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HomeMy WebLinkAbout01-12-1999 PFA MINUTES REGULAR PUBLIC FINANCE AUTHORITY MEETING CITY OF LAKE ELSINORE 183 NORTH MAIN STREET LAKE ELSINORE, CALIFORNIA TUESDAY, JANUARY 12, 1999 ****************************************************************** CALL TO ORDER The Regular Public Finance Authority Meeting was called to order by Chairwoman Brinley at 9:02 p.m. ROLL CALL PRESENT: AUTHORITY MEMBERS: ALONGI, KELLEY, P APE, BRINLEY ABSENT: AUTHORITY MEMBERS: METZE Also present were: Executive Director Watenpaugh, Assistant City Manager Best, Deputy Legal Counsel Mann, Administrative Services Director Boone, Community Development Director Brady, Community Services Director Sapp, Police Chief Walsh and Clerk of the Authority Kasad. SELECTION OF CHAIRMANNICE-CHAIRMAN (F:126.1) MOVED BY P APE, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO APPOINT AUTHORITY MEMBER BRINLEY AS CHAIRWOMAN OF THE PUBLIC FINANCE AUTHORITY. MOVED BY BRINLEY, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO APPOINT AUTHORITY MEMBER P APE AS VICE-CHAIRMAN FO THE PUBLIC FINANCE AUTHORITY. PUBLIC COMMENTS - AGENDIZED ITEMS No Comments. CONSENT CALENDAR The following items were pulled from the Consent Calendar for further discussion and consideration: Item Nos. 3 and 4. MOVED BY KELLEY, SECONDED BY P APE AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO APPROVE THE BALANCE OF THE CONSENT CALENDAR AS PRESENTED. PAGE TWO - PUBLIC FINANCE AUTHORITY MINUTES - JAN. 12, 1999 1. The following Minutes were approved: a. b. Special Meeting - April 14, 1998. (F:126.3) Special Meeting - April 28, 1998. (F:126.3) I -- 2. Received and ordered filed the Fiscal Year 1997-98 Annual Audit & Financial Report. (F:24.1) ITEMS PULLED FROM CONSENT CALENDAR 3. 1999 Series A & Series B (Taxable) Tax Allocation Revenue Bonds - Resolution No. PFA 99-1. (F:126.5) Deputy Legal Counsel Mann echoed the comments from the City Council and Redevelopment Agency meetings. MOVED BY P APE, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO CONCUR WITH THE CITY COUNCIL AND REDEVELOPMENT AGENCY ACTIONS AND ADOPT RESOLUTION NO. PFA 99-1. RESOLUTION NO. PFA 99-1 - A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCE AUTHORITY AUTHORIZING THE ISSUANCE OF TAX ALLOCATION REVENUE BONDS OF SAID AUTHORITY; THE APPROVAL OF A PURCHASE CONTRACT FOR THE PURCHASE THEREOF AND THE TAKING OF CERTAIN OTHER ACTIONS IN CONNECTION WITH SUCH BONDS. 4. Assessment District Refunding for Assessment District No. 86-1 (Northwest Sewer Assessment District). (F:22.3) MOVED BY P APE, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO CONCUR WITH THE CITY COUNCIL ACTION AS PART OF THE CITY'S ADOPTED FINANCIAL PLAN. PUBLIC COMMENTS - NON-AGENDIZED ITEMS No Comments. - EXECUTIVE DIRECTOR COMMENTS No Comments. PAGE THREE-PUBLIC FINANCE AUTHORITY MINUTES-JAN. 12, 1999 AUTHORITY MEMBER COMMENTS No Comments. LEGAL COUNSEL COMMENTS No Comments. ADJOURNMENT MOVED BY P APE, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO ADJOURN THE REGULAR PUBLIC FINANCE AUTHORITY MEETING AT 9:03 P.M. ] '\ / . r'" '. . ~"'~ '#i: C MELA B~ ~y, CHAm OMAN PUBLIC FINANCE AUTHO TY ATTEST: cJ~)/ \ VICKI KX~'LERK OF THE AUTHORITY PUBLIC FINANCE AUTHORITY MINUTES SPECIAL MEETING PUBLIC FINANCE AUTHORITY CITY OF LAKE ELSINORE 183 NORTH MAIN STREET LAKE ELSINORE, CALIFORNIA TUESDAY, JANUARY 26,1999 ****************************************************************** CALL TO ORDER The Special Lake Elsinore Public Finance Authority Meeting was called to order by Chairwoman Brinley at 8:31 p.m. ROLL CALL PRESENT: AUTHORITY MEMBERS: KELLEY, METZE, P APE, BRINLEY ABSENT: AUTHORITY MEMBERS: VACANT (Due to Court Ordered Removal of Authority Member Alongi.) Also present were: Executive Director Watenpaugh, Assistant City Manager Best, Legal Counsel Leibold, Administrative Services Director Boone, Community Development Director Brady, Community Services Director Sapp, Police Chief Walsh, City Engineer O'Donnell and Clerk of the Authority Kasad. PUBLIC COMMENTS No Comments. BUSINESS ITEM 1. Assessment District Refunding for Assessment District No. 86-1 (Northwest Sewer Assessment District) - Public Finance Authority Resolution No. PF A 99-2. City Manager Watenpaugh explained that this is the same as City Council Agenda item no. 34; and concurrence with the Council Action is requested. MOVED BY P APE, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO CONCUR WITH CITY COUNCIL ACTION AND ADOPT RESOLUTION NO. PFA 99-2: RESOLUTION NO. PF A 99-2 A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCE AUTHORITY APPROVING THE ISSUANCE OF LOCAL AGENCY REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT PAGE TWO - PUBLIC FINANCE AUTHORITY MINUTES OF NOT TO EXCEED $4,500,000 PURSUANT TO AN INDENTURE OF TRUST AND A SUPPLEMENTAL INDENTURE OF TRUST, AUTHORIZING THE SALE OF SUCH BONDS UPON CERTAIN TERMS AND CONDITIONS, APPROVING AN OFFICIAL STATEMENT, APPROVING THE EXECUTION OF AN AGREEMENT FOR THE PURCHASE OF LOCAL OBLIGATIONS OF THE CITY OF LAKE ELSINORE AND PROVIDING OTHER MATTERS PROPERLY RELATED THERETO. - ADJOURN MOVED BY P APE, SECONDED BY METZE AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO ADJOURN THE SPECIAL PUBLIC FINANCE AUTHORI:EETING AT 8:32 ~.M. l:Jtt~ 1"AMELA BRINLE , CHAIRWO AN PUBLIC FINANCE AUTHORITY ATTEST: VvJLU VICKI KASAD, CLERK OF THE PUBLIC FINANCE AUTHORITY - - MINUTES REGULAR PUBLIC FINANCE AUTHORITY MEETING CITY OF LAKE ELSINORE 183 NORTH MAIN STREET LAKE ELSINORE, CALIFORNIA TUESDAY, APRIL 13, 1999 ****************************************************************** CALL TO ORDER The Regular Public Finance Authority Meeting was called to order by Chairwoman Brinley at 8:38 p.m. ROLL CALL PRESENT: AUTHORITY MEMBERS: KELLEY, METZE, P APE SCHIFFNER, BRINLEY ABSENT: AUTHORITY MEMBERS: NONE Also present were: Executive Director Watenpaugh, Assistant City Manager Best, Legal Counsel Leibold, Administrative Services Director Boone, Community Development Director Brady, Community Services Director Sapp, Fire Chief Seabert, Police Chief Walsh and Clerk of the Authority Kasad. PUBLIC COMMENTS - AGENDIZED ITEMS None. CONSENT CALENDAR MOVED BY P APE, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE TO APPROVE THE CONSENT CALENDAR AS PRESENTED. 1. The following Minutes were approved: a. Regular Meeting - January 12, 1999. b. Special Meeting - January 26, 1999. BUSINESS ITEMS 2. Special Tax Parity Bonds 1999 Series "A". Executive Director Watenpaugh highlighted this item. MOVED BY P APE, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE TO APPROVE THE REQUIRED DOCUMENTATION FOR THIS BOND ISSUANCE. PAGE TWO - PUBLIC FINANCE AUTHORITY MINUTES PUBLIC COMMENTS - NON-AGENDIZED ITEMS None. EXECUTIVE DIRECTOR COMMENTS No Comments. AUTHORITY MEMBER COMMENTS No Comments. LEGAL COUNSEL COMMENTS No Comments. ADJOURNMENT - MOVED BY METZE, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE TO ADJOURN THE REGULAR PUBLIC FINANCE AUTHORITY MEETING AT 8:40 &/Jt~ l PA ELABRIN Y,CHAIRW PUBLIC FINANCE AUTHORI ATTEST: i&~ VICKI KASAD CLERK OF THE AUTHORITY PUBLIC FINANCE AUTHORITY - N - MINUTES SPECIAL JOINT MEETING CITY OF LAKE ELSINORE CITY COUNCILI CITY OF LAKE ELSINORE REDEVELOPMENT AGENCYI LAKE ELSINORE PUBLIC FINANCE AUTHORITY MEETING CITY OF LAKE ELSINORE 130 SOUTH MAIN STREET LAKE ELSINORE, CALIFORNIA THURSDAY, OCTOBER 14, 1999 ************************************************************ CALL TO ORDER The Special City Council Meeting was called to order by Mayor/Boardmember Kelley at 4:33 p.m.; and a correction was noted on the date that appears on the Agenda. PLEDGE OF ALLEGIANCE (F: 126.5) CouncilmanlBoardmember Schiffner led the Pledge of Allegiance. ROLL CALL PRESENT: COUNCILMEMBERSI - BOARDMEMBERS: BRINLEY, METZE, SCHIFFNER, KELLEY ABSENT: COUNCILMEMBERSI BOARDMEMBERS: PAPE Also present were: City Manager/Executive Director Watenpaugh, Deputy City Attorney/Deputy Legal Counsel Mann, Assistant City Manager Best, Administrative Services Director Boone, Community Development Director Brady, Community Services Director Sapp and Deputy City Clerk Bryning. PUBLIC COMMENTS - AGENDIZED ITEMS There was one request to address Council/Redevelopment Agency/Public Finance Authority as follows: Chris Hyland, 15191 Wavecrest Drive questioned why this could not have been placed on the Agenda for the next City Council Meeting instead of having it on such short notice. MAYOR KELLEY NOTED THAT THE MEETING WOULD BE HEARD BY ALL THREE AGENCIES AT THE SAME TIME. MAYOR KELLEY PASSED THE GAVEL TO CHAIRWOMAN BRINLEY OF THE REDEVELOPMENT AGENCY/PUBLIC FINANCE AUTHORITY WHO CALLED THE MEETING OF THOSE AGENCIES TO ORDER. PAGE TWO - SPECIAL JOINT MINUTES - OCTOBER 14, 1999 BUSINESS ITEM 31. Bond Restructuring - 1999 Series C & D Bonds. City Manager/Executive Director Watenpaugh gave an overview of the project and explained that the action before Council/Agency/Authority is a bond restructuring. He further explained that the City attempted to do the restructuring eight months ago and it did not go through. He noted that the market was not conducive to restructuring at that time. He further noted that there was a window of opportunity at this time to restructure and the City's Financial Consultant felt that the City should move quickly to take advantage of the opportunity. He stressed that this is part of the Financial Plan. - Financial Advisor Gunn explained that the proposed action was is to authorize a refinancing and restructuring of existing debt. He noted that there was no new money being raised through the proposed issue. Councilwoman/Chairwoman Brinley asked that Mr. Gunn repeat his comments. Mr. Gunn repeated his comments. He noted that earlier this year the City/Agency/Authority had a refinancing that addressed some of the RDA's debt and had dramatic savings in excess of three- quarters of a million dollars a year. He noted that this financing was not as dramatic, however it would take care of several problems and provides the foundation for the RDA to move forward. He stated that he felt with the completion of this part of the financing plan, the RDA, for the first time in a number of years could set aside the past and begin to look forward to the future as the increment grows. He further stated that in a year or two the RDA would be in a position to do new capital projects rather than scrambling to payoff debt. Councilwoman/Chairwoman Brinley clarified Mr. Gunn's comments. Mr. Gunn stated that the reason that Council and the other agencies were being asked to look at this action was because there was an opportunity to market the bonds, and the action today was in anticipation that the bonds could be marketed; however there is a chance that they will not go forward. He stressed that this action was in anticipation of marketing the bonds. He noted that the action addresses two issues: 1) the refunding notes issued in 1993 that mature in 2 years in the amount of$3.3 million; and 2) the restructure of the Series B bond issue, because as it is currently structured there is not enough money to pay the debt service from RDA. He further explained that the current proposed Bond issues would refinance the Series B 1995 Bond. He gave an overview of the current Series B Bond and why it was to the City's advantage to restructure and noted that this is the best platform to move forward from in the future. Mr. Gunn explained that because of the unusual debt service on the 1995 Series B Bonds the additional cost to start fully amortizing the $3.3 million was not nearly what one would expect, and in some years the - - PAGE THREE - SPECIAL JOINT MINUTES - OCTOBER 14, 1999 debt service would even decrease from what it is now when $3.3 million is added on the original amount. He further explained that the maximum amount of payment would increase no more than $200,000 in some years and goes all the way up to a $90,000 savings from existing debt service. Councilwoman! Chairwoman Brinley questioned the payments. Mr. Gunn explained that it varies each year. Mr. Gunn explained that the Public Financing Authority was issuing a bond and it would be repaid to loans of each of the Redevelopment areas. He assured Council that there was no double issuance. Don Hunt, Bond Counsel explained that it is required that the City Council approve the current indebtedness of its Redevelopment Agency by resolution. He stressed that the City was not involved in the financing in any other way. He stated that the resolution was approval by the City of the ability of the Agency to enter into loan agreements so the financing could proceed. He explained each step that would have to be taken to implement the procedure and allow the marketing of the bonds. - Chris Hyland asked if Council had read and reviewed the documents presented. Mayor Pro Tem/Boardmember Metze stated that Council received the documents earlier and that the Council had made a review of the information. He noted the similarity of the loan documents for bonds and how familiar the Council is with these type of documents. City Treasurer Knapp asked what the face value of the Bonds was and what the interest rate was versus the existing debt. Mr. Gunn gave an overview of the amount outstanding and eXplained that the reason there is a Series C and D is because there is a small amount of the bonding that is taxable and that is Series D in the amount of $250,000 to follow IRS rules; and Series C is tax exempt. Mayor Pro TemlBoardmember Metze asked if this was one of the final steps of financing for the RDA. Mr. Gunn stated that it was and noted that a few years ago the Agency was not able to meet its debt so the City had to augment the Agency. As of this date the Agency was able to meet all of its outstanding debts and structured in such a way that the Agency should be able to move forward in a few short years. COUNCILMAN/BOARDMEMBER PAPE ARRIVED AT 4:55 P.M. Mayor/Boardmember Kelley asked for a review of the cost savings created by the proposed bonds. Mr. Gunn made review of the savings and noted the difference in the bond payments due to an uneven debt service schedule; as well as a Capital Bond which come due at one PAGE FOUR - SPECIAL JOINT MINUTES - OCTOBER 14, 1999 time in the amount of $3.3 million. He noted that the restructuring and refinancing would allow the payments to be spread out in an even manner and relieve the major payment due by creating a level base to work from. Daryl Hickman, 19 Corte Madera, questioned the final amount paid by the taxpayer. Mr. Gunn explained that paying for a bond issue was like paying for a house and much like paying for a 30 year mortgage, it will cost 3 to 3 1/2 times the original issued amount. City Manager/ Executive Director Watenpaugh further explained that the taxpayer was not directly paying for the bond, but rather the tax increment was paying for the bond debt. Mr. Gunn stated that the City is not raising new taxes to pay for the bond issue. Councilman!Boardmember Pape stated that the tax increment could only be used for paying off debt service and could not used for roads or public services. Councilman! Boardmember Schiffner stated that the tax increment couldn't be collected unless there was a debt service. Mr. Gunn concurred. - Mayor Pro TemIBoardmember Metze noted that the City had just completed an independent audit and suggested that if the candidates were interested they should contact the City Manager's Office for a copy. He stressed that the action today would be the final financial step that would have to be taken to firm the financial position of the RDA. He indicated the problems that the City/RDA had when Mr. Gunn was first hired, and now this action would place the RDA back on it's feet. - The City CouncillBoards asked that Mr. Gunn sum up where the City/Redevelopment Agency was when he was first hired. Mr. Gunn stated that in 1995 he was hired to address the fiscal problems with the RDA and started to restructure prior issuance of short-term notes incurred by a previous Council. He indicated that there were 4 or 5 outstanding debts or about to mature debts; and there was no visible means to pay, because revenues did not increase, but rather decreased. He stated that after four years this was the final step and the City/RDA would not have to go to the bond market again for restructuring. He stressed that this would only be RDA debt. Mayor/Boardmember Kelley noted how far the City and RDA had come in a very short period of time, which seemed like an eternity in the beginning. She stressed that the action being taken was to meet a window of opportunity to take the final step to resolve all the financial Issues. Mr. Gunn stated that the proposed action was to give permission to go forward with the marketing of the final bonds and was not yet a "done deal". PAGE FIVE - SPECIAL JOINT MINUTES - OCTOBER 14, 1999 Councilwoman/Chairwoman Brinley stated that a little over 4 years ago the RDA was a little over $900,000 in the red and through the efforts of Rod Gunn and Don Hunt's financial plan the RDA was now in the Black. She noted that they had promised that if Council/RDA followed their financial plan that the RDA would again be on sound footing and that promise had come true. She thanked them for all their guidance. City Manager/Executive Director Watenpaugh stated that there would be a press conference next Tuesday at City Hall. Dick Knapp, City Treasurer stated that in past years the General Fund has been loaning the RDA money to keep them afloat and wanted to know if the RDA would now begin to pay the funds back to the General Fund. Mr. Gunn stated that would be considered at the time the budget is considered and a decision can be made then. Mr. Knapp stated that this is a good opportunity to recover the funds and place them back in the General Fund for other uses. - Councilman/Boardmember Pape stated that 4 or 5 years ago there were not a lot of people that understood what was going on and Council took a lot of criticism for that, however with this action, all of the hard times are about to payoff. He noted that the City is in a much better position than it was a few years ago, because the Council was willing to make the hard decisions. Mayor Pro TemlBoardmember Metze stated that there has been a lot of talk in the community and asked how close the City was to bankruptcy at this time. Mr. Gunn stated that there was no way that the City would go under fiscally, given the City's current policy. Mayor Pro Tem/Boardmember Metze noted the type of work that Mr. Gunn does and he felt that the City did a smart thing in hiring Mr. Gunn. Mr. Gunn stated that the credit needs to go to the City Council. He noted that it had been very difficult to make the decisions that the Council had to make such as the closing of the parks. Councilwoman/Chairwoman Brinley gave an overview of the decision to close the parks and noted the difficulty of that decision. Councilman/Boardmember Schiffner asked how close the City was to bankruptcy four years ago. Mr. Gunn stated that there were four cities in the Riverside and San Bernardino County areas that he was told would probably go into bankruptcy and the City of Lake Elsinore was one of them, but now the City is sound and has recovered from that situation. PAGE SIX - SPECIAL JOINT MINUTES - OCTOBER 14, 1999 MayorlBoardmember Kelley noted the City Council has to take action on a resolution and called for a motion. MOVED BY SCHIFFNER, SECONDED BY BRINLEY AND CARRIED BY UNANIMOUS VOTE TO APPROVE RESOLUTION NO. 99-50 AS FOLLOWS: - RESOLUTION NO. 99-50 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE, TAKING CERTAIN ACTIONS IN CONNECTION WITH THE ISSUANCE OF LAKE ELSINORE PUBLIC FINANCING AUTHORITY TAX ALLOCATION REVENUE BONDS. Chairwoman/Councilwoman Brinley assumed the Chair as the Chairwoman of the Redevelopment Agency and called for a motion. MOVED BY P APE, SECONDED BY SCHIFFNER AND CARRIED BY UNANIMOUS VOTE TO APPROVE THE FOLLOWING: 2. Resolution of the Lake Elsinore Redevelopment Agency RESOLUTION NO. RDA 99-5 - A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE (THE "AGENCY") AUTHORIZING THE REFINANCING OF CERTAIN OBLIGATIONS OF THE AGENCY, AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE ISSUANCE OF LAKE ELSINORE PUBLIC FINANCING AUTHORITY TAX ALLOCATION REVENUE BONDS. 4. Purchase Contract 5. Continuing Disclosure Agreement 6. 1993 Series A Escrow Deposit and Trust Agreement 7. 1995 Series B Escrow Deposit and Trust Agreement 8. 1999 Series C Indenture of Trust 9. 1999 Series D (Taxable) Indenture of Trust 10. Project Area No. I Subordinate Loan Agreement 11. Project Area No. II Subordinate Loan Agreement 12. Project Area No. II Subordinate Taxable Loan Agreement 13. Project Area No. III Subordinate Loan Agreement 14. Housing Fund Subordinate Loan Agreement - PAGE SEVEN - SPECIAL JOINT MINUTES - OCTOBER 14, 1999 Chairwoman/Councilwoman Brinley assumed the Chair as the Chairwoman of the Lake Elsinore Public Finance Authority and called for a motion. MOVED BY METZE, SECONDED BY KELLEY AND CARRIED BY UNANIMOUS VOTE TO APPROVE THE FOLLOWING: 1. Resolution of the Lake Elsinore Public Finance Authority. RESOLUTION NO. PFA 99-3 A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF TAX ALLOCATION REVENUE BONDS OF SAID AUTHORITY, THE APPROVAL OF A PURCHASE CONTRACT FOR THE PURCHASE THEREOF AND THE TAKING OF CERTAIN OTHER ACTIONS IN CONNECTION WITH SUCH BONDS. - 4. Purchase Contract 5. Continuing Disclosure Agreement 6. 1993 Series A Escrow Deposit and Trust Agreement 7. 1995 Series B Escrow Deposit and Trust Agreement 8. 1999 Series C Indenture of Trust 9. 1999 Series D (Taxable) Indenture of Trust 10. Project Area No. I Subordinate Loan Agreement 11. Project Area No. II Subordinate Loan Agreement 12. Project Area No. II Subordinate Taxable Loan Agreement 13. Project Area No. III Subordinate Loan Agreement 14. Housing Fund Subordinate Loan Agreement CITY MANAGER COMMENTS None. CITY ATTORNEY COMMENTS None. COUNCIL COMMENTS Mayor/Boardmember Kelley thanked Mr. Gunn and Mr. Hunt on behalf of the staff, Council and community for all their guidance and encouragement. ADJOURNMENT MOVED BY BRINLEY, SECONDED BY METZE AND CARRIED BY UNANIMOUS VOTE TO ADJOURN THE JOINT SPECIAL MEETING AT 5:20 P.M. PAGE EIGHT - SPECIAL JOINT MINUTES - OCTOBER 14, 1999 ,~ ~/ / / {~~ub (&~ /~ NIE KELLEY, MAWR ITY OF LAKE ELSINORE Respectfully submitted, (jdJuL~ Adria L. Bryning, Depu - ~r~ST: ~~CITYCLERK CITY OF LAKE ELSINORE - MINUTES , - REGULAR PUBLIC FINANCE AUTHORITY CITY OF LAKE ELSINORE 183 NORTH MAIN STREET LAKE ELSINORE, CALIFORNIA TUESDAY, DECEMBER, 14, 1999 ****************************************************************** CALL TO ORDER The Regular Public Finance Authority Meeting was called to order by Chairman Schiffner at 7:55 p.m. ROLL CALL PRESENT: BOARDMEMBERS: BRINLEY, KELLEY SCHIFFNER, P APE ABSENT: BOARDMEMBERS: METZE - Also present were: Executive Director Watenpaugh, Assistant City Manager Best, Legal Counsel Leibold, Administrative Services Director Boone, Community Development Director Brady, Community Services Director Sapp, Police Chief Walsh, City Treasurer Ferro and Deputy City Clerk Bryning. PUBLIC COMMENTS - AGENDIZED ITEMS None. CONSENT CALENDAR MOVED BY P APE, SECONDED BY BRINLEY AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO APPROVE THE CONSENT CALENDAR AS PRESENTED. 1. The following Minutes were approved: a. The Regular Meeting of April 13, 1999. b. The Special Meeting of October 14, 1999. 2. Received and filed the Presentation of Fiscal Year 1998-99 Annual Audit and Financial Report. THE REGULAR PUBLIC FINANCE AUTHORITY MEETING WAS RECESSED AT 7:56 P.M. THE PUBLIC FINANCE AUTHORITY MEETING WAS RECONVENED AT 10:30 P.M. PAGE TWO - P.F.A. MINUTES - DECEMBER 14,1999 ADJOURNMENT THE REGULAR PUBLIC FINANCE AUTHORITY MEETING WAS DECLARED ADJOURNED AT 10:30 P.M. - 2. ROBERT SCHIFFNER, AIRMAN PUBLIC FINANCE AUTHORITY Respectfully submitted, {jj0~ ;(~ Adria L. Bryning, Deputy City CI~k - ATTEST: V~~~LERKOF THE BOARD PUBLIC FINANCE AUTHORITY - - MINUTES - REGULAR PUBLIC FINANCE AUTHORITY CITY OF LAKE ELSINORE 183 NORTH MAIN STREET LAKE ELSINORE, CALIFORNIA TUESDAY, DECEMBER, 14, 1999 ****************************************************************** CALL TO ORDER The Regular Public Finance Authority Meeting was called to order by Chairman Schiffner at 7:55 p.m. ROLL CALL PRESENT: BOARDMEMBERS: BRINLEY, KELLEY SCHIFFNER, P APE ABSENT: BOARDMEMBERS: METZE Also present were: Executive Director Watenpaugh, Assistant City Manager Best, Legal Counsel Leibold, Administrative Services Director Boone, Community Development Director Brady, Community Services Director Sapp, Police Chief Walsh, City Treasurer Ferro and Deputy City Clerk Bryning. PUBLIC COMMENTS - AGENDIZED ITEMS None. CONSENT CALENDAR MOVED BY P APE, SECONDED BY BRINLEY AND CARRIED BY UNANIMOUS VOTE OF THOSE PRESENT TO APPROVE THE CONSENT CALENDAR AS PRESENTED. 1. The following Minutes were approved: a. The Regular Meeting of April 13, 1999. (F:126.3) b. The Special Meeting of October 14, 1999. - 2. Received and filed the Presentation of Fiscal Year 1998-99 Annual Audit and Financial Report. (F:24.1) THE REGULAR PUBLIC FINANCE AUTHORITY MEETING WAS RECESSED AT 7:56 P.M. THE PUBLIC FINANCE AUTHORITY MEETING WAS RECONVENED AT 10:30 P.M. PAGE TWO - P.F.A. MINUTES - DECEMBER 14, 1999 ADJOURNMENT THE REGULAR PUBLIC FINANCE AUTHORITY MEETING WAS DECLARED ADJOURNED AT 10:30 P.M. \ I \ V ROBERT SCHIFFNER, C ~IRMAN PUBLIC FINANCE AUTHORITY 21 , - - -