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HomeMy WebLinkAbout16-03 TPFA Resolution RESOLUTION NO. TPFA 16-03 ' 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. 16-01 (RORIPAUGH RANCH PHASE 2) THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. 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 Phase 2," 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 the costs of the prepayment of certain special taxes (the "CFD 03-02 Special Tax Prepayment"), the costs of certain public improvements (the "Facilities"), and the costs of providing certain municipal services. Section 2. This Board of Directors estimates the amount required for the financing of the costs of the CFD 03-02 Special Tax Prepayment and the Facilities to be approximately $55,000,000, and in order to finance said CFD 03-02 Special Tax Prepayment and Facilities it is necessary to incur bonded indebtedness of the proposed Temecula Public Financing Authority Community Facilities District No. 16-01 (Roripaugh Ranch Phase 2) (the "District") in the amount of not to exceed $60,000,000. Section 3. The bonded indebtedness is proposed to be incurred for the purpose of financing all or a portion of the costs of the CFD 03-02 Special Tax Prepayment and of the Facilities, including costs incidental to or connected with the accomplishment of said purposes and of the financing thereof. Section 4. This Board of Directors, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of $60,000,000, 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 5. Tuesday, April 26, 2016, 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, 41000 Main Street, 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 and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the Authority for the District. ' Section 6. 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 be substantially in the form of Exhibit A hereto. TPFA Re os 16-03 1 Section 7. This Resolution shall take effect upon its adoption. ' PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula Public Financing Authority this 22nd day of March, 2016. ��ichael�ar, Chair ATTEST• Randi J retary [SEAL] 1 TPFA Resos 16-03 2 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 16-03 was duly and regularly adopted by the Board of Directors of the Temecula Public Financing Authority at a meeting thereof held on the 22nd day of March, 2016, by the following vote: AYES: 3 BOARD MEMBERS: Edwards, McCracken, Rahn NOES: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None ABSENT: 2 BOARD MEMBERS: Comerchero, Naggar Randi Johl, Secretary 1 TPFA Resos 16-03 3 EXHIBIT A ' TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 16-01 (RORIPAUGH RANCH PHASE 2) NOTICE OF PUBLIC HEARING Notice is hereby given that the Board of Directors of the Temecula Public Financing Authority will conduct a public hearing on Tuesday, April 26, 2016 at 7:00 p.m. or as soon thereafter as practicable, in the Temecula City Council chambers located at 41000 Main Street, Temecula, California, to consider the following: INTENT TO INCUR INDEBTEDNESS TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO 16-01 (RORIPAUGH RANCH PHASE 2) On March 22, 2016, the Board of Directors 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. 16-01 (Roripaugh Ranch Phase 2)" (the "Resolution of Intention to Incur Indebtedness"). Reference is hereby made to the Resolution of ' Intention to Incur Indebtedness on file in the office of the Secretary of the Temecula Public Financing Authority for further particulars. In the Resolution of Intention to Incur Indebtedness, the Board of Directors declared its intention to authorize the issuance and sale of bonds in the maximum principal amount of $60,000,000 for the Temecula Public Financing Authority Community Facilities District No. 16-01 (Roripaugh Ranch Phase 2) to finance costs of the prepayment of certain special taxes and costs of certain public improvements. The testimony of all interested persons, including all persons owning property in the area included in the proposed community facilities district, for or against the proposed debt issuance will be heard at the public hearing. Any person interested in these matters is invited to attend and present testimony either for or against the above item. If you challenge the proposed action in court, you may be limited to raising only those issues you or someone else raised at the public hearing described in this notice or in written correspondence delivered to the Board of Directors at or prior to the public hearing. /s/ Randi Johl Secretary, Temecula Public Financing Authority 1 TPFA Resos 16-03 4