HomeMy WebLinkAbout2022-01 TPFA ResolutionRESOLUTION NO. TPFA 2022-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY
APPOINTING CONSULTANTS IN CONNECTION WITH
THE PROPOSED ISSUANCE OF SPECIAL TAX
REFUNDING BONDS, AND AUTHORIZING AND
DIRECTING ACTIONS WITH RESPECT THERETO —
COMMUNITY FACILITIES DISTRICT NO.03-1 (CROWNE
HILL)
THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING
AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Board of Directors of the Temecula Public Financing Authority (the
"Authority") has formed the Temecula Public Financing Authority Community Facilities District
No. 03-1 (Crown Hill) (the "CFD") pursuant to the provisions of the Mello -Roos Community
Facilities Act of 1982, as amended, constituting Section 53311 et seq. of the California
Government Code (the "Act") and Resolution No. TPFA 03-05 adopted by the Board of Directors
of the Authority on March 25, 2003.
Section 2. In order to finance various public facilities authorized to be funded by the
CFD, on August 7, 2003, the Authority, for and on behalf of the CFD, issued its Temecula Public
Financing Authority Community Facilities District No. 03-1 (Crowne Hill) Special Tax Bonds,
Series 2003-A (the "2003 Bonds"), and on August 24, 2005, the Authority, for and on behalf of
the CFD, issued its Temecula Public Financing Authority Community Facilities District No. 03-1
(Crowne Hill) Special Tax Bonds, Series 2005B (the "2005 Bonds").
Section 3. On August 15, 2012, the Authority, for and on behalf of the District, issued
its Temecula Public Financing Authority Community Facilities District No. 03-1 (Crowne Hill)
Special Tax Refunding Bonds, Series 2012 (the "2012 Bonds") the proceeds of which were used
to refund the then outstanding 2003 Bonds.
Section 4. On July 13, 2017, the Authority, for and on behalf of the CFD, issued its
Temecula Public Financing Authority Community Facilities District No. 03-1 (Crowne Hill)
Special Tax Refunding Bonds, Series 2017 (the "2017 Bonds"), the proceeds of which 2017 Bonds
were used to refund the then outstanding 2005 Bonds.
Section 5. The 2003 Bonds and the 2005 Bonds were, and the 2012 Bonds and the 2017
Bonds are, payable from the proceeds of an annual special tax levied on property in the CFD
pursuant to Ordinance No. TPFA 03-01, adopted by the Board of Directors of the Authority on
April 8, 2003.
Section 6. In light of current low interest rates in the financial markets, the opportunity
has arisen for the Authority to issue bonds (the "2022 Refunding Bonds") for and on behalf of the
CFD to refund the outstanding 2012 Bonds and thereby reduce future special tax levies on property
in the CFD.
Section 7. The Board of Directors of the Authority now desires to authorize the actions
needed for the issuance of the 2012 Refunding Bonds so as to reduce the future special taxes to be
levied on property in the CFD.
Section 8. City of Temecula ("City") Staff, acting for and on behalf of the Authority, are
hereby requested to take all actions necessary or advisable to present to the Board of Directors for
its review and approval all proceedings necessary to issue the 2022 Refunding Bonds.
Section 9. The firm of Stifel, Nicolaus & Company, Incorporated is hereby designated
as underwriter for the 2022 Refunding Bonds.
Section 10. The firm of Webb Municipal Finance, LLC is hereby designated as Special
Tax Consultant to assist in the preparation of an official statement for the offering and sale of the
2022 Refunding Bonds, the firm of Fieldman Rolapp & Associates is hereby designated as
Municipal Advisor for the 2022 Refunding Bonds, and the firm of Quint & Thimmig LLP is hereby
designated as Bond Counsel and Disclosure Counsel for the 2022 Refunding Bonds. The Executive
Director is hereby authorized and directed to execute agreements with said firms for their services
in connection with the 2022 Refunding Bonds, in the respective forms on file with the Finance
Director of the City or otherwise in a form acceptable to the Executive Director upon consultation
with the City Attorney in his capacity as legal counsel to the Authority.
Section 11. The Executive Director, the Treasurer, the Secretary, legal counsel to the
Authority, and all other officers and agents of the Authority are hereby authorized and directed to
take all actions necessary or advisable to further the purposes of this Resolution.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Public Financing Authority this 8th day of February, 2022.
Matt Rahn, Chair
ATTE
Rands 1, Secretary
[SEAL]
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Randi Johl, Secretary of the Temecula Public Financing Authority, do hereby certify that
the foregoing Resolution No. TPFA 2022-01 was duly and regularly adopted by the Board of
Directors of the Temecula Public Financing Authority at a meeting thereof held on the 8`h day of
February, 2022, by the following vote:
AYES:
5
BOARD MEMBERS:
NOES:
0
BOARD MEMBERS:
ABSTAIN:
0
BOARD MEMBERS:
ABSENT:
0
BOARD MEMBERS:
Alexander, Edwards, Rahn, Schwank,
Stewart
None
None
None
Randi Johl, Secretary
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