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HomeMy WebLinkAboutPFA Reso No 1993 ~ RESOLUTION NO. PFA 93-1 A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AUTHORIZING THE REDEMPTION OF BONDS PRIOR TO MATURITY City of Lake Elsinore Community Facilities District No. 91-2 (Summerhill Public Improvements) 1991 Special Tax Bonds WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority") has purchased the City of Lake Elsinore (the "City") Community Facilities District No. 91-2 (Summerhill Public Improvements) 1991 Special Tax Bonds (the "Bonds"), and the Authority acts as fiscal agent for the Bonds under a Fiscal Agent Agreement, dated as of May 1,1991 (the "Agreement"), between the City and the Authority; and WHEREAS, the funds now on deposit in the Improvement Fund created under the Agreement (the "Excess Funds") are not needed for the purposes for which the Bonds were issued, and the City has requested that the Authority approve the redemption of Bonds with the Excess Funds, without premium, as permitted by Section 2.03(A) of the Agreement; and WHEREAS, the Authority now desires to approve such redemption as in the best interests of the City and the Authority. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Lake Elsinore Public Financing Authority as follows: 1. The foregoing recitals are true and correct. 2. The Authority hereby approves the redemption of a portion of the Bonds with the Excess Funds, without premium or prior notice, on the earliest practicable date of redemption under the Agreement. 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 certificates, notices, consents, instniments and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the redemption of the Bonds herein approved pursuant to the Agreement. 3. This Resolution shall take effect fro~ and after its passage and adoption. PASSED AND ADOPTED this 26th day of January 1993. AYES: NOES: ABSENT: ABSTAIN: COUNCILMEMBERS: COUNCILMEMBERS: COUNCILMEMBERS: ALONGI, CHERVENY', DOMINGUEZ, WINKLER,..WASHBURN NONE NONE COUNCILMEMBERS: NONE ~~ rJl{k Chairman of the Lake more Public Financing Authority - Approved as to Fo I 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 26th day of January, 1993, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, CHERVENY, DOMINGUEZ, WINKLER, WASHBURN NOES: COUNCILMEMBERS: NONE r ABSENT: ()\_\\.~STAIN:I COUNCILMEMBERS: ~~~~#cLERK CITY OF ~LAKE ELSINORE (SEALf - COUNCILMEMBERS: 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 93-1 of said Council, and that the same has not been amended or repealed. ~~D:_ (\::Ucy~:X V~~~, CITY CLERK CITY O.F. LAKE ELSINORE ( SEAL) RESOLUTION NO. PFA 93- 2 A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AUTHORIZING AND DIRECTING THE EXECUTION OF AN EXCLUSIVE UNDERWRITING AGREEMENT WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority") proposes to enter into, and First California Capital Markets Group, Inc. (the "Underwriter"), has caused to be prepared and presented to the Board, a form of exclusive underwriting agreement (the "Agreement"), by and among the City of Lake Elsinore, the Redevelopment Agency of the City of Lake Elsinore, the Authority and the Underwriter, for the purpose of setting out the terms an9.conditions under which the Underwriter will have the opportunity to purchase all obligations issUed by the Authority; NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the Board of Directors of the Lake Elsinore Public Financing Authority as follows: Section 1. Exclusive Underwriting Agreement. The Authority hereby authorizes and approves the Agreement in substantially the form on file with the Secretary together with any additions thereto or changes therein deemed necessary or desirable by the Chairman or an authorized representative of the Chairman, whose execution thereof shall be conclusive evidence of the approval of such additions and changes. The Chairm,aIl is hereby authorized and directed to execute, and the Secretary is hereby authorized and direCted to attest and affix the seal of the Authofity to, the final form of the Agreement for and in the name and on behalf of the Authority. . . . . Section 2. Effective Date. This Resolution shall take effect from and after the date of . ' its passage and adoption. ". . ,. : PASSED AND ADOPTED this 14th day of September: 199~: by the following vote: AYES: AUTHORITY MEMBERS: ALONGI, DOMINGUEZ, WASHBURN, WINKLER NOES: AUTHORITY MEMBERS: CHERVENY ABSENT: AUTHORITY MEMBERS: NONE (8 E A L) f~ ~, ,- Chairman of th Lake Elsinore Public Financing Authority // ,/ /' /' #"". - Atte~t: /' -,,,,F ~- ,,,/ - -:-.pO ;// t \ ,,//-<' By: ~..' !, ~ Secretary o. the Lake Elsinore Public FiJancing Authority 6~d, AS LEGALITY: TO FORM AND 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 14th day of September, 1993, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, DOMINGUEZ, WASHBURN, WINKLER NOES: COUNCILMEMBERS: CHERVENY ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE ~~k\y c= CITY OF LAKE ELSINORE ( SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. PFA 93-2 of said Council, and that the same has not been amended or repealed. ~D.~ED: se..ptember. 16, 1993 , Y \ \ -\'\ '~~ I~S8D, CITY. CLERK CITY OF LAKE ELSINORE (SEAL) RESOLUTION NO. PFA 93- 3 A RESOLUTION OF THE LAKE ELSINORE PUBLIC FINANCING AUTHORITY AUTHORIZING ISSUANCE BY THE AUTHORITY OF ITS 1993 SERIES A SUBORDINATE TAX ALLOCATION REVENUE NOTES (LAKE ELSINORE REDEVELOPMENT PROJECTS) AND OF ITS 1993 SERIES B SUBORDINATE TAXABLE TAX ALLOCATION NOTES (LAKE ELSINORE REDEVELOPMENT PROJECTS), AUTHORIZING SALE OF NOTES UPON CERTAIN TERMS AND CONDITIONS, APPROVING OFFICIAL STATEMENT RELATING TO THE NOTES, APPROVING LOAN AGREEMENTS RELATING TO THE PROCEEDS OF THE NOTES, AND APPROVING OTHER MATI'ERS PROPERLYREIATING 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, notes and other obligations to be used to provide financial assistance to the City and the Agency; and WHEREAS, the Authority proposes to issue two separate issues of notes, namely, its 1993 Series A Subordinate Tax Allocation Revenue Notes (Lake Elsinore Redevelopment Projects) in the principal amount of not to exceed $13,500,000 (the "Tax-Exempt Notes") and its 1993 Series B Taxable Subordinate Tax Allocation Revenue Notes (Lake Elsinore Redevelopment Projects) in the principal amount of not to exceed $10,500,000 (the "Taxable Notes") for the purpose of providing funds to make three separate loans (the "Loans") pursuant to the loan agreements hereinafter described (the "Loan Agreements") to the Agency to finance and refinance various redevelopment activities of the Agency; and WHEREAS, both the Tax-Exempt Notes and the Taxable Notes 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 Taxable Notes 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 Board of Directors of the Authority hereby determines that interest payable on the Taxable Notes will be subject to federal income taxation under the law in existence on the date of issuance of the Taxable Notes; and WHEREAS, the Tax-Exempt Notes and the Taxable Notes shall be issued pursuant to separate Indentures of Trust (respectively, the "Tax-Exempt Indenture" and the "Taxable Indenture"), each dated as of September 1, 1993 and each by and between the Authority and Union Bank, as trustee (the "Trustee"); and WHEREAS, the Authority proposes to sell both the Tax-Exempt Notes and the Taxable Notes 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 Notes and the Taxable Notes, the Underwriter has caused to be prepared an Official Statement describing, among other things, the Authority, the Tax-Exempt Notes and the Taxable Notes, 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 Notes by the Underwriter (the "Tax Exempt Bond Purchase Contract") and a form of contract for the purchase of the Taxable Notes by the Underwriter (the "Taxable Bond Purchase Contract"); and WHEREAS, the Authority Board, with the aid of its staff, has reviewed the forms on file with, t~e Secretar~ of the Tax-Exempt Indenture, the Taxable Indenture, the Loan Agreements, the prehmmary OffiCIal Statement and the two Purchase Contracts, and the transactions therein described and wishes at this time to approve the foregoing 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. Issuance of Tax-Exempt Notes. The Board hereby authorizes the issuance of the Ta,x-~xempt Notes under and pursuant to the Act and the Tax-Exempt Indenture in the aggregate prInCIpal amount of not to exceed $13,500,000 for the purposes hereinbefore described. The Board hereby app!oves the T~~-Exempt Indenture in substa~tjaUy the form on file with the Secretary together WIth any addItIons thereto or changes thercm 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 beha!f of the Authority. Such changes and additions shall include, without limitation, the insertion in the Tax-Exempt Indenture of the final aggregate principal amount of the Tax-Exempt Notes and the final annual interest rate payable with respect to the Tax-Exempt Notes, as provided in the executed Purchase Contract .with the Underwriter for the sale of the Tax-Exempt Notes. The Board hereby authorizes the delivery and performance of the Tax-Exempt Indenture. - Section 2. Issuance of Taxable Notes. The Board hereby authorizes the issuance of the Taxable Notes under and pursuant to the Act, the Taxable Law and the Taxable Indenture in the aggregate principal amount of not to exceed $10,500,000 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 aggregate principal amount of the Taxable Notes and the final annual interest rate payable with respect to the Taxable Notes, as provided in the executed Purchase Contract with the Underwriter for the sale of the Taxable Notes. The Board hereby authorizes the delivery and performance of the Tax-Exempt Indenture. Section 3. Approval of the Loan Agreements. The Board hereby authorizes and approves the making of three separate Loans to the Agency pursuant to the following three Loan Agreementsi namely the Loan Agreement, dated as of September 1, 1993, by and between the Authority and the Agency relating to the Loan to the Agency with respect to the Rancho Laguna Redevelopment Project Area No. I, the Loan Agreement, dated as of September 1, 1993, by and between the Authority and the Agency relating to the Loan to the Agency with respect to the Rancho Laguna Redevelopment Project Area No. II and the Loan Agreement, dated as of September 1, 1993, by and between the Authority and the Agency relating to the Loan to the Agency with respect to the Rancho Laguna Redevelopment Project Area No. III. The Board hereby approves the Loan Agreements 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 Loans) 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 Agreements for and in the name and on behalf of the Authority. The Board hereby authorizes the delivery and performance of the Loan Agreements. Section 4. Official Statement. The Board hereby approves the matters contained in the preliminary Official Statement describing the Authority and, respectively, the Tax Exempt Notes and the Taxable Notes, 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 Notes and the Taxable Notes are substantially the same except for certain provisions of the federal and state tax laws which are applicable to the Tax Exempt Notes), 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 Notes and the Taxable Notes. The Board hereby approves the final Official Statement describing the Tax-Exempt Notes and the Taxable Notes. 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. The Chairman is hereby authorized to execute and deliver the final Official Statement on behalf of the Authority. Section 5. Tax Exempt Bond Purchase Contract. The Authority hereby authorizes the sale of the Tax Exempt Notes 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 Notes 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 the annual interest rate payable with respect to the Tax Exempt Notes shall not exceed seven and one-half percent (7.50%) per annum and the purchase price to be paid by the Underwriter for the purchase of Tax Exempt Notes shall be not less than ninety-six and one-half percent (96.5%) of the par amount thereof, exclusive of original issue discount. Section 6. Taxable Bond Purchase Contract. The Authority hereby authorizes the sale of the Taxable Notes 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 Notes 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 the stated average annual interest rate payable with respect to the Taxable Notes shall not exceed ten percent (10%) per annum and the purchase price to be paid by the Underwriter for the purchase of Taxable Notes shall be not less than ninety-five percent (95%) of the par amount thereof exclusive of original issue discount. Section 7. 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 here.by authorized and directed, for and in the name and on behalf of the Authority, to do any and all thmgs 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 Notes and the Taxable Notes, agreements including, without limitation, agreements providing for investment of proceeds of the Tax~ Exempt Notes and the. Taxable 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 lawful issuance, sale and delivery of the Tax-Exempt Notes and the Taxable Notes and the making ofthe Loans pursuant to the Loan Agreements. Section 8. Effective Date. This Resolution shall take effect from and after its passage and adoption. PASSED AND ADOPTED this 14th day of September, 1993. AYES: NOES: ABSENT: ABSTAIN: AUTHORITY MEMBERS: AUTHORITY MEMBERS: AUTHORITY MEMBERS: AUTHORITY MEMBERS: ALONGI, DOMINGUEZ, WASHBURN, WINKLER CHERVENY NONE NONE ~ee1lf) Chairman of the Lake Elsinore Public Financing Authority (S'EAL) " ': ','~' ~ . - ,~.,. ~j , . - . . Secr tary of the Lake Elsinore Pu lic Financing Authority Attest: APPROVED AS TO FORM AND LEGALITY: 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 14th day of September, 1993, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, DOMINGUEZ, WASHBURN, WINKLER NOES: COUNCILMEMBERS: CHERVENY ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE - ~ VICKI KASAD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. PFA 93-3 of said Council, and that the same has not been amended or repealed. ( ~A ED: s~~._e.. ber 16, 1993 C 41-" J ICKI KASA~~ CLERK CITY OF-LAKE ELSINORE (SEAL)