1997-10-22 MINUTES OF SPECIAL MEETING OF THE ENCINITAS PUBLIC FINANCING
AUTHORITY,IPA, OCTOBER 22, 1997, 6.'00 P.M.,
.505 SOUTH VULCAN A VENUE
CALL TO ORDER/ROLL CALL
President Davis called the meeting to order at 6:44 P.M.
Present: President John Davis, Board Members Lou Aspell, James Bond, Sheila Cameron,
and Chuck DuVivier.
Absent: None.
Also City Manager Wasserman, City Attorney Krauel, City Clerk Cervone, Assistant
Present: City Manager Benson, Financial Services Director Suelter, Deputy City Clerk
Greene.
There being a quorum present, the meeting was in order.
ORAL COMMUNICATIONS
None.
REGULAR AGENDA
PF2. Consideration of Resolution 97-01. Approving, Authorizing and Directing Execution
of Civic Center Lease Refinancing Documents: Approving Preliminary_ Official
Statement and Authorizing and Directing Certain Actions with Respect Thereto.
Contact Person: Financial Services Manager Suelter.
Financial Services Manager Suelter stated that the Encinitas Public Financial Authority, working
in conjunction with the City of Encinitas, initiated the lease financing of the Civic Center in 1991
through the $7.735 million in Certificates of Participation (lease/purchase financing bonds) for
the purchase and development of the Encinitas Civic Center.
At its meeting on September 10, 1997, the City of Encinitas City Council directed staff to
proceed with preparing the legal documents necessary to complete the refund of those
Certificates of Participation. In the current bond market, with lower interest rates, the City hoped
to save an average $25,000 per year in interest payments on the bonds. Together with the legal
and financial consultants, City staff prepared and reviewed the legal documents necessary for the
refunding.
10/22/97 EPFA Sp. Mtg. Page 1 Mtg. #97- , Bk. #1, Page___
10/22/97 EPFA Special Meeting
Ms. Suelter stated that until such time as interest rates reach a level that would assure an average
annual savings of $25,000, the Underwriter would not proceed with the final sale. Assuming that
interest rates remain at their current level, staff anticipated completing the sale of the refunded
Certificates of Participation in mid-November.
RECOMMENDATION:
Adopt EPFA Resolution 97-01.
The closing and adoption of the Consent Calendar was taken next, out of order.
CLOSING AND ADOPTION OF THE CONSENT CALENDAR
Council Member Cameron stated she would abstain from voting for approval of the 6/15/94
Minutes since she was not a Council Member when that meeting occurred.
Bond moved, Duvivier seconded to close and adopt the Consent Calendar. Motion carried.
Ayes: Aspell, Bond, Davis, DuVivier; Nays: None; Abstain: Cameron.
PF1. Approval of Minutes: 06/15/94 Special Meeting. Contact Person: EPFA Secretary
Cervone.
STAFF RECOMMENDATION: Approve Minutes.
Item PF2 continued.
COUNCIL ACTIO]/FOR ITEM PF2:
Bond moved, DuVivier seconded to approve the staff recommendation to adopt Encinitas
Public Financing Authority Resolution 97-01. Motion carried. Ayes: Aspell, Bond,
Cameron, Davis, DuVivier; Nays: None.
ITEMS REMOVED FROM THE CONSENT CALENDAR BY THE PUBLIC
None.
ITEMS REMOVED FROM THE CONSENT CALENDAR BY THE BOARD
None.
10/22/97 EPFA Sp. Mtg. Page 2 Mtg. #97- Bk. # 1, Page
10/22/97 EPFA Special Meeting
BOARD/DISTRICT MANAGER REPORT
None.
ADJOURNMENT
President Davis declared the meeting adjourned at 6:51 P.M.
D~oo~rah ervone, City Clerk John Davis, President
By: ~Greene'~~j
Deputy City Clerk
10/22/97 EPFA Sp. Mtg. Page 3 Mtg. #97- , Bk. #1, Page___