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File #: 20-1764   
Type: Administrative Items Status: Failed
File created: 7/13/2020 In control: City Council/Public Financing Authority
On agenda: 7/20/2020 Final action: 7/20/2020
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
Attachments: 1. Att 1 PFA Resolution No. 25, 2. Att#2 Master Site Lease, 3. Att#3 Master Lease Agreement, 4. Att#4 Master Indenture, 5. Att#5 Bond Purchase Agreement, 6. Att#6 2010A Escrow Agreement, 7. Att#7 2011A Escrow Agreement, 8. Att#8 Second Amendment to Site Lease, 9. Att#9 Second Amendment to Lease Agreement, 10. 7.20.20 Sup Com Rief PPT, 11. 7.20.20 Sup Com HB Lease Revenue Refunding Bonds (003)
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...

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