HomeMy WebLinkAboutTPFA Reso 04-02
RESOLUTION NO. TPFA 04-02 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY EXPRESSING OFFICIAL INTENT REGARDING A CAPITAL EXPENDITURE TO BE REIMBURSED
FROM PROCEEDS OF TAX-EXEMPT OBLIGATIONS THE CITY COUNCIL OF THE CITY OF TEMECULA DOES RESOLVE, DETERMINE AND ORDER AS FOLLOWS: WHEREAS, the Authority is considering the formation of
a community facilities district (the "CFD") in the Roripaugh Ranch area of the City of Temecula to finance various public improvements, as well as the purchase of a fire truck; and WHEREAS,
the fire truck has been ordered and is expected to be delivered in the near future, but the proceedings for the establishment of the CFD have been delayed due to the complexity of the
CFD; and WHEREAS, it is expected that, if the CFD is formed, the Authority may authorize the issuance of bonds of the Authority for the CFD (the "Bonds"), the interest on which will
be excluded from the gross incomes of the owners of the Bond (i.e. tax-exempt bonds), to finance the the improvements, and to reimburse the cost of the fire truck; and WHEREAS, in order
to reimburse the cost of the fire truck with the proceeds of the Bonds, applicable Internal Revenue Service regulations require that the Authority adopt a resolution, no more than sixty
days after the expenditure for the purchase of the fire truck has been made, expressing its intent to so reimburse the cost of the fire truck with the proceeds of the tax-exempt Bonds
when and if they are issued. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula Public Financing Authority as follows: Section 1. The Authority reasonably expects
to reimburse the purchase price of the fire truck with proceeds of the Bonds to be issued by the Authority for the CFD. Section 2. The maximum principal amount of the portion of the
Bonds expected to be issued for the purpose of reimbursing the cost of the fire truck is $725,000. Section 3. This Resolution is a declaration of official intent to reimburse expenditures
pursuant to U.S. Treasury Regulations Section 1.150-2. Section 4. This Resolution shall in no way obligate the Authority to issue the Bonds for the CFD, and any such issuance shall be
subject to the establishment of the CFD and the adoption of a resolution of the Authority expressly authorizing the issuance of the Bonds. Section 5. This Resolution shall take effect
upon its adoption. ! hereby certify, under the penalty of perjury that the above and foregoing is a true and correct copy of an original on deposit within the records of the Uty of Temecula
In witness whereof, I have hereunto set R:/TPFA Resos2004/TPFA 04-02 1 my hand and affixed the seal of the City of Temecula O
PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula Public Financing Authority at a meeting held on the 10th day of February, 2004. r, C hairperson ATTEST: STATE
OF CALIFORNIA ) COUNTY OF RIVERSIDE ) CITY OF TEMECULA ) ss I, Susan Jones, Secretary of the Temecula Public Financing Authority, HEREBY DO CERTIFY that the foregoing Resolution No.
TPFA 04-02 was duly adopted at a special meeting of the Board of Directors of the Temecula Public Financing Authority on the 10th day of February, 2004, by the following vote: AYES:
3 AGENCY MEMBERS: Comerchero, Washington, Naggar NOES: 0 AGENCY MEMBERS: None ABSENT: 2 AGENCY MEMBERS: Roberts, Stone ABSTAIN: 0 AGENCY MEMBERS: None Jusan W. Jones, CMC Jity CleVk/Authority
Secretary herptw certify, under the penalty of perjury that the ,bove and fencing is a true and correct copy of an -iqinai on deposit within the records of the City of remecula In witness
whereof, I have hereunto set ?y hand and affixed the seal of the City of Temecula iis___2-e—<tey tey of_0&aflav 2U_»s_-. . . « * f c i t * i irtiu pRJlf*—<^ftirfilfin< mthis R:/TPFA
Resos2004/TPFA 04-02