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HomeMy WebLinkAboutPFA Reso No 1990 RESOLUTION NO. P.F.A. 90-1 A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY APPROVING DISTRIBUTION OF PRELIMINARY OFFICIAL STATEMENT RELATING TO APPROXIMATELY $55,000,000 1990 LOCAL AGENCY REVENUE BONDS, SERIES A AND APPROVING OTHER MATTERS PROPERLY RELATING THERETO. WHEREAS, the City of Lake Elsinore (the "City") and the Redevelopment Agency of the City of Lake Elsinore (the "Agency") have entered into a Joint Exercise of Powers Agreement (the "Agreement"), dated July 25, 1989, as amended, establishing the Lake Elsinore Public Financing Authority (the "Authority"); and WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act") and the Agreement, the Authority is authorized to purchase bonds issued by the City and the Agency for financing and refinancing public capital improvements, working capital, liability and other insurance needs, or projects whenever there are significant public benefits, as determined by the City or the Agency, as applicable; and WHEREAS, pursuant to the Act, the Authority proposes to issue for such purpose its approximately $55,000,000 principal amount of 1990 Local Obligation Revenue Bonds, Series A (the "Bonds"); and WHEREAS, the First California Capital Markets Group, Inc., as the underwriter of the Bonds (the "Underwriter") has caused to be prepared an Official Statement describing the Bonds and matters related thereto, the preliminary form of which is on file with the Secretary; and WHEREAS, the Authority, with the aid of its staff, has reviewed the preliminary Official Statement, and the transactions therein described and wishes at this time to .-"-- approve the preliminary Official statement in the public interests of the Authority, the City and the Agency. - NOW, THEREFORE, IT IS ORDERED by the Lake Elsinore Public Financing Authority as follows: Section 1. Preliminary Official Statement. The Authority hereby approves the preliminary Official Statement describing the Bonds and the other matters contained therein, in substantially the form submitted by the Underwriter and on file with the Secretary. The Authority further approves distribution of the preliminary Official Statement by the Underwriter to persons who may be interested in purchasing the Bonds, and, prior to the distribution of the preliminary Official Statement, the Chairman of the authority is authorized and directed, on behalf of the Issuer, to deem the preliminary Official Statement "final" pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Rule"). The form of the final Official Statement, which shall include such changes and additions thereto as shall be necessary to properly describe the Bonds and all matters relating to the Bonds, and such information permitted to be excluded from the preliminary Official Statement pursuant to the Rule shall be submitted to the Authority for approval and execution in the name and on behalf of the authority by the Chairman of the Authority. Section 2. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED this 24th day of April, 1990 by the following vote: - AYES: NOES: ABSENT: ABSTAIN: BOARDMEMBERS: BOARDMEMBERS: BOARDMEMBERS: BOARDMEMBERS: BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY NONE NONE NONE ~ ~dA~ IL ST KEY, CHAI ATTEST: ~---- RON MOLENDYK, S APPROVED AS TO FORM AND LEGALITY: - ..-.... PUBLIC FINANCING AUTHORITY RESOLUTION NO. 90- 2 - RESOLurION OF TaE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF LOCAL AGENCY REVENUE BONDS, SERIES A, IN THE AGGREGATE PRINCIPAL OF NOT TO EXCEED $55,000,000, APPROVING INDENTURE OF TRUST AND OFFICIAL STATEMENT, AUTHOIDZlNG SALE OF SUCH BONDS, AlITHORIZING THE EXECUTION OF AGREEMENTS Fon THE PURCHASE OF LOCAL OBLIGATIONS OF THE CITY AND THE REDEVELOPMENT AGENCY AND PROVIDING OTHER MAITERS PROPERLY RELATING THERETO WHEREAS, the City of Lake Elsinore (the "City") and the Lake. Elsinore Redevelopment Agency (the" Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the Lake Elsinore Public Financing Authority (the "Authority") for the purpose of issuing its bonds to be used to provide financing for capital improvements of the City and the Agency, and any other member entities which may be approved by the City and the Agency as members of the Authority; WHEREAS, the Authority has for such purpose heretofore authorized the issuance of bonds pursuant to an Indenture of Trust (the "Master Indenture"), dated as of February 1, 1990, by and between the Authority and The Bank of New York Trust Company of California (the "Trustee") in the maximum principal amount of not to exceed $500,000,000 (the "Bonds"), the Bonds to be issued in series from time to time pursuant to supplemental indentures entered into by and between the Authority and Trustee; - WHEREAS, the Authority now proposes to enter into such a supplemental indenture (the "First Supplemental Indenture"), dated as of May 1, 1990, to provide for the issuance of not to exceed $55,000,000 principal amount of 1990 Local Obligation Hevellue Bonds, Series A (the "Series A Bonds"); WHEREAS, the Bonds, including the Series A Bonds, are to be issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985, (the "Act") constituting Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California; and WHEREAS, First California Capital Markets Group, Inc., as underwriter of the Bonds (the "Underwriter") has submitted a form of an offer to purchase the Series A Bonds (the Purchase Agreement) and has caused to be prepared an Official Statement describing the Series A Bonds (the preliminary form of which was approved by the Authority at its meeting on April 24, 1990); WHEREAS, the Authority will use proceeds of the Series ~ Bonds to purchase local obligations of the City and the Agency pursuant to COmDlltment contracts (the "Commitment ContractsW) to be entered between the Authority and City and the Agency, respectively, the Commitment Contracts to be in substance as required by the Authority's Program Rules and Regulations, adopted November 28, 1989, pursuant to Resolution No. 89-4, and in form on file with the Secretary of the Authority; ..--... WHEREAS, the Board of Directors of the Authority, with the aid of its staff, has reviewed the forms of the Indenture, the Purchase Agreement, the Commitment Contact and the Official Statement and approves all of said transactions in the public interests for which the Authority has been established; NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Lake Elsinore Public Financing Authority as follows: Section 1. Findings and Determinations. Pursuant to the Act the Board hereby finds and determines that tho issuance of the Series A Bonds will result in savings in effective interest rates, bond underwriting and bond issuance costs and thereby results in significant public benefits to the City and the Agency within the contemplation of Section 6586 of tho Act. ' . Section 2. Issuance of Serles A Bonds; Approval of Indenture. The Board hereby authorizes the issuance of the Series A Bonds under and pursuant to the Act and the Master Indenture, in the aggregate principal amount of not to exceed $55000000 under and pursuant to the First Supplemental Indenture in substantially the fo~ o~ fil~ with the Secretary together with any changes therein or additions thereto deemed advisable by the Chairman, whose execution thereof shall be conclusive evidence of his consent to such changes or additions. The Chairman is hereby authorized and directed to execute, and the Secretary is hereby authorized and directed to attest the First . , Supplemental Indenture for and in the name of the Authority. Section 3. Sale of Series A Bonds. The Board hereby approves the sale of the Series A Bonds to the Underwriter, pursuant to the Purchase Agreement by and between the Authority and the Underwriter, in substantially the form on file with the Secretary together with any changes therein or additions thereto approved by the Chairman, who shall execute and deliver the Purchase Agreement in the name and on behalf of the Authority and whose execution thereof shall be conclusive evidence of approval of any such additions and changes; provided that the purchase price received by the Authority for the Series A Bonds shall be not less than ninety-seven percent (97%) of the par amount thereof, exclusive of original issue discount, and the average annual stated interest rate to be borne by the Series A Bonds shall not exceed eight and one-half percent (8.50) per annum.. Section 4. Official Statement. The Board hereby approves and authorizes tho distribution of the fInal Official Statement by the Underwriter. The Chairman is hereby authorized and directed to approve any changes in or additions to a final form of said Official Statement approved by the Chairman, whose execution thereof shall be conclusive evidence of approval of any such changes and additions. The final Official Statement shall be executed in the name and on behalf of the Authority by the Chairman, who is hereby authorized and directed to execute the fInal Official Statement on behalf of the Authority. Section 5. Purchase of Local Obligations of the City and the Agency. The Board hereby approves the purchase of local obligations of tho City and the Authority pursuant to the Commitment Contracts in substantially the form on file with the Secretary together with any changes therein or additions thereto approved by the Chairman, who shall execute and deliver tho Commitment Contracts in tho name and on behalf of the Authority and whose execution thereof shall be conclusive evidence of approval of any such additions and changes. Section 6. Official Action. The Chairman, the Vice-Chairman, the Treasurer, the Secretary, and any and all other officers of the Authority are hereby autho~zed and directed for and in the name and on behalf of the Authority, to do any and all things and take an~ and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, including, without limitation, agreements for the investment of the proceeds and revenues of tho Series A Bonds, notices, consents, instruments of conveyance, warrants and other documents, which the!, or any of them, may deem necessary or advisable in order to consummate the lawful Issuance, sale and delivery of the Series A Bonds as described herein. Section 7. Effective Date. This Resolution shall take effect from and after its passage and adoption. PASSED AND ADOPTED this 8th day of May, 1990. A~S: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY, WINKLER NOES: COUNC I LMEMB ERS: NON E ABSENT: COUNCILMEMBERS: WASHBURN ABSTAIN: COUNCILMEMBERS: NONE ,-",---<: . Bil(;~~~~~dr Lake Elsinore Public Finan g Authority [8 E A L] Attest: Ron r~o 1 endyk, I Secret~ry .of th~ . Lake Elsino e Public Fmancmg Authonty ~ PUBLIC FINANCING AUTHORITY RESOLUTION NO. 90-~ A RESOLUTION OF LAKE ELSINORE PUBLIC FINANCING AUTHORITY AUTHORIZING INVESTMENT OF MONIES IN THE lOCAL AGENCY INVESTMENT FUND THE lAKE ELSINORE PUBLIC FINANCING AUTHORITY DOES HEREBY RESOLVE AND ORDER AS FOllOWS: SECTION 1: The name and address of the applying agency is: lake ~ Elsinore Public Financing Authority, a Non-Profit Corporation, 130 South Main Street, lake Elsinore, California 92330. SECTION 2: lake Elsinore Public Financing Authority does hereby authorize the deposit and withdrawal of 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 stated therein. SECTION 3: The folloWing lake Elsinore Public Financing Authority officers or their successors in office shall be authorized to order the deposit or withdrawal of monies in the local Agency Investment Fund: Executive Director Administrative Services Director Finance Manager Accountant II Accountant I SECTION 4: The Secretary of the lake Elsinore Public Financing Authority shall certify to the adoption of this resolution and file the same with the State Treasurer. - PASSED, APPROVED AND ADOPTED thi s 12th day of June following vote. , 1990, by the AYES: BOARDMEMBERS: BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTAIN: BOARDMEMBERS: NONE // - NCING AUTHORITY ATTEST: ".=:- APPROVED AS TO FORM AND LEGALITY: STATE OF CALIFORNIA COUNTY OF RIVERSIDE SS: CITY OF LAKE ELSINORE - I, vicki Lynne 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 Authority on the 12th day of June, 1990, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ( I ~~" ~' ," !\~' . . i "\ , ... 'w\...L- "- VICKI LYNN KAS D, ITY CLERK CITY OF LA ELSINORE ( SEAL) STATE OF CALIFORNIA COUNTY OF RIVERSIDE SS: CITY OF LAKE ELSINORE I, Vicki Lynne 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. PFA 90-3 of said Authority, and that the same has not been amended or repealed. .-.... DATED: June 13, 1990 ( r ~ \,. '~. ,I~) . I" i :1~~(I.~.., CK~LYNNJ(~~SAD, CITY CLERK CITY OF LA~ ELSINORE (SEAL) PFA RESOLUTION NO. 90- 4 RESOLUfION OF THE LAKE ELSINORE PUBLlC FINANCING AUTHORITY AUl'HORIZING THE ISSUANCE OF 1990 LOCAL AGENCY REVENUE BONDS, SERIES B, IN THE AGGREGATE PRINCIPAL OF NOT TO EXCEED $35,000,000, APPROVING INDENTURE OF TRUST AND OFFICIAL STATEMENT, AUTHORIZING SALE OF SUCH BONDS, AUl'HORIZING THE EXECUfION OF AN AGREEMENT FOR TIIE PURCHASE OF LOCAL OBLIGATIONS OF THE _ REDEVELOPMENT AGENCY AND THE AGENCY PLEDGE AGREEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO 1990 LOCAL OBLIGATION BONDS, SERIES B WH EREAS, the City of Lake Elsinore (the "City") and the Lake Elsinore Redevelopment Agency (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the Lake Elsinore Public Financing Authority (the "Authority") for the purpose of issuing its bonds to be used to provide financing for capital improvements of the City and the Agency, and any other member entities which may be approved by the City and the Agency as members of the Authority; WHEREAS, the Authority has for such purpose heretofore authorized the issuance of bonds pursuant to an Indenture of Trust (the "Master Indenture"), dated as of February 1, 1990, by and between the Authority and The Bank of New York Trust Company of California (the "Trustee") in the maximum principal amount of not to exceed $500,000,000 (the "Bonds"), the Bonds to be issued in series from time to time pursuant to supplemental indentures entered into by and between the Authority and Trustee; - WHEREAS, the Authority now proposes to enter into such a supplemental indenture (the "Second Supplemental Indenture"), dated as of November 1, 1990, to provide for the issuance of not to exceed $35,000,000 principal amount of 1990 Local Obligation Revenue Bonds, Series B (the "Series B Bonds"); WHEREAS, the Bonds, including the Series B Bonds, are to be issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985, (the "Act") constituting Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California; WHEREAS, First California Capital Markets Group, Inc., as underwriter of the Series B Bonds (the "Underwriter") has submitted a form of an offer to purchase the Series B Bonds (the Purchase Agreement) and has caused to be prepared an Official Statement describing the Series B Bonds (the preliminary form of which is on file with the Secretary); WHEREAS, the Authority intends to use proceeds of the Series B Bonds to purchase local obligations of the Agency pursuant to a Commitment Agreement and Purchase Contract (the "Commitment Agreement and Purchase Contract") to be entered into between the Authority and the Agency, the Commitment Agreement and Purchase Contract being entered into by the Authority pursuant to the Master Indenture and the Authority's Program Rules and Regulations, adopted pursuant to Resolution No. 89-4, and being in form on file with the Secretary of the Authority; ,.-... WHEREAS, the proceeds of the Agency's local obligations will be used to fmance public capital improvements within the Agency's Rancho Laguna Redevelopment Project Area No. II and, in consideration of the Authority's purchase of such local obligations, the Agency is willing to agree to pay certain costs of issuance of the Series B Bonds, as provided in the Commitment Agreement and Purchase Contract; - - ..-.. WHEREAS, such public capital improvements have been determined by the Age,ncy and the. City to be of benefit to the Project Area and to assist the Authority in sellmg the SerIes B Bonds, the Agency has agreed to pledge certain tax increment revenues to the repayment of the local obligations issued to finance such public capital improvements, all as provided in the Agency Pledge Agreement in form on file with the Secretary of the Authority; and WHEREAS, the Board of Directors of the Authority, with the aid of its staff, has reviewed the forms of the Second Supplemental Indenture, the Commitment Agreement and Purchase Contract, the Agency Pledge Agreement and the Official Statement and approves all of said agreements and transactions in the public interests for which the Authority has been established; NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Lake Elsinore Public Financing Authority as follows: Section 1. Findings and Determinations. Pursuant to the Act, the Board hereby finds and determines that the issuance of the Series B Bonds will result in savings in effective interest rates, bond underwriting and bond issuance costs and thereby results in significant public benefits to the Agency, within the contemplation of Section 6586 of the Act. Section 2. Issuance of Series B Bonds; Approval of Second Supplemental Indenture. The BQard hereby authorizes the issuance of the Series B Bonds under the authority of the Act and the Master Indenture, in the aggregate principal amount of not to exceed $35,000,000, pursuant to the Second Supplemental Indenture in substantially the form on file with the Secretary, together with any changes therein or additions thereto deemed advisable by the Chairman, whose execution thereof shall be conclusive evidence of his consent to such changes or additions. The Chairman is hereby authorized and directed to execute and deliver, and the Secretary is hereby authorized and directed to attest, the Second Supplemental Indenture for and in the name of the Authority. Section 3. Sale of Series B Bonds. The Board hereby approves the sale of the Series B Bonds to the Underwriter, pursuant to the Purchase Agreement by and between the Authority and the Underwriter, in substantially the form on file with the Secretary, together with any changes therein or additions thereto approved by the Chairman, who shall execute and deliver the Purchase Agreement in the name and on behalf of the Authority and whose execution thereof shall be conclusive evidence of approval of any such additions and changes; provided that the purchase price received by the Authority for the Series B Bonds shall be not less than ninety-seven percent (97%) of the par amount thereof, exclusive of original issue discount, and the average annual stated interest rate to be borne by the Series B Bonds shall not exceed nine percent (9.00%) per annum. Section 4. Official Statement. The Authority approves distribution of the preliminary Official Statement by the Underwriter to persons who may be interested in purchasing the Bonds, and, upon request of the Underwriter, the Chairman of the Authority is authorized and directed, on behalf of the Authority, to deem the preliminary Official Statement "final" pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Rule"). The form of the final Official Statement shall include such information permitted to be excluded from the preliminary Official Statement pursuant to the Rule. The Board hereby approves and authorizes the distribution of the final Official Statement by the Underwriter. The Chairman is hereby authorized and directed to approve any changes)n or additions to a final form of said Official Statement approved by the Chairman, whose execution thereof shall be conclusive evidence of approval of any such changes and additions. The final Official Statement shall be executed in the name and on behalf of tbe Authority by the Chairman, who is hereby authorized and directed to execute the final Official Statement on bebalf of the Authority. Section 5. Purchase of Local Obligations of the Agency. The Board hereby approves the purchase of local obligations of the Agency pursuant to the Commitment Agreement and Purchase Contract in substantially the form on file with the Secretary, together with any changes therein or additions thereto approved by the Chairman, who shall execute and deliver the Commitment Agreement and Purchase Contract in the name and on behalf of the Authority and whose execution thereof shall be conclusive evidence of approval of any such additions and changes. - Section 6. Approval of Agency Pledge Agreement. The Authority hereby approves the execution of the Agency Pledge Agreement and the Chairman of the Authority is hereby authorized and directed, for and on behalf of the Authority to execute and deliver the Agency Pledge Agreement. Approval of any additions to or changes in the form of the Afency Pledge Agreement on file with the Secretary of the Authority, as deemed appropriate by the Chairman of the Authority, shall be conclusively evidenced by execution and delivery of the Agency Pledge Agreement. Section 7. Official Action. The Chairman, the Vice-Chairman, the Treasurer, the Secretary, and any and all other officers of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, including, without limitation, requisitions for the payment of costs of issuance of the Series B Bonds, agreements, including, without limitation, agreements for the investment of the proceeds and revenues of the Series B Bonds, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance, sale and delivery of the Series B Bonds to the Underwriter as described herein. - Section 8. Effective Date. This Resolution shall take effect from and after its passage and adoption. PASSED AND ADOPTED this 13th day of November, 1990. AYES: BOARDMEMBERS: BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY NOES: BOARDMEMBERS: NONE ABSENT: ABSTAIN: BOARDMEMBERS: BOARDMEMBERS: NONE NONE J ....... [8 E A L] Attest: Secretary of th Lake Elsinore Finan ng Authority STATE OF CALIFORNIA COUNTY OF RIVERSIDE SS: CITY OF LAKE ELSINORE I, vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, - DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Public Financing Authority of the City of Lake Elsinore at a regular meeting of said Agency on the 13th day of November, 1990, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: DOMINGUEZ, STARKEY, WASHBURN WINKLER, BUCK NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE i , i 0JtLl~1~L CLERK CITY OF LA~E ELSINORE - ( SEAL) STATE OF CALIFORNIA COUNTY OF RIVERSIDE SS: CITY OF LAKE ELSINORE I, vicki Lynne 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. PFA 90-4 of said Agency, and that the same has not been amended or repealed. - D~TED: November 28, 1990 I (j\ (\ ~). (\ / { '6,-~W,-, 0-c.~. \.-.. (/ [CA..lUtd vICKI LYNN KASAD, CITY CLERK CITY OF LA' ELSINORE ( SEAL) PFA RESOLUTION NO. 90- 5 ,- RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AUI'HORIZING THE ISSUANCE OF 1990 LOCAL AGENCY REVENUE BONDS, SERIES B, IN THE AGGREGATE PRINCIPAL OF NOT TO EXCEED $35,000,000, APPROVING INDENTURE OF TRUST AND OFFICIAL STATEMENT, AUTIIORIZING SALE OF SUCH BONDS, AUI'HORIZING THE EXECUTION OF AN AGREEMENT FOR THE PURCHASE OF LOCAL OBLIGATIONS OF THE REDEVELOPMENT AGENCY AND THE AGENCY PLEDGE AGREEMENT AND PROVIDING O'I1IER MATfERS PROPERLY RELATING THERETO 1990 LOCAL OBLIGATION BONDS, SERIES B WHEREAS, the City of Lake Elsinore (the "City") and the Lake Elsinore Redevelopment Agency (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the Lake Elsinore Public Financing Authority (the "Authority") for the purpose of issuing its bonds to be used to provide financing for capital improvements of the City and the Agency, and any other member entities which may be approved by the City and the Agency as members of the Authority; WHEREAS, the Authority has for such purpose heretofore authorized the issuance of bonds pursuant to an Indenture of Trust (the "Master Indenture"), dated as of February I, 1990, by and between the Authority and The Bank of New York Trust Company of California (the "Trustee") in the maximum principal amount of not to exceed $500,000,000 (the "Bonds"), the Bonds to be issued in series from time to time pursuant to supplemental indentures entered into by and between the Authority and Trustee; - WHEREAS, the Authority now proposes to enter into such a supplemental indenture (the "Second Supplemental Indenture"), dated as of November I, 1990, to provide for the issuance of not to exceed $35,000,000 principal amount of 1990 Local Obligation Revenue Bonds, Series B (the "Series B Bonds"); WHEREAS, the Bonds, including the Series B Bonds, are to be issued pursuant to the Marks-Roos Local Bond Pooling Act of 1985, (the "Act") constituting Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California; WHEREAS, First naJifornia Capital Markets Group, Inc., as underwriter of the Series B Bonds (the "Underwriter") has submitted a form of an offer to purchase the Series B Bonds (the Purchase Agreement) and has caused to be prepared an Official Statement describing the Series B Bonds (the preliminary form of which is on file with the Secretary); ,..... WHEREAS, the Authority intends to use proceeds of the Series B Bonds to purchase local obligations of the Agency pursuant to a Commitment Agreement and Purchase Contract (the "Commitment Agreement and Purchase Contract") to be entered into between the Authority and the Agency, the Commitment Agreement and Purchase Contract being entered into by the Authority pursuant to the Master Indenture and the Authority's Program Rules and Regulations, adopted pursuant to Resolution No. 89-4, and being in form on file with the Secretary of the Authority; WHEREAS, the proceeds of the Agency's local obligations will be used to finance public capital improvements within the Agency's Rancho Laguna Redevelopment Project Area No. II and, in consideration of the Authority's purchase of such local obligations, the Agency is willing to agree to pay certain costs of issuance of the Series B Bonds, as provided in the Commitment Agreement and Purchase Contract; 'i WHEREAS, such public capital improvements have been determined by the Agency and the City to be of benefit to the Project Area and to assist the Authority in selling the Series B Bonds, the Agency has agreed to pledge certain tax increment revenues to the repayment of the local obligations issued to finance such public capital improvements, all as provided in the Agency Pledge Agreement in form on file with the Secretary of the Authority; and - WHEREAS, the Board of Directors of the Authority, with the aid of its staff, has reviewed the forms of the Second Supplemental Indenture, the Commitment Agreement and Purchase Contract, the Agency Pledge Agreement and the Official Statement and approves all of said agreements and transactions in the public interests for which the Authority has been established; NOW, TIIEREFORE, BE IT RESOLVED by the Board of Directors of the Lake Elsinore Public Financing Authority as follows: Section 1. Findings and Determinations. Pursuant to the Act, the Board hereby finds and determines that the issuance of the Series B Bonds will result in savings in effective interest rates, bond underwriting and bond issuance costs and thereby results in significant public benefits to the Agency, within the contemplation of Section 6586 of the Act. - Section 2. Issuance of Series B Bonds; Approval of Second Supplemental Indenture. The Board hereby authorizes the issuance of the Series B Bonds under the authority of the Act and the Master Indenture, in the aggregate principal amount of not to exceed $35,000,000, pursuant to the Second Supplemental Indenture in substantially the form on file with the Secretary, to:;ether with any changes therein or additions thereto deemed advisable by the Chairman, whose execution thereof shall be conclusive evidence of his consent to such changes or additions. The Chairman is hereby authorized and directed to execute and deliver, and the Secretary is hereby authorized and directed to attest, the Second Supplemental Indenture for and in the name of the Authority. Section 3. Sale of Series B Bonds. The Board hereby approves the sale of the Series B Bonds to the Underwriter, pursuant to the Purchase Agreement by and between the Authority and the Underwriter, in substantially the form on file with the Secretary, together with any changes therein or additions thereto approved by the Chairman, who shall execute and deliver the Purchase Agreement in the name and on behalf of the Authority and whose execution thereof shall be conclusive evidence of approval of any such additions and changes; provided that the purchase price received by the Authority for the Series B Bonds shall be not less than ninety-seven percent (97%) of the par amount thereof, exclusive of original issue discount, and the average annual stated interest rate to be borne by the Series B Bonds shall not exceed nine percent (9.00%) per annum. Section 4. Official Statement. The Authority approves distribution of the preliminary Official Statement by the Underwriter to persons who may be interested in purchasing the Bonds, and, upon request of the Underwriter, the Chairman of the Authority is authorized and directed, on behalf of the Authority, to deem the preliminary Official Statement "final" pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Rule"). The form of the final Official Statement shall include such information permitted to be excluded from the preliminary Official Statement pursuant to the Rule. The Board hereby approves and authorizes the distribution of the final Official Statement ",..... by the Underwriter. The Chairman is hereby authorized and directed to approve any changes in or additions to a final form of said Official Statement approved by the Chairman, whose execution thereof shall be conclusive evidence of approval of any such changes and additions. The final Official Statement shall be executed in the name and on behalf of the Authority by the Chairman, who is hereby authorized and directed to execute the final Official Statement on behalf of the Authority. , Section 5. Purchase of Local Obligations of the Agency. The Board hereby approves the purchase of local obligations of the Agency pursuant to the Commitment Agreement and Purchase Contract in substantially the form on file with the Secretary, together with any changes therein or additions thereto approved by the Chairman, who shall execute and deliver the Commitment Agreement and Purchase Contract in the name and on behalf of the Authority and whose execution thereof shall be conclusive evidence of approval of any such additions and changes. - Section 6. Approval of Agency Pledge Agreement. The Authority hereby approves the execution of the Agency Pledge Agreement and the Chairman of the Authority is hereby authorized and directed, for and on behalf of the Authority to execute and deliver the Agency Pledge Agreement. Approval of any additions to or changes in the form of the Agency Pledge Agreement on file with the Secretary of the Authority, as deemed appropriate by the Chairman of the Authority, shall be conclusively evidenced by execution and delivery of the Agency Pledge Agreement. Section 7. Official Action. The Chairman, the Vice-Chairman, the Treasurer, the Secretary, and any and all other officers of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, including, without limitation, requisitions for the payment of costs of issuance of the Series B Bonds, agreements, including, without limitation, agreements for the investment of the proceeds and revenues of the Series B Bonds, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance, sale and delivery of the Series B Bonds to the Underwriter as described herein. Section 8. Effective Date. This Resolution shall take effect from and after its passage and adoption. - PASSED AND ADOPTED this 27thJay of November, 1990. AYES: BOARD~1EMBERS : BUCK, DOMINGUEZ, WASHBURN, WINKLER NONE NOES: BOARDMmBERS: ABSENT: BOARD~1EMBERS : STARKEY ABSTAIN: BOARDMEMBERS: NONE [S E A L] Attest: .... .. STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) - I, vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Public Financing Authority of the City of Lake Elsinore at a regular meeting of said Agency on the 27th day of November, 1990, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: DOMINGUEZ, WASHBURN, WINKLER, BUCK NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: STARKEY ~BSTAIN: COUNCILMEMBERS: NONE rj "" ,ny' J '. .. \'\"\ vt6kti~E-~~~~i:TY CLERK CITY OF ~KE ELSINORE - (SEAL) STATE OF CALIFORNIA COUNTY OF RIVERSIDE SS: CITY OF LAKE ELSINORE I, Vicki Lynne 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. PFA 90-5 of said Agency, and that the same has not been amended or repealed. - D~TED: November 28, 1990 ( \ t., -J (\ (, \ - \ - \ \ 0~~~" ~).. ''V'",,,;:..._ ._.(~.c) VICKI LYN. KASAD, CITY CLERK CITY OF LA E ELSINORE ( SEAL)