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HomeMy WebLinkAbout03-25 TPFA ResolutionRESOLUTION NO. TPFA 03-25 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY DECLARING RESULTS OF SPECIAL ELECTION, AND DIRECTING RECORDING OF NOTICE OF SPECIAL TAX LIEN AND EXECUTION AND DELIVERY OF AN ACQUISITION AGREEMENT - WOLF CREEK 03-03 WHEREAS, in proceedings heretofore conducted by this Board of Directors pursuant to the Mello-Roos Community Facilities Act of 1982, Section 53311 et seq. of the California Government Code (the "Law"), this Board of Directors on this date adopted a resolution entitled "A Resolution of the Board of Directors of the Temecula Public Financing Authority Calling Special Election Within Community Facilities District No. 03-03 (Wolf Creek)", calling for a special election of the qualified electors within the Temecula Public Financing Authority Community Facilities District No. 03-03 (Wolf Creek) (the "District"); and WHEREAS, pursuant to the terms of said resolution, which are by this reference incorporated herein, the special election was held on this date, and the Secretary has on file a Canvass and Statement of Results of Election, a copy of which is attached hereto as Exhibit A; and and WHEREAS, this Board of Directors has reviewed the canvass and hereby approves it; WHEREAS, there has been presented to this Board of Directors a proposed acquisition agreement to be executed by the Authority and one of the landowners in the District, and this Board of Directors now desires to approve the acquisition agreement and to authorize its execution and delivery. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula Public Financing Authority as follows: Section 1. The issues presented at the special election were the incurring of a bonded indebtedness in the maximum aggregate principal amount of $33,000,000, the levy of a special tax within the District to be levied in accordance with the rate and method of apportionment of special taxes heretofore approved by this Board of Directors by its resolution adopted this date 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 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", and the approval of an appropriations limit of not to exceed $33,000,000 pursuant to said resolution. Section 2. Pursuant to the canvass of the special election on file with the Secretary, the issues presented at the special election were approved by the sole qualified elector of the District by its votes cast at the special election. R:/TPFA Resos 2003/TPFA 03-25 I Section 3. Pursuant to the voter approval, the District is hereby declared to be fully formed with the authority to incur bonded indebtedness and to levy special taxes as heretofore provided in these proceedings and in the Law. Section 4. It is hereby found that all prior proceedings and actions taken by this Board of Directors with respect to the District were valid and in conformity with the Law. Section 5. The Secretary is hereby directed to execute and cause to be recorded in the office of the County Recorder of the County of Riverside a notice of spec al tax lien in the form required by the Law, said recording to occur no later than fifteen days following adoption by the Board of Directors of this Resolution. Section 6. The Acquisition Agreement relating to the acquisition of certain of the facilities to be financed by the District and specified therein from Wolf Creek Development, LLC (the "Acquisition Agreement"), in the form presented to the Board of Directors at this meeting, is hereby approved. The Executive Director is hereby authorized and directed to execute and deliver the Acquisition Agreement in said form, with such additions thereto or changes therein as are approved by the Executive Director upon consultation with the Authority Counsel and Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Acquisition Agreement by the Executive Director. Section 7. This Resolution shall take effect upon its adoption. PASSED, APPROVED AND ADOPTED, by the Board of D rectors of the Temecula Public F nancing Authority at a meeting held on the 28th day of October, 2003. ATTEST: k/Auth~ry ~k,~; E. Stone, Chairperson R:/'rPFA Resos 2003/TPFA 03-25 2 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 03-25 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 NOES: 0 BOARDMEMBERS: Comerchero, Naggar, Pratt, Stone BOARDMEMBERS: None ABSENT: 1 SOARDMEMBERS: Roberts ABSTAIN: 0 BOARDMEMBERS: None R;/TPFA Resos 2003/TPFA 03-25 3 EXHIBIT A CANVASS AND STATEMENT OF RESULT OF ELECTION TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-03 (WOLF CREEK) I hereby certify that on October 28, 2003, I canvassed the returns of the special election held on October 28, 2003, in the Temecula Public Financing Authority Community Facilities District No. 03-03 (Wolf Creek) and the total number of ballots cast in said District and the total number of votes cast for and against the measure are as follows and the totals as shown for and against the measure are full, true and correct: Qualified Landowner Votes Votes Cast YES NO Temecula Public Financing Authority Community Facilities District No. 03- 03 (Wolf Creek) Special Tax and Bond Election October 28, 2003. BALLOT MEASURE: Shall the Temecula Public Financing Authority (the "Authority") incur an indebtedness and issue bonds in one or more series in the maximum aggregate principal amount of $33,000,000, with interest at a rate or rates not to exceed the maximum interest rate permitted by law at the time of sale of such bonds on behalf of the Temecula Public Financing Authority Community Facilities District No. 03-03 (Wolf Creek) (the "District"), the proceeds of which will be used only to finance the costs of certain public improvements and of eliminating a fixed special assessment lien as specified in the Resolution of Formation of the District and the costs of issuing the bonds, initially administering the bonds and the District as well as the establishment of appropriate bond reserves; shall a special tax payable solely from lands within the District be levied annually upon lands within the Distdct to be applied only to the payment of the principal and interest upon such bonds to be issued and to replenish the reserves for the bonds, to pay the costs of the services authorized to be funded by the District, and to pay the costs of the Authority and the City of Temecula in administering the District, and shall the annual appropriations limit of the District be established in the amount of $33,000,000? IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY HAND this 28th day of October, 2003. By: Secretary, Temecula Public Financing Authority A-1