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HomeMy WebLinkAbout04-10 TPFA Resolution I I I RESOLUTION NO. TPFA 04-10 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY AMENDING RESOLUTION NOS. TPFA 04-08 AND TPFA 04-09 TO ALLOW FOR FINANCING OF ADDITIONAL FACILITIES AND TO CHANGE DATE OF PUBLIC HEARING WHEREAS, on August 24, 2004 this Board of Directors of the Temecula Public Financing Authority (the "Authority") adopted Resolution No. TPFA 04-08 and Resolution No. TPFA 04-09 (collectively, the "Resolutions of Intention"), declaring its intention to form a community facilities district to be known as the "Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch)" (the "District") under the provisions of the Mello-Roos Community Facilities Act of 1982, constituting Section 53311 et seq. of the California Government Code (the "Law"), and to incur bonded indebtedness of the District to finance various public improvements; and WHEREAS, since the adoption of the Resolutions of Intention it has been determined that the facilities eligible to be financed by the District should have included certain improvements necessary to complete improvements to SR-79 within the City of Temecula City limits; and WHEREAS, as a consequence of any amendment to the Resolutions of Intention to add facilities that may be financed by the District, it will be necessary to change the date of the public hearings called pursuant to the Resolutions of Intention to a date which is at least 30 days after the date of adoption of this Resolution amending the Resolutions of Intention; and WHEREAS, this Board of Directors now desires to amend the Resolutions of Intention to add such acquisitions and construction of SR-79 to the list of improvements that may be financed by the District and to reset the date of the public hearings referred to in the Resolutions of Intention. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula Public Financing Authority, as follows: Section 1. Resolution No. TPFA 04-08 of this Board of Directors is hereby amended as follows: (a) Exhibit A and C to Resolution No. TPFA 04-08 are hereby amended and restated in full to read as set forth in Exhibits A and B, respectively, to this Resolution, and (b) the date of the public hearing in Section 11 of Resolution No. TPFA 04-08 is hereby changed to November 9, 2004. Section 2. Resolution No. TPFA 04-09 of this Board of Directors is hereby amended by changing the date of the public hearing in Section 4 of Resolution No. TPFA 04-09 to November 9, 2004, and by amending and restating Exhibit A to Resolution No. TPFA 04-09 in full to read as set forth in Exhibit C to this Resolution. R:ITPFA Resas 2004ITPFA 04-10 I Section 3. The Secretary is hereby directed to cause the notices of public hearing, in the forms of Exhibits Band C to this Resolution, to be published one time in a newspaper of general circulation circulated within the area of the District, with publication to occur no later than seven (7) days prior to the date set forth herein for the public hearings. Section 4. Except as modified by this Resolution, the provisions of the Resolutions of Intention are hereby affirmed. PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula Public Financing Authority at a meeting held on the 28th day of September, 2004. r Chairperson I STATE OF CALIFORNIA COUNTY OF RIVERSIDE CITY OF TEMECULA ) ) ss ) I, Susan W. Jones, CMC, City Clerk/Authority Secretary of the Temecula Public Financing Authority, HEREBY DO CERTIFY that the foregoing Resolution No. TPFA 04-10 was duly adopted at a special meeting of the Board of Directors of the Temecula Public Financing Authority on the 28th day of September, 2004, by the following vote: AYES: 5 NOES: 0 ABSENT: 0 ABSTAIN: 0 BOARDMEMBERS: Comerchero, Roberts, Stone, Washington, Naggar BOARDMEMBERS: None BOARDMEMBERS: None BOARDMEMBERS: None I R:ITPFA Resas 2004ITPFA 04-10 I I I 1. 2. 3. EXHIBIT A TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) DESCRIPTION OF FACILITIES ELIGIBLE TO BE FUNDED BY THE DISTRICT AND PRIOR LIEN TO BE ELIMINATED BY THE DISTRICT FACILITIES The District may finance all or part of the costs of the following: Murrieta Hot Sprinas Road Murrieta Hot Springs Road (MHSR) from the Westerly Boundary Line of Tract 29661 (existing end of pavement) to Butterfield Stage Road: Improvements include grading for full right-of-way with 2:1 slopes, paving, curb and gutter, median curb, sidewalk, street lights, signing and striping, traffic signal(s) landscaping, irrigation, storm drain, concrete slope protection, sewer and water pipelines, and other appurtenant improvements necessary to complete MHSR. Butterfield Staae Road Butterfield Stage Road (BSR) from the Northerly tract boundary to Rancho California Road: Improvements include grading full right-of-way with 2:1 slopes, paving, curb and gutter, median curb, sidewalk, street lights, traffic signal(s), signing and striping, landscaping, irrigation, storm drain, concrete slope protection, bridges over Santa Gertrudis Creek, and Long Valley Channel, sewer and water pipelines, and other appurtenant improvements necessary to complete Butterfield Stage Road. Nicolas Road 3a Nicolas Road from BSR to the Easterly Metropolitan Water District (MWD) RIW: Improvements include grading right-of-way with 2:1 slopes, paving, asphalt berms, curb and gutter, sidewalk, asphalt path, split rail fence, street lights, landscaping, irrigation, storm drain, underground sewer and water pipelines, and other appurtenant improvements necessary to complete Nicolas Road. 3b Nicolas Road from the Easterly MWD RIW to Liefer Road including construction of Calle Garisol realignment to Nicolas Road: Improvements include grading partial right-of-way (40' travel way) with 2:1 slopes, paving, asphalt berms, curb and gutter, sidewalk, asphalt path, utility relocations, traffic detour, split rail fence, street lights, signing and striping, landscaping, irrigation, sewer, storm drain, bridge over Santa Gertrudis Creek (including channel lining and transition structure to bridge), access road, exit structure and other appurtenant improvements necessary to complete Nicolas Road. A-1 I I I 4. 5. 6. 7. 3c Nicolas Road Sewer Pipeline from Liefer Road to Joseph Road: Improvements include installing a 15" main line sewer including street re-pavement, traffic detour and other appurtenant improvements necessary to complete Nicolas Road Sewer pipeline. 3d Nicolas Road and North General Kearny Road intersection signalization: Improvements include signalization of intersection, striping, traffic control and other appurtenant improvements necessary to complete the signalization. 3e Nicolas Road and Winchester Road intersection widening and signal modification: Improvements include modifications to existing traffic signal, storm drain, paving, curb and gutter, median curb, bus turn-out, striping, traffic control and other appurtenant improvements necessary to complete the intersection and signal modifications. Calle Chapos Calle Chapos from BSR to Walcott Lane: Improvements include grading half right-of-way width plus twelve feet with 2:1 slopes, paving, AC dike, storm drain and other appurtenant improvements necessary to complete Calle Chapos. Lona Valley Channel Long Valley Channel from the Westerly RIW of BSR to the Easterly Project Boundary: Improvements include grading of channel, flow-by detention basin, construction of drop structures, trapezoidal channel lining, transition structures to Butterfield Stage Road Bridge, rip-rap, grading and paving of access roads, fencing, and other appurtenant improvements necessary to complete Long Valley Channel. Santa Gertrudis Creek Santa Gertrudis Creek from the Habitat Area to the exit channel at MWD RIW: Improvements include a flow-by detention basin, headwalls, trapezoidal channel lining and transition structures; grading, fencing and paving for access roads; desilting and detention basins, rip-rap protection, rip-rap dissipaters, berms, grading of exit structure and other appurtenant improvements necessary to complete Santa Gertrudis Creek. Environmental Mitiaation Mitigation for the Long Valley Channel and Santa Gertrudis Creek improvements: Creation of 8.2 acres of habitat within open space to include grading, access road, electrical service, irrigation, plant and seed installation and other appurtenant A-2 I I I 8. 9. 10. 11. 12. improvements necessary to complete resource agency conditioned environmental mitigation for the Long Valley Channel and Santa Gertrudis Creek improvements. Sports Park Sports Park at the SE corner of the intersection of North Loop Road and Butterfield Stage Road: Construct 20:t-acre Sports Park including grading, parking, building, lighting landscaping, irrigation, playing fields, basketball courts, children's play area, equipment with a useful life of five (5) years or more and other appurtenant improvements necessary to complete the Sports Park. Fire Station Site Gradina Roripaugh Ranch Fire Station site grading Improvements include site grading and other appurtenant improvements necessary to provide a rough graded fire station site. North Loop Road North Loop Road from BSR to Gate House East of BSR (Public Section only): Improvements include grading full right-of-way with 2:1 slopes, paving, curb and gutter, median curb, sidewalk, street lights, signing and striping, landscaping, irrigation, storm drain, sewer and water pipelines, North Loop Road Bridge and other appurtenant improvements necessary to complete the public segment of the North Loop Road East of BSR. South Loop Road South Loop Road from BSR to Gate House East of BSR (Public Section only): Improvements include grading full right-of-way with 2:1 slopes, paving, curb and gutter, median curb, sidewalk, street lights, signing and striping, landscaping, irrigation, storm drain, sewer and water pipelines, and other appurtenant improvements necessary to complete the public segment of the South Loop Road East of BSR. Roripauah Valley Road A Street I Roripaugh Valley Road Grading and Street Improvements from Murrieta Hot Springs Road to Butterfield Stage Road: Improvements include grading full right-of-way with 2:1 slopes, paving, curb and gutter, median curb, sidewalk, street lights, signing and striping, landscaping, irrigation, storm drain, sewer and water pipelines, and other appurtenant improvements necessary to complete Roripaugh Valley Road between Murrieta Hot Springs Road and Butterfield Stage Road. A-3 I I I 13. Fiesta Ranch Road B Street I Fiesta Ranch Road Grading and Street Improvements from Roripaugh Valley Road to Nicolas Road: Improvements include grading full right-of-way with 2:1 slopes, paving, curb and gutter, median curb, sidewalk, street lights, signing and striping, landscaping, irrigation, storm drain, sewer and water pipelines, and other appurtenant improvements necessary to complete Fiesta Ranch Road between Roripaugh Valley Road and Nicolas Road. 14. Fire Station and Fire Apparatus Fire Station Construction and Fire Truck Purchase: Improvements include the acquisition of land for and construction of a fire station to be located at the Southeast corner of Butterfield Stage Road and the South Loop Road, and to consist of a building of approximately 9,100 square feet. Also, the equipping of the fire station, including furniture and fix1ures, and the acquisition of a fire truck and other fire fighting apparatus. 15. Neiahborhood Park Neighborhood Park at the SW corner of the intersection of Murrieta Hot Springs Road and Roripaugh Valley Road (A Street): Construct 5.1-acre Neighborhood Park including grading, parking, restroom building, lighting, landscaping, irrigation, open grass area, basketball court, children's play area, equipment with a useful life of five (5) years or more and other appurtenant improvements necessary to complete the Neighborhood Park. 16. SR-79 Improvements Improvements include right-of-way acquisition, grading to accommodate road widening, paving, curb and gutter, median curb, sidewalk, street lights, traffic signal(s), signing and striping, landscaping, irrigation, storm drain, and other appurtenant improvements necessary to complete improvements to SR-79 within the City of Temecula City limits. PRIOR LIEN The District may fund amounts necessary to eliminate all or a portion of the lien imposed by the County of Riverside Assessment District No. 161 on the real property within the District. OTHER The District may also finance any of the following: 1. Bond related expenses, including underwriter's discount, reserve fund, capitalized interest, bond and disclosure counsel and all other incidental expenses. 2. Administrative fees of the Authority, the City of Temecula and the bond trustee or fiscal agent related to the District and any bonded indebtedness of the District. A-4 I I I 3. Reimbursement of costs related to the formation of the District advanced by the Authority, the City or any related entity, or any landowner or developer within the District, as well as reimbursement of any costs advanced by the Authority or any related entity, or any landowner or developer within the District, for facilities, fees or other purposes or costs of the District A-5 I I I EXHIBIT B TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) NOTICE OF PUBLIC HEARING Notice is hereby given that on August 24, 2004, the Board of Directors (the "Board") of the Temecula Public Financing Authority 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"), and on September 28, 2004, the Board adopted a resolution amending the Resolution of Intention (the "Amending Resolution"). Pursuant to the Resolution of Intention, as amended by the Amending Resolution, and the Mello-Roos Community Facilities Act of 1982, the Board hereby gives notice as follows: A. The text of said Resolution of Intention is as follows: WHEREAS, under the Mello-Roos Community Facilities Act of 1982, constituting Section 53311 et seq. of the California Government Code (the "Law"), this Board of Directors may commence proceedings for the establishment of a community facilities district; and WHEREAS, there has been submitted to this Board of Directors Petitions (Including Waivers) of the owners of real property in the Roripaugh Ranch development within the City of Temecula (collectively, the "Petitions"), requesting the formation by this Board of Directors of a community facilities district under the Law to be known as the Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch) (the "District"); and WHEREAS, under the Law, this Board of Directors is the legislative body for the proposed District and is empowered with the authority to establish the District and levy special taxes within the District; and WHEREAS, this Board of Directors now desires to proceed with the actions necessary to consider the establishment of the District. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula Public Financing Authority as follows: Section 1. This Board of Directors proposes to begin the proceedings necessary to establish the District pursuant to the Law. Receipt of the Petitions to form the District is hereby acknowledged. Section 2. The name proposed for the District is Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch). Section 3. The proposed boundaries of the District are as shown on the map of the District on file with the Secretary, which boundaries are hereby preliminarily B-1 I approved. The Secretary is hereby directed to record, or cause to be recorded, the map of the boundaries of the District in the office of the County Recorder as soon as practicable after the adoption of this Resolution. Section 4. The types of public facilities (the "Facilities") proposed to be eligible for funding by the District and pursuant to the Law, and the fixed special assessment lien to be eliminated in whole or in part by payments from the District and pursuant to the Law, shall consist of those items listed 01) Exhibit A hereto under the headings "Facilities" and "Prior Lien," respectively, which Exhibit is by this reference incorporated herein. The Executive Director is hereby authorized and directed to enter into a joint community facilities agreement with the City of Temecula, the County of Riverside, the Riverside County Flood Control and Water Conservation District, the Temecula Community Services District, the Eastern Municipal Water District, the California Department of Transportation, and with any other public entity that will own and/or operate any of the Facilities, such agreements to be in a form provided by Bond Counsel. I Section 5. Except to the ex1ent that funds are otherwise available to the District to pay for the Facilities and the elimination of the Prior Lien and/or pay the principal and interest as it becomes due on bonds of the District issued to pay for the Facilities and the elimination of the Prior Lien, a special tax sufficient to pay the costs thereof, secured by recordation of a continuing lien against all non-exempt real property in the District, will be levied within the District and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Directors or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, and which specifies the tax year after which no further special tax will be levied on land used for private residential purposes and which otherwise complies with applicable provisions of the Law is described in Exhibit B attached hereto which Exhibit is by this reference incorporated herein. This Board of Directors finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the California Government Code (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district) are inapplicable to the District. I Section 6. It is the intention of this Board of Directors, acting as the legislative body for the District, to cause one or more series of bonds of the Authority to be issued for the District pursuant to the Law to finance a portion of the costs of the Facilities, and to finance the elimination of the Prior Lien. If so issued, the bonds shall be in the aggregate principal amount of not to exceed $55,000,000, shall bear interest payable semi-annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. Section 7. This Board of Directors reserves to itself the right and authority to allow any interested owner of property in the District, subject to the provisions of Section B-2 I 53344.1 of the California Government Code and such requirements as it may otherwise impose, and any applicable prepayment penalties as prescribed in the indenture or fiscal agent agreement for any bonds of the Authority for the District, to tender to the Treasurer of the Authority in full payment or part payment of any installment of special taxes for the District or the interest or penalties thereon which may be due or delinquent, but for which a bill has been received, any bond or other obligation secured thereby, in the manner described in Section 53344.1 of the California Government Code. Section 8. The levy of said proposed special tax in the District shall be subject to the approval of the qualified electors at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in the District, with each owner having one vote for each acre or portion of an acre of land such owner owns in the District. Section 9. Except as may otherwise be provided by law or the rate and method of apportionment of the special tax for the District, all lands owned by any public entity, including the United States, the State of California and/or the City of Temecula, or any departments or political subdivisions of any thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the facilities, the elimination of the Prior Lien, the issuance of bonds by the Authority for the District and any expenses of the District. I Section 10. The Director of Public Works of the City of Temecula is hereby directed to study the proposed Facilities for the District and the Prior Lien and to make, or cause to be made, and file with the Secretary a report in writing, presenting the following: (a) A brief description of the Facilities eligible to be funded by the District and the Prior Lien. (b) An estimate of the fair and reasonable cost of providing the Facilities, and of eliminating the Prior Lien, including the incidental expenses in connection therewith, including the costs of the proposed bond financing, any Authority or City of Temecula administrative costs and all other related costs. Said report shall be made a part of the record of the public hearing provided for below. I Section 11. Tuesday, November 9, 2004, at 7:00 p.m. or as soon thereafter as the matter may be heard, in the regular meeting place of this Board of Directors, City Council Chambers, Temecula City Hall, 43200 Business Park Drive, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax with the District. Section 12. The Secretary is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall be substantially in the form of Exhibit C hereto. B-3 I I I Section 13. The firms of Fieldman, Rolapp & Associates, David Taussig & Associates, Inc., Stone & Youngberg LLC, Stephen G. White, MAl, Quint & Thimmig LLP and McFarlin & Anderson are hereby designated as financial advisor, special tax consultant, underwriter, appraiser, bond counsel and disclosure counsel, respectively, to the Authority for the District. The Executive Director is hereby authorized to execute agreements with said firms for their services related to the District provided that all fees and expenses of such firms are payable solely from deposits by the landowners in the District or the proceeds of the bonds, if any, issued by the Authority for the District. Section 14. On November 26, 2002, the City Council of the City of Temecula approved the Roripaugh Ranch Project and specifically adopted Resolution No. 02-111 making certain findings with respect to the approval and certification of an Environmental Impact Report for the Project ("Roripaugh Ranch EIR"). All of the public improvements which are to be funded by the District were described, evaluated and studied as part of the Roripaugh Ranch EIR and Council Resolution No. 02-111. No significant changes have occurred with respect to the project or the environment which require further study or which render invalid the conclusions and findings of the Roripaugh Ranch EIR. No facts exist upon which any findings pursuant to Sections 15162, 15263 or 15265 of the State CEQA Guidelines could be based to require the preparation of a subsequent EIR, supplemental EIR or addendum to an EIR. Therefore, the Board of Directors hereby determines that the contemplated formation of a community facilities district and the issuance of community facilities district special tax bonds involving the Authority and the District, in accordance with Section 15061 (b) of the California Environmental Quality Act (CEQA) Guidelines is not a "Project" as defined in Section 15378 off the CEQA Guidelines, and is therefore exempt from the requirements of CEQA. Pursuant to CEQA Guidelines Sections 15061(d) and 15062, and the Secretary is hereby directed to cause a Notice of Exemption to be prepared, executed and filed in regard to the foregoing determination. Section 15. The Board of Directors may in the future, by resolution, approve an agreement pursuant to Section 53314.9 of the California Government Code, to accept an advance or advances of funds or work-in-kind from one or more landowners in the District or related entities, which advances may be repaid and work-in-kind may be reimbursed to the person or entity which advanced the funds or work-in-kind subject to compliance with the applicable provisions of Section 53314.9 of the California Government Code. Section 16. This Resolution shall take effect upon its adoption. B. The exhibits to the Amending Resolution and the Resolution of Intention, as applicable, which describe the facilities to be funded, the prior lien to be eliminated, and the rate and method of apportionment of the special taxes for, the district are on file in the office of the Secretary of the Authority. C. The time and place established under the Resolution of Intention, as amended by the Amending Resolution, for the public hearing required under the Law are Tuesday, November 9, 2004, at the hour of 7:00 p.m. or as soon thereafter as the matter may be heard, in the regular meeting place of the Board of Directors, City Council Chambers, Temecula City Hall, 43200 Business Park Drive, Temecula, California. D. At said hearing, the testimony of all interested persons or taxpayers for or against the establishment of the district, the ex1ent of the district or the funding by the District of the 8-4 I I I specified types of facilities or the elimination of the prior lien will be heard. Any person interested may file a protest in writing with the Secretary. If fifty percent or more of the registered voters, or six registered voters, whichever is more, residing in the territory proposed to be included in the district, or the owners of one-half or more of the area of land in the territory proposed to be included in the district and not exempt from the special tax file written protests against the establishment of the District and the protests are not withdrawn to reduce the value of the protests to less than a majority, the Board of Directors shall take no further action to establish the District or levy the special taxes in the District for a period of one year from the date of the decision of the Board of Directors, and if the majority protests of the registered voters or the landowners are only against the funding of a type or types of facilities, or the elimination of the prior lien on property in the district, or against levying a specified special tax in the District, those types of facilities, the elimination of the prior lien or the specified special tax will be eliminated from the proceedings to form the District. E. The proposed voting procedure shall be by special mail or hand-delivered ballot to the property owners within the territory proposed to be included in the district. Dated: October -' 2004 's' Susan W. Jones. CMC Secretary, Temecula Public Financing Authority 8-5 I I I EXHIBIT C TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) NOTICE OF PUBLIC HEARING Notice is hereby given that on August 24, 2004, the Board of Directors (the "Board") of the Temecula Public Financing Authority 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"), and on September 28, 2004, the Board adopted a resolution amending the Resolution of Intention (the "Amending Resolution"). Pursuant to the Resolution of Intention, as amended by the Amending Resolution, and the Mello-Roos Community Facilities Act of 1982, the Board hereby gives notice as follows: A. The text of said Resolution is as follows: WHEREAS, this Board of Directors has this date adopted its 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," stating its intention to form a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Law"), for the purpose of financing a portion of the costs of certain public improvements (the "Facilities"), and to eliminate in whole or in part an existing special assessment lien (the "Prior Lien") on parcels in the proposed community facilities district, as further provided in said Resolution; and WHEREAS, this Board of Directors estimates the amount required. for the financing of the portion of costs of the Facilities and the elimination of the Prior Lien to be funded by the District (as defined below) to be not in excess of $47,000,000; and WHEREAS, in order to finance said portion of the costs of the Facilities and to eliminate the Prior Lien, it is necessary to incur bonded indebtedness for the District in the amount of not to exceed $55,000,000. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula Public Financing Authority as follows: Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed Temecula Public Financing Authority Community Facilities District No. 03- 02 (Roripaugh Ranch) (the "District") in the amount of not to exceed $55,000,000 to finance a portion of the costs of the Facilities, and the costs of eliminating the Prior Lien. Section 2. The bonded indebtedness described in Section 1 is proposed to be incurred for the purpose of financing a portion of the costs of the Facilities, and the C-1 I I I financing of the costs of eliminating the Prior Lien, including costs incidental to or connected with the accomplishment of said purposes and of the financing thereof. Section 3. This Board of Directors, acting as legislative body for the District, intends to authorize the issuance and sale of one or more series of the bonds in the maximum aggregate principal amount of $55,000,000, bearing interest payable semi- annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed forty (40) years from the date of the issuance of said bonds. Section 4. Tuesday, November 9, 2004, at 7:00 p.m. or as soon thereafter as the matter may be heard, in the regular meeting place of this Board of Directors, City Council Chambers, Temecula City Hall, 43200 Business Park Drive, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the proposed debt issue for the District and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the Authority for the District. Section 5. The Secretary is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven (7) days before the date herein set for said public hearing. The notice shall substantially in the form of Exhibit A hereto. Section 6. This Resolution shall take effect upon its adoption. B. The hearing referred to in the aforesaid Resolution of Intention shall be at the time and place specified in the Resolution of Intention, as amended by the Amending Resolution. C. At that time and place any person interested, including persons owning property in the proposed community facilities district, will be heard upon the proposed debt issues. Dated: October -, 2004 Isl Susan W. Jones. CMC Secretary, Temecula Public Financing Authority C-2