2014-10-22MINUTES OF THE ENCINITAS PUBLIC FINANCING AUTHORITY
OCTOBER 22, 2014, 6: 00 P.M., 505 SOUTH VULCANA VENUE
CALL TO ORDER/ROLL CALL
Chairperson Gaspar called the meeting to order at 8:36 P.M.
Present: Chairperson Kristin Gaspar, Vice Chairperson Tony Kranz, Board Members Teresa
Arballo Barth, Mark Muir and Lisa Shaffer.
Absent: None.
Also Present: Executive Director Vina, City Attorney Sabine, Finance Manager Lembach, Finance
Director Nash, Special Counsel Byrens, Board Secretary Hollywood and Deputy
Board Secretary Bingham.
There being a quorum present, the meeting was in order.
PLEDGE OF ALLEGIANCE
AGENDA ITEMS
1. Consider Authorizing the Issuance of Lease Revenue Bonds by the Encinitas Public
Financin¢ Authority (the "2014 Bonds") to fund the acquisition of real property
(Pacific View Property) and to fund Planned Capital Improvements at Moonlight
Beach (Lifeguard Tower.) Contact Person: Finance Manager Lembach
RECOMMENDED ACTION: 1) Adopt Encinitas Public Financing Authority
Resolution 2014-01, a Resolution of the Board of Directors of the Encinitas Public
Financing Authority (the "Authority") authorizing the issuance of its revenue bonds
in the original principal amount of not -to -exceed $13,500,000 in connection with the
acquisition of the Pacific View Property and Improvements to the Moonlight Beach
Lifeguard Tower, authorizing and directing execution of an Indenture of Trust, a
lease Agreement, an Agency Agreement, a Purchase Agreement and authorizing an
Official Statement and other official actions and execution of related documents;
and 2) Direct the City Manager, acting as the Executive Director of the Encinitas
Public Financing Authority, to determine what portion of the overall bond issue
should be issued as Tax -Exempt obligations and what portion, if any, should be
issued as Taxable obligations.
Finance Manager Lembach, Finance Director Nash and Special Counsel Byrens presented
the staff report.
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10/22/14 EPFA Special Meeting
ACTION:
Shaffer moved, Barth seconded to adopt Encinitas Public Financing Authority Resolution
2014-01, a Resolution of the Board of Directors of the Encinitas Public Financing Authority
(the "Authority") authorizing the issuance of its revenue bonds in the original principal
amount of not -to -exceed $13,500,000 in connection with the acquisition of the Pacific View
Property and improvements to the Moonlight Beach Lifeguard Tower, authorizing and
directing execution of an Indenture of Trust, a lease Agreement, an Agency Agreement, a
Purchase Agreement and authorizing an Official Statement and other official actions and
execution of related documents; and 2) Direct the City Manager, acting as the Executive
Director of the Encinitas Public Financing Authority to authorize funding the acquisition
of the Pacific View Property purchase of $10 million with taxable bonds and to provide an
additional $3 million of non-taxable bonds to fund the planned capital improvements to the
Lifeguard Tower. Motion carried. Ayes: Barth, Franz, Shaffer. Nays: Gaspar, Muir.
Chairperson Gaspar, in concurrence with Board Member Muir stated that in regards to their no
vote the price and terms being offered by the majority of the Board was too high and comes with
considerable sacrifice to our entire community absent public discussion about that sacrifice. The
offer being made strays far from the appraised value and negotiating in good faith in addition it
places a single project outside and above all projects prior to the completion of our strategic plan.
ADJOURNMENT
Chairperson Gaspar adjourned the meeting at 8:38 P.M.
NOTE: These minutes have been approved by the current members of the Encinitas Public
Financing Authority at its meeting held on June 23, 2021.
Kathy Hollywoo , Board Secretary
By: Claudia Bingham
Deputy Board Secretary
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Catherine S. Blakespear, Chairperson