Resolution No. BCBFA 2020-02 - Laserfiche WebLink

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RESOLUTION NO. BCBFA 2020-02 RESOLUTION OF THE BOARD OF DIRECTORS OF THE BREA COMMUNITY BENEFIT FINANCING AUTHORITY AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW AGREEMENT RELATING TO THE REFUNDING OF OUTSTANDING 2014 WATER REVENUE BONDS OF THE AUTHORITY, AND APPROVING RELATED ACTIONS WHEREAS, the City of Brea (the "City") owns and operates a public enterprise for the supply, treatment and distribution of water (the "Water System"), and in order to finance improvements to the Water System the Brea Community Benefit Financing Authority (the "Authority") has previously issued its Brea Community Benefit Financing Authority 2014 Water Revenue Bonds in the aggregate original principal amount of $18,555,000 ("2014 Authority Bonds"), which are secured by installment payments made by the City under an Installment Sale Agreement dated as of August 1, 2014 (the "2014 Installment Sale Agreement"), between the Authority and the City; and WHEREAS, the 2014 Authority Bonds are subject to redemption, and the installment payment obligations of the City under the 2014 Installment Sale Agreement are subject to prepayment, on July 1, 2024 and on any date thereafter; and WHEREAS, in order to provide funds to refinance the installment payments of the City under the 2014 Installment Sale Agreement and refinance the 2014 Authority Bonds, and thereby realize debt service savings to the City, the City wishes to authorize the issuance of its City of Brea 2020 Water Revenue Refunding Bonds (the "Refunding Bonds"); and WHEREAS, the proceeds of the Refunding Bonds will be deposited with The Bank of New York Mellon Trust, N.A., as trustee for the 2014 Authority Bonds and escrow agent (the "Escrow Agent") under an Escrow Agreement among the City, the Authority and the Escrow Agent (the "Escrow Agreement"); and RESO NO. BCBFA 2020-02 October 6, 2020