REQUEST FOR PUBLIC FINANCING AUTHORITY ACTION
SUBMITTED TO: Honorable Chair and Board Members
SUBMITTED BY: Oliver Chi, Executive Director
PREPARED BY: Dahle Bulosan, Chief Financial Officer
Subject:
title
Adopt Public Financing Authority Resolution No. 25 authorizing the execution and delivery by the Authority of a Master Site Lease, a Master Lease Agreement, a Master Indenture, a Bond Purchase Agreement, a Second Amendment to Site Lease and a Second Amendment to Lease Agreement in connection with the issuance of Huntington Beach Public Financing Authority Lease Revenue Refunding Bonds, in one or more series, approving the issuance of such bonds in an aggregate principal amount of not to exceed $21,000,000, authorizing the distribution of an official statement and authorizing the execution of necessary documents and certificates and related actions in connection therewith
body
Statement of Issue:
Authorization is requested from the Public Financing Authority to approve the refunding of the Huntington Beach Public Financing Authority's outstanding 2010 Lease Revenue Refunding Bonds, Series A ($7,410,000) and 2011 Lease Revenue Refunding Bonds, Series A ($15,725,000) in an amount not to exceed $21,000,000.
Financial Impact:
General Fund debt service expenditures will be reduced by over $900,000 in the first two years of refunding, followed by an average annual savings of $390,000 thereafter through 2032. All costs of the bond refunding will be paid from bond proceeds. The maturity dates of the new bonds coincide on a fiscal year basis with the maturity dates of the bonds that are being refunded.
Public Financing Authority Recommended Action:
recommendation
A) Adopt Resolution No. 25, "A Resolution of the Board of Directors of the Huntington Beach Public Financing Authority Authorizing the Execution and Delivery by the Authority of a Master Site Lease, A Master Lease Agreement, A Master Indenture, A Bond Purchase Agreement, A Second Amendment to Si...
Click here for full text