HomeMy WebLinkAbout18-08 TPFA Resolution RESOLUTION NO. TPFA 18-08
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY
APPROVING AN AMENDMENT TO THE LEASE
AGREEMENT RELATING TO THE REFUNDING OF THE
CITY OF TEMECULA'S CERTIFICATES OF
PARTICIPATION (2001 CAPITAL IMPROVEMENT
FINANCING PROJECT) AND CERTIFICATES OF
PARTICIPATION (2008 TEMECULA CIVIC CENTER
FINANCING PROJECT), TO REDUCE THE INTEREST
RATE AND TO REVISE THE PREPAYMENT PROVISIONS,
AND APPROVING OFFICIAL ACTIONS
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") entered into transactions with the
Temecula Public Financing Authority (the "Authority") in 2011 to refund the City's
Certificates of Participation (2001 Capital Improvement Financing Project) and the City's
Certificates of Participation (2008 Temecula Civic Center Financing Project);
WHEREAS, in connection with the financing of the Project, the City entered into
the Lease Agreement, with the original principal amount of$26,835,000;
WHEREAS, lease payments made by the City under the Lease Agreement were
assigned by the Authority to Compass Mortgage Corporation, as purchaser (the
"Purchaser");
WHEREAS, pursuant to the terms of the Lease Agreement, interest payable with
respect to the principal component of the lease payments under the Lease Agreement, is
paid at the rate of 3.750% per annum;
WHEREAS, the City has requested and the Purchaser has agreed,to reduce the
rate of interest payable under the Lease Agreement to 3.420% per annum;
WHEREAS, the City has requested the deletion of the "make whole" prepayment
provision and the Purchaser has agreed so long as the optional prepayment provision
excludes prepayment until December 1, 2026; and
WHEREAS, the City has requested, and the Assignee has agreed, to make certain
revisions to the Lease Agreement to match provisions in a new lease between the
Authority and the City, also assigned to the Assignee;
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NOW, THEREFORE, it is hereby DECLARED and ORDERED, as follows:
TPFA Resos 18-08 1
Section 1. Findings and Determinations. The Board of Directors (the "Board")
hereby finds and determines that the foregoing recitals are true and correct.
Section 2. Approval of First Amendment to Lease Agreement. The Board hereby
approves a first amendment to the Lease Agreement,.in the form on file with the Secretary
(the "First Amendment"), together with such additions thereto and changes therein as the
Chair or the Executive Director (the "Designated Officers") shall deem necessary,
desirable or appropriate, the execution of which shall be conclusive evidence of the
approval of any such additions and changes. The Designated Officers, each acting alone,
are hereby authorized and directed to execute, and the Authority is hereby authorized
and directed to attest to, the final form of the First Amendment for and in the name and
on behalf of the Authority. The Board hereby authorizes the delivery and performance of
the First Amendment.
Section 3. Official Actions. The Chair, the Executive Director, the Treasurer, the
Secretary and all other officers of the Authority are each authorized and directed in the
name and on behalf of the Authority to make any and all assignments, certificates,
requisitions, agreements, notices, consents, instruments of conveyance, warrants and
other documents, which they or any of them might deem necessary or appropriate in order
to consummate any of the transactions contemplated by the document 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 4. Effective Date. This Resolution shall take effect upon its adoption by the
Board.
Section 5. 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, Secretary
[SEAL]
TPFA Resos 18-08 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 18-08 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 18-08 3