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HomeMy WebLinkAbout03-23 TPFA ResolutionRESOLUTION NO. TPFA 03-23 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY DETERMINING THE NECESSITY TO INCUR BONDED INDEBTEDNESS WITHIN TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-03 (WOLF CREEK) AND SUBMITTING PROPOSITION TO THE QUALIFIED ELECTORS OF THE DISTRICT WHEREAS, on July 22, 2003, 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 - Wolf Creek 03-03" (the "Resolution of Intention") stating its intention to form the Temecula Public Financing Authority Community Facilities District No. 03-03 (Wolf Creek) (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 certain maintenance services (the "Services"), 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 July 22, 2003, 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. 03-03 (Wolf Creek)" (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 August 26, 2003 and on such date this Board of Directors opened the public hearings and continued the public hearings to September 23, 2003; and WHEREAS, on September 23, 2003, this Board of Directors adopted a Resolution making findings with respect to the complexity of the proposed District, and continued the public hearings from September 23, 2003 to October 28, 2003; and WHEREAS, on this date, this Board of Directors held the continued 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, the Services and the elimination of the Prior Lien, and the rate and method of apportionment of the special tax to be levied within the District to pay the principal and interest on the proposed indebtedness, the costs of the Services 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, of the Services 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 R:/TPFA Resos 2003/'rPFA 03-23 I 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. 03-03 (Wolf Creek), 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 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 $33,000,000 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 $33,000,000 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. 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. R:/TPFA Resos 2003/TPFA 03-23 2 PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula Public Financing Authority at a meeting held on the 28th day of October, 2003. AT~EST: STATE OF CALIFORNIA ) COUNTYOF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan Jones, Secretary of the Temecula Public Financing Authority, HEREBY DO CERTIFY that the foregoing Resolution No. TPFA 03-23 was duly adopted at a special meeting of the Board of Directors of the Temecula Public Financing Authority on the 28th day of October, 2003, by the following vote: AYES: 4 BOARDMEMBERS: Comerchero, Naggar, Pratt, Stone NOES: 0 BOARDMEMBERS: None ABSENT: 1 BOARDMEMBERS: Roberts ABSTAIN: 0 BOARDMEMBERS: None R:/TPFA Resos 2003/TPFA 03-23 3