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HomeMy WebLinkAbout06-02 TPFA Resolution I I I RESOLUTION NO. TPFA 06-02 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY APPROVING A THIRD SUPPLEMENTAL INDENTURE OF TRUST AND AUTHORIZING AND DIRECTING OTHER ACTIONS RELATING TO REFUNDING OF OUTSTANDING BONDS FOR COMMUNITY FACILITIES DISTRICT NO. 01-2 (HARVESTON) THE BOARD OF DIRECTORS OF THE TEMECUlA PUBLIC FINANCING AUTHORITY DOES HEREBY RESOLVE AS FOllOWS: Section 1. The Temecula Public Financing Authority (the "Authority") has issued its $17,310,000 Temecula Public Financing Authority Community Facilities District No. 01-2 (Harveston) Variable Rate Demand Special Tax Bonds, 2002 Series A (the "Bonds") pursuant to an Indenture of Trust, dated as of August 1, 2002, between U.S. Bank National Association, as trustee (the "Trustee") and the Authority (the "Original Indenture"), to provide funds to finance public facilities authorized to be financed by the Temecula Public Financing Authority Community Facilities District No. 01-2 (Harveston) (the "District") and to refund certain outstanding indebtedness secured by liens on property in the District. Section 2. The Original Indenture allows for the interest payable on all or a portion of the Bonds to be converted from a variable rate to a fixed rate or fixed rates, and in order to allow for the incurrence of certain overlapping indebtedness and otherwise in contemplation of such a conversion, the Authority has approved and has executed a First Supplemental Indenture of Trust, dated as of June 1, 2004, and a Second Supplemental Indenture of Trust, dated as of November 22, 2005, each between the Authority and the Trustee, amending and supplementing the Original Indenture (the "Original Indenture, as so amended and supplemented, being referred to in this Resolution as the "Indenture"). Section 3. City of Temecula (the "City") staff, working with consultants to the Authority, have now determined that it will be more economically advantageous to refund the outstanding Bonds with the proceeds of refunding bonds (the "Refunding Bonds") to be issued by the Authority for the District, rather then to convert the interest payable on the Bonds under the provisions of the Indenture. Section 4. To facilitate a refunding of the Bonds, Bond Counsel to the Authority has advised that it is necessary to amend the Indenture, and a Third Supplemental Indenture of Trust (the "Third Supplement") has been drafted to allow for such amendment. Section 5. This Board of Directors now desires to approve the Third Supplement, to engage certain consultants necessary to undertake the issuance of the I I I Refunding Bonds, and to direct City staff to undertake actions necessary to present to this Board of Directors for its approval the documents necessary to issue the Refunding Bonds. Section 6. The Third Supplement, in the form on file with the Secretary, is hereby approved. The Executive Director is hereby authorized and directed to execute and deliver the Third Supplement in such form, together with such changes thereto as shall be approved by the Executive Director following consultation with Bond Counsel, the approval of such changes to be conclusively evidenced by the execution of the Third Supplement by the Executive Director. Section 7. City Staff, acting for and on behalf of the Authority, are hereby authorized and directed to take all actions necessary or advisable to present to this Board of Directors for its review and approval all proceedings necessary to issue the Refunding Bonds and effect a refunding of the Bonds. The passage of this Resolution, however, shall in no way obligate this Board of Directors to so refund any of the Bonds. Section 8. The firm of Stone & Youngberg LLC is hereby designated as underwriter to the Authority for the Refunding Bonds. Section 9. The firm of Psomas, Inc. is hereby designated as Special Tax Consultant to the Authority in connection with the Refunding Bonds, the firm of Fieldman Rolapp & Associates is hereby designated as financial advisor to the Authority in connection with the Refunding Bonds, the firm of McFarlin & Anderson is hereby designated as disclosure counsel to the Authority in connection with the Refunding Bonds, Stephen G. White, MAl, is hereby designated as Appraiser in connection with the Refunding Bonds and the firm of Quint & Thimmig LLP is hereby designated as Bond Counsel to the Authority in connection with the Refunding Bonds. The Executive Director is hereby authorized and directed to execute agreements with said firms for their services in connection with the Refunding Bonds, in form and substance acceptable to the Executive Director and the City Attorney. The fees and expenses of such consultants shall be payable solely from amounts in the funds and accounts held under the Indenture, from advances by the principal property owner in the District, or from the proceeds of the Refunding Bonds. R:ITPFA Resas 2006ITPFA 06-02 2 PASSED, APPROVED AND ADOPTED, by the Board of Directors of the I Temeoula P,bB, F'"a",'"" Au!hoc'>' !h" 23' day o~ k Ron Roberts, Chairperson ATTEST: STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE) ss CITY OF TEMECULA ) I I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula Public Financing Authority, do hereby certify that the foregoing Resolution No. TPFA 06-02 was duly and regularly adopted by the Board of Directors of the Temecula Public Financing Authority at a meeting thereof held on the 23rd day of May, 2006, by the following vote: AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Naggar, Washington, Roberts NOES: 0 ABSENT: 0 BOARD MEMBERS: None BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None I R:ITPFA Resas 2006ITPFA 06-02 3