HomeMy WebLinkAboutResolution - FA 16-01STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF SAN JACINTO )
RESOLUTION NO. FA 16-01
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN
JACINTO FINANCING AUTHORITY, APPROVING THE FORM OF AN
ESCROW AGREEMENT AND APPROVING OTHER RELATED
DOCUMENTS AND ACTIONS
WHEREAS, bonds have been issued for the City of San Jacinto Community
Facilities District No. 2002-1, County of Riverside, State of California (the "District") as
City of San Jacinto Community Facilities District No. 2002-1, 2002 Special Tax Bonds
outstanding in the aggregate principal amount of $19,549,817.11 (the "Prior Special Tax
Bonds"); and
WHEREAS, the Authority issued its $17,841,416.76 2002 Local Agency
Revenue Bonds, Series A (Tranches A through D) (the "Authority Bonds"); and
WHEREAS, the City Council (the "City Council") of the City of San Jacinto (the
"City") has been advised that it may be possible to issue bonds of the District for the
purpose of refunding the outstanding Prior Special Tax Bonds, at interest rates that will
result in a net present value savings of 3% or more from the interest rates on the
currently outstanding Prior Special Tax Bonds and to thereby provide savings to the
property owners in the District through reduced special taxes that will be levied on
parcels of taxable property in the District to pay the principal of and interest on the
refunding bonds (the "Refunding Bonds"); and
WHEREAS, upon the issuance of the Refunding Bonds of the District and the
deposit of the appropriate portion of the proceeds of the sale of such Refunding Bonds
in the redemption fund, such Prior Special Tax Bonds and the Authority Bonds will be
defeased and the property in the District will no longer be subject to the levy of special
taxes to pay debt service on such outstanding Prior Special Tax Bonds, but will instead
be subject to the levy of special taxes to pay debt service on the Refunding Bonds; and
WHEREAS, there has also been made available to the Board of Directors a form
of escrow agreement (the "Escrow Agreement") to be executed and delivered by the
Authority and the City with respect to the defeasance and redemption of the Prior
Special Tax Bonds and the Authority Bonds, whereby the escrow agent thereunder will
receive a portion of the proceeds of the sale of the Refunding Bonds and certain funds
related to the Prior Special Tax Bonds and the Authority Bonds that will be deposited in
the redemption fund to provide for the defeasance and redemption of the Prior Special
Tax Bonds and the Authority Bonds and will perform certain other duties; and
WHEREAS, the Board of Directors has considered the form of the Escrow
Agreement and has determined that it is in the best interest of the owners of property in
and the residents of the District, that the Board of Directors authorize the execution and
delivery of said agreements, subject to the conditions hereinafter contained;
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NOW, THEREFORE, BE IT RESOLVED, determined and ordered by the Board
of Directors of the San Jacinto Financing Authority, as follows:
Section 1. Approval of Escrow Agreement. The form of the Escrow Agreement
which provides for (i) the defeasance and redemption of the Prior Special Tax Bonds
and the Authority Bonds, (ii) the creation and administration by the Escrow Agent of the
Escrow Fund for the benefit of the owners of Prior Special Tax Bonds and the Authority
Bonds, and (iii) the performance of other duties by the Escrow Agent, is approved in the
form provided on file with the Secretary, and the Executive Director, the Finance
Director or Treasurer are each individually authorized to execute and deliver, on behalf
of the Authority, such Escrow Agreement with respect to the Prior Special Tax Bonds
and the Authority Bonds.
Section 2. Further Action. The Chairman, the Executive Director, the Finance
Director and Treasurer are authorized to take any and all action with respect to the
execution and delivery of the Escrow Agreement, in order for the authorization and
direction provided in this resolution to be carried out.
Section 3. Effect. This resolution shall take effect immediately upon its
passage.
PASSED, APPROVED, and ADOPTED this 2nd day of February, 2016 by the
following vote:
Ayes: Bartel, Ledezma, Miller, Ruiz, Kotyuk
Nays: None
Absent: None
Abstain: None
ATTEST:
Pe gr
terim Secretary
San Jacinto Financing Authority
Andrew F. Kotyuk, Chair
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CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF SAN JACINTO )
I, Peggy J. Johns, Interim Secretary of the San Jacinto Financing Authority. DO
HEREBY CERTIFY that the foregoing Resolution No. FA 16-01 was passed, approved,
and adopted at a Special Meeting of the San Jacinto Financing Authority held on the 2nd
day of February, 2016
Ayes: Bartel, Ledezma, Miller, Ruiz. Kotyuk
Nays: None
Absent: None
Abstain: None
WITNESS MY HAND AND OFFICIAL SEAL this 2nd day of February, 2016.
nterim secretary
ncing Authority
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