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HomeMy WebLinkAbout15-06 TPFA Resolution RESOLUTION NO. TPFA 15-06 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY ACKNOWLEDGING RECEIPT OF A DEPOSIT RELATIVE TO THE FORMATION OF A COMMUNITY FACILITIES DISTRICT, AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Roripaugh Valley Restoration, LLC and Wingsweep Corporation (collectively, the "Landowners") have submitted to the Finance Director of the City of Temecula (the "City") checks in the total amount of $50,000 (the "Deposit"), to be used by the City to pay costs of the City and the Temecula Public Financing Authority (the "Authority") in connection with proceedings under Section 53311 et seq. of the California Government Code (the "Act") to create a community facilities district to be designated "Temecula Public Financing Authority Community Facilities District No. 16-01" (the "CFD"). Section 2. There has also been submitted a Deposit/Reimbursement Agreement (the "Agreement"), to be entered into by the Landowners, the City and the Authority (for itself and on behalf of the CFD), and this Board of Directors now desires to direct the Finance Director of the City to accept the money to be advanced by the Developers, to authorize the execution and delivery by the Authority of the Agreement, to employ certain consultants necessary for the formation of the CFD and the sale of bonds of the Authority for the CFD (the "Bonds"), and to authorize and direct Authority staff to take actions necessary to present to this Board of Directors for approval the documents necessary to form the CFD and issue the Bonds of the Authority for the CFD. Section 3. The Finance Director of the City is hereby requested to accept the Deposit, and to use the Deposit in the manner contemplated by the Agreement. The Executive Director of the Authority is hereby authorized and directed to execute the Agreement for and on behalf of the Authority, and to take all actions necessary, in his discretion, to implement the Agreement. Section 4. 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 create the CFD and issue the Bonds of the Authority therefor. The passage of this Resolution shall in no way obligate this Board of Directors to form the CFD or to issue the Bonds. Section 5. The firm of Stifel, Nicolaus & Company, Incorporated is hereby designated as underwriter to the Authority for the Bonds, if any, to be issued for the CFD. TPFA Resos 15-06 1 Section 6. The firm of Albert A. Webb Associates is hereby designated as Special Tax Consultant to the Authority for the CFD, the firm of Fieldman Rolapp & Associates is hereby designated as municipal advisor to the Authority for the CFD, the firm of Quint & Thimmig LLP is hereby designated as Bond Counsel and Disclosure Counsel to the Authority for the CFD, the firm of Empire Economics is hereby designated as market absorption consultant to the Authority for the CFD to analyze the proposed development and marketing of the land in the CFD, and Stephen G. White, MAI, is hereby designated as appraiser to the Authority for the CFD to provide an evaluation of the value of the property in the CFD. The Executive Director is hereby authorized and directed to execute agreements with said firms and appraiser for their services in connection with the CFD and any bonds issued for the CFD, in the respective forms on file with the Finance Director of the City. In any event, the fees and expenses of such consultants shall be payable solely from Deposits (as defined in the Agreement) and/or the proceeds of the Bonds when and if they are issued by the Authority for the CFD. Section 7. The Executive Director, Treasurer, 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 give effect to the transactions contemplated by this Resolution. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula Public Financing Authority of the City of Temecula this 17th day of November, 2015. Jeff Comerchero, TPFA Chair i, ATTEST: '': Randi 'cretary [SEAL] TPFA Resos 15-06 2 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Randi Johl, Secretary of the Temecula Public Financing Authority of the City of Temecula, do hereby certify that the foregoing Resolution No. TPFA 15-06 was duly and regularly adopted by the Board of Directors of the Temecula Public Financing Authority of the City of Temecula at a meeting thereof held on the 17th day of November, 2015, by the following vote: AYES: 5 BOARD MEMBERS: Edwards, McCracken, Naggar, Rahn, Comerchero NOES: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None Randi Johl, Secretary I I TPFA Resos 15-06 3