HomeMy WebLinkAbout04-02 TPFA Resolution
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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 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.
R:fTPFA Resos20O4fTPFA 04-02
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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.
A1;fEST:
r, hairperson
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
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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:
AGENCY MEMBERS: Comerchero, Washington, Naggar
AYES: 3
NOES: 0
ABSENT: 2
ABSTAIN: 0
AGENCY MEMBERS: None
AGENCY MEMBERS: Roberts, Stone
AGENCY MEMBERS: None
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R:fTPFA Resos20O4fTPFA 04-02