore, Riverside County of the State of California on March 14, 2006.
U:\kim\Banking\LAIF INFO\PFA Regular Account Resolution.doc
DATE
3/14/2006
LOCAL AGENCY INVESTMENT FUND
AUTHORIZATION FOR TRANSFER OF FUNDS
AGENCY NAME LAlF ACCOUNT #
Lake Elsinore Public Finance Authority 40-33-004
-..
......
ADDITIONS
Name
David W. Sapp
Title
Director of Community Services
DELETIONS
r-
Name
Vicki Kasad
Please mail completed form to:
State Treasurer's Office
Local Agency Investment Fund
P. O. Box 942809
Sacramento, CA. 94209-0001
Director of Administrative Services
Print Title
Finance Manager
Print Title
Matt N. Pressey
Print Name
Kim Magee
Print Name
x
Authorized Si ature
(Must be authorized per Resolution)
Two authorized signatures required
r
U:\kim\Banking\LAIF INFO\PFA Regular Account Resolution.doc
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, FREDERICK RA Y, CITY CLERK OF THE CITY OF LAKE
ELSINORE, DO HEREBY CERTIFY that the foregoing Resolution duly adopted
by the Public Finance Authority of the City of Lake Elsinore at a regular meeting of
said Agency on 14th day of March, 2006, and that it was so adopted by the
following vote:
AYES:
COUNCILMEMBERS:
HICKMAN, KELLEY,
SCHIFFNER, MAGEE,
BUCKLEY
NOES:
COUNCILMEMBERS:
NONE
ABSENT:
COUNCILMEMBERS:
NONE
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ABSTAIN: COUNCILMEMBERS:
F~~ CITY CLERK
CITY OF LAKE ELSINORE
(SEAL)
NONE
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, FREDERICK RA Y, CITY CLERK OF THE CITY OF LAKE
ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true
and correct copy of Resolution No. 2006-1 of said Agency, and that the same has
not been amended or repealed.
--
DAT7March 14,2006
F~$~, CITY CLERK
CITY OF ~ ~SINORE
(SEAL)
Public Finance Authority for the City of Lake Elsinore
Regular Account Resolution
Resolution of the Public Finance Authority for the City of Lake Elsinore
Resolution No. 2007-01
Agency
Address: 130 S. Main St.. Lake Elsinore. CA. 92530
Agency
Phone Number: (951) 674-3124
AUTHORIZING INVESTMENT OF MONIES
IN THE LOCAL AGENCY INVESTMENT FUND
WHEREAS, Pursuant to Chapter 730 of the statutes of 1976 Section 16429. It was added to
the California Government Code to create a Local Agency Investment Fund in the State
Treasury for deposit of money of a local agency for purposes of investment by the State
Treasurer; and
WHEREAS, the Public Finance Authority Board of Directors does hereby find that the
deposit and withdrawal of money in the Local Agency Investment Fund in accordance with
the provisions of Section 16429.1 of the Government Code for the purpose of investment as
stated therein as in the best interests of the City.
NOW THEREFORE, BE IT RESOLVED, that the Public Finance Authority Board of
Directors does hereby authorize the deposit and withdrawal of Agency monies in the local
Agency Investment Fund in the State Treasury in accordance with the provisions of Section
16429.1 of the Government Code for the purpose of investment as stated therein, and
verification by the State Treasurer's Office of all banking information provided in that regard.
BE IT FURTHER RESOLVED, that the following City officers or their successors in
office shall be authorized to order the deposit or withdrawal of monies in the Local Agency
Investment Fund:
Matt N. Pressey
Director of Administrativ
James R. Rile
Finance Division Manager
~q~~
. gnature)
PASSED AND ADOPTED, by the Public Finance Authority Board of Directors, for the City
of Lake Elsinore, Riverside County of the State of California on January 9, 2007.
P:\CityClerk\Resolutions\2007 - PF A Resolutions\07.LAIF.01 09.doc
LOCAL AGENCY INVESTMENT FUND
AUTHORIZATION FOR TRANSFER OF FUNDS
DATE
1/09/2007
AGENCY NAME
Lake Elsinore Public Finance Authority
LAIF ACCOUNT #
40-33-004
ADDITIONS
N
T"tl
S' t
ame I e 19na ure
James R. Riley Finance Manager
DELETIONS
Name
Kim Magee
Please mail completed form to:
State Treasurer's Office
Local Agency Investment Fund
P. O. Box 942809
Sacramento, CA. 94209-0001
Director of Administrative Services
Print Title
City Manager
Print Title
Matt N. Pressey
Print Name
Robert A. Brady
Print Name
Two authorized signatures required
x
Authorized Signatu
(Must be authorized per olution)
P :\CityClerk\Resolutions\2007 - PF A Resolutions\07 .LAIF.O 109 .doc
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, FREDERICK RAY, CITY CLERK OF THE CITY OF LAKE
ELSINORE, DO HEREBY CERTIFY that the foregoing Resolution duly
adopted by the Public Finance Authority of the City of Lake Elsinore at a regular
meeting of said Agency on the 9th day of January, 2007, and that it was so adopted
by the following vote:
AYES:
COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY,
MAGEE, SCHIFFNER
NOES:
COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCIL NONE
~ RAY MC, CITY CLERK
CITY OF LAKE SINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, FREDERICK RAY, CITY CLERK OF THE CITY OF LAKE
ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true
and correct copy of Resolution No. 2007-01 of said Authority, and that the same
has not been amended or repealed.
DATED: January 9, 2007
~~C'CITYCLERK
CITY OF LAKE ELSINORE
(SEAL)
RESOLUTION NO. 2007-2
A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING
AUTHORITY APPROVING THE ISSUANCE OF LAKE ELSINORE
PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE BONDS
(WASSON CANYON) 2007 SERIES A IN THE AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $6,500,000 PURSUANT TO
AN INDENTURE OF TRUST, AUTHORIZING THE SALE OF SUCH
BONDS UPON CERTAIN TERMS AND CONDITIONS, APPROVING AN
OFFICIAL STATEMENT, APPROVING THE EXECUTION OF
COMMITMENT AGREEMENT AND PURCHASE CONTRACTS FOR
THE PURCHASE OF LOCAL OBLIGATIONS OF THE CITY OF LAKE
ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2005-5
(VILLAGES AT WASSON CANYON) AND TAKING OTHER ACTIONS
RELATED THERETO
WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority") is a
joint exercise of powers authority duly organized and existing under and pursuant to that
certain Joint Exercise Powers Agreement by and between the City of Lake Elsinore and
the Redevelopment Agency of the City of Lake Elsinore (the "Agency"), 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 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
WHEREAS, the City Council of the City of Lake Elsinore, as the legislative body
of the City of Lake Elsinore Community Facilities District No. 2005-5 (Villages at
Wasson Canyon) (the "District"), has authorized the issuance of City of Lake Elsinore
Community Facilities District No. 2005-5 (Villages at Wasson Canyon) Special Tax
Bonds, 2007 Series A (the "Local Obligations") for the purpose of financing the
purchase, construction, expansion or rehabilitation of certain real and other tangible
property with an estimated useful life of five years or longer, including public
infrastructure facilities which the City or the District is authorized by law to construct,
own or operate, which are necessary to meet increased demands placed upon the City
as a result of development or rehabilitation occurring within the District (the "Facilities");
and
WHEREAS, for the purpose of assisting the City and the District in financing the
Facilities, the Authority has determined to issue its Local Agency Revenue Bonds
(Wasson Canyon) 2007 Series A (the "Bonds"); and
WHEREAS, the Authority intends to use a portion of the proceeds of the Bonds
to purchase the Local Obligations pursuant to a Commitment Agreement and Purchase
Contract (the "Commitment Agreement and Purchase Contract") to be entered into
between the Authority and the District; and
1
WHEREAS, the City, as one of the members of the Authority, has heretofore
held a public hearing pursuant to Section 6586.5 of the Act and in connection therewith
has approved the Authority's financing of the Facilities and has found and determined
that (i) the Facilities are to be located within the boundaries of the City and (ii) there are
significant public benefits arising from the Authority's issuance of the Bonds to finance
the Facilities, including but not limited to employment benefits from undertaking the
acquisition of the Facilities in a timely fashion, as contemplated by Section 6586 of the
Act.
NOW, THEREFORE, the Lake Elsinore Public Financing Authority does hereby
resolve as follows:
Section 1. The foregoing recitals are true and correct and the Authority hereby
so finds and determines.
Section 2. The Authority hereby approves the issuance of the Bonds in the
aggregate principal amount not to exceed $6,500,000, pursuant to the Indenture of Trust
(the "Indenture"), in substantially the form on file with the Secretary of the Authority and
presented to the Board at this meeting. Anyone of the Chairman, the Executive Director
and the Secretary of the Authority, and each of them, and any designee of any of them
(collectively, the "Authorized Officers"), is hereby authorized and directed, for and in the
name and on behalf of the Authority, to execute and deliver the Indenture, with such
insertions and changes as may be approved by the Authorized Officer executing the
same, subject to the provisions of this Resolution, such approval to be conclusively
evidenced by such execution and delivery.
Section 3. The Authority hereby authorizes the sale of the Bonds to the
Underwriter pursuant to and in accordance with the Purchase Contract, in substantially
the form on file with the Secretary of the Authority and presented to the Board at this
meeting. Anyone of the Authorized Officers is hereby authorized and directed, for and
in the name and on behalf of the Authority, to execute and deliver the Purchase
Contract, with such insertions and changes as may be approved by the Authorized
Officer executing the same, subject to the provisions of this Resolution, such approval to
be conclusively evidenced by such execution and delivery. The underwriter's discount
for the Bonds specified in the Purchase Contract shall not exceed 2.0%, exclusive of
original issue discount. The Bonds shall bear interest at a rate or rates not to exceed
6.5% per annum. The maturity date of the Bonds shall not extend beyond 40 years from
their issuance date.
Section 4. The Authority hereby approves the form of the Preliminary Official
Statement ( the "Preliminary Official Statement"), in substantially the form on file with the
Authority Secretary, with such changes and modifications as shall be necessary or
appropriate for completion to the satisfaction of the Executive Director of the Authority,
and approval by Fulbright & Jaworski L.L.P., the Authority's Disclosure Counsel. The
Executive Director is authorized and directed, on behalf of the Authority to deem the
Preliminary Official Statement "final" pursuant to Rule 15c2-12 under the Securities and
Exchange Act of 1934. The Authority further approves distribution of the Preliminary
2
Official Statement by the Underwriter to persons who may be interested in purchasing
the Bonds. The Board hereby approves the final Official Statement describing the
Bonds. Distribution of the final Official Statement by the Underwriter is hereby approved.
The Executive Director, subject to approval by the Authority's Disclosure Counsel, is
hereby authorized and directed to approve any changes in or additions to the final form
of the Official Statement to conform to the requirements of the Purchase Contract and
the Indenture, as applicable.
Section 5. The Authority hereby approves the purchase of the Local
Obligations pursuant to the Commitment Agreement and Purchase Contract in
substantially the form on file with the Secretary of the Authority and presented to the
Board at this meeting. Anyone of the Authorized Officers is hereby authorized and
directed, for and in the name and on behalf of the Authority, to execute and deliver the
Commitment Agreement and Purchase Contract, with such insertions and changes as
may be approved by the Authorized Officer executing the same, subject to the provisions
of this Resolution, such approval to be conclusively evidenced by such execution and
delivery.
Section 6. Anyone of the Authorized Officers is hereby authorized and
directed, for and in the name and on behalf of the Authority, to evaluate and select one
or more municipal bond insurers for all or any portion of the Bonds and to execute and
deliver such contracts and agreements with such bond insurers as may be approved by
the Authorized Officer executing the same, subject to the provisions of this Resolution,
such approval to be conclusively evidenced by such execution and delivery.
Section 7. The Authorized Officers, the other officers and employees of the
Authority, the members of the Authority's Board of Directors, Bond Counsel, Disclosure
Counsel and the other consultants to and agents of the Authority, are each hereby
authorized and directed to do all things and take all actions necessary or desirable to
effectuate the transactions contemplated by this Resolution, and to execute such other
assignments, agreements, certificates, receipts, endorsements, orders, opinions and
other documents in connection with such transactions, including, without limitation,
closing documents in connection with the issuance of the Bonds, and all actions
heretofore taken by the officers, employees and agents of the Authority in connection
with the issuance of the Bonds are hereby ratified, approved and confirmed in every
respect.
3
Section 8. This Resolution shall become effective immediately upon adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Lake
Elsinore Public Financing Authority this 23rd day of October 2007.
~?d~RMAN
PUBLIC FINANCING AUTHORITY
ATTEST:
LLL~
VIVIAN M. MUSNON
AUTHORITY SECRETARY
APPROVED AS TO FORM:
0-- ~-~--
BARBARA ZEID LEIBOLD, CITY ATTORNEY
CITY OF LAKE ELSINORE
4
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )ss.
CITY OF LAKE ELSINORE )
I, VIVIAN M. MUNSON, Secretary of the Lake Elsinore Public Financing
Authority, hereby certify that Resolution No. 2007-2 was adopted by the
Board of Directors of the Lake Elsinore Public Financing Authority, at a regular meeting
held on the 23rd day of October 2007, and that the same was adopted by the following
vote:
AYES:
NOES:
CHAIRMAN ROBERT SCHIFFNER
VICE CHAIR THOMAS BUCKLEY
MEMBERS DARYL HICKMAN,
GENIE KELLEY AND ROBERT MAGEE
NONE
ABSENT:
NONE
-
ABSTAIN:
NONE
Ik-- L - Lu.-J
VIVIAN M. MUNSON
AUTHORITY SECRETARY
5
I
RESOLUTION NO. 2007 -3
A RESOLUTION OF THE PUBLIC FINANCING
AUTHORITY OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, APPROVING THE ISSUANCE OF LAKE
ELSINORE PUBLIC FINANCING AUTHORITY LOCAL
AGENCY REVENUE BONDS (CFD 88-3 REFUNDING)
2008 SERIES A IN THE AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $23,000,000; APPROVING
AN INDENTURE OF TRUST, A PURCHASE CONTRACT,
AN ESCROW AGREEMENT, A PRELIMINARY OFFICIAL
STATEMENT AND COMMITMENT AGREEMENT AND
PURCHASE CONTRACTS FOR THE PURCHASE OF
LOCAL OBLIGATIONS OF THE CITY OF LAKE
ELSINORE COMMUNITY FACILITIES DISTRICT NO. 88-3
(WEST LAKE ELSINORE); AND TAKING OTHER
ACTIONS RELATED THERETO
WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority")
is a joint exercise of powers authority duly organized and existing under and pursuant to
that certain Joint Exercise Powers Agreement by and between the City of Lake Elsinore
and the Redevelopment Agency of the City of Lake Elsinore (the "Agency"), 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 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
WHEREAS, the Authority has previously issued its 1997 Local Agency
Revenue Bonds, Series F (the "Prior Bonds"); and
WHEREAS, for the purpose of refunding the Prior Bonds, the Authority
has determined to issue its Local Agency Revenue Bonds (CFD 88-3 Refunding) 2008
Series A ( the "Bonds").
NOW, THEREFORE, the Board of Directors of the Lake Elsinore Public
Financing Authority does hereby resolve as follows:
Section 1. The foregoing recitals are true and correct and the Authority hereby
so finds and determines.
Section 2. The Authority hereby approves the issuance of the Bonds in the
aggregate principal amount not to exceed $23,000,000 pursuant to the Indenture of
Trust (the "Indenture"), in substantially the form on file with the Secretary of the
Authority and presented to the Board at this meeting. Anyone of the Chairman, the
Executive Director and the Secretary of the Authority, and each of them, and any
designee of any of them (collectively, the "Authorized Officers"), is hereby authorized
1
and directed, for and in the name and on behalf of the Authority, to execute and deliver
the Indenture, with such insertions and changes as may be approved by the Authorized
Officer executing the same, subject to the provisions of this Resolution, such approval
to be conclusively evidenced by such execution and delivery.
Section 3. The Authority hereby authorizes the sale of the Bonds to the
Underwriter pursuant to and in accordance with the Purchase Contract, in substantially
the form on file with the Secretary of the Authority and presented to the Board at this
meeting. Anyone of the Authorized Officers is hereby authorized and directed, for and
in the name and on behalf of the Authority, to execute and deliver the Purchase
Contract, with such insertions and changes as may be approved by the Authorized
Officer executing the same, subject to the provisions of this Resolution, such approval
to be conclusively evidenced by such execution and delivery. The underwriter's
discount for the Bonds specified in the Purchase Contract shall not exceed 1.75%,
exclusive of original issue discount. The Bonds shall bear interest at a rate or rates not
to exceed 5.5% per annum. The maturity date of the Bonds shall not extend beyond 20
years from their issuance date.
Section 4. The Authority hereby approves the form of the Preliminary Official
Statement ( the "Preliminary Official Statement"), in substantially the form on file with
the Secretary of the Authority, with such changes and modifications as shall be
necessary or appropriate for completion to the satisfaction of the Executive Director of
the Authority, and approval by Fulbright & Jaworski L.L.P., the Authority's Disclosure
Counsel. The Executive Director is authorized and directed, on behalf of the Authority
to deem the Preliminary Official Statement "final" pursuant to Rule 15c2-12 under the
Securities and Exchange Act of 1934. The Authority further approves distribution of the
Preliminary Official Statement by the Underwriter to persons who may be interested in
purchasing the Bonds. The Board hereby approves the final Official Statement
describing the Bonds. Distribution of the final Official Statement by the Underwriter is
hereby approved. The Executive Director, subject to approval by the Authority's
Disclosure Counsel, is hereby authorized and directed to approve any changes in or
additions to the final form of the Official Statement to conform to the requirements of the
Purchase Contract and the Indenture, as applicable.
Section 5. The Authority hereby approves the Commitment Agreement and
Purchase Contracts in substantially the forms on file with the Secretary of the Authority
and presented to the Board at this meeting. Anyone of the Authorized Officers is
hereby authorized and directed, for and in the name and on behalf of the Authority, to
execute and deliver the Commitment Agreement and Purchase Contracts, with such
insertions and changes as may be approved by the Authorized Officer executing the
same, subject to the provisions of this Resolution, such approval to be conclusively
evidenced by such execution and delivery.
Section 6. The Authority hereby approves the Escrow Agreement in
substantially the form on file with the Secretary of the Authority and presented to the
Board at this meeting. Anyone of the Authorized Officers is hereby authorized and
directed, for and in the name and on behalf of the Authority, to execute and deliver the
2
Escrow Agreement, with such insertions and changes as may be approved by the
Authorized Officer executing the same, subject to the provisions of this Resolution, such
approval to be conclusively evidenced by such execution and delivery.
Section 7. Anyone of the Authorized Officers is hereby authorized and
directed, for and in the name and on behalf of the Authority, to evaluate and select one
or more municipal bond insurers for all or any portion of the Bonds and to execute and
deliver such contracts and agreements with such bond insurers as may be approved by
the Authorized Officer executing the same, subject to the provisions of this Resolution,
such approval to be conclusively evidenced by such execution and delivery.
Section 8. The Authorized Officers, the other officers and employees of the
Authority, the members of the Authority's Board of Directors, Bond Counsel, Disclosure
Counsel and the other consultants to and agents of the Authority, are each hereby
authorized and directed to do all things and take all actions necessary or desirable to
effectuate the transactions contemplated by this Resolution, and to execute such other
assignments, agreements, certificates, receipts, endorsements, orders, opinions and
other documents in connection with such transactions, including, without limitation,
closing documents in connection with the issuance of the Bonds, and all actions
heretofore taken by the officers, employees and agents of the Authority in connection
with the issuance of the Bonds are hereby ratified, approved and confirmed in every
respect.
Section 9. This resolution shall become effective immediately upon adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Board
of Directors of the Lake Elsinore Public Financing Authority this 11th day of December
2007.
ArT:
~/_ L L
IVIAN M. MUNSON
SECRETARY
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )ss.
CITY OF LAKE ELSINORE )
I, VIVIAN M. MUNSON, Secretary of the Lake Elsinore Public Financing
Authority, hereby certify that Resolution No. 2007 -3 was adopted by the Lake
Elsinore Public Financing Authority at a regular meeting held on the 11 th day of
December 2007, and that the same was adopted by the following vote:
AYES:
Chairman Schiffner, Vice Chair Buckley, Member Kelley,
Member Hickman, Member Magee
NOES:
None
ABSENT:
None
ABSTAIN:
None
VIAN M. MUNSON
SECRETARY
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