HomeMy WebLinkAbout18-07 TPFA Resolution RESOLUTION NO. TPFA 18-07
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY
APPROVING THE FORM AND AUTHORIZING THE
EXECUTION OF CERTAIN LEASE FINANCING
DOCUMENTS IN CONNECTION WITH THE FINANCING OF
A NEW RECREATION CENTER IN MARGARITA
COMMUNITY PARK AND AUTHORIZING AND DIRECTING
CERTAIN ACTIONS WITH RESPECT THERETO
THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING
AUTHORITY OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS:
WHEREAS, the City of Temecula (the "City"), working together with the Temecula
Public Financing Authority(the "Authority"), has determined at this time, due to prevailing
interest rates and for other reasons, to finance the construction and equipping of a new
recreation center in Margarita Community Park in place of the former YMCA including the
demolition of the existing building and pool and construction and equipping of a new
building and pool (the "Project");
WHEREAS, it is in the public interest and for the public benefit that the Authority
authorize and direct execution of certain financing documents in connection therewith;
and
WHEREAS, the documents below specified have been filed with the Authority and
the members of the Board of Directors(the"Board"),with the aid of its staff, have reviewed
said documents;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The below-enumerated documents, substantially in the forms on file
with the Secretary, be and are hereby approved, and the Chairman or the Executive
Director, is hereby authorized and directed to execute said documents, with such
changes, insertions and omissions as may be approved by such official, the execution
thereof to be conclusive evidence of such approval, and the Secretary is hereby
authorized and directed to attest to such official's signature:
(a)a site and facility lease, between the City, as lessor, and the Authority, as lessee
(the "Site and Facility Lease"), pursuant to which the City will lease certain existing real
property and the improvements thereon (the "Property") to the Authority;
(b) a lease agreement, by and between the Authority, as lessor, and the City, as
lessee (the "Lease Agreement"), pursuant to which the Authority will lease the Property
back to the City;
TPFA Resos 18-07 1
(c) an assignment agreement, by and between the Authority and Compass
Mortgage Corporation (the "Assignee"), pursuant to which the Authority will assign certain
of its rights under the Site and Facility Lease and the Lease Agreement, including its right
to receive lease payments thereunder, to the Assignee; and
(d) a letter agreement for purchase among Compass Mortgage Corporation, the
Authority and the City, whereby Compass Mortgage Corporation agrees to acquire the
rights of the Authority to the lease payments to be made by the City under the Lease
Agreement and the rights of the Authority under the Site and Facility Lease.
Section 2. The Chairman, the Executive Director, the Treasurer, the Secretary and
other officials of the Authority are hereby authorized and directed to execute such other
agreements, documents and certificates and to take such other actions as may be
necessary to effect the purposes of this resolution and the lease financing herein
authorized.
Section 3. This Resolution shall take effect upon its adoption by the Board.
Section 4. The Authority Secretary shall certify adoption of the resolution.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the
Temecula Public Financing Authority this 14th day of August, 2018.
Matt Rahn, Chair
ATTEST:
Randi Johl, cretary
[SEAL]
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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 18-07 was duly and regularly adopted by
the Board of Directors of the Temecula Public Financing Authority at a meeting thereof
held on the 14th day of August, 2018, by the following vote:
AYES: 4 BOARD MEMBERS: Comerchero, Edwards, Stewart,
Rahn
NOES: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
ABSENT: 1 BOARD MEMBERS: Naggar
Randi Johl, Secretary
TPFA Resos 18-07 3