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HomeMy WebLinkAbout03-034 CC ResolutionRESOLUTION NO. 03-34 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA MAKING FINDINGS WITH RESPECT TO AND APPROVING THE ISSUANCE OF BONDS BY THE TEMECULA PUBLIC FINANCING AUTHORITY WHEREAS, the City of Temecula (the "City") and the Redevelopment Agency of the City of Temecula have heretofore entered into a Joint Exercise of Powers Agreement establishing the Temecula Public Financing Authority (the "Authority") for the purpose, among others, of issuing its bonds to finance public capital improvements; and WHEREAS, the Board of Directors of the Authority intends to form the Temecula Public Financing Authority Community Facilities District No. 03-1 (Crowne Hill) (the "CFD"), and to issue bonds of the Authority for the CFD (the "Bonds") to finance various public improvements within the City of Temecula (the "Improvements"); and WHEREAS, the City Council has on this date held a duly noticed public hearing on the financing of the Improvements with the proceeds of the Bonds, as required by Section 6586.5(a) of the California Government Code; and WHEREASi the City Council now desires to make a finding of significant public benefit, pursuant to Section 6586.5(a)(2) of the California Government Code, and to approve of the financing of the Improvements with the proceeds of the Bonds. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Temecula as follows: Section 1. Findings and Determinations. The City Council hereby finds that significant public benefits will arise from the financing of the Improvements with the proceeds of the Bonds, in accordance with Section 6586 of the California Government Code. Section 2. Approval of Financinq. The City Council hereby approves the financing of the Improvements with the proceeds of the Bonds, and the issuance of the Bonds by the Authority for the CFD. R:/Resos 2003,'Resos 03-34 1 Section 3. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED, by the City Council of the City of Temecula at a meeting held on the 25th day of March, 2003. .--'-ATTEST: Miohaela A. Ballrieeh % Deputy City Clerk [SEAL] STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Michaela A. Ballreich, Deputy City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. 03-34 was duly adopted at a special meeting of the City Council of the City of Temecuia on the 25th day of March, 2003, by the following roll call vote: AYES: 5 COUNCILMEMBERS: Comerchero, Naggar, Pratt, Roberts, Stone NOES: 0 COUNCILMEMBERS: None ABSENT: 0 COUNCILMEMBERS: None ABSTAIN: 0 COUNCILMEMBERS: None I~chaela A. Ballreich Deputy City Clerk R:/Resos 2003/Resos 03-34 2