HomeMy WebLinkAboutTPFA Reso 04-03
RESOLUTION NO. TPFA 04-03 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY APPROVING AMENDED AND RESTATED DEPOSIT/REIMBURSEMENT AGREEMENT -RORIPAUGH
RANCH WHEREAS, in 2001, the City of Temecula (the "City"), the Temecula Public Financing Authority (the "Authority"), Ashby USA, LLC ("Ashby") and Galloway 220, LLC ("Galloway"), entered
into a Deposit/Reimbursement Agreement (the "Original Agreement"), pursuant to which Ashby and Galloway deposited funds with the City to ensure payment of the costs of the Authority
and the City in forming the Authority and a proposed community facilities district, and otherwise in connection with the issuance of bonds for such community facilities district (the
"Initial Costs"); and WHEREAS, since the execution of the Original Agreement by the parties thereto, Galloway no longer owns property in the proposed community facilities district and
the Initial Costs have been in excess of the amount previously expected; and WHEREAS, the parties to the the Original Agreement now desire to amend and restate the Original Agreement
to reflect the current understanding of the parties thereto with respect to, among other matters, the continued advancement of funds necessary to pay the Initial Costs, and there is
on file with the Authority Secretary a form of Amended and Restated Deposit/Reimbursement Agreement (the "Deposit Agreement") which the Board of Directors now desires to approve. NOW,
THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula Public Financing Authority as follows: Section 1. Deposit Agreement. The Board of Directors hereby approves the Deposit
Agreement, and authorizes the Executive Director to execute the Deposit Agreement, in the form on file with the Secretary, together with such changes as deemed advisable by Counsel to
the Authority. Section 2. The Executive Director, Treasurer, Secretary, legal counsel to the Authority and all other officers and agents of the Authority are hereby authorized and directed
to take all actions necessary or advisable to implement the Deposit Agreement. I hereby certify under me penalty oi penusy that the above and foregoing is a true and correct copy of
an original on deposit within the records of the City of Temecula In witness whereof, i have hereunto set my hand and affixed the seal of the City of Temecula ths aafAfida 20«t_. R:/TPFA
Resos 2004/TPFA 04-03
PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula Public Financing Authority at a regular meeting held on the 16th day of March, 2004. ATTEST:./Jones, CMC cl/Authority
Secretary STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, CMC, City Clerk/Authority Secretary of the Temecula Public Financing Authority, HEREBY
DO CERTIFY that the foregoing Resolution No. TPFA 04-03 was duly adopted at a meeting of the Board of Directors of the Temecula Public Financing Authority on the 16th day of March, 2004,
by the following vote: AYES: 5 AGENCY MEMBERS: Comerchero, Roberts, Stone, Washington, Naggar NOES: 0 AGENCY MEMBERS: None ABSENT: 0 AGENCY MEMBERS: None ABSTAIN: 0 AGENCY MEMBERS: None
Susan W. Jones, CMC City Clerk/Autttority Secretary i nereby 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 City of Temecula. In witness whereof, I have hereunto set my hand and affixed the seal of the City of Temecula this >o day of flWipU^ 20_ 06 SUSAftTO-dQNES, * R:/TPFA
Resos 2004/TPFA 04-03