PUBLIC HEARING AND RESO 071819 B

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Conejo Recreation & Park District GENERAL MANAGER Jim Friedl DATE: July 18, 2019 BOARD OF DIRECTORS Chuck Huffer, Chair George M. Lange, Vice Chair Susan L. Holt, Director Nellie Cusworth, Director Doug Nickles, Director GENERAL MANAGER EMERITUS Tex Ward TO: Board of Directors FROM: Jim Friedl, General Manag SUBJECT: Public Hearing and Adoption of Resolution 071819-B Making a Finding of Significant Public Benefit and Other Findings in Connection with a Proposed Revolving Credit Agreement for, and Issuance of Related Promissory Notes by, the Mountains Recreation and Conservation Authority to Finance the Authority's Grants and Annual Operating Costs RECOMMENDATION After holding a public hearing, adopt Resolution No. 071819-13, "A Resolution of the Board of Directors of the Conejo Recreation and Park District Making a Finding of Significant Public Benefit and Other Findings in Connection with a Proposed Revolving Credit Agreement for, and Issuance of Related Promissory Notes by, the Mountains Recreation and Conservation Authority to Finance the Authority's Grants and Annual Operating Costs." DISCUSSION The MRCA was established in 1985 as a Joint Powers Authority (JPA). MRCA is a local partnership among its member agencies, which consist of the Santa Monica Mountains Conservancy (a state agency established by the Legislature) and the Rancho Simi Recreation and Park District and the Conejo Recreation and Park District (both of which are local park agencies that were established by a vote of the people in the communities they now serve). The MRCA currently utilizes two lines of credit from Zions First National Bank in conducting its business operations; these two lines are expiring. Following a request for proposals process with potential lenders, MRCA proposes to replace the two lines with an $8 million Revolving Credit Agreement with a new lender, BBVA USA, to finance grants and annual operating costs, including the issuance of three promissory notes representing three lines of credit under the new Revolving Credit Agreement in the respective amounts of $3,000,000, $3,000,000 and $2,000,000. MRCA's legal counsel has requested that each member agency hold a public hearing on this action. A legal notice of this public hearing was published at least five (5) days prior to July 18, 2019. The CRPD Board should now receive any public input, and then consider approval of the attached resolution. In the formation of the MRCA, each member agency made findings that the land within the Santa Monica Mountains Zone, and contiguous watersheds and other open space recreation resources in Southern California, constitute unique and valuable economic, environmental, agricultural, scientific, educational and recreational resources which should be held in trust for present and ADMINISTRATIVE OFFICES 403 West Hillcrest Drive - Thousand Oaks, CA 91360-4223 (805) 495-6471 • FAX: (805) 497-3199 - Email: parks@crpd.org • Website: www.crpd.org