HomeMy WebLinkAbout04-029 CC Resolution
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RESOLUTION NO. 04-29
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING AMENDED AND RESTATED
DEPOSIT/REIMBURSEMENT AGREEMENT - RORIPAUGH
RANCH
WHEREAS, in 2001, the City of Temecula (the "City"), the Temecula Public Financing
Authority (the "Authority"), Ashby USA, LLC ("Ashby") and Calloway 220, LLC ("Calloway"),
entered into a Deposit/Reimbursement Agreement (the "Original Agreement"), pursuant to
which Ashby and Calloway deposited funds with the City to ensure payment of the costs of the
Authority and the City in forming the Authority and a proposed community facilities district, and
otherwise in connection with the issuance of bonds for such community facilities district (the
"Initial Costs"); and
WHEREAS, since the execution of the Original Agreement by the parties thereto,
Calloway no longer owns property in the proposed community facilities district and the Initial
Costs have been in excess of the amount previously expected; and
WHEREAS, the parties to the Original Agreement now desire to amend and restate the
Original Agreement to reflect the current understanding of the parties thereto with respect to,
among other matters, the continued advancement of funds necessary to pay the Initial Costs,
and there is on file with the City Clerk a form of Amended and Restated Deposit/Reimbursement
Agreement (the "Deposit Agreement") which the City Council now desires to approve.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Temecula as
follows:
Section 1. DeDosit Aareement. The City Council hereby approves the Deposit
Agreement, and authorizes the City Manager to execute the Deposit Agreement, in the form on
file with the City Clerk together with such changes as deemed advisable by the City Attorney.
The Director of Finance is hereby authorized and directed to accept and use the Deposits in the
manner described in the Deposit Agreement.
Section 2. Official Actions. The Mayor, City Manager, Director of Finance, City Clerk
and all other officers of the City are hereby authorized and directed to take all actions and do all
things necessary or desirable with respect to the implementation of the Deposit Agreement,
including the execution and delivery of any and all documents required thereunder.
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PASSED, APPROVED AND ADOPTED, by the City Council of the City of Temecula at
a regular meeting held on the 16th day of March, 2004.
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M hael . Na , Mayor
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
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I, Susan Jones, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the
foregoing Resolution No. 04-29 was duly adopted at a regular meeting of the City Council of the
City of Temecula on the 16th day of March, 2004, by the following roll call vote:
AYES:
NOES:
ABSENT:
5
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COUNCILMEMBERS: None
COUNCILMEMBERS: None
COUNCILMEMBERS: None
COUNCILMEMBERS: Comerchero, Roberts, stone, Washington, Naggar
ABSTAINED: 0
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