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CITY OF LAKE ELSINORE
PUBLIC FINANCE AUTHORITY MEETING
MINUTES
November 10`h, 2009
CALL TO ORDER
Chairman Hickman called the meeting of the Lake Elsinore Public Finance Authority
held on Tuesday, November 10th, 2009 to order at 8:00 p.m. in the Cultural Center,
located at 183 N. Main Street, Lake Elsinore, CA 92530.
ROLL CALL
PRESENT: Chairman Hickman, Vice Chair Bhutta, Authority member Buckley,
Authority member Magee, Authority member Melendez.
ABSENT: None.
Also present: Executive Director Brady, Authority Counsel Leibold, and Authority
Secretary Thomsen.
Staff members present included Acting Community Development Director Weiner,
Public Works Director / City Engineer Seumalo, Director of Lake and Aquatics and
Interim Parks and Recreation Director Kilroy, and Police Chief Cleary.
CLOSED SESSION
None.
PUBLIC COMMENTS - NON-AGENDIZED ITEMS -1 MINUTE
None.
PUBLIC COMMENTS - AGENDIZED ITEMS - 3 MINUTES
None.
Lake Elsinore Public Finance Authority Meeting
Regular Meeting Minutes of November 10, 2009
Page 2 of 4
CONSENT CALENDAR
None.
BUSINESS ITEMS
(1)
Allocation Revenue Bonds (1999 Series C Refunding). 2009 Series A in the
Statement: and Authorizing the taking of Certain other Actions Related Thereto
Recommendation: Staff recommends that the Authority / City / Agency approve
the attached Resolutions and execute the necessary documents to issue bonds
in an amount not to exceed $ 16 million to refinance the Authority's
1999C Bonds.
Chairman Hickman noted each Resolution was approved during the session for
each Governing Board; City Council and Redevelopment Agency. During the
City Council meeting, Chairman Hickman offered an explanation to the City
Council and Redevelopment members. He noted the Bonds were being
refinanced at a lower interest rate for the same length of time. He noted by
combining the Bonds, there was only one Bond instead of the previous 3, which
also helped to save money. A motion was then made to approve the Public
Finance Authority's Resolution.
CITY COUNCIL RESOLUTION No. 2009-58
A Resolution of the City Council of The City Of Lake Elsinore, California,
Approving Loan Agreements to be entered into by The Redevelopment Agency
of The City of Lake Elsinore in connection with the issuance of The Lake Elsinore
Public Financing Authority Tax Allocation Revenue Bonds (1999 Series C
Refunding), 2009 Series A, in the Aggregate Principal Amount Not To Exceed
$16,000,000; and authorizing the taking of certain other actions related thereto
A Resolution of The Redevelopment Agency of The City of Lake Elsinore
approving the issuance of Lake Elsinore Public Financing Authority Tax
Allocation Revenue Bonds (1999 Series C Refunding), 2009 Series A, in the
Aggregate Principal Amount Not to Exceed $16,000,000; approving a Bond
Purchase Contract, Loan Agreements, a Continuing Disclosure Agreement and a
Preliminary Official Statement; and authorizing the taking of certain other actions
related thereto
Lake Elsinore Public Finance Authority Meeting
Regular Meeting Minutes of November 10, 2009
Page 3 of 4
Action was then taken on the Public Finance Authority Resolution:
LAKE ELSINORE PUBLIC FINANCING AUTHORITY No. 2009-01
A Resolution of The Board Of Directors of The Lake Elsinore Public Financing
Authority approving the issuance of Lake Elsinore Public Financing Authority Tax
Allocation Revenue Bonds (1999 Series C Refunding), 2009 Series A in the
Aggregate Principal Amount Not to Exceed $16,000,000; approving an Indenture
Of Trust, a Bond Purchase Contract, Loan Agreements and a Preliminary Official
Statement; and authorizing the taking of certain other actions related thereto
MOTION was made by Authority member Magee, second by Authority
member Melendez and unanimously carried to approve the issuance of
Lake Elsinore Public Financing Authority Tax Allocation Revenue Bonds
(1999 Series C Refunding), 2009 Series A in the Aggregate Principal
Amount Not to Exceed $16,000,000; approving an Indenture Of Trust, a
Bond Purchase Contract, Loan Agreements and a Preliminary Official
Statement; and authorizing the taking of certain other actions related
thereto
AYES: Bhutta, Buckley, Hickman, Magee, Melendez.
NOES: None.
PUBLIC COMMENTS - NON-AGENDIZED ITEMS - 3 MINUTES
None.
EXECUTIVE DIRECTOR COMMENTS
None.
LEGAL COUNSEL COMMENTS
None.
Lake Elsinore Public Finance Authority Meeting
Regular Meeting Minutes of November 10, 2009
Page 4 of 4
AUTHORITY MEMBER COMMENTS
None.
ADJOURNMENT
There being no further business to come before the Public Finance Authority (PFA)
Chairman Hickman adjourned the meeting at 8:01 p.m.
The Lake Elsinore Public Financing Authority will adjourn to a regular meeting to be
held on Tuesday, November 24, 2009, at 7:00 p.m. to be held in the Cultural Center
located at 183 N. Main Street, Lake Elsinore, CA 92530.
Daryl Hickman, PFA Chairman
City of Lake Elsinore, California
Attest
Debora Thomsen, CIVIC
Public Finance Authority Secretary
City of Lake Elsinore, California