Loading...
HomeMy WebLinkAbout08-01 TPFA ResolutionRESOLUTION NO. TPFA 08-01 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY OF THE CITY OF TEMECULA APPROVING, AUTHORIZING AND DIRECTING PREPARATION AND EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The City of Temecula, with the assistance of the Temecula Public Financing Authority (the "Authority"), has determined to finance the construction of a new civic center facility (the "Project"), and the City has proposed to implement a lease financing for the purpose of raising the funds for such purposes. Section 2. It is in the public interest and for the public benefit that the Authority authorize and direct execution of certain financing documents in connection therewith. Section 3. The documents below specified shall be filed with the Authority and ' the members of the Board, with the aid of its staff, shall review said documents. Section 4. The below-enumerated documents, substantially in the forms on file with the Secretary, be and are hereby approved, and the Chairman, the Executive Director or the Treasurer is hereby authorized and directed to execute said documents, with such changes, insertions and omissions as may be approved by such official, and the Secretary is hereby authorized and directed to attest to such official's signature. A Site and Facility Lease, between the City, as Lessor, and the Authority, as Lessee, pursuant to which the City will lease certain existing, unencumbered property to the Authority (the "Property"). B. A Lease Agreement, by and between the Authority, as Lessor, and the City, as Lessee (the "Lease Agreement"), pursuant to which the Authority will lease the Property back to the City. C. An Assignment Agreement, by and between the Authority and U.S. Bank National Association, as trustee (the "Trustee"), pursuant to which the Authority will assign certain of its rights under the Lease Agreement, including its right to receive lease payments thereunder, to the Trustee. R:/rPFA Resos 2008/TPFA 08-01 ' D. A trust agreement, by and among the Authority, the City and the Trustee, relating to the financing and the execution and delivery of Certificates of Participation evidencing the direct, undivided fractional interests of the owners thereof in lease payments to be made by the City under the Lease Agreement. Section 7. The Chairman, the Executive Director, the Treasurer, the Secretary and other officials of the Authority are hereby authorized and directed to execute such other agreements, documents and certificates as may be necessary to affect the purposes of this resolution and the lease financing herein authorized. Section 8. All actions heretofore taken by the officers and agents of the Authority with respect to the transactions set forth above are hereby approved, confirmed and ratified. Section 9. This Resolution shall take effect upon its adoption by the Board. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula Public Financing Authority this 13`h day of February, 2008. ATTEST: Susan 1NI. ,ones, MMC [SEAL] \A~ ~ ~°~. V_ Michael S. Naggar, Chairperson R:/TPFA Resos 2008/TPFA 08-01 2 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula Public Financing Authority, do hereby certify that the foregoing Resolution No. TPFA 08-01 was duly and regularly adopted by the Board of Directors of the Temecula Public Financing Authority at a meeting thereof held on the 12`h day of February, 2008, by the following vote: AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Roberts, Washington, Naggar NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None usan Jones, MMC City lerk/ and Secretary R:lfPFA Resos 2008ITPFA 08-01 3