HomeMy WebLinkAbout03-159 CC ResolutionRESOLUTION NO. 03-159
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 - WOLF CREEK 03-03
WHEREAS, the City of Temecula (the "City") and the Redevelopment Agency of the City
of Temecula have heretofore entered into a Joint Exemise 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. 03-03 (Wolf Creek) (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 the elimination of a fixed special
assessment lien on property in the CFD (the "Prior Lien"); and
WHEREAS, the City Council has on this date held a duly noticed public hearing on the
financing of the improvements and the elimination of the Prior Lien with the proceeds of the
Bonds, as required by Section 6586.5(a) of the California Government Code; and
WHEREAS, 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 and the elimination of the Prior Lien with the proceeds of the
Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Temecula as
follows:
Section 1. Findinqs and Determinations. The City Council hereby finds that significant
public benefits will arise from the financing of the Improvements and the elimination of the Prior
Lien with the proceeds of the Bonds, in accordance with Section 6586 of the California
Government Code.
Section 2. Approval of Financing The City Council hereby approves the financing of
the Improvements and the elimination of the Prior Lien with the proceeds of the Bonds, and the
issuance of the Bonds by the Authority for the CFD.
Section 3. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
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PASSED, APPROVED AND ADOPTED, by the City Council of the City of Temecula at
a regular meeting of the City Council held on the 28th day of October, 2003.
ATTEST:
(~ ~,,] ~3'~ffrey E. Stone, Mayor
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan Jones, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the
foregoing Resolution No. 03-159 was duly adopted at a regular meeting of the City Council of
the City of Temecula on the 28th day of October, 2003, by the following roll call vote:
AYES:
4 COUNClLMEMBERS: Comerchero, Naggar, Pratt, Stone
NOES: 0 COUNCILMEMBERS: None
ABSENT: 1 COUNCILMEMBERS: Roberts
ABSTAIN: 0
COUNCILMEMBERS:
None
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