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HomeMy WebLinkAbout02-028 CC Resolution RESOLUTION NO. 02-28 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 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. 01-2 (Harveston) (the "CFD"), and to issue bonds of the Authority for the CFD (the "Bonds") to finance various public roadway 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 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. FindinQs 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 ~mprovements with the proceeds of the Bonds, and the issuance of the Bonds by the Authority. Section 3. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. R:/Resos 2002/Resos 02-28 I PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula Public Financing Authority at a meeting held on the 26th day of March, 2002. Ron Roberts, Mayor ATTEST: I~ Jon © 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. 02-28 was duly adopted at a regular meeting of the City Council of the City of Temecula on the 26~h day of March, 2002, by the following roll call vote: AYES: 4 COUNCILMEMBERS: Comerchero, Naggar, Stone, Roberts NOES: 0 COUNCILMEMBERS: None ABSENT: 1 COUNCILMEMBERS: Pratt ABSTAIN: 0 COUNCILMEMBERS: None R:/Resos 2002/Resos 02-28 2