HomeMy WebLinkAbout16-14 TPFA Resolution RESOLUTION NO. TPFA 16-14
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TEMECULA PUBLIC FINANCING AUTHORITY
APPOINTING CONSULTANTS-IN CONNECTION WITH
THE PROPOSED ISSUANCE OF SPECIAL TAX
REFUNDING BONDS, AND AUTHORIZING AND
DIRECTING ACTIONS WITH RESPECT THERETO -
COMMUNITY FACILITIES DISTRICT NO. 03-1 (CROWNE
HILL)
THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING
AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Board of Directors of the Temecula Public Financing Authority
(the "Authority") has formed the Temecula Public Financing Authority Community
Facilities District No. 03-1 (Crowne Hill) (the "CFD") pursuant to the provisions of the
Mello-Roos Community Facilities Act of 1982, as amended, constituting Section 53311
et seq. of the California Government Code (the "Act') and Resolution No. TPFA 03-05
adopted by the Board of Directors of the Authority on March 25, 2003.
Section 2. In order to finance various public facilities authorized to be funded by
the CFD (the "Facilities'), on August 7, 2003, the Authority, for and on behalf of the
CFD, issued its Temecula Public Financing Authority Community Facilities District No.
03-1 (Crowne Hill) Special Tax Bonds, Series 2003A (the "2003 Bonds'), and on August
24, 2005, the Authority, for and on behalf of the CFD, issued its Temecula Public
Financing Authority Community Facilities District No. 03-1 (Crowne Hill) Special Tax
Bonds, Series 2005B (the "2005 Bonds').
Section 3. On August 15, 2012, the Authority, for and on behalf of the CFD,
issued its Temecula Public Financing Authority Community Facilities District No. 03-1
(Crowne Hill) Special Tax Refunding Bonds, Series 2012 (the "2012 Bonds'), the
proceeds of which 2012 Bonds were used to refund the then outstanding 2003 Bonds.
Section 4. The 2003 Bonds were, and the 2005 Bonds and the 2012 Bonds are,
payable from the proceeds of an annual special tax levied on property in the CFD
pursuant to Ordinance No. TPFA 03-01, adopted by the Board of Directors of the
Authority on April 8, 2003.
Section 5. In light of current low interest rates in the financial markets, the
opportunity has arisen for the Authority to issue bonds (the "2016 Refunding Bonds") for
and on behalf of the CFD to refund the outstanding 2005 Bonds and thereby reduce
future special tax levies on property in the CFD.
TPFA Resos 16-14 1
Section 6. The Board of Directors of the Authority now desires to authorize the
actions needed for the issuance of the 2016 Refunding Bonds so as to reduce the future
special taxes to be levied on property in the CFD.
Section 7. City of Temecula ("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 issue the
2016 Refunding Bonds.
Section 8. The firm of Stifel, Nicolaus & Company, Incorporated is hereby
designated as underwriter for the 2016 Refunding Bonds.
Section 9. The firm of Albert A. Webb Associates is hereby designated as
Special Tax Consultant to assist in the preparation of an official statement for the
offering and sale of the 2016 Refunding Bonds, the firm of Fieldman Rolapp &
Associates is hereby designated as Municipal Advisor for the 2016 Refunding Bonds,
and the firm of Quint & Thimmig LLP is hereby designated as Bond Counsel and
Disclosure Counsel for the 2016 Refunding Bonds. The Executive Director is hereby
authorized and directed to execute agreements with said firms for their services in
connection with the 2016 Refunding Bonds, in the respective forms on file with the
Finance Director of the City or otherwise in a form acceptable to the Executive Director
upon consultation with the City Attorney in his capacity as legal counsel to the Authority.
Section 10. 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 further the purposes of this
Resolution.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Public Financing Authority this 11th day of October, 2016.
Michael S. Naggar, Chair
ATT
Ran ' , Secretary
[SEAL]
TPFA Resos 16-14 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 16-14 was duly and regularly adopted by
the Board of Directors of the Temecula Public Financing Authority at a meeting thereof
held on the 11th day of October, 2016, by the following vote:
AYES: 5 BOARD MEMBERS: Comerchero, Edwards, McCracken,
Rahn, Naggar
NOES: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
ABSENT: 0 BOARD MEMBERS: None
Randi Johl, Secretary
TPFA Resos 16-14 3