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File #: 18-0422    Version: 1 Name: Banning Lewis Ranch Regional MD No. 1
Type: Resolution Status: Mayor's Office
File created: 8/15/2018 In control: City Council
On agenda: 10/9/2018 Final action: 10/9/2018
Title: Resolution Authorizing the Banning Lewis Ranch Metropolitan Regional Metropolitan District No. 1 to Issue Series 2018A Limited Tax General Obligation Bonds in an Amount Estimated to be 10,790,000, Series 2018B Subordinate Cash Flow Bonds in an Amount Estimated to be $1,234,000 and Series 2018C Junior Subordinate Cash Flow Bonds in an Amount Estimated to be $1,770,000. (Legislative) Presenter: Carl Schueler, Comprehensive Planning Manager, Planning and Development
Indexes: Issuance of Debt, Metropolitan District
Attachments: 1. Resolution_BLR_Regional_Metro_2018_Debt_Authorization, 2. Figure 1_Transmittal Letter, 3. Figure 2 - Term Sheet, 4. Figure 3a - Senior Indenture of Trust, 5. Figure 3b - Junior Indenture of Trust, 6. Figure 3c - Subordinate Indenture of Trust, 7. Figure 4 - Development-Financial Projections, 8. Figure 5_ 2018 Bonds_Summary of Costs, 9. Figure 6_General Counsel Opinion, 10. Figure 7_Certificate of External Advisor, 11. PowerPoint_BLR_Regional_Bond_Issue, 12. Signed Resolution 108-18


Title
Resolution Authorizing the Banning Lewis Ranch Metropolitan Regional Metropolitan District No. 1 to Issue Series 2018A Limited Tax General Obligation Bonds in an Amount Estimated to be 10,790,000, Series 2018B Subordinate Cash Flow Bonds in an Amount Estimated to be $1,234,000 and Series 2018C Junior Subordinate Cash Flow Bonds in an Amount Estimated to be $1,770,000.

(Legislative)

Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Development

Body
Summary:
This is a request to approve issuance of formal debt in an aggregate amount of up to $13,794,000 by the Banning Lewis Ranch Regional Metropolitan District No. 1 ("District") in the form of marketed Series A and B bond issues, and a developer-held Series C bond issue which will be subordinate to the other bonds. The City's Special District Policy and the District's approved service plan require that City Council's approval be obtained prior to issuing any debt.

This request will be heard at the October 9, 2018 City Council meeting at which time approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Article 7-100.

Previous Council Action:
The Banning Lewis Ranch Metropolitan Districts No. 1-7 ("Districts") were established by election in November 2005, following approval by Council of an initial service plan in that year (Resolution No. 162-05. On April 24, 2018 Council approved a Second Amended and Restated service plan the District- the Banning Lewis Ranch Regional Metropolitan District No.1 (formerly Banning Lewis Ranch Metropolitan District No. 6) by Resolution No. 39-18. City Council has previously authorized debt for Banning Lewis Ranch Metropolitan Districts No. 2 and No. 3, and issuance by District Nos. 4 and 5 are pending concurrent with this request. However, this would be the first debt formally issued by this particular district.

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