HomeMy WebLinkAboutPFA Reso No 1991
RESOLUTION NO. PFA 91-1
A RESOLUTION OF THE PUBLIC FINANCE
AUTHORITY OF THE CITY OF lAKE ELSINORE
DESIGNATING A TREASURER.
WHEREAS, it is necessary that City staff on behalf of
the Public Finance Authority execute certain documents related
to ongoing and future bond issues; and
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WHEREAS, the formation documents related to said
Public Finance Authority merely callout that said duties be
performed by City staff; and
WHEREAS, the Public Finance Authority desires to
designate an individual to perform Treasurer duties for said
Authority, specifically related to ongoing and future bond
issues.
NOW, THEREFORE, BE IT RESOLVED AS FOllOWS:
1. That the foregoing recitals are true and correct.
2. Ray Wood is hereby designated as Treasurer for
the Public Finance Authority for the purpose
of executing documents related to ongoing and
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future bond issues.
PASSED, APPROVED AND ADOPTED this 22nd day of
January, 1991, upon the following vote:
AYES: BOARDMEMBERS: BUCK, DOMINGUEZ, WASHBURN, WINKLER,
STARKEY
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
ABSTENTION: BOARDMEMBERS: NONE
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ATTEST:
. . 7\: t~~ )LJ
..V'Tcki Kasad, Clerk of the Board
APF~OVED AS TO FORM AND lEGALITY:
el
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
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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 22nd day of January, 1991,
and that it was so adopted by the following vote:
AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, WASHBURN,
WINKLER, STARKEY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
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ABSTAIN: COUNCILMEMBERS: NONE
~~r~{TY CLERK
CITY OF LAYE 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 91-1 of said Agency, and that
the same has not been amended or repealed.
DATED: January 22, 1991
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( ~ J
2)~~~ .i,~ '.
VICK~LYN KA~ITY
CITY OF LAKE ELSINORE
CLERK
(SEl>~L). -
RESOLUTION NO. PFA 91-2
IU~SOLUTION OF Tnl~ LAI{I~ ELSINORE PUBLIC FINANCING AUTHORITY
AUTHORIZING TilE ISSUANCE OF Hmo LOCAL AGI~NCY REVENUE BONDS,
SEIUI':S C, IN TilE AGGHJ':GATE PRINCIPAL OF NOT TO I~XCEED $10,000,000,
AND APPltOVING INDI~NTUHE OF TIUJST WITII U.I~SPECT TIIEltETO,
AUTIIOHIZING IN ItEM VALIDATION PltOCI';I':IHNGS AND PltOVIDING
()TIII':tc. MA'ITI';W-i 1 ~IU)l ~Jt:IU ,y B.J<:I.A'I'IN(; 'I'III':H.I<:'I'O
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Hmo LOCAL AGlt;NCY llEVENUl!: nONDS, SEllIES C
WI//!,'/l.I!,'A.'-,', the City or Lake J';lsillore (t1w "City") and the Lake Elsinore
H(~d(~vdopIIIPnl. A'~(~lIcy (t.Iw "A'~I!II(:'y") h;lv(~ h(~J"(d.oroJ"(~ (~nl.llred inl.o a ,Joinl. gxercise of
I'ow(~n; A'~I'f~(~lIIlllll. l~dahli~;hill': 1.111' I ,:du' 1';I:;inol"l~ J'lIhlie Il'inancilll~ Aul.hol'il.y (I.he
"All thori I.y") fiH' t.he pu rpo!-;e or i!-;!-;u i ng i t.s honds 1.0 he used t.o provide financing for public
capital irnprOVl'IIIl~ltl.l; or 1.I1ll Cil.y and t.Iw A'~(~IICY, :IIHI allY ot.her' member entities which
lIIay 11f) approv(!d hy \.Ill! (;il..Y alld t.J1l~ A'~(!II(:'y as 1I1l'Il1IH!I'S or l.Iw Authorit.y;
WllEllEAS, the Authority has for such purpose heretofore authorized the
iSSlwnce or "olldl; pursllallt 1.0 all IlIdentul"l! or Tru:,1. (I.he "Maste" Indenture"), datcd as
of Ji'r.hruary I, wn J, hy and hetween t1w Authorit.y and The Bank of New York Trust
Company of C;llifornia (t.he "Tru11t.ee") in t1w maximum principal amount. of not to
exccmJ $!)()O,O()(),()()() (I.Iw "BOllds"), t.he Bonds 1.0 he i~;!-;ued in !-;crie!-; from time to time
pursuant. t.o su"plell)(~nt.al indent.url~s (lllterlld int.o hy and between the Authority and
Trust.()e;
WIIEIlEAS, t.he Bonds arc 1,0 be issued Jlursuant to the Marks-Roos Local Bond
Pooling Act. or IHHf" (I.h~~ "IlOlH\ Law") ~:om;t.il.utillg A,'tiell) ,I (commencing with Section
fiGH'.) or <;h:lpt.l'r r, or I)ivi:;ioll 7 orTit.1f' lor l.Ilf' (;ov.'nlll\(~II1. (;O(lll ort.he Sl.al.ll o[California;
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WIlEIlEA.~', the Authorit.y now 1)J'opo!-;es to i1111ue a third series of the Bonds
plln;II:l1I1. 1.0 ;1 :;lIppJ.~IIIPIII.:d illd(llll.lll'l' (l.Ilf' "Third SlIpplellll~nl.:d Indenture"), dated as of
,Jan\l;II'y J, 1!1D I, t.o provide fill' 1.I1l~ 1:;:;II;IIIU' or 11\)1. 1.0 (~xu'cd :j; 10,000,000 principal amount,
or In!)() Locall\'~I~IIC'y H.(~V(ln\ll~ Bollds, Sllri('~; (: (t.he "Series C Bonds");
WIIEIlEAS, t.he Authorit.y illtends to use procecd11 or the Series C Bonds to
purchmH! t.ax allocation honds or the Agpncy (t.Iw "Agency Bonds"), to be issued by the
A,{ency 1.0 f'in;lnC(l Puhlic C;lpital JlIlprovPlIlcIIL:;, within or or henefit to the Agency's
Hancho f,;I/{llll;1 H.I~dl~v()lo"mpnL Pro.il~ct. ArI~a~; Nm;, I, II and Ill;
WIIE/utAS, Uw Authority on November 2H,~lmm, adopted its Rcsolution No. PFA
HH.4 ()stal1lishing rul(~s and rpgulat.ions 1'01' its progl\ulI 01" providing financing for such
Puhlic Capil.al IlIIprovllrn(~nl.r;;
WIlEllEAS, one such nile and J'cgulat.ion pl'Ovides l.1wt t.ho Authority shall requirc
that t1Hl AgI!l1cy BOllds IWilr all annual intlll'llst ratl) in excess of the annual intcrest rate
Iwnw hy l.IHl Sl~ril!~; C Bonds, the purpOiip or such illt.erel;t rat.e differential being to
gelwral.e funds 1.0 1.I\(~ Aut.hority (i) to aSI;ist. ill llJ()dilll~ ddlciellcil~:i in amounts payable by
t.Il1~ Alll.llOrit.y wit.h n!~;pl~Ct. t,o ol.he'l' :;(~I'i(~:; or 110Ild:; i:;:;II(~d PIII':;\lan\. \.0 tlw Ma:;\.(H'
'lIdelll.\lI'l', ill('llIdilll~, willlO\ll lillliLlfioll, 'h(' l\lIt1lol'il.y':; olll.:il.;lIldillg IHHO Local Agency
H(~venlle I 10Ilcl~;, ~jc~rics A alld Sl~l'if':; I I :11111 (Ii) 1.0 a:;:;i:;I. LlJ() Agl~IICY and tlw City in the
f1n:IIH:inJ{ "f' ;1l/c1il.ioll;d I'ublic (;;'pit;d 1/Il"rOVI~II"~IlI.!;:
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WIIIUU~A..", t.he Calirorllia Legislat.ul'e has by :111 amendment of Section 6G88(v) of
t.\w Bond Law, effCCtiVll ,Jan\lary I, 1 !)!Il (l.IH~ "A/Ilendmenl."), I'llli\.ricl.ed the amount. of the
inl.l!I'l~I;l. r:If(. dini'f'l'IIl.i:d IWI'llIit.I,f'c1 with 1'1':;1"'('1 1.0 loc;d ohlil~;".ioll~; :\(;qllil'l~d \llIdm' I.Iw
Bond Lilw;
WlllalEAS, pursuant to Re!-;olut.ioll No. I'I.'A 8H-4 the Authority intends to requirc
:In int.erest r"tr~ difl(ll'l!nt.ial with resped 1.0 Lllll ^1~ll/lC'y Bonds in (lXces!-; of that ]leI"mitted
hy t.Iw AlllendIlHmt.;
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WHEREAS, the Superior Court of the State of California in and for the County of
Riverside (the "Superior Court") entered its judgment on March 3, 1990, holding, among
other things, that the provision for an interest rate differential contained in Resolution
No. PFA 8B-4 is legal, valid and binding upon the Authority, Agency and the City without
regard to any other limitation in any law upon the powers of the Authority, the City or the
Agency;
WHEREAS, co-bond counsel to the Authority have advised the Authority that it is
appropriate to bring an action in the Superior Court to confirm that the Court's judgment
entered March :1, IDDO, applies to the Allwndnwnt, in that the Anwndment does not act as
a limitation on the powers of t.he Authorit.y, lIw Agency and the City, with respect to the
authorizatioJJ (()t. an interest rate differential contained in H.esolution No. 1>F1\ 89-4;
WHEREAS. Section [jaG II of the Government Code of the State of California
authorizes the Authority to bring such an action, in rem, pursuant to Sections 860 et seq.
of the Code of Civil Procedure of the State of California;
WHEREAS, the Authority desires to adopt this resolution authorizing the issuance
of the Bonds pursuant to the Master Indenture and the Third Supplemental Indenture in
compliance with Section 864 of the Code of Civil Procedure, which Section provides that
the Bond1> shall be in existence upon such adoption; and
WHEREAS. the Board, with the aid of its staff, has reviewed the Master Indenture
and the Third Supplemental Indenture and the transactions therein described, and the
wishes at this time to approve the foregoing in the public interests of the Authority, the
City and the Agency.
NOW THEREFORE, BE IT FOUND, DETERMINED AND ORDERED by the Board
of Directors of the Lake g)sinore Public Financing Authority a1> follows:
Section 1. Issuance of the Honds. The Board hereby authorizes the issuance of the
Bonds under and pur1>uant to the Bond Law, the Master Indenture and the Third
Supplemental Indl~nttlre in Ul(~ aggregatl! principal amount of not to exceed $10,000,000
for the purposes hereinbefore described. The Board hereby approves the Third
Supplemental Indenture in substantially the form on file with the Secretary together with
any additions thereto or changes therein deemed nece1>sary or advisable in connection
with the i1>suancc, sale and delivery of the third series of the Bonds pursuant to the
Master Indenture and the Third Supplemental Indenture. The Chairman is hereby
authorized and directed to execute, and the Secretary is hereby authorized and directed to
attest and affix the seal of the Authority to, the final form of the Third Supplemental
Indenture for and in the name and on behalf of the Authority. The Board hereby
authorizes the delivery and performance of the Third Supplemental Indenture.
Section 2. Action for Validation. Jones Hall Hill & White, A Professional Law
Corporation, and Brown, Harper, Burns & Hentschkc, co-bond counsel to the Authority,
are authorized and directed to prepare proceedings to bring an action on behalf of the
Authority in the Superior Court of the State of California, in and for the County of
Hiverside, requesting a judgment of the Court approving the application of the interest
rate differential to the Agency Bonds, as well as to other bonds purchased with the
procced1> of any other 1>eries of till! Bonds isslI(!d under the Master Indenture, all as
provided in HI'1>olution No. "FA tW-4 of tlw Authority. adopted November 28, 1989, entitled
"A HeRolution of the Lake J<:lsinore Public Financing Authority Establishing Rules and
Regulalion1> for its Local Obligations Financing Program and Providing Other Matters
Properly Relating Toer'etolt and as to such other' matters as co-counsel shall deem
necessary or appropriate, such action being authorized by Section 53511 of the
Government Code of the St.')tc of California to be brought as an action in rem pursuant to
Section 860 et scq. of the Code of Civil Procedure of the State of California.
Section 3. Effective Date. This Resolution shall take effect from and after the date
of its passage and adoption.
PASSED, APPROVED AND ADOPTED this 22nd day of January, 1991.
NOES:
DIRECTORS: BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY
DIRECTORS: NONE
AYES:
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ABSENT:
DIRECTOHS: NONE
[S E A L]
Attest:
Secretary of the Lak Elsinore Public
Financing Authority
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RESOLUTION NO. PFA 91-2
H.ESOLUTION Oli' THE LAKE ELSINOH.E PUBLIC FINANCING AUTHORITY
AUrHOIUZING THE ISSUANCE OF 1990 LOCAL AGENCY REVENUE BONDS,
SERIES C, IN THE AGGREGATE PRINCIPAL OF NOT TO EXCEED $10,000,000,
AND APPROVING INDENTURE OF TRUST WITH RESPECT THERETO,
AUTIlOIUZING IN REM VALIDATION PROCEEDINGS AND PH.OVIDING
OTHER MA'ITI~HS PHOPERLY RELATING THEltETO
",.-.-
1000 LOCAL AGENCY HEVENUE BONDS, SERIES C
W 1/ Ell.EA S, t.he Cit.y of Lake msinorc (t.he "Cit.y") and the Lake Elsinore
Redevelopment AWHlCY (the "Agency") have hel"etofoJ"(~ enter"cd into a ,Joint Exercise of
POWf~rs ^1~I'f~f~lIIf~lIl. f~stilblishill/~ t.Iw I,illu~ EI:;inon~ Public Financing Authodt.y (the
"Aut.horit.y") f(lr the purpose of' issuing it.s uonds t.o he used t.o provide financing for public
capit.al imprOV(~lIlf~nts of' t.Iw City and t.he Agency, and any other member entities which
may he approved hy lIw Cit.y ilnd Uw AgNICY ilS nwmhm"s of' Uw Aut.horit.y;
WHEREAS, the Authority has for such purpose heretofore authorized the
issuance of' honds pun;uant t.o all Indent.ure of Trust. (the "Mast.er Indenture"), dated as
of J"chnwry I, WB I, by and between the Authority and The Bank of New York 'I'rust
Company 0(' 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
Trustec;
WHEREAS, t.he Bonds arc to be issued pursuant to the Marks-Roos Local Bond
Pooling Act ofIH8f>, (tlHl "Bond Law") constituting Article 4 (commencing with Section
(j!)H4) ofChapl.N!) of' Division 7 of'Tit!n I of'Uw Cov(\rnmnnt Code oft.he St.at.e of California;
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WIlElUtA.S', the Authority now proposes to issue a third series of the Bonds
pllrsuanl. 1.0 a supp(nlllcnl.al indenl.un~ (t.Jw "Third Supplcmental Indent.ure"), dat.ed as of
.January I, I!J!H, t.o providn f()I" thn issuancn of' not t.o exce(~d $J 0,000,000 principal amount.
or Hmo Local Agnncy H.nvclllw Bonds, Snries C (the "Seri(~s C Bonds");
WHEREAS, t.he Aut.hority int.end:; t.o use proceeds of the Series C Bonds to
purchase tax allocation bonds of the Agency (the "Agency Bonds"), to be issued by the
Agcncy t.o financn Public Capital Improvement.!;, wit.hin or of benefit t.o the Agency's
]{ancho L;lgun;l ]{edevelopmenl. Project Areas Nos. I, II and 111;
WlIEllI~AS, t.hn Aut.horit.y on Novemher 2H, WHD, adopt.ed its Resolut.ion No. PFA
HH-4 est.ablishing rulcs and regulations for its program of providing financing for such
Public Capital Improvements;
WllEIlEAS, one such rule and regulation provides t.hat the Authority shall require
that the Agency Bonds bear an annual interest rat.e in excess of t.he annual interest rate
borne by thf) S()ries C Bonds, t.he purpOSf~ of such int.erest. rat.e differential being to
gencrat.e funds t.o t.hn Authorit.y (i) to assist. in meeting deficiencies in amount.s payable by
U](~ Authority wit.h ,'nspect to ot.Jwr series of' Bonds issued pursuant. t.o the Mast.er
IIHlf'ntlln', including. without limital.ion, 1.1](' Aut.hority's out.st.anding 1990 Local Agency
J{f~ventlP Honds. Sl'ri(~s A and S(~rif's Il ;Illd (ii) to ;Issisl Uw Agency and the City in t.he
financing or additiollal Public Capital ImprovcIIHlIIL:;;
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WIIEIlEAS, t.he California Legislat.ure has by an amendment. of Section 6588(v) of
t.hn Bond Law, effectivc .Jalluary I, I DD I (t.he "Amendnwnt"), restricted t.he amount of the
illten~sl. r;Jl.f~ difTf'n~lIti;lI pPl'Il1it.f.f'd with 1'I~~;r)('d t.o loc;d ohli,~;".ioll:; ;ICqllil"f~d IInd(\I" t.Jw
Bond Law;
WHEREAS, pursuant. to Resolution No. PFA 89-4 thc Authority intends to require
an interest. rate differential wit.h respect. t.o the Agency Honds in exccss of that permitted
by the AmendlJl()nt;
f'
,
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WHEREAS, the Superior Court of the State of California in and for the County of
Riverside (the "Superior Court") entered its judgment on March 3, 1990, holding, among
other things, that the provision for an interest rate differential contained in Resolution
No. PFA 80-4 is legal, valid and binding upon the Authority, Agency and the City without
regard to any othcr limitation in any law upon the powers of the Authority, the City or the
Agency;
WHEREAS, co-bond counsel to the Authority have advised the Authority that it is
appropriate to bring an action in the Superior Court to confirm that the Court's judgment
entered March a, IHUO, applies to Ow Anwndnwnt, in that the Amendment docs not act as
a limitation on the powers or the Authority, the Agency and the City, with respect to the
authorization {()r an interest rate differential contained in Resolution No. PFA 89-4;
WHEREAS. Section GaGll of the Government Code of the State of California
authorizes the Authority to bring such an action, in rem, pursuant to Sections 860 et seq.
of the Code of Civil Procedure of the State of California;
WHEREAS, the Authority desires to adopt this resolution authorizing the issuance
of the Bonds pursuant to the Master Indenture and the Third Supplemental Indenture in
compliance with Section 864 of the Code of Civil Procedure, which Section provides that
the Bonds shall be in existence upon such adoption; and
WHEREAS. the Board, with the aid of its staff, has reviewed the Master Indenture
and the Third Supplemental Indenture and the transactions therein described, and the
wishes at this time to approve the foregoing in the public interests of the Authority, the
City and the Agency.
NOW TllEREFORE, BE IT FOUND, DETERMINED AND ORDERED by the Board
of Directors of the Lake Elsinore Public Financing Authority as follows:
Section 1. Issuance of the Bonds. The Board hereby authorizes the issuance of the
Bonds under and pursuant to the Bond Law, the Master Indenture and the Third
Supplemental fndlmture in the aggregatl~ p,.incipal amount of not to exceed $10,000,000
for the purposes hereinhefore described. The Board hereby approves the Third
Supplemental lndentun~ in substantially the form on me with the Secr.etary together with
any additions thereto or changes therein deemed necessary or advisable in connection
with the issuance, sale and deliv(~ry of the third series of the Bonds pursuant to the
Master Indenture and the Third Supplemental Indenture. The Chairman is hereby
authorized and directed to execute, and the Secr'etary is hereby authorized and directed to
attest and affix the seal of the Authority to, the final form of the Third Supplemental
Indenture for and in the name and on behalf of the Authority. The Board hereby
authorizes the delivery and performance of the Third Supplemental Indenture.
Section 2. Action for Validation. Jones Hall Hill & White, A Professional Law
Corporation, and Brown, Harper, Burns & IJentschke, co-bond counsel to the Authority,
arc authorized and directed to prepare proceedings to bring an action on behalf of the
Authority in the Superior Court of the State of California, in and for the County of
Hiverside, requesting a judgment of the Court approving the application of the interest
rate differential to the Agency Bonds, as well as to other bonds purchased with the
proceeds of any other series of the Bonds isslwd under the Master Indenture, all as
provided in Hpsolution No. Pf<'A 8H-4 of Uw Authority, adopted November 28, 1989, entitled
"A Hesolution of till) Lake f<:lsinon~ Public Financing Authority Establishing Rules and
Hcgulatiolls for its LCK:al Ol/Iigations I.'inancing Program and Providing Other Matters
Properly ]{clating Thereto" and as to such other' mallcrs as co-counsel shall deem
necessary or appropriate, stich action being authorized by Section 53511 of the
Government Code of tlw St,.'l(,l~ of California to be brought as an action in rem pursuant to
Section 860 et seq. of tlw Code of Civil Proc(~dure of the State of California.
,
Section 3. Effective Date. This Resolution shall take effect from and after the date
of its passage and adoption.
PASSED, APPROVED AND ADOPTED this 22nd day of January, 1991.
AYES:
DIRECTORS:
BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY
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NOES:
DIRECTORS:
NONE:
ABSENT:
DIRECTORS:
NONE
[S E A L]
Attest:
r"-~
/
( .
-"'h-
------
Secretary of t e Lake Elsinore Public
Financing Authority
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APPROVED AS TO FORM & LEGALITY:
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.
,
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
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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 22nd day of January, 1991,
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
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rf-, !
lc:Ll~' 'Y I
Vl~K~L~~~ITY
CITY ~F KE ELSINORE
CLERK
( 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 91-2 of said Agency, and that
the same has not been amended or repealed.
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~T~,:~~~arY~
~LY~D' CITY CLERK
CITY OF LAKE ELSINORE
( SEAL)
PFJ\,
RESOLUl'ION NO. 91-1-
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RESOLUTION OF THE LAKE ELSINOHE PUBLIC FINANCING AUTHORITY
AUTHORIZING THE PURCHASE OF SPECIAL TAX BONDS OF THE CITY OF
LAKE ELSINORE, AUTHORIZING TID~ EXECUTION OF A FISCAL AGENT
AGREEMENT RELATING THEHETO AND PROVIDING OTHER MATTERS
PROPERLY RELATING THERETO
City of Lake Elsinore Community Facilities District No. 91-2
(Sumnlcrhill Public Improvemcnts)
1991 Special Tax Bonds
WHEREAS, the City of Lake Elsinore (the "City") and the Redevelopment Agency
of the City of Lake Elsinore (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 auth H'ized the
issuance of bonds pursuant to an Indenture of Trust (the "Master Indenture!' I, dated as
of February 1, 1990, by and between the Authority and 'rhe 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 Aut.hority and
- Trustee;
WHEREAS, the Authority has pursuant t.o such a supplemental indenture (the
"First Supplemental Indenture of Trust"), dated as of June 1, 1U90, issued, sold and
delivered $55,000,000 principal amount of 1991 Local Obligation Revenue Bonds, Series A
(the "Series A Bonds");
WHEREAS, the Bonds, including the Series A Bonds, arc 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, the Authority intends to use a portion of the proceeds of the Series A
Bonds to purchase not to exceed aggregate principal amount of the City's City of Lake
Elsinore Community Facilities District No. 91-2 (Summ"rhill Public Improvements) 1991
Special Tax Bonds (the "Special Tax Bonds") pursuant to a Purchase Contract For
Purchase And Sale Of Local Obligations (the "Purchase Contract") dated as of April 1,
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1991, to be entered into between the Authority and the City; such Purchase Contract being
in form on file with the Secretary of the Authority;
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WHEREAS, pursuant to the Authority's Program Rules and Regulations, adopted
by Resolution No. PFA 89-4, the City and the Authority entered into a Commitment
Agreement For Purchase And Sale Of Local Obligations, (the "Commitment
Agreement"), dated as of .June 1, 1990, when~in the City and tlw Authority committed to
the purchase and sale of the Special Tax Bonds (designated in the Commitment
Agreement as the issue of bonds for Friedman Homes in the estimated amount of
$18,000,000);
WHEREAS, the Special Tax bonds will be issued and secured pursuant to a Fiscal
Agent Agreement (the "Ji'iscal Agent Agreement"), dated as of April 1, HJ91, by and
between the City and a fiscal agent, and the Authority has agreed in the Commitment
Agreement to act as such fiscal agent, such Fiscal Agent Agreement being 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 Purchase Contract and the Fiscal Agent Agreement and
approves the Purchase Contract as being in the public interests for which the Authority
has been established;
NOW, THEREFOHE, BE IT RESOLVED by the Board of Directors of the Lake
Elsinore Public Financing Authority as follows:
-
Section 1. Purchase of Special Tax Bonds. The Board hereby approves the
purchase of not to exceed aggregate principal amount of Lake Elsinore Community
Facilities District No. 91-2 (Summerhill Public Improvements) 1991 Special Tax Bonds
pursuant to the 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 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 2. Approval of Fiscal Agent Agreement. The Board hereby approves the
Fiscal Agent Agreement 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 Fiscal Agent 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.
Section 3. 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, notices, consents, instruments of conveyance, warrants and
-2-
-
,
other documents, which they, or any of them, may deem necessary or advisable in order
to consummate the purchase of the Special Tax Bonds pursuant to the Purchase
Contract, the Master Indenture and the First Supplemental Indenture of Trust.
Section 4. Effective Date. This Resolution shall take effect from and after its
passage and adoption.
-
PASSED AND ADOPTED this 9th day of April, 1991.
AYES:
NOES:
BOARDMEMBERS: BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY
BOARDMEMBERS: NONE
ABSENT:
ABSTAIN:
BOARDMEMBERS: NONE
BOARDMEMBERS: NONE
[S E A L]
Attest:
-
()
the Lal{C Elsinore Public
ncing Authority
Lega 1 ity:
-a-
-
,
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 9th day of April, 1991,
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
~~3 KAS~LERK
CITY OF' - CINORE
~
( 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 91-3 of said Agency, and that
the same has not been amended or repealed.
9, 1991
-
( SEAL)
-
-
-
RESOLUTION NO. PFA 91- 4
A RESOLUTION OF THE
LAKE ELSINORE PUBLIC FINANCING AUTHORITY
APPROVING DISTRIBUTION OF PRELIMINARY OFFICIAL STATEMENT
RELATING TO THE PROPOSED ISSUANCE AND
SALE BY THE AUTHORITY OF ITS 1991 SERIES A TAX ALLOCATION
REVENUE BONDS (LAKE ELSINORE REDEVELOPMENT PROJECTS)
AND OF ITS 1991 SERIES B TAXABLE TAX ALLOCATION BONDS
(LAKE ELSINORE REDEVELOPMENT PROJECTS),
AUTHORIZING SALE OF BONDS UPON CERTAIN TERMS AND
CONDITIONS, AND APPROVING OTHER MATTERS
PROPERLY RELATING THERETO
WHEREAS. the City of Lake Elsinore and the Redevelopment Agency of the City of
Lake Elsinore (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 financial assistance to the City and the Agency; and
WHEREAS, the Authority proposes to issue two separate issues of bonds. namely, its
1991 Series A Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) in the
approximate principal amount of $35,800,000 (the "Tax Exempt Bonds") and its 1991 Series B
Taxable Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) in the
approximate principal amount of $4,200,000 (the "Taxable Bonds") for the purpose of providing
funds to make loans (the "Loans") to the Agency to finance various redevelopment activities of
the Agency; and
WHEREAS, both the Tax Exempt Bonds and the Taxable 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 pursuant to separate indentures of trust to be approved by the
Authority; and
WHEREAS, the Authority proposes to sell both the Tax-Exempt Bonds and the Taxable
Bonds to First California Capital Markets, Inc., (the "Underwriter") for offer and sale by the
Underwriter to members of the general public, and in connection With the offering of the Tax-
Exempt Bonds and the Taxable Bonds, the Underwriter has caused to be prepared an Official
Statement describing, among other things, the Authority and the Tax-Exempt Bonds and the
Taxable Bonds, a preliminary form of which is on file with the Authority Secretary; and
WHEREAS, the Underwriter has caused to be prepared and presented to the Authority
Board a form of contract for the purchase of the Tax Exempt Bonds by the Underwriter (the "Tax
Exempt Bond Purchase Contract") and a form of contract for the purchase of the Taxable Bonds
by the Underwriter (the "Taxable Bond Purchase Contract"); and
WHEREAS, the Authority Board, with the aid of its staff, has reviewed the Official
Statement and the two Purchase Contracts and the transactions therein described and wishes at
this time to approve such Official Statement and such Purchase Contracts in the public interests
of the Authority subject to the terms and conditions set forth;
NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Lake Elsinore
Public Financing Authority as follows:
Section 1. Preliminary Statement. The Board hereby approves the matters
contained in the preliminary Official Statement describing the Authority and, respectively, the Tax
Exempt Bonds and the Taxable Bonds, in substantially the form submitted by the Underwriter
and on file with the Authority Secretary, (it being understood that descriptions relating to the Tax
Exempt Bonds and the Taxable Bonds are substantially the same except for certain provisions
of the federal and state tax laws which are applicable to the Tax Exempt Bonds), with such
changes and modifications as shall be necessary or appropriate and when completed to the
satisfaction of the Treasurer of the Authority, the Treasurer is authorized ad directed, on behalf of
the Authority to deem the preliminary Official Statement "final" pursuant to Rule 15c2-12 under
the Security and Exchange Act of 1934. The Board further approves distribution of the
preliminary Official Statement by the Underwriter to persons who may be interested in
purchasing the Tax Exempt Bonds and the Taxable Bonds. The form of the final Official
Statement, with such further modifications and amendments as shall be necessary to properly
describe the Authority and, respectively the Tax Exempt Bonds and the Taxable Bonds, shall be
submitted to the Board for approval and execution in the name and on behalf of the Authority by
the Chairman of the Authority.
Section 2. Tax Exempt Bond Purchase Contract. The Authority hereby authorizes
the sale of the Tax Exempt Bonds to the Underwriter pursuant to and in accordance with the Tax
Exempt Bond Purchase Contract, in substantially the form on file with the Authority Secretary
together with any additions thereto or changes therein approved by the Chairman of the Authority
or the Treasurer, the Chairman's execution thereof to be conclusive evidence of such approval,
and hereby delegates to both the Chairman of the Authority, and to his written designee, the
authority to accept an offer from the Underwriter to purchase the Tax Exempt Bonds from the
Authority and to execute the Tax Exempt Bond Purchase Contract for and in the name and on
behalf of the Authority provided, however, that:
-
(a) If the Tax Exempt Bonds are rated "AAA" by a national rating service because
repayment of the Tax Exempt Bonds is insured by municipal bond insurance), then the
stated average annual interest rate payable with respect to the Tax Exempt Bonds shall
not exceed seven and one-half percent (7 1/2%) per annum and the purchase price to be
paid by the Underwriter for the purchase of Tax Exempt Bonds shall be not less than
ninety-seven percent (97%) of the par amount thereof exclusive of original issue
discount; and
(b) If the Tax Exempt Bonds are either unrated or rated without the benefit of the
repayment thereof being insured by municipal bond insurance, then the stated average
annual interest rate payable with respect to the Tax Exempt Bonds shall not exceed eight
percent (8%) per annum and the purchase price to be paid by the Underwriter for the
purchase of Tax Exempt Bonds shall be not less than ninety-seven percent (97%) of the
par amount thereof, exclusive of original issue discount.
-
Section 3. Taxable Bond Purchase Contract. The Authority hereby authorizes the
sale of the Taxable Bonds to the Underwriter pursuant to and in accordance with the Taxable
Bond Purchase Contract, in substantially the form on file with the Authority Secretary together
with any additions thereto or changes therein approved by either the Chairman of the Authority or
the Treasurer, the Chairman's execution thereof to be conclusive evidence of such approval. The
Authority hereby delegates to the Chairman of the Authority, and to his written designee, the
authority to accept an offer from the Underwriter to purchase the Taxable Bonds from the
Authority and to execute the Taxable Bond Purchase Contract for and in the name and on behalf
of the Authority; provided, however, that:
(a) If the Taxable Bonds are rated "AAA" by a national rating service (because
repayment of the Taxable Bonds is insured by municipal bond insurance), then the stated
average annual interest rate payable with respe~t to the Taxable Bonds shall not exceed
nine and one-quarter percent (9 1/4%) per annum and the purchase price to be paid by
the Underwriter for the purchase of Taxable Bonds shall be not less than ninety-seven
percent (97%) of the par amount thereof exclusive of original issue discount; and
(b) If the Taxable Bonds are either unrated or rated without the benefit of the
repayment thereof being insured by municipal bond insurance, then the stated average
annual interest rate payable with respect to the Taxable Bonds shall not exceed eleven
percent (11%) per annum and the purchase price to be paid by the Underwriter for the
purchase of Taxable Bonds shall be not less than ninety-seven percent (97%) of the par
amount thereof exclusive of original issue discount.
Section 4. Effective Date. This Resolution shall take effect from and after its passage
and adoption.
PASSED AND ADOPTED this 12th day of November, 1991.
AYES: Boardmembers : BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY
NOES: Boardmembers : NONE
ABSENT: Boardmembers : NONE
ABSTAIN: Boardmembers : NONE
ncing
[S E A L]
-
APPROVED AS TO FORM & 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 Financing Authority of the city of Lake Elsinore at a
regular meeting of said Agency on the 12th day of November, 1991,
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
~ ~,\ ~
CKI L~NE SAD, CITY CLERK
CITY OF LAK 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 91-4 of said Agency, and that
the same has not been amended or repealed.
:fED: NoVember
~X
26, 1991
-
( SEAL)
RESOLUTION NO. PFA 91-..i A-
r-
A RESOLUTION OF THE
LAKE ELSINORE PUBLIC FINANCING AUTHORITY
APPROVING DISTRIBUTION OF PRELIMINARY OFFICIAL STATEMENT
RELATING TO THE PROPOSED ISSUANCE AND
SALE BY THE AUTHORITY OF ITS 1991 SERIES A TAX ALLOCATION
REVENUE BONDS (LAKE ELSINORE REDEVELOPMENT PROJECTS)
AND OF ITS 1991 SERIES B TAXABLE TAX ALLOCATION BONDS
(LAKE ELSINORE REDEVELOPMENT PROJECTS),
AUTHORIZING SALE OF BONDS UPON CERTAIN TERMS AND
CONDITIONS, AND APPROVING OTHER MATTERS
PROPERLY RELATING THERETO
-
WHEREAS, the City of Lake Elsinore and the Redevelopment Agency of the City of
Lake Elsinore (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 b~, used to provide financial assistance to the City and the Agency; and
WHEREAS, the Authority proposes to issue two separate issues of bonds, namely, its
1991 Series A Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) in the
approximate principal amount of $35,800,000 (the "Tax Exempt Bonds") and its 1991 Series B
Taxable Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) in the
approximate principal amount of $4,200,000 (the "Taxable Bonds") for the purpose of providing
funds to make loans (the "Loans") to the Agency to finance various redevelopment activities of
the Agency; and
WHEREAS, both the Tax Exempt Bonds and the Taxable 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 pursuant to separate indentures of trust to be approved by the
Authority; and
WHEREAS, the Authority proposes to sell both the Tax-Exempt Bonds and the Taxable
Bonds to First California Capital Markets, Inc., (the "Underwriter") for offer and sale by the
Underwriter to members of the general public, and in connection With the offering of the Tax-
Exempt Bonds and the Taxable Bonds, the Underwriter has caused to be prepared an Official
Statement describing, among other things, the Authority and the Tax-Exempt Bonds and the
Taxable Bonds, a preliminary form of which is on file with the Authority Secretary; and
WHEREAS, the Underwriter has caused to be prepared and presented to the Authority
Board a form of contract for the purchase of the Tax Exempt Bonds by the Underwriter (the "Tax
Exempt Bond Purchase Contract") and a form of contract for the purchase of the Taxable Bonds
by the Underwriter (the "Taxable Bond Purchase Contract"); and
WHEREAS, the Authority Board, with the aid of its staff, has reviewed the Official
Statement and the two Purchase Contracts and the transactions therein described and wishes at
this time to approve such Official Statement and such Purchase Contracts in the public interests
of the Authority subject to the terms and conditions set forth;
NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Lake Elsinore
Public Financing Authority as follows:
Section 1. Preliminary Statement. The Board hereby approves the matters
contained in the preliminary Official Statement describing the Authority and, respectively, the Tax
Exempt Bonds and the Taxable Bonds, in substantially the form submitted by the Underwriter
and on file with the Authority Secretary, (it being understood that descriptions relating to the Tax
"
Exempt Bonds and the Taxable Bonds are substantially the same except for certain provisions
of the federal and state tax laws which are applicable to the Tax Exempt Bonds), with such
changes and modifications as shall be necessary or appropriate and when completed to the
satisfaction of the Treasurer of the Authority, the Treasurer is authorized ad directed, on behalf of
the Authority to deem the preliminary Official Statement "final" pursuant to Rule 15c2-12 under
the Security and Exchange Act of 1934. The Board further approves distribution of the
preliminary Official Statement by the Underwriter to persons who may be interested in
purchasing the Tax Exempt Bonds and the Taxable Bonds. The form of the final Official
Statement, with such further modifications and amendments as shall be necessary to properly
describe the Authority and, respectively the Tax Exempt Bonds and the Taxable Bonds, shall be
submitted to the Board for approval and execution in the name and on behalf of the Authority by
the Chairman of the Authority.
. Section 2. Tax Exemot Bond Purchase Contrac.\... llle Authority hereby authorizes
the sale of the Tax Exempt Bonds to the Underwriter pursuant to (:md in accordance with the Tax
Exempt Bond Purchase Contract, in substantially the form on file with the Authority Secretary
together with any additions thereto or changes therein approved by the Chairman of the Authority
or the Treasurer, the Chairman's execution thereof to be conclu~)ive evidence of such approval,
and h~reby delegate~ to both the Chairman of the Authority, and to his written designee, the
authonty to accept an offer from the Underwriter to purchase the Tax Exempt Bonds from the
Authority and to execute the Tax Exempt Bond Purchase Contract for and in the name and on
behalf of the Authority provided, however, that:
. (a) If the Tax Exempt Bonds are rated "AM" by a national rating service because
repayment of the Tax Exempt Bonds is insured by municipal bond insurance), then the
stated average annual interest rate payable with respect to the Tax Exempt Bonds shall
not exceed seven and one-half percent (7 1/2%) per annum and the purchase price to be
paid by the Underwriter for the purchase of Tax Exompt Bonds shall be not less than
ninety-seven percent (97%) of the par amount thereof exclusive of original issue
discount; and
(b) If the Tax Exempt Bonds are either unrated or rated without the benefit of the
repayment thereof being insured by municipal bond insurance, then the stated average
annual interest rate payable with respect to the Tax Exempt Bonds shall not exceed eight
percent (8%) per annum and the purchase price to be paid by the Underwriter for the
purchase of Tax Exempt Bonds shall be not less than ninety-seven percent (97%) of the
par amount thereof, exclusive of original issue discounl.
- Section 3. Taxable Bond Purchase Contract. The Authority hereby authorizes the
sale of the Taxable Bonds to the Underwriter pursuant to and in accordance with the Taxable
Bond Purchase Contract, in substantially the form on file with the Authority Secretary together
with any additions thereto or changes therein approved by either the Chairman of the Authority or
the Treasurer, the Chairman's execution thereof to be conclusive evidence of such approval. The
Authority hereby delegates to the Chairman of the Authority, and to his written designee, the
authority to accept an offer from the Underwriter to purchase the Taxable Bonds from the
Authority and to execute the Taxable Bond Purchase Contract for and in the name and on behalf
of the Authority; provided, however, that:
(a) If the Taxable Bonds are rated "AAA" by a national rating service (because
repayment of the Taxable Bonds is insured by municipal bond insurance), then the stated
average annual interest rate payable with respect to the Taxable Bonds shall not exceed
nine and one-quarter percent (91/4%) per annum and the purchase price to be paid by
the Underwriter for the purchase of Taxable Bonds shall be not less than ninety-seven
percent (97%) of the par amount thereof exclusive of original issue discount; and
(b) If the Taxable Bonds are either unrated or rated without the benefit of the
repayment thereof being insured by municipal bond insurance, then the slated average
annual interest rate payable with respect to the Taxable Bonds shall not exceed eleven
, ,
percent (11%) per annum and the purchase price to be paid by the Underwriter for the
purchase of Taxable Bonds shall be not less than ninety-seven percent (97%) of the par
amount thereof exclusive of original issue discount.
Section 4. Effective Date. This Resolution shall take effect from and after its passage
and adoption.
PASSED AND ADOPTED this 12th day of November, 1991.
- AYES: Boardmembers: BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY
NOES: Boardmembers: NONE
ABSEN1: Boardmembers: NONE
ABSTAIN: Boardmembers: NONE
lie Financing
[S E A L]
Attest: APPROVED AS TO FORM & LEGALITY:
Secretary of the Lak Elsinore Public
Financing A thority
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 ( ERTIFY 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 12th day of November, 1991,
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
~
VICKI LYNNE
CITY OF LAKE
(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 91-4~of said Agency, and that
the same has not been amended or repealed.
JL
CKI LYN1E K
CITY Qf: LXE
(SEAL)
1991