Welcome to a meeting of the Fontana Public Financing Authority. A

Transcription

1 Next. Res. PFA No CITY OF FONTANA REGULAR PUBLIC FINANCING AUTHORITY MEETING August 8, 2017 Grover W. Taylor Council Chambers 8353 Sierra Avenue Fontana, CA :00 PM Welcome to a meeting of the Fontana Public Financing Authority. A complete agenda packet is located in the binder on the table in the lobby of the Grover W. Taylor Council Chambers 8353 Sierra Avenue, Fontana, CA To address the Authority, please fill out a card located at the entrance to the left indicating your desire to speak on either a specific agenda item or under Public Communications and give it to the Authority Secretary. Your name will be called when it is your turn to speak. In compliance with Americans with Disabilities Act, the Grover W. Taylor Council Chambers 8353 Sierra Avenue, Fontana, CA is wheel chair accessible and a portable microphone is available. Traduccion en Espanol disponible a peticion. Favor de notificar al Departamento "City Clerk". Para mayor informacion, favor de marcar el numero (909) CALL TO ORDER/ROLL CALL: A. 7:00 P.M. Call the Meeting to Order PUBLIC COMMUNICATIONS: This is an opportunity for citizens to speak to the Financing Authority for up to 5 minutes on items not on the Agenda, but within the Authority's jurisdiction. The Authority is prohibited by law from discussing or taking immediate action on nonagendized items. A. Public Communications CONSENT CALENDAR: All matters listed under CONSENT CALENDAR will be enacted by one motion in the form listed below - there will be no separate discussion on these items prior to the time the Authority votes on them, unless a member of the Authority requests a specific item be removed from the Consent Calendar for discussion. Does any Page 1 of 9

2 member of the public wish to address the Authority regarding any item on the Consent Calendar before the vote is taken? A. Approval of Minutes Approve the Minutes of the January 10, 2017, Regular Public Financing Authority Meeting. NEW BUSINESS: Approve Consent Calendar Item(s). A. Successor Agency to the Fontana Redevelopment Agency Tax Allocation Refunding Bonds, Series 2017A and 2017B Adopt Resolution No. PFA of the Fontana Public Financing Authority authorizing the refunding of certain outstanding bonded indebtedness obligations and authorizing the delivery of certain documents and the undertaking of certain actions in connection therewith. ELECTED OFFICIALS COMMUNICATIONS/COMMITTEE REPORTS: A. Elected Officials Communications/Committee Reports EXECUTIVE DIRECTOR'S COMMUNICATIONS: A. Executive Director's Communications ADJOURNMENT: A. Adjournment Page 2 of 9

3 Regular Public Financing Authority Meeting Minutes January 10, 2017 MINUTES OF THE CITY OF FONTANA REGULAR PUBLIC FINANCING AUTHORITY MEETING January 10, 2017 Grover W. Taylor Council Chambers CALL TO ORDER/ROLL CALL: A. 7:00 P.M. Call the Meeting to Order The Regular Meeting of the City of Fontana Public Financing Authority was held on Tuesday, January 10, 2017, in the Grover W. Taylor Council Chambers, 8353 Sierra Avenue, California. Chairperson Tahan called the meeting or order at 9:38 p.m. ROLL CALL: Present: Chairperson Tahan and Authority Members Warren, Sandoval, Roberts and Armendarez. Absent: None. PUBLIC COMMUNICATIONS: A. Public Communications There were no Public Communications received. CONSENT CALENDAR: A. Approval of Minutes Approve the Minutes of the December 8, 2015, Regular Public Financing Authority Meeting. ACTION: Motion was made by Authority Member Warren, seconded by Authority Member Sandoval, and passed by a vote of 4-0 to approve Consent Calendar Item "CC- A" (AYES: Warren, Sandoval, Roberts and Tahan; ABSTAIN: Armendarez) as follows: ELECTED OFFICIALS COMMUNICATIONS/COMMITTEE REPORTS: A. Appointment of Chairperson and Vice-Chairperson for the Fontana Public Financing Authority ACTION: Motion was made by Authority Member Warren, seconded by Authority Member Roberts, and passed unanimously by a vote of 5-0 to approve the appointment Page 1 of 2 Page 3 of 9

4 of Chairperson and Vice-Chairperson of the Public Financing Authority (AYES: Warren, Sandoval, Roberts, Tahan and Armendarez, NOES: NONE) as follows: Adopt Resolution No. PFA , appointing Chairperson Tahan and a Vice- Chairperson Warren to the Fontana Public Financing Authority for a term of one year. B. Elected Officials Communications/Committee Reports There were no Elected Officials Communications/Committee Reports received. EXECUTIVE DIRECTOR'S COMMUNICATIONS: A. Executive Director's Communications There were no Executive Director Communications received. ADJOURNMENT: The Fontana Public Financing Authority Meeting was adjourned by consensus at 9:40 p.m. Tonia Lewis Authority Secretary Michael Tahan Chairperson Page 2 of 2 Public Financing Authority Meeting Minutes January 10, 2017 Page 4 of 9

5 ACTION REPORT August 8, 2017 FROM: Department of Management Services SUBJECT: Successor Agency to the Fontana Redevelopment Agency Tax Allocation Refunding Bonds, Series 2017A and 2017B RECOMMENDATION: Adopt Resolution No. PFA of the Fontana Public Financing Authority authorizing the refunding of certain outstanding bonded indebtedness obligations and authorizing the delivery of certain documents and the undertaking of certain actions in connection therewith. COMMITTEE GOALS: * To practice sound fiscal management by developing long-term funding and debt management plans. DISCUSSION: The Fontana Public Financing Authority previously issued the following bonds: 1. Fontana Public Financing Authority Tax Allocation Revenue Bonds (North Fontana Redevelopment Project) 2001 Series A 2. Fontana Public Financing Authority Tax Allocation Revenue Bonds (North Fontana Redevelopment Project) 2003 Series A and Series B Taxable 3. Fontana Public Financing Authority Subordinate Lien Tax Allocation Revenue Bonds (North Fontana Project) 2005 Series A The payments of principal of and interest on these bonds are secured by (i) certain payments to be made by the Successor Agency to the Fontana Redevelopment Agency pursuant to that certain Parity Loan Agreement dated as of March 1, 2001, that certain Parity Loan Agreement dated as of October 1, 2003, and that certain Subordinate Loan Agreement dated as of February 1, 2005, and (ii) principal and interest payments on the Fontana Redevelopment Agency 2005 Subordinate Lien Tax Allocation Bonds (North Fontana Redevelopment Project). The Successor Agency has determined to issue bonds for the purpose of prepaying and defeasing the Loan Agreements, and redeeming and defeasing the Prior Agency Bonds, which will cause the redemption and defeasance of the Authority Bonds. To assist in this process, it is necessary for the Authority to approve documents and actions required to prepay and defease the Loan Agreements, to redeem and defease the Prior Agency Bonds, and to redeem, defease and pay all amounts owing on the Authority Bonds, including the execution of one or more Escrow Agreements. Page 5 of 9

6 FISCAL IMPACT: Costs of issuance of the new bonds will be paid from bond proceeds. Debt service payments will be made through the Recognized Obligation Payment Schedule (ROPS) process from the Redevelopment Property Tax Trust Fund (RPTTF). MOTION: Approve staff recommendation. SUBMITTED BY: REVIEWED BY: APPROVED BY: ATTACHMENTS: Description: Proposed Resolution Type: Resolution ITEM: NB-A Page 6 of 9

7 RESOLUTION NO. PFA A RESOLUTION OF THE FONTANA PUBLIC FINANCING AUTHORITY AUTHORIZING THE REFUNDING OF CERTAIN OUTSTANDING BONDED INDEBTEDNESS OBLIGATIONS AND AUTHORIZING THE DELIVERY OF CERTAIN DOCUMENTS AND THE UNDERTAKING OF CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the Fontana Public Financing Authority (the Authority ) has previously issued the following bonds (together, the Authority Bonds ): a. Fontana Public Financing Authority Tax Allocation Revenue Bonds (North Fontana Redevelopment Project) 2001 Series A. b. Fontana Public Financing Authority Tax Allocation Revenue Bonds (North Fontana Redevelopment Project) 2003 Series A and Series B Taxable. c. Fontana Public Financing Authority Subordinate Lien Tax Allocation Revenue Bonds (North Fontana Redevelopment Project) 2005 Series A. WHEREAS, the payments of principal of and interest on the Authority Bonds are secured by (i) certain payments to be made by the Successor Agency to the Fontana Redevelopment Agency (the Agency ) pursuant to that certain Parity Loan Agreement dated as of March 1, 2001, that certain Parity Loan Agreement dated as of October 1, 2003, and that certain Subordinate Loan Agreement dated as of February 1, 2005 (collectively, the Loan Agreements ), and (ii) principal and interest payments on the Fontana Redevelopment Agency 2005 Subordinate Lien Tax Allocation Bonds (North Fontana Redevelopment Project) (the Prior Agency Bonds ); and WHEREAS, the Agency has determined to issue bonds for the purpose of prepaying and defeasing the Loan Agreements, and redeeming and defeasing the Prior Agency Bonds, which will cause the redemption and defeasance of the Authority Bonds; and WHEREAS, the Board of Directors of the Authority has determined to assist the Agency by approving any documents and actions required to prepay and defease the Loan Agreements, to redeem and defease the Prior Agency Bonds, and to redeem, defease and pay all amounts owing on the Authority Bonds, including the execution of one or more Escrow Agreements (the Escrow Agreements ); and NOW THEREFORE, THE BOARD OF DIRECTORS OF THE FONTANA PUBLIC FINANCING AUTHORITY, DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Recitals. The recitals set forth above are true and correct and are incorporated into this Resolution by this reference. Page 1 of 3 Page 7 of 9

8 Resolution No. PFA Section 2. Approval of Prepayment of Loan Agreements and Redemption and Defeasance of Prior Agency Bonds and Authority Bonds. Authority staff are hereby directed and authorized to enter into any documents and undertake any actions required in order to effect the prepayment of the Loan Agreements and the redemption of the Authority Bonds, including amendments to the Loan Agreements, indentures or other instruments executed in connection with the Prior Agency Bonds or the Authority Bonds, as may be necessary or appropriate to facilitate the prepayment of the Loan Agreements and redemption and defeasance of the Prior Agency Bonds and Authority Bonds. To this end, each of the Chair, the Executive Director and the Treasurer (the Authorized Officers ) and other appropriate officers of the Authority, acting alone, is authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents and contracts that they may deem necessary or advisable in order to accomplish the purposes of this Resolution, including the execution and delivery of one or more Escrow Agreements in substantially the form submitted herewith and/or irrevocable refunding instructions in a form to be approved by any Authorized Officer or any other appropriate officer of the Authority. Section 3. Effective Date. This Resolution shall take effect immediately upon its adoption by the governing board of the Authority, and the Secretary shall certify the vote adopting this resolution. Page 2 of 3 Page 8 of 9

9 Resolution No. PFA APPROVED AND ADOPTED this 8 th day of August, 2017 READ AND APPROVED AS TO LEGAL FORM: Authority Attorney I, Beatrice Watson, Agency Secretary of the Fontana Public Financing Authority do hereby certify that the foregoing resolution is the actual resolution duly and regularly adopted by the Fontana Public Financing Authority at a regular meeting on the 8 th day of August, 2017, by the following vote to wit: AYES: NOES: ABSENT: Secretary of the Fontana Public Financing Authority Chairman of the Fontana Public Financing Authority ATTEST: Secretary Page 3 of 3 Page 9 of 9