HomeMy WebLinkAbout01-06 TPFA ResolutionRESOLUTION NO. TPFA 01-06
A RESOLUTION OF THE PUBLIC FINANCING AUTHORITY OF
THE CITY OF TMECULA AUTHORIZING AND DIRECTING
EXECUTION OF CERTAIN INSTALLMENT SALE FINANCING
DOCUMENTS AND AUTHORIZING AND DIRECTING CERTAIN
ACTIONS WITH RESPECT THERETO
WHEREAS, the Temecula Community Services District (the "District"), working together
with the Temecula Public Facilities Financing Corporation, has heretofore caused Certificates of
Participation (Community Recreation Project), Series 1992 (the "Prior Certificates") to be
executed and delivered in the aggregate principal amount of $5,380,000, the proceeds of which
were used to finance the construction of a community recreation center (the "1992 Project");
WHEREAS, the obligations of the District with respect to the Prior Certificates have been
assumed by the City of Temecula (the "City") and are payable from a special tax levied by the
City for purposes of operating, maintaining and servicing public parks and recreational facilities,
recreational and community services programs, median landscaping, arterial street lights and
traffic signals throughout the City and administrative expenses incurred by the City in
connection therewith, which special tax was approved by more than 2/3 of the ballots cast in
connection therewith at an election held on March 4, 1997;
WHEREAS, the City, working together with the Temecula Public Financing Authority (the
"Authority"), proposes to refinance the 1992 Project and, therefore, to refund the Prior
Certificates, and finance the construction of a portion of certain new capital improvements
consisting of a community sports park (the "2001 Project"), and it is in the public interest and for
the public benefit that the Authority authorize and direct execution of the installment Sale
Agreement (hereinafter defined) and certain other financing documents in connection therewith;
and
WHEREAS, the documents below specified have been filed with the Secretary of the
Authority, and the members of the Authority, with the aid of its staff, have reviewed said
documents;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula
Public Financing Authority as follows:
Section 1. The below-enumerated documents, substantially in the form on file with the
Secretary, be and are hereby approved, and the Chairman, Vice Chairman, Treasurer or
Executive Director, or the designee thereof, 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) a conveya~ice agreement, relating to the 1992 Project, by and between the District, as seller,
and the Authority, as pumhaser;
(b) an installment sale.' agreement, relating to the 1992 Project and the 2001 Project
(collectively, the "Project"), by and between the Authority, as seller, and the District, as
purchaser (the "installment Sale Agreement");
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(c) an assignment agreement, by and between the Authority and U.S. Bank Trust National
Association, as trustee (the 'q'rustee"), pursuant to which the Authority will assign certain of its
rights under the Installment Sale Agreement, including its right to receive installment payments
thereunder, to the Trustee; and
(c) a trust agreement, by and among the Authority, the District and the Trustee relating to the
financing, and the execution and delivery of certificates of participation in the installment
payments to be made by the District under the Installment Sale Agreement.
Section 2. The Chairman, Vice Chairman, Treasurer, Executive Director, 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 effect the purposes of this
resolution and the installment sale financing herein authorized.
Section 3. This Resolution shall take effect upon its adoption by Authority.
PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula
Public Financing Authority, at a meeting held on the 27th day of November, 2001.
ATTEST:
[S E~AL] ~JJ°nesl'~~
Autho~ary
Jeff Comerchero, Chairperson
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA)
I, Susan Jones, Secretary of the Temecula Public Financing Authority, HEREBY DO
CERTIFY that the foregoing Resolution No. TPFA 01-06 was duly adopted at a special meeting
of the Board of Directors of the Temecula Public Financing Authority on the 27t~ day of
November, 2001, by the following mil call vote:
AYES: 4 BOARDMEMBERS: Naggar, Roberts, Stone, Comemhem
NOES: 0 BOARDMEMBERS: None
ABSENT: 1 BOARDMEMBERS: Pratt
ABSTAIN: 0 BOARDMEMBERS: None
(~Jones,~CMC
Au~tary/City Clerk
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