HomeMy WebLinkAbout03-025 CC ResolutionRESOLUTION NO. 03-25
A RESOLUTION OF THE CiTY COUNCIL OF THE CITY OF
TEMECULA EXPRESSING OFFICIAL INTENT REGARDING
CERTAIN CAPITAL EXPENDITURES TO BE REIMBURSED
FROM PROCEEDS OF TAX-EXEMPT OBLIGATIONS
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES RESOLVE, DETERMINE
AND ORDER AS FOLLOWS:
WHEREAS, the City has developed a list of capital projects (the "Projects") described in
Exhibit A hereto;
WHEREAS, all or a portion of the expenditures relating to the Projects (the
"Expenditures") (i) have been paid within the sixty days prior to the passage of this Resolution or
(ii) will be paid on or after the passage of this Resolution; and
WHEREAS, the City reasonably expects to reimburse itself for the Expenditures with the
proceeds of obligations the interest on which will be excluded from the gross income of the
owner or owners thereof (the "Obligations");
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The City reasonably expects to reimburse the Expenditures with proceeds of
the Obligations to be issued by the City or another entity of the City or in which the City is a
member or for which the members of the City Council act as the governing board or whose debt
is subject to the approval of the City Council.
Section 2. The maximum principal amount of the Obligations expected to be issued for
the Projects is $25,000,000.
Section 3. This Resolution is a declaration of official intent to reimburse expenditures
pursuant to Treasury Regulations Section 1.150-2.
Section 4. All actions of the officers, agents and employees of the City or other entity of
the City that are in conformity with the purposes and intent of this Resolution, whether taken
before or after the adoption hereof, are hereby ratified and confirmed.
Section 5. This Resolution shall be in full force and effect immediately upon its adoption.
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PASSED, APPROVED, AND ADOPTED, by the City Council of the City of Temecula
this 25th day of February, 2003.
ATTEST:
[SEAL]
Mayor
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, CMC, City Clerk of the City of Temecula, do hereby certify that
Resolution No. 03-25 was duly and regularly adopted by the City Council of the City of
Temecula at a meeting thereof on the 25th day of February, 2003, by the following vote of the
members thereof:
AYES:
5 COUNCILMEMBERS: Comerchero, Naggar, Pratt, Roberts, Stone
NOES: 0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
ABSTAIN:
0 COUNCILMEMBERS:
None
C~ty Clerk
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EXHIBIT A
DESCRIPTION OF THE PROJECTS
Public infrastructure improvements related to
Community Facilities District No. 01-3 0Nolf Creek)
Loma Linda Storm Drain - Storm drain system between Pechanga Parkway and "A" street.
Wolf Valley Road - construct full width improvements from Pechanga Parkway to the north
easterly City limits.
"A" Street - construct full width improvements from Loma Linda Road to the Interior Loop
Road.
Interior Loop Road North - construct full width improvements from Wolf Valley Road north to
Pechanga Parkway
Interior Loop Road South - construct full width improvements from Wolf Valley Road south to
Pechanga Parkway
Linear Park and Nodes - construct a linear park and three nodes adjacent to the Interior Loop
Road.
Six-Acre Neighborhood Park - construct a neighborhood park in planning area 11 at the
intersection of Wolf Valley Road and Interior Loop Road.
Wolf Creek Fire Station - construct a fire station located at the corner of Wolf Valley Road and
Interior Loop Road South.
Pechanga'Parkway - construct full width improvements, to the ultimate configuration, between
SR-79 South and Deer Hollow Way including the Wolf Valley Creek Channel Storm Drain
system and the Pechanga Parkway Sound Wall.
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