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HomeMy WebLinkAboutPFA Reso No 2010-001RESOLUTION NO. 2010-001 PFA 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 (1995 SERIES A REFUNDING), 2010 SERIES B IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $11,000,000; APPROVING AN INDENTURE OF TRUST, A BOND PURCHASE CONTRACT, A HOUSING LOAN AGREEMENT, AN ESCROW AGREEMENT AND A PRELIMINARY OFFICIAL STATEMENT; AND AUTHORIZING THE TAKING OF CERTAIN OTHER ACTIONS RELATED THERETO WHEREAS, the Lake Elsinore Public Financing Authority (the "Authority") is a joint exercise of powers authority duly organized and existing under and pursuant to that certain Joint Exercise of Powers Agreement by and between the City of Lake Elsinore and the Redevelopment Agency of the City of Lake Elsinore (the "Agency"), under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act'), and is authorized pursuant to Article 4 of the Act to borrow money for the purpose of financing the acquisition of bonds, notes and other obligations to provide financing and refinancing for capital improvements of member entities of the Authority; and WHEREAS, the Authority has previously issued its 1995 Series A Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment Projects) (the "1995A Bonds"); and WHEREAS, for the purpose of refunding the 1995A Bonds, the Authority has determined to issue its Tax Allocation Revenue Bonds (1995 Series A Refunding), 2010 Series B (the 'Bonds"); and WHEREAS, the proceeds of the Bonds will be loaned to the Agency pursuant to a Housing Fund Loan Agreement (the "Housing Loan Agreement") to be repaid from certain housing set-aside revenues of the Agency; and NOW, THEREFORE, the Board of Directors of the Lake Elsinore Public Financing Authority does hereby resolve as follows: Section 1. The foregoing recitals are true and correct and the Authority hereby so finds and determines Section 2. The Authority hereby approves the issuance of the Bonds in the aggregate principal amount not to exceed $11,000,000 pursuant to the Indenture of Trust, in substantially the form on file with the Secretary of the Authority and presented to the Board at this meeting. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver Resolution No. 2010-001 PFA Page 2 of 5 the Indenture of Trust, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. An Authorized Officer shall include any member of the Board of Directors, the Chairman, the Executive Director, the Treasurer, the Secretary, or any officer of the Authority designated by the Chairman or the Executive Director as an Authorized Officer. Section 3. 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 Secretary of the Authority and presented to the Board at this meeting. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Bond Purchase Contract, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. The underwriter's discount for the Bonds specified in the Bond Purchase Contract shall not exceed 1.50%, exclusive of original issue discount. The Bonds shall bear interest at a rate or rates not to exceed 6.0% per annum. Section 4. The Authority hereby approves the form of the Preliminary Official Statement, in substantially the forms on file with the Secretary of the Authority, with such changes and modifications as shall be necessary or appropriate for completion to the satisfaction of the Executive Director of the Authority, and approval by Fulbright & Jaworski L.L.P., the Authority's Disclosure Counsel. The Executive Director is authorized and directed, on behalf of the Authority to deem the Preliminary Official Statement "final" pursuant to Rule 15c2-12 under the Securities and Exchange Act of 1934. The Authority further approves distribution of the Preliminary Official Statement by the Underwriter to persons who may be interested in purchasing the Bonds. The Board hereby approves the final Official Statement describing the Bonds. Distribution of the final Official Statement by the Underwriter is hereby approved. The Executive Director, subject to approval by the Authority's Disclosure Counsel, is hereby authorized and directed to approve any changes in or additions to the final form of the Official Statement to conform to the requirements of the Bond Purchase Contract and the Indenture of Trust, as applicable. Section 5. The Authority hereby approves the Housing Loan Agreement in substantially the forms on file with the Secretary of the Authority and presented to the Board at this meeting. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Housing Loan Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. Resolution No. 2010-001 PFA Page 3 of 5 Section 6. The Authority hereby approves the Escrow Agreement in substantially the forms on file with the Secretary of the Authority and presented to the Board at this meeting. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Escrow Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. Section 7. Any one of the Authorized Officers is hereby authorized and directed, for and in the name and on behalf of the Authority, to evaluate and select one or more municipal bond insurers for all or any portion of the Bonds and to execute and deliver such contracts and agreements with such bond insurers as may be approved by the Authorized Officer executing the same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. Section 8. The Authorized Officers, the other officers and employees of the Authority, the members of the Authority's Board of Directors, Bond Counsel, Disclosure Counsel and the other consultants to and agents of the Authority, are each hereby authorized and directed to do all things and take all actions necessary or desirable to effectuate the transactions contemplated by this Resolution, and to execute such other assignments, agreements, certificates, receipts, endorsements, orders, opinions and other documents in connection with such transactions, including, without limitation, closing documents in connection with the issuance of the Bonds, and all actions heretofore taken by the officers, employees and agents of the Authority in connection with the issuance of the Bonds are hereby ratified, approved and confirmed in every respect. Section 9. This Resolution shall become effective immediately upon adoption. Resolution No. 2010-001PFA Page 4 of 5 PASSED, APPROVED AND ADOPTED at a regular meeting of the Board of Directors of the Lake Elsinore Public Financing Authority this 23rd day of February, 2010. DARYL HICKMAN, CHAIRMAN LAKE ELSINORE PUBLIC FINANCING AUTHORITY ATTEST: INTERIM APPROVED AS TO FO COUNSEL Resolution No. 2010-001PFA Page 5 of 5 STATE OF CALIFORNIA COUNTY OF RIVERSIDE SS CITY OF LAKE ELSINORE I, Carol Cowley, Interim Secretary of the Lake Elsinore Public Financing Authority, hereby certify that Resolution No. 2010-001 PFA was adopted by the Board of Directors of the Lake Elsinore Public Financing Authority, at a regular meeting held on the 23rd day of February, 2010, and that the same was adopted by the following vote: AYES: AUTHORITY MEMBERS: MAGEE, MELENDEZ, VICE-CHAIR BHUTTA, CHAIRMAN HICKMAN NOES: NONE ABSENT: AUTHORITY MEMBER BUCKLEY ABSTAIN: NONE dr, , ye~ CAROL C LEY INTERIM SECRETARY