HomeMy WebLinkAbout05-040 CC Resolution
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RESOLUTION NO. 05-40
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING DEPOSIT/REIMBURSEMENT
AGREEMENT - CROWNE HILL
WHEREAS, the Board of Directors of the Temecula Public Financing Authority (the
"Authority") has formed the Temecula Public Financing Authority Community Facilities District
No. 03-1 (Crowne Hill) (the "CFD") under the provisions of the California Government Code, and
on August 7, 2003, the Authority, for and on behalf of the CFD, issued $12,155,000 principal
amount of Temecula Public Financing Authority Community Facilities District No. 03-1 (Crowne
Hill) Special Tax Bonds, Series 2003-A (the "2003 Bonds") pursuant to a Fiscal Agent
Agreement, dated as of July 1, 2003 (the "Fiscal Agent Agreement"), between the Authority and
U.S. Bank National Association, as fiscal agent; and
WHEREAS, Section 2.14 of the Fiscal Agent Agreement allows for the issuance of
Parity Bonds, as defined therein, to be secured on a parity with the 2003 Bonds under the Fiscal
Agent Agreement; and
WHEREAS, Lennar Homes of California, Inc. (the "Developer") has requested that the
Authority consider the issuance of Parity Bonds under the Fiscal Agent Agreement, and has
advanced funds to pay costs of the City and the Authority related thereto; and
WHEREAS, the City desires to enter into a Deposit/Reimbursement Agreement with the
Authority and the Developer (the "Deposit Agreement"), regarding the disposition of funds
advanced by the Developer.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Temecula as
follows:
Section 1. Deoosit Aareement. The City Council hereby approves and authorizes the
City Manager to execute and deliver the Deposit Agreement, in the form on file with the City
Clerk together with any changes therein deemed advisable by the City Attorney, the approval of
such changes to be conclusively evidenced by the execution and delivery by the City of 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 hereunder with respect to the implementation of the Deposit
Agreement, including but not limited to the execution and delivery of any and all agreements,
certificates, instruments and other documents, which they, or any of them, may deem necessary
or desirable and not inconsistent with the purposes of this Resolution.
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PASSED, APPROVED AND ADOPTED, by the City Council of the City of Temecula, at
a regular meeting held on the 12th day of April, 2005.
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
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Jeff Comerchero, Mayor
I, Susan W. Jones, CMC, City Clerk of the City of Temecula, HEREBY DO CERTIFY
that the foregoing Resolution No. 05-40 was duly adopted at a meeting of the City Council of the
City of Temecula on the 12th day of April, 2005, by the following roll call vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
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COUNCILMEMBERS: Edwards, Naggar, Roberts, Washington,
Comerchero
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COUNCILMEMBERS: None
COUNCILMEMBERS: None
COUNCILMEMBERS: None
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