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Home My WebLink About96-02 IA Resolution RESOLUTION NO. IA 96-02 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OLD TOWN/WESTS]IDE @ROVEMENT AUTHORITY AUTHORIZING ISSUANCE AND SALE OF REVENUE BONDS FOR THE PURPOSE OF FINANCING ACQUISITION OF COMMUNITY FACI]LITIES DISTRICT BONDS (OLD TOWN AREA), AND APPROVING RELATED AGREEMENTS AND ACTIONS S, the Old Town/Westside Community Facilities District Financing Authority (the "Local Agency") has determined to issue its Community Facilities District No. I (Old Town Area Public Improvements) 1996 Special Tax Bonds (the "Local Agency Bonds") in order to finance public improvements in the Old Town and Westside areas of the City of Temecula. AS, the Local Agency has requested that the Old Town/Westside Improvement Authority (the "Authority") issue its revenue bonds (the "Bonds") and use the proceeds thereof to acquire the Local Agency Bonds, and the Authority is authorized to issue the Bonds for such purpose under Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 Title 1 of the California Government Code (the "Bond Law"); and @REAS, the Board of Directors of the Authority wishes at this time to authorize all proceedings relating to the issuance of the Bonds to acquire the Local Agency Bonds to provide moneys for the construction of certain public improvements, and to approve the execution and delivery of all agreements and documents relating thereto. NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Old Town/Westside Improvement Authority as follows: Section 1. Findings and Determinations. Pursuant to the Bond Law, the Board of Directors hereby finds and determines that the issuance of the Bonds will result in savings in effective interest rates, bond underwriting costs and bond issuance costs and thereby result in significant public benefits to the Local Agency within the contemplation of Section 6586 of the Bond Law. Section 2. Issuance of Bonds; A1212roval of Indenture, The Board of Directors hereby authorizes the issuance of the Bonds under and pursuant to the Bond Law, in the maximum principal amount of $32,000,000. The Bonds shall be issued pursuant to an Indenture of Trust (the "Indenture") by and between the Authority and a trustee to be designated by the Executive Director. The Board of Directors hereby approves the Indenture in the form on file with the Secretary. The Board of Directors hereby authorizes and directs the Executive Director (or, in his absence, the Treasurer) to execute and deliver, and the Secretary to attest and affix the seal of the Authority to, the Indenture in such form, together with any changes therein or additions thereto deemed advisable by such officer upon consultation with Bond Counsel and legal counsel Resos.IA\96-02 1 to the Authority, the execution by such officer of the Indenture to constitute conclusive evidence of his approval of any such changes or additions. The Board of Directors hereby authorizes the delivery and performance of the Indenture. Section 3. Purchase of Local Agency Bonds. The Board of Directors hereby authorizes and approves the purchase of the local Agency Bonds by the Authority from the Local Agency pursuant to and in accordance with the provisions of the Bond Purchase Agreement by and between the Local Agency and the Authority (the "Community Facilities District Bond Purchase Agreement"). The Board of Directors hereby approves the Community Facilities District Bond Purchase Agreement in the form on file with the Secretary. The Board of Directors hereby authorizes and directs the Executive Director (or, in his absence, the Treasurer) to execute said form of the Community Facilities District Bond Purchase Agreement together with any changes therein or additions thereto deemed advisable by such officer upon consultation with Bond Counsel and legal counsel to the Authority, the execution by such officer of the Community Facilities District Bond Purchase Agreement to constitute conclusive evidence of his approval of any such changes or additions. The Board of Directors hereby authorizes the delivery and performance of the Community Facilities District Bond Purchase Agreement. Section 4. Sale of Bonds. The Board of Directors hereby approves the sale of the Bonds by negotiation with Stone & Younger, LLC (the "Under-writer") pursuant to the Bond Purchase Agreement (the "Authority Bond Purchase Agreement") by and among the Authority, the Local Agency and the Underwriter in the form on file with the Secretary. The Executive Director (or, in his absence, the Treasurer) is hereby authorized and directed to execute and deliver the Authority Bond Purchase Agreement in such form, together with any changes therein or additions thereto approved by such officer, upon consultation with Bond Counsel and legal counsel to the Authority, such officer's execution thereof to conclusive evidence of his approval of any such additions and changes. The Authority Bond Purchase Agreement shall be executed in the name and on behalf of the Authority by the Executive Director (or, in his absence, the Treasurer), upon submission of a proposal by the Underwriter to purchase the Bonds; provided, however, that such proposal is acceptable to the Executive Director and is consistent with the requirements of this Resolution. The amount of Underwriter's discount shall be not more than 3.4 % of the par amount of the Bonds, the principal amount of the Bonds shall not exceed $32,000,000 and the net interest cost of the Bonds shall not exceed 9.0%. Section 5. Uproval of Official Statement. The Board of Directors hereby approves, and hereby deems nearly final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1034, the preliminary Official Statement relating to the Bonds, in the form on file with the Secretary.The Underwriter is hereby authorized to distribute the Official Statement (in preliminaryand in final form) in connection with the sale of the Bonds. The Executive Director (or, in hisabsence, the Treasurer) is hereby authorized and directed to (a) execute and deliver to the purchaser of the Bonds a certificate deeming the preliminary Official Statement to be nearly final prior to the sale of the Bonds, (b) approve any changes in or additions to cause such preliminary Official Statement to be put in final form, and (c) execute said final Official Statement Resos.IA\96-02 2 for an in the name and on behalf of the Authority. Section 6. Bond Counsel. The firm of Jones Hall Hill & White, A Professional Law Corporation, is hereby designated as Bond Counsel to the Authority for the Bonds. The Executive Director of the Authority is hereby authorized to execute an agreement with said firm for its services with respect to the Bonds, provided that said agreement is in a form acceptable to the Executive Director. Section 7. Official ActiQm. The Chairperson, the Executive Director, the Treasurer, the Secretary and any and all other officers of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the issuance and sale of the Bonds and any of the other transactions contemplated by the documents approved pursuant to this Resolution. Whenever in this Resolution any officer of the Authority is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable. Section 8. Effective Date. This Resolution shall take effect from and after its adoption. PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Old Town/NVestside Improvement Authority at a regular meeting held on the 26th day of November, 1996. Patricia H. Birdsall, Chairperson ATTEST: Ju@. -dreek, CMC/City Clerk Authority Secretary [SEAL] Resos.IA\96-02 3 STATE OF CALIFORNIA) COUNTY OF RIVERSIDE) SS CITY OF TEMECULA ) I, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. IA 96-02 was duly adopted at a regular meeting of the Board of Directors of the Old Town/Westside Improvement Authority on the 26th day of November, 1996, by the following roll call vote: AYES: 3 BOARD MEMBERS: Birdsall, Ford, Lindemans NOES: 0 BOARD MEMBERS: None ABSENT: 1 BOARD MEMBERS: Roberts ABSTAIN: 1 BOARD MEMBERS: Stone June@reek, CMC/City Clerk Agency Secretary Resos.IA%96-02 4