2006-09-27
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MINUTES OF THE ENCINITAS PUBLIC FINANCING AUTHORITY
JOINt SPECIAL MEETING
SEPTEMBER 27, 2006, 6:00 P.M, 505 SOUTH VULCAN A VENUE
TELECONFERENCE WITH COUNCIL MEMBER HOULIHAN
559 UNION STREET
CALL TO ORDERlROLL CALL
President Guerin called the meeting to order at 9:00 P.M.
Present:
President Christy Guerin, Board Members James Bond, Dan Dalager, Maggie
Houlihan (in teleconference from her residence), and Jerome Stocks.
Absent:
None.
Also Present: Board Manager Miller, Board Attorney Sabine, Deputy Board Secretary Greene,
Finance Manager Lembach, Finance Director Smith, and Records Manager
Bingham.
There being a quorum ,present, the meeting was in order.
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CLOSING AND ADOPTION OF THE CONSENT CALENDAR
ACTION:
Houlihan moved, Stocks seconded to close and adopt the Consent Calendar. Motion
carried. Ayes: Bond, Dalager, Guerin, Houlihan (via teleconference), and Stocks. Nays:
None.
El. Aooroval of Minutes: 08/27/03 Re2ular Meetin2. Contact Penon: Citv Clerk
Cervone.
STAFF RECOMMENDATION: Approve Minutes.
REGULAR AGENDA ITEM
THIS ITEM WAS HEARD CONCURRENTLY WITH CITY COUNCIL AGENDA ITEM #9,
LISTED ON THE 9/27/06 CITY COUNCIL REGULAR MEETING AGENDA, A PUBLIC
HEARING REGARDING ISSUANCE OF 2006 LEASE REVENUE BONDS.
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E2. Consideration of Encinitas Public Financin2 Authoritv Resolution 2006-01.
Authorizin2 the Issuance of the Encinitas Public Finance Authority (EPF A) 2006
Lease Revenue Bonds. Contact Person: Finance Mana2er Lembach.
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09/27/06 EPF A Special Meeting
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Finance Director Smith reviewed the staff report and stated that Council directed staff to proceed
with the issuance of up to $20 million of Lease Revenue Bonds. Ms. Smith noted that with the
issuance of these bonds, the City would be able to proceed with the acquisition/construction of
the three most high-priority capital projects: Public Works facility, fire station improvements,
and the Hall Park construction (phase I).
Ms. Smith introduced Mark Northcross, Financial Advisor with Northcross, Hill & Ach and Kim
Byrens, Bond and Disclosure Counsel, of Best, Best & Krieger, LLP, who gave a brief review of
the financing documents. Mr. Northcross stated that the bond sale was scheduled for October 10,
2006, and closing was scheduled for October 25, 2006. .
Ms. Smith stated that the staff recommendation was to adopt Resolution 2006-01, authorizing the
issuance of the 2006 Lease Revenue Bonds by the EncinitasPublic Financing Authority,
approving the official statement, and authorizing official actions.
Mayor Guerin opened the public hearing.
The following speakers addressed Item #E2:
Donna Westbrook and Bob Bonde.
Mayor Guerin closed the public hearing.
. ACTION:
Bond moved, Houlihan seconded to Adopt Resolution 2006-01, Authorizing the issuance of
the 2006 Lease Revenue Bonds, approving the official statement, and authorizing official
actions. Motion carried. Ayes: Bonds, Dalager; Guerin, Houlihan (in teleconference), and
Stocks. Nays: None.
ADJOURNMENT
President Guerin declared the meeting adjourned at 9:36 P.M.
Christy Guerin, President
Deborah Cervone, Bo d
By: Claudia Bingham,
Records Manager
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