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HomeMy WebLinkAboutPFA Reso No 1992 ",_ - RESOLUTIONNO.PFA~ 1 A RESOLUTION OF THE LAKE ELSINORE PUBUC FINANCING AUTHORITY AUmORIZING ISSUANCE BY THE AUTHORITY OF ITS 1992 SERIES A TAX ALLOCATION REVENUE BONDS (LAKE ELSINORE REDEVELOPMENT PROJECTS) AND OF ITS 1992 SERIES B TAXABLE TAX ALLOCAnON BONDS (LAKE ELSINORE REDEVELOPMENT PROJECTS), APPROVING FINAL OFFICIAL STATEMENT RELATING TO THE BONDS, APPROVING LOAN AGREEMENT RELATING TO THE PROCEEDS OF THE BONDS, AND APPROVING 01'HER MAr:tl'W(8 PROPERLY RELATING TBERJm) 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 1992 Series A Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) in the principal amount of $18,000,000 (the "Tax-Exempt Bonds") and its 1992 Series B Taxable Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) in the not to exceed principal amount of $4,500,000 (the "Taxable Bonds") for the purpose of providing funds to make a loan (the "Loan") pursuant to the loan agreement hereinafter described (the "Loan Agreement") 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 ~vernment Code of the State of California; and ' WHEREAS, the Taxable Bonds will also be issued pursuant to the provisions of Chapter 11 of Division 6 of Title I (commencing with Section 5900) of the Government Code of the State of California (the "Taxable Law") and, as authorized by the Taxable Law, the Authority hereby determines that interest payable on the Taxable Bonds will be subject to federal income taxation under the law in existence on the date of issuance of the Taxable Bonds; and WHEREAS, the Tax-Exempt Bonds and the Taxable Bonds shall be issued, pursuant to separate Indentures of Trust (respectively, the "Tax-Exempt Indenture" and the "Taxable Indenture"), each dated as of January 1, 1992 and each by and between the Authority and Security Pacific National Bank, as trustee (the "Trustee"); and WHEREAS, pursuant to Resolution No. PFA 91-4, adopted November 12, 1991, the Authority authorized the sale of 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 (the "Official Statement") describing, among other things, the - Authority and the Tax-Exempt Bonds and the Taxable Bonds, the form of which is on file with the Authority Secretary; and WHEREAS, the Agency intends to use a portion of the proceeds of the Loan to redeem prior to maturity on the date of funding of the first advance of such Loan (the "Redemption Date") an issue of tax allocation bonds (the "Agency Bonds") which the Authority purchased with the proceeds of its $55,000,000 principal amount of 1990 Local Agency Revenue Bonds, Series A (the "Series A Bonds"); and WHEREAS, the Series A Bonds were issued pursuant to an Indenture of Trust, dated as of February 1, 1990 (the "Master Indenture"), and a First Supplemental Indenture of Trust, dated as of June 1, 1990 (the "First Supplemental Indenture"), each by and between the Authority and The Bank of New York Trust Company of California, as trustee; and WHEREAS, in order to facilitate the redemption of the Agency Bonds on the Redemption Date, it is necessary that the Master Indenture and the First Supplemental Indenture be amended to provide for the redemption of the Agency Bonds on the Redemption Date; and WHEREAS, the Authority desires to further amend the Master Indenture and the First Supplemental Indenture to cure certain ambiguities, inconsistencies and omissions and to cure and correct certain defective provisions, which the Authority deems necessary and desirable and which the Authority hereby determines will not adversely effect the security for any bonds issued under the Master Indenture or the Supplemental Indenture; and WHEREAS, for purposes of such amendment, the Master Indenture and the First Supplemental Indenture shall be amended and restated in full and such amendment and restatement shall continue to be the same Indenture of Trust and First Supplemental Indenture of Trust approved by the Superior Court in and for the County of Riverside in its Judgment rendered in action No. 202423 on March 13, 1990, and its Judgment rendered on Apri118, 1991, in action No. 209708; and WHEREAS, the Authority Board, with the aid of its staff, has reviewed the forms on file with the Secretary of the Tax-Exempt Indenture, the Taxable Indenture, the Loan Agreement, the Official Statement, the amended and restated Master Indenture and the amended and restated First Supplemental Indenture; NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Lake Elsinore Public Financing Authority as follows: Section 1. Issuance of Tax-Exempt Bonds. The Board hereby authorizes the issuance of the Tax-Exempt Bonds under and pursuant to the Act and the Tax-Exempt Indenture in the aggregate principal amount of $18,000,000 for the purposes hereinbefore described. The Board hereby approves the Tax-Exempt Indenture in substantially the form on file with the Secretary together with any additions thereto or changes therein deemed necessary or advisable by the Chairman or an authorized representative of the Chairman, whose execution thereof shall be conclusive evidence of approval of any such additions and changes. 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 Tax-Exempt Indenture for and in the name and on behalf of the Authority. Such changes and additions shall include, without limitation, the insertion in the Tax-Exempt Indenture of the final annual maturities and final aggregate I 1- principal amount of the Tax-Exempt Bonds and the final annual interest rates payable with respect to the Tax-Exempt Bonds, as provided in the executed purchase contract with the Underwriter for the sale of the Tax-Exempt Bonds. The Board hereby authorizes the delivery and performance of the Tax-Exempt Indenture. Section 2. Issuance of Taxable Bonds. The Board hereby authorizes the issuance of the Taxable Bonds under and pursuant to the Act, the Taxable Law and the Taxable Indenture in the aggregate principal amount of not to exceed $4,500,000 for the purposes hereinbefore described. The Board hereby approves the Taxable Indenture in substantially the form on file with the Secretary together with any additions thereto or changes therein deemed necessary or advisable by the Chairman or an authorized representative of the Chairman, whose execution thereof shall be conclusive evidence of approval of any such additions and changes. 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 Taxable Indenture for and in the name and on behalf of the Authority. Such changes and additions shall include, without limitation, the insertion in the Taxable Indenture of the final annual maturities and final aggregate principal amount of the Taxable Bonds and the final annual interest rates payable with respect to the Taxable Bonds, as provided in the executed purchase contract with the Underwriter for the sale of the Taxable Bonds. Section 3. Approval of the Loan Agreement The Board hereby authorizes and approves the making of a Loan to the Agency pursuant to the following Loan Agreement; namely the Loan Agreement, dated as of January 1, 1992, by and among the Authority, the Agency and the Trustee relating to the Loan to the Agency with respect to the Rancho Laguna Redevelopment Project Area No. I. The Board hereby approves the Loan Agreement in substantially the. form on file with the Secretary together with any additions thereto or changes therein (including, but not limited to, the principal amount of the Loan) deemed necessary or advisable by the Chairman or an authorized representative of the Chairman, whose execution thereof shall be conclusive evidence of approval of any such additions and changes. 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 fmal form of the Loan Agreement for and in the name and on behalf of the Authority. The Board hereby authorizes the delivery and performance of the Loan Agreement. Section 4. Official Statement. The Board hereby approves the final Official Statement describing the Tax-Exempt Bonds and the Taxable Bonds, in substantially the . form submitted by the Underwriter and on file with the Secretary. Distribution of the final Official Statement by the Underwriter is hereby approved. The Chairman is hereby authorized and directed to approve any changes in or additions to the final form of said Official Statement to conform to the requirements of the Tax-Exempt Indenture and the Taxable Indenture, as applicable, and the related proceedings, including, without limitation, such modifications or amendments as shall be necessary or convenient to comply with the requirements of any municipal bond insurer. The Chairman is hereby authorized to execute and deliver the final Official Statement on behalf of the Authority. Section 5. Approval of Master Indenture and Supplemental Inc:JP.11ture as each are Amended and Restated. The Master Indenture, as amended and restated as of January 1, 1992, and the First Supplemental Indenture, as amended and restated as of January 1, 1992, in the forms on file with the Secretary, together with any additions thereto or changes therein deemed necessary or advisable by the Chairman, are hereby approved. The Chairman is hereby authorized and directed to execute, and the Secretary is authorized and directed to attest his signature to and to aillx the seal of the Authority to . -'- the final form of the Master Indenture, as amended and restated, and the final form of the First Supplemental Indenture, as amended and restated, and the Chairman's' signatures to such fmal forms shall be conclusive evidence of the Board's approval of any additions to or changes in the forms thereof on file with the Secretary. Section 6. Official Action. The Chmrman, the Vice-Chairman, the Executive Director, the Treasurer, the Secretary, the Authority General Counsel 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 Tax- Exempt Bonds and the Taxable Bonds, agreements, including, without limitation, agreements providing for investment of proceeds of the Tax-Exempt Bonds and the Taxable Bonds, and an agreement providing for redemption of the Agency Bonds with the proceeds of the Loan (namely the 1990 Bonds Redemption Deposit Agreement on tile with the Secretary), 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 Tax-Exempt Bonds and the Taxable Bonds and the making of the Loan pursuant to the Loan Agreement. Section 7. Effective Date. This ResQlution shall take effect from and after its passage and adoption. PASSED AND ADOPTED this 9th day of January, 1992. AYES: NOES: ABSENT: ABSTAIN: (SEAL) BOARD~'H1BERS : BUCK, DOtlINr,UEZ, !:!A5f-lRURN, \1'H'KLEP, 5TAPI<'Ev BOJ\RDrmmERS: NONE 80ARDflE~lBERS : NO~IE 80ARD~~E~~BERS : Nm'E Secret of the Lake Elsinore Publi Financing Authority "~~~. Public Financing Authority 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 Financing Authority of the City of Lake Elsinore at a regular meeting of said Agency on the 9th day of January, 1992, 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 ~ (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 92-1 of said Agency, and that the same has not been amended or repealed. ~ VI KI LY N K SAD, C TY CLERK CITY OF LA E_ELSINORE (SEAt) , ,.-- . RESOLUTION NO. PFA 92-.1- ARESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY APPROVING DISTRIBUTION OF PRELIMINARY OFFICIAL STATEMENT RELATING TO THE PROPOSED ISSUANCE AND SALE BY THE AUTHOm1Y OF ITS 1992 SERIES C TAXALI..OCATlON REVENUE BONDS (LAKE ELSINORE REDEVELOPMENTPROJEcrs), AlITHORIZING SALE OF BONDS UPON CERTAIN TERMS AND CONDITIONS, AND APPROVING OT~ MATTEBS 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 its 1992 Series C Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) in the approximate principal amount of $30,000,000 (the "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, the 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 an indenture of trust to be approved by the Authority; and WHEREAS, the Authority proposes to sell the 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 Bonds, the Underwriter has caused to be prepared an Official Statement describing, among other things, the Authority and the 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 Bonds by the Underwriter (the "Bond Purchase Contract"); and WHEREAS, the Authority Board, with the aid of its staff, has reviewed the Official Statement and the Bond Purchase Contract and the transactions ther.ein described and wishes at this time to approve such Official Statement and such Bond Purchase Contract 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 the Bonds, in substantially the form submitted by the Underwriter and on file with the Authority Secretary 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 bebalf 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 Bonds. The form of the final Official Statement, with such further modifications and amendments as shall be necessary to properly describe the Authority an4 the 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. Bond PurchaRA Contract. The Authority hereby authorizes the sale of the Bonds to the Underwriter pursuant to and in accordance with the 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 Bonds from the Authority and to execute the Bond Purchase Contract for and in the name and on behalf of the Authority provided, however, that: (a) If the Bonds are rated "AM" by a national rating service because repayment of the Bonds is insured by municipal bond insurance, then the stated average annual interest rate payable with respect to the 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 Bonds shall be not less than ninety-seven percent (97%) of the par amount thereof, exclusive of original issue discount; and (b) If the 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 Bonds shall not exceed eight and one-half percent (81/2%) per annum and the purchase price to be paid by the Underwriter for the purchase of Bonds shall be not less than ninety-seven percent (97%) of the par amount thereof, exclusive of original issue discount. r-- Section 3. Effective Date. This Resolution shall take effect from and after its passage and adoption. PASSED AND ADOPTED this 9th day of January, 1992. AYES: Boardmembers: BUCK, Dm~IW:UEZ, VJ'.SI-'BURN, HH'KLER, STARKEY NOES: Boardmembers: NONE ABSENT: Boardmembers: Nm'E ABSTAIN: Boardmembers: ~'ONE [8 E A L} - Attest: APPROVED AS TO FORM & LEGALITY: iLL Secretary of the ake Elsinore Public Financin 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 9th day of January, 1992, 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 - L~I ~,~ ~LYN ~SAD, CITY 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 92-2 of said Agency, and that the same has not been amended or repealed. DATE : January 9, 1992 - (SEAL}- - RESOLUTION NO. PFA 92- 3 A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AUTHORIZING ISSUANCE BY THE AUTHORITY OF ITS 1992 SERIES C TAX ALWCATION REVENUE BONDS (LAKE ELSINORE REDEVELOPMENT PROJECTS), APPROVING FINAL OFFICIAL STATEMENT RELATING TO THE BONDS, APPROVING LOAN AGREEMENT RELATING TO l11E PROCEEDS OF THE BONDS, 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 bonds, namely, its 1992 Series C Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) in the principal amount of not to exceed $25,000,000 (the "Bonds") for the purpose of providing funds to make a loan (the "Loan") pursuant to the loan agreement hereinafter described (the "Loan Agreement") to the Agency to finance and refinance various redevelopment activities of the Agency; and WHEREAS, the 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, the Bonds shall be issued, pursuant to an Indenture of Trust (the "Indenture"), dated as of February 1, 1992 by and between the Authority and Security Pacific National Bank, as trustee (the "Trustee"); and WHEREAS, pursuant to Resolution No. PFA q;).-~, adopted January 9, 1992, the Authority authorized the sale of the Bonds to First California Capital Markets Group, Inc., (the "Underwriter") for offer and sale by the Underwriter to members of the general public, and in connection with the offering of the Bonds, the Underwriter has caused to be prepared an Official Statement (the "Official Statement") describing, among other things, the Authority and the Bonds, the form of which is on file with the Authority Secretary; and WHEREAS, the Agency intends to use a portion of the proceeds of the Loan to redeem prior to maturity its $5,500,000 Rancho Laguna Redevelopment Project Area No. II 1990 Subordinate Tax Allocation Bonds (the "1990 Bonds") (both the 1986 Bonds and the 1990 Bonds are referred to collectively as the "Prior Bonds"); and WHEREAS, the 1990 Bonds were issued pursuant to an Indenture of Trust, dated as of July 1, 1990, by and between the Agency and the Authority, as trustee; and WHEREAS, the Authority Board, with the aid of its staff, has reviewed the forms on file with the Secretary of the Indenture, the Loan Agreement and the Official Statement; NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Lake Elsinore Public Financing Authority as follows: Section 1. Issuance of Bonds. The Board hereby authorizes the issuance of the Bonds under and pursuant to the Act and the Indenture in the aggregate principal amount of not to exceed $25,000,000 for the purposes hereinbefore described. The Board hereby approves the Indenture in substantially the form on file with the Secretary together with any additions thereto or changes therein deemed necessary or advisable by the Chairman or an authorized representative of the Chairman, whose execution thereof shall be conclusive evidence of approval of any such additions and changes. 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 Indenture for and in the name and on behalf of the Authority. Such changes and additions shall include, without limitation, the insertion in the Indenture of the final annual maturities and final aggregate principal amount of the Bonds and the final annual interest rates payable with respect to the Bonds, as provided in the executed purchase contract with the Underwriter for the sale of the Bonds. The Board hereby authorizes the delivery and performance of the Indenture. Section 2. Approval of the Loan Agreement The Board hereby authorizes and approves the making of a Loan to the Agency pursuant to the following Loan Agreement; namely the Loan Agreement, dated as of February 1, 1992, by and among the Authority, the Agency and the Trustee relating to the Loan to the Agency with respect to the Rancho Laguna Redevelopment Project Area No. II. The Board hereby approves the Loan Agreement in substantially the form on file with the Secretary together with any additions thereto or changes therein (including, but not limited to, the principal amount of the Loan) deemed necessary or advisable by the Chairman or an authorized representative of the Chairman, whose execution thereof shall be conclusive evidence of approval of any such additions and changes. 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 Loan Agreement for and in the name and on behalf of the Authority. The Board hereby authorizes the delivery and performance of the Loan Agreement. Section 3. Official Statement. The Board hereby approves the final Official Statement describing the Bonds, in substantially the form submitted by the Underwriter and on file with the Secretary. Distribution of the final Official Statement by the Underwriter is hereby approved. The Chairman is hereby authorized and directed to approve any changes in or additions to the final form of said Official Statement to conform to the requirements of the Indenture and the related proceedings, including, without limitation, such modifications or amendments as shall be necessary or convenient to comply with the requirements of any municipal bond insurer. The Chairman is hereby authorized to execute and deliver the final Official Statement on behalf of the Authority. Section 4. Official Action. The Chairman, the Vice-Chairman, the Executive Director, the Treasurer, the Secretary, the Authority General Counsel 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 Bonds, agreements, including, without limitation, agreements providing for investment of proceeds of the Bonds, and an agreement providing for redemption of the 1990 Bonds with the proceeds of the Loan (namely the 1990 Bonds Redemption Deposit Agreement the -2- form of which is on file with the Secretary), 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, sqle and delivery of the Bonds and the making of the Loan pursuant to the Loan Agreement. Section 5. Effective Date. This Resolution shall take effect from and after its passage and adoption. PASSED AND ADOPTED this ~th day of February, 1992. - AYES: NOES: ABSENT: ABSTAIN: BOARDMEMBERS: BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEv BOARDMEMBERS: NONE BOARDMEMBERS: NONE BOARDMEMBERS: NONE 0~ / - .,( .dL<--<.I_ ~h . man o the t1 \ Lake Elsinore Public Financing Authority (SEAL) Secretary of the Lake Elsinor Public Financing Authority Approved as to Form & Legality: -3- 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 25th day of February, 1992, 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 / -\ (\ [' ~ 7\ " , ", V I . ~,~~~) '. . O-i~~D VICKILYNNEl'~ ~TY CLER 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 92-3 of said Agency, and that the same has not been amended or repealed. DfTED: February 28, 1992 \ ~' ~ 0\:&. ,--le ~~;; O}\~~~~No~i~RK (SEAL) RESOLU110NNO. PFA 92-4 RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AUTHORIZING THE PURCHASE AND SALE OF $5,750,000 PRINCIPAL AMOUNT OF RANCHO LAGUNA REDEVELOPMENT PROJECT AREA NO. ill TAX ALLOCATION BOND ANTICIPATION NOTES, 1992 SERIES, UPON CERTAIN TERMS AND CONDITIONS, APPROVING DISTRffiUTION OF OFFICIAL STATEMENT RELATING THERETO AND PROVIDING OTHER MATrERS PROPERLY RELATING THERETO - LAKE ELSINORE PUBLIC FINANCING AUTHORITY 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, dated as of August 25, 1989 (the "Agreement"), creating the Lake Elsinore Public Financing Authority (the "Authority"); 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, notes and other obligations issued by the Agency for financing and refinancing public capital improvements, working capital, liability and and other insurance needs, or projects whenever there are significant public benefits, as determined by the Agency; WHEREAS, pursuant to the Act and the Agreement the Authority is further authorized to sell bonds, notes and other obligations so purchased to public or private purchasers at public or negotiated sale; - WHEREAS, the Authority desires to purchase from the Agency not to exceed $5,750,000 aggregate principal amount of Redevelopment Agency of the City of Lake Elsinore Rancho Laguna Redevelopment Project Area No. III Tax Allocation Bond Anticipation Notes, 1992 Series (the "Notes"), solely from the proceeds received from the Author!ty's concurrent sale of the Notes to First California Capital Markets Group, Inc. (the "Underwriter"); and WHEREAS, the Underwriter has caused a final Official Statement relating to the Notes (the "final Official Statement") to be submitted to the Authority for approval for distribution to purchasers of the Notes; NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the Lake Elsinore Public Financing Authority, as follows: Section 1. The foregoing recitals are true and correct and this Authority so finds and determines. Section 2. The proposed form of note purchase agreement (the "Purchase Contract"), by and among the Agency, the Authority and the Underwriter on me with the Secretary of the Authority is hereby approved. The Chairman of the Authority is hereby authorized and directed, for and in the name and on behalf of the Authority, to purchase the Notes from the Agency and to accept the offer of the Underwriter to purchase the Notes from the Authority, subject to the terms and conditions of the Purchase Contract, and to execute and deliver the Purchase Contract to the Agency and the Underwriter; provided, however, that the annual interest rate payable with respect to the Notes shall not exceed seven and one-half percent (7 1/2%) per annum and the purchase price paid by the Underwriter for the purchase of the Notes shall be not less than ninety-seven and one- half percent (97 1/2%) of the par amount thereof, excluding any original issue discount on the Notes. Approval of any additions or changes in such form shall be conclusively evidenced by such execution and delivery of the Purchase Contract. Section 3. The Official Statement relating to the Notes, together with such amendments and supplements as shall be necessary or convenient to accurately describe the Notes in accordance with the Purchase Contract, this Resolution and the other related proceedings and documents, is hereby approved for distribution to the purchasers of the Notes. - Section 4. All actions heretofore taken by the officers and agents of the Authority with respect to the purchase and sale of the Notes are hereby approved, confirmed and ratified. The Chairman, the Executive Director, the Authority Secretary, the Authority Treasurer and the General Counsel of the Authority 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, agreements (including but not limited to an agreement for investment of the proceeds of the Notes), 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 purchase of the Notes from the Agency and the sale and delivery of the Notes to the Underwriter pursuant to the Purchase Contract approved herein. Section 5. This resolution shall take effect from and after its adoption. ADOPTED by the authority on the 10th day of March, 1992. - [SEAL] Clerk of t Board Lake Elsinore Public Financing Authority PASSED, APPROVED AND ADOPTED this 10th day of March, 1992 upon the following vote: BOARDMEMBERS: BUCK, DOMINGUEZ, WASHBURN, WINKLER, STARKEY NONE NONE NONE AYES: NOES: ABSENT: ABSTAIN: BOARDMEMBERS: BOARDMEMBERS: BOARDMEMBERS: 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 10th day of March, 1992, 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 SAo~~t LSINORE - (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 92-4 of said Agency, and that the same has not been amended or repealed. - O~ED:\ March 11, 1992 ro~~~~~ VICKI LYNNE AD, CITY CLE~K CITY OF LAKE INORE (SEAL) RESOLUfIONNO.92-L - A RESOLUTION OF THE LAKE ELSINORE PUBUC FINANCING AUTHORITY AUTHORIZING THE PURCHASE OF SPECIAL TAX BONDS OF THE CITY OF LAKE ELSINORE, AUTHORIZING THE EXECUTION AND DEUVERY OF A FISCAL AGENT AGREEMENT AND PROVIDING OTHER MATTERS RELATING THERETO City of Lake Elsinore Community Facilities District No. 90-3 (North Lake Elsinore Bills Public Improvements) 1992 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 fmancing 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 has pursuant to such a supplemental indenture (the "First Supplemental Indenture of Trust"), dated as of June I, 1990, issued, sold and delivered $55,000,000 principal amount of 1992 Local Obligation Revenue Bonds, Series A (the "Series A Bonds"); WHEREAS, the Bonds, including the Series A Bonds, are 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 $10,000,000 aggregate principal amount of the City's City of Lake Elsinore Community Facilities District No. 90-3 (North Lake Elsinore Hills Public Improvements) 1992 Special Tax Bonds (the "Special Tax Bonds") pursuant to a Purchase Contract For Purchase And Sale Of Local Obligations (the "Purchase Contract"), to be entered into between the Authority and the City, such Purchase Contract being in form on file with the Secretary of the Authority; WHEREAS, the Special Tax bonds will be issued and secured pursuant to a Fiscal Agent Agreement (the "Fiscal Agent Agreement") 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, TH.tatEFORE, 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 $10,000,000 aggregate principal amount of Lake Elsinore Community Facilities District No. 90-3 (North Lake Elsinore Hills Public Improvements) 1992 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. Section3. OfticialAction. 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 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. PASSED, APPROVED AND ADOPTED this 23rd day of June, 1992, by the followinq vote: BOARDME~1BERS : BOARDMEMBERS BOARDMEMBERS: ALONGI, CHERVENY, DOMINGUEZ, WASHBURN, WINKLER NONE NONE NONE AYES: NOES: ABSENT: ABSTAIN: BOARD~1EMBERS : AfEST: ?LG:~ .. VICKI KASAD, CLERK OF THE BOARD ::;: AeT~\R~LEGAL lTY: JOHN R. HARPE~~L ~2- 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 23rd day of June, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, CHERVENY, DOMINGUEZ, WASHBURN, WINKLER NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE / ( P:~~~~~~~~RK (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 92-6 of said Agency, and that the same has not been amended or repealed. DAfD: June 26, 1992 . I CZt&L ~L~~ 'ttMd VICKI LYNNE KAS 0, CITY CLERK. CITY OF LAKE Eh INORE (SEAL) PF.n RESOLUTION NO. 92--1. A RESOLUTION OF THE LAKE ELSINORE PUBliC FINANCING AUTHORITY AUTHORIZING THE PURCHASE OF SPECIAL TAX BONDS OF THE CITY OF LAKE ELSINORE, AUTHORIZING THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT AND PROVIDING OTHER MATfERS RELATING THERETO City of Lake Elsinore Community Facilities District No. 92-1 (Lake Elsinore Plaza Public Improvements) 1992 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 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 has pursuant to such a supplemental indenture (the "First Supplemental Indenture of Trust"), dated as of June 1, 1990, issued, sold and delivered $55,000,000 principal amount of 1992 Local Obligation Revenue Bonds, Series A (the "Series A Bonds"); - WHEREAS, the Bonds, including the Series A Bonds, are 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 $3,000,000 aggregate principal amount of the City's City of Lake Elsinore Community Facilities District No. 92-1 (Lake Elsinore Plaza Public Improvements) 1992 Special Tax Bonds (the "Special Tax Bonds") pursuant to a Purchase Contract For Purchase And Sale Of Local Obligations (the "Purchase Contract"), to be entered into between the Authority and the City, such Purchase Contract being in form on file with the Secretary of the Authority; WHEREAS, the Special Tax bonds will be issued and secured pursuant to a Fiscal Agent Agreement (the "Fiscal Agent Agreement") 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 ~. .~{-: .:ili: ;~.)', has been established. - NOW, THEREFORE, 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 $3,000,000 aggregate principal amount of Lake Elsinore Community Facilities District No. 92-1 (Lake Elsinore Plaza Public Improvements) 1992 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 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. - -2- Section 4. Effective Date. This Resolution shall take effect from and after its passage and adoption. PASSED AND ADOPTED this 8th day of December, 1992. - AYES: NOES: ABSENT: ABSTAIN: BOARDMEMBERS: ALONGI, CHERVENY, DO~I~~'IFZ, WASHRURN, WINKLER BOARDMEMBERS: NONE ----". /' BOARDMEMBERS: NONF p.rARDMEMBERS: NONE ,/"\; 7 /' , I. I / : c>~ fJ21 ( Chairman of the Lake Elsino e Public Financing Authority [S E A L] At st: d~ ..~ . Jt ~. Secretary 0 the Lake Elsinore Public Financing Authority - -3- I :~. STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) - I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Public Finance Authority of the City of Lake Elsinore at a regular meeting of said Authority on 8th day of December, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, CHERVENY, DOMINGUEZ, WINKLER, WASHBURN NOES: COUNCILMEMBERS: (. (\ c;:STTEAANTII~:" COUNCILMEMBERS: ~~ ~ COUNCILMEMBERS: ~CKI KASAD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) NONE NONE NONE - STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. PFA 92-7 of said Council, and that the same has not been amended or repealed. ~;~QD:y~r 14~ 1992 tel"KASA~~LERK CITY OF LAKE ELSINORE (SEAL)