HomeMy WebLinkAboutTPFA Reso 05-02
> "creby certify, under the penalty of perjury that the <.!',>ove and foregoing is a true and correct copy of an original on deposit within the records of the City of iemacuia. In witness
whereof, i have hereunto set my hand and affixed the seal of the City of Temecula this RESOLUTION NO. TPFA 05-02 A RESOLUTION OF THE BOARD OF DIRECTORS TEMECULA PUBLIC FINANCING AUTHORITY
DETE THE NECESSITY TO INCUR BONDED INDEBTEDN WITHIN TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) AND SUBMITTING PROPOSITION TO THE QUALIFIED
ELECTORS OF THE DISTRICT WHEREAS, on August 24, 2004, this Board of Directors adopted a resolution entitled "A Resolution of the Board of Directors of the Temecula Public Financing Authority
Declaring Its Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes Therein -Roripaugh Ranch 03-02" (the "Resolution of Intention") stating
its intention to form the Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch) (the "District"), pursuant to the Mello-Roos Community Facilities
Act of 1982, California Government Code Section 53311 et seq. (the "Law"), to fund a portion of the costs of certain public improvements (the "Facilities") and the cost to eliminate
a fixed special assessment lien (the "Prior Lien"), secured by a special tax lien on parcels in the District, as described therein; and WHEREAS, on August 24, 2004, this Board of Directors
also adopted a resolution entitled "A Resolution of the Board of Directors of the Temecula Public Financing Authority Declaring Its Intention to Incur Bonded Indebtedness of the Proposed
Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch)" (the "Resolution of Intention to Incur Indebtedness") stating its intention to incur bonded
indebtedness within the boundaries of the District for the purpose of financing the costs of the Facilities and the elimination of the Prior Lien; and WHEREAS, the Resolution of Intention
and the Resolution of Intention to Incur Indebtedness called for public hearings on the District to be held on September 28, 2004; and WHEREAS, on September 28, 2004, this Board of Directors
adopted a Resolution amending the Resolution of Intention and the Resolution of Intention to Incur Indebtedness (the "Amending Resolution") to add additional facilities eligible to be
funded by the District and to change the date of the public hearings from September 28, 2004 to November 9, 2004; and WHEREAS, on November 9, 2004, this Board of Directors opened the
public hearing and continued the public hearing to November 23, 2004, on November 23, 2004 this Board of Directors opened the continued public hearing and again continued the public
hearing to December 7, 2004; and WHEREAS, on December 7, 2004, this Board of Directors opened the continued public hearing and adopted a resolution making findings of complexity of the
District, and then continued the public hearing to January 11, 2005; and WHEREAS, on this date, this Board of Directors held the public hearing as required by the Law and the Resolution
of Intention relative to the determination to proceed with the formation of the District, the provision by the District of funds to pay a portion of the costs of the Facilities and the
elimination of the Prior Lien, and the rate and method of apportionment of the R:/TPFA Resos 2005/TPFA 05-02
special tax to be levied within the District to pay the principal and interest on the proposed indebtedness and the administrative costs of the Authority and the City of Temecula relative
to the District; and WHEREAS, at the hearing all persons desiring to be heard on all matters pertaining to the formation of the District, the provision of funds to pay a portion of the
costs of the Facilities and of the elimination of the Prior Lien, and the levy of the special tax on property within the District, were heard and a full and fair hearing was held; and
WHEREAS, subsequent to the hearing, this Board of Directors adopted a resolution entitled "A Resolution of the Board of Directors of the Temecula Public Financing Authority of Formation
Of Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch), Authorizing The Levy Of A Special Tax Within The District, Preliminarily Establishing
An Appropriations Limit For The District And Submitting Levy Of The Special Tax and the Establishment of the Appropriations Limit To The Qualified Electors Of The District" (the "Resolution
of Formation"); and WHEREAS, on this date, this Board of Directors held the continued public hearing as required by the Law relative to the matters material to the questions set forth
in the Resolution of Intention to Incur Indebtedness; and WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention
to Incur Indebtedness have been filed with the Secretary. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula Public Financing Authority as follows: Section 1. The
foregoing recitals are true and correct. Section 2. This Board of Directors deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $55,000,000 within
the boundaries of the District. Section 3. The indebtedness is incurred for the purpose of financing the costs of the Facilities and the costs of eliminating the Prior Lien, as provided
in the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds to finance costs of the Facilities, the costs of eliminating the Prior Lien and the
initial costs of the Authority and the City of Temecula in administering the District. Section 4. The whole of the District shall pay for the bonded indebtedness through the levy of
the special tax. The special tax is to be apportioned in accordance with the Rate and Method set forth in Exhibit B to the Resolution of Intention. Section 5. The maximum amount of bonded
indebtedness to be incurred is $55,000,000 and the maximum term of the bonds to be issued shall in no event exceed forty (40) years. Section 6. The bonds shall bear interest at a rate
or rates not to exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds, payable weekly, semiannually or in such other manner as this Board of Directors
or its designee shall determine, the actual rate or rates and times of payment of such interest to be determined by this Board of Directors or its designee at the time or times of sale
of the bonds. R:/TPFA Resos 2005fi"PFA 05-02
Section 7. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the District and shall be consolidated with elections
on the proposition of levying special taxes within the District and the establishment of an appropriations limit for the District pursuant to Section 53353.5(a) of the Law. The time,
place and conditions of said election shall be as specified by separate resolution of this Board of Directors. Section 8. This Resolution shall take effect upon its adoption. PASSED,
APPROVED AND ADOPTED, by the Board of Directors of the Temecula Public Financing Authority at a meeting held on the 11th day of January, 2005. Jeff Comerchero, Chairperson ATTEST: 'Authority
Secretary i hereby certify, under the penalty of psrjury 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 Temecu!a this " 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 05-02 was duly adopted at a special meeting of
the Board of Directors of the Temecula Public Financing Authority on the 11th day of January, 2005, by the following vote: AYES: 4 AGENCY MEMBERS: Naggar, Roberts, Washington, Comerchero
NOES: 0 AGENCY MEMBERS: None ABSENT: 0 AGENCY MEMBERS: None ABSTAIN: 0 AGENCY MEMBERS: None T Susan W. Jones, CMC CJty Clerk/Aut/iority Secretary R:/TPFA Resos 2005/TPFA 05-02