2001-049 Issuance of Bonds by Encinitas Ranch Golf Authority (ERGA) CITY OF ENCINITAS, CALIFORNIA
RESOLUTION NO. 200149
A RESOLUTION APPROVING THE ISSUANCE OF
BONDS BY THE ENCINITAS RANCH GOLF AUTHORITY
RESOLVED by the City Council of the City of Encinitas (the "City") as follows:
WHEREAS, the Enci~itas Ranch Golf Authority (the "Authority"), formed by the City
and the San Dieguito Water District, is authorized pursuant to Article 4 of the Joint Exercise of
Powers Law, being Sections 6584 et seq. of the Government Code of the State of California (the
"Act"), to issue revenue obligations and to use the proceeds thereof to finance and refinance the
acquisition and construction of public capital improvements such as the Encirdtas Ranch Golf
Course (the "Golf Course"); and
WHEREAS, the Authority issued its Encinitas Ranch GoLf Authority Revenue Bonds,
1996 Series A (Encinitas Ranch Golf Course Project) (the "1996 Bonds") in the principal amount
of $10,760,000 under the Act to finance the construction of the Golf Course; and
WHEREAS, the Authority, after due investigation and deliberation, and subject to the
City Council's approval of the issuance of the 2001 Bonds, will consider whether it is in the
interests of the Authority at this time to: (i) refund the 1996 Bonds to achieve interest rate
savings; and (ii) finance the acquisition and construction of certain improvements to the Golf
Course, consisting of a bridge over Quail Gardens Drive, and restroom facilities, and to that
end the Board of Directors of the Authority is considering the issuance of its Encinitas Ranch
GoLf Authority Revenue Refunding Bonds, 2001 Series A (Encinitas Ranch Golf Course Project)
in the principal amount of not-to-exceed $13,000,000 the "2001 Bonds") for such purposes; and
WHEREAS, Section 6586.5 of the Act requzres the City Council of the City, as the
governing body of the local agency within whose boundaries the GoLf Course is located, to
approve the issuance of the 2001 Bonds, after a public hearing following published notice, and
to make certain findings of significant public benefit;
WHEREAS, the City Council has, on the date hereof, held a public hearing following
duly published notice thereof, and all persons desiring to be heard have been heard; and
WHEREAS, it is in the public interest and for the public benefit that the City Council
approve the issuance of the 2001 Bonds;
NOW, THEREFORE, it is hereby DETERMINED that:
(1) The Authority has represented to the City that the proceeds of the 2001 Bonds will
be applied to: (i) refund the Authority's $10,760,000 Revenue Bonds, Series 1996A;
and (ii) finance the acquisition and construction of improvements to the Encinitas
Ranch Golf Course, consisting generally of a bridge over Quail Gardens Drive, and
restroom facilities; and
(2) the issuance of the 2001 Bonds will achieve significant public benefit, in that
demonstrable interest savings will be achieved, comparing debt service on the 2001
Bonds to debt service on the 1996 Bonds; and
(3) the issuance of the 2001 Bonds is hereby approved.
THE FOREGOING RESOLUTION is approved and adopted by the City Council of the
City of Encinitas this 29th day of August, 2001, by the following vote:
AYES: Councilmembers Bond, Guerin, llolz, Houl~Lhan, Stocks.
NOES: Councilmembers: None.
ABSENT: Councilmembers: None.
ABSTAINING: Councilmembers: None.
SO OR ,~ED: ATTEST:
De~nis Holz, Makbr ( Debor-ah Cervone, City Clerk