HomeMy WebLinkAbout05-081 CC Resolution
I
I
I
RESOLUTION NO. 05-81
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 FOR COMMUNITY
FACILITIES DISTRICT NO. 03-1 (CROWNE HILL)
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, on March 25, 2003 the Board of Directors of the Authority adopted
Resolution No. TPFA 03-05 forming the Temecula Public Financing Authority Community
Facilities District No. 03-1 (Crowne Hill) (the "CFD"), and on August 7, 2003, the Authority
issued, for the CFD, $12,155,000 principal amount of Temecula Public Financing Authority
Community Facilities District No. 03-1 (Crowne Hill) Special Tax Bonds, Series 2003-A to
finance various public improvements within the City of Temecula (the "Improvements"); and
WHEREAS, the Authority now intends to issue another series of bonds for the CFD (the
"Bonds") to provide additional funding for 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
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 with the proceeds of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Temecula as
follows:
Section 1. Findinas 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. Aooroval of Financina. 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.
Section 3. Effective Date. This Resolution shall take effect from and after the date of
its passage and adoption.
R:/Resos 2005/Resos 05-81
I
PASSED, APPROVED AND ADOPTED, by the City Council of the City of Temecula at a
meeting held on the 26th day of July, 200S. 1
/h
ATTEST:
[SEAt!.
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, CMC, City Clerk of the City of Temecula, HEREBY DO CERTIFY
that the foregoing Resolution No. OS-81 was duly adopted at a meeting of the City Council of
the City of Temecula on the 26th day of July, 200S, by the following roll call vote:
I AYES: 4 COUNCILMEMBERS: Edwards, Roberts, Washington, Comerchero
NOES: 0 COUNCILMEMBERS: None
ABSENT: 1 COUNCILMEMBERS: Naggar
ABSTAIN: 0 COUNCILMEMBERS: None
I
R:/Resos 2005lResos 05-81
2