08-08-2018 RMIC RPT 01 - Laserfiche WebLink

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City of &Innovation Municipal Improvements Corporation IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII TO: MUNICIPAL IMPROVEMENTS CORPORATION DATE: AUGUST 8, 2018 FROM: FINANCE DEPARTMENT WARDS: ALL SUBJECT: ISSUANCE OF LEASE REVENUE BONDS IN ORDER TO REFUND THE MAJORITY OF THE 2006 CERTIFICATES OF PARTICIPATION - RESOLUTION ISSUE: Approval of resolutions that authorize 1) the issuance of Lease Revenue Refunding Bonds, Series 2018A Federally Taxable, in order to refund all but $5,000 of the City's 2006 Lease Revenue Certificates of Participation (Galleria at Tyler Public Improvements), and 2) the execution and delivery of amendments to agreements initially executed and delivered in connection with the 2006 Lease Revenue Certificates of Participation. RECOMMENDATION: That the City of Riverside Municipal Improvements Corporation adopt the attached Resolution authorizing the Chief Financial Officer to execute amendments to agreements initially executed and delivered in connection with the 2006 Lease Revenue Certificates of Participation. BACKGROUND: In September 2006, the City Council approved the execution and delivery of the 2006 Lease Revenue Certificates of Participation (2006 COPs) in the initial principal amount of $19,945,000. Proceeds from the issuance of the 2006 COPs were used to fund the expansion of the Galleria at Tyler Mall. The expansion consisted of public improvements including a parking structure addition, certain landscaping and hardscape, consisting of walkways, plazas and other common areas, exterior lighting and storm drain systems. The 2006 COPS are a General Fund obligation of the City repaid by General Fund revenues. However, per the terms of an agreement regarding financing and construction of the parking facility and other public improvements, the majority of the debt service has been reimbursed to the City's General Fund by way of special tax payments levied through an underlying CFD (as defined below) on property in the Galleria at Tyler Mall, with such payments being made by Tyler Mall Limited Partnership (Tyler).