HomeMy WebLinkAbout03-02 TPFA ResolutionRESOLUTION NO. TPFA 03-02
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY DECLARING
ITS INTENTION TO INCUR BONDED INDEBTEDNESS OF THE
PROPOSED TEMECULA PUBLIC FINANCING AUTHORITY
COMMUNITY FACILITIES DISTRICT NO. 03-1 (CROWNE HILL)
WHEREAS, this Board of Directors has this date adopted its Resolution entitled "A
Resolution of the Board of Directors of the Temecula Public Financing Authority Declaring Its
Intention to Establish a Community Facilities District and To Authorize the Levy of Special
Taxes Therein - Crowne Hill," stating its intention to form a community facilities district pursuant
to the Mello-Roos Community Facilities Act of 1982 (the "Law"), for the purpose of financing the
costs of certain public improvements (the "Facilities"), and to eliminate in whole or in part an
existing special assessment lien (the "Prior Lien") on parcels in the proposed community
facilities district, as further provided in said Resolution; and
WHEREAS, this Board of Directors estimates the amount required for the financing of
the costs of the Facilities and the financing of the costs of eliminating the Prior Lien to be
approximately $15,000,000; and
WHEREAS, in order to finance said Facilities and eliminate said Prior Lien it is
necessary to incur bonded indebtedness in the amount of not to exceed $25,000,000.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula
Public Financing Authority as follows:
Section 1. It is necessary to incur bonded indebtedness within the boundaries of the
proposed Temecula Public Financing Authority Community Facilities District No. 03-1 (Crowne
Hill) (the "District") in the amount of not to exceed $25,000,000 to finance the costs of the
Facilities and the costs of eliminating the Prior Lien.
Section 2. The bonded indebtedness is proposed to be incurred for the purpose of
financing a portion of the costs of the Facilities and the financing of the costs of eliminating the
Prior Lien, including costs incidental to or connected with the accomplishment of said purposes
and of the financing thereof.
Section 3. This Board of Directors, acting as legislative body for the District, intends to
authorize the issuance and sale of bonds in the maximum aggregate principal amount of
$25,000,000, bearing interest payable semi-annually or in such other manner as this Board of
Directors shall determine, at a rate not to exceed the maximum rate of interest as may be
authorized by applicable law at the time of sale of such bonds, and maturing not to exceed forty
(40) years from the date of the issuance of said bonds.
Section 4. Tuesday, March 25, 2003, at 7:00 p.m. or as soon thereafter as the matter
may be heard, in the regular meeting place of this Board of Directors, City Council Chambers,
Temecula City Hall, 43200 Business Park Drive, Temecula, California, be, and the same are
hereby appointed and fixed as the time and place when and where this Board of Directors, as
legislative body for the District, will conduct a public hearing on the proposed debt issue and
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consider and finally determine whether the public interest, convenience and necessity require
the issuance of bonds of the Authority for the District.
Section 5. The Secretary is hereby directed to cause notice of said public hearing to be
given by publication one time in a newspaper of general circulation circulated within the District.
The publication of said notice shall be completed at least seven (7) days before the date herein
set for said public hearing. The notice shall substantially in the form of Exhibit A hereto.
Section 6. This Resolution shall take effect upon its adoption.
PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula
Public Financing Authority at a meeting held on the 28th day of January, 2003.
Ron Roberts, Chairperson
AT'lEST:
[SEAL]
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan Jones, Secretary of the Temecula Public Financing Authority, HEREBY DO
CERTIFY that the foregoing Resolution No. TPFA 03-02 was duly adopted at a special meeting
of the Board of Directors of the Temecula Public Financing Authority on the 28th day of January,
2003, by the following vote:
BOARDMEMBERS:
BOARDMEMBERS:
BOARDMEMBERS:
BOARDMEMBERS:
AYES: 5
NOES: 0
ABSENT: 0
ABSTAIN: 0
Comerchero, Naggar, Pratt, Stone, Roberts
None
None
None
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EXHIBIT A
TEMECULA PUBLIC FINANCING AUTHORITY
COMMUNITY FACILITIES DISTRICT NO. 03-1
(CROWNE HILL)
NOTICE OF PUBLIC HEARING
Notice is hereby given that on January 28, 2003, the Board of Directors of the Temecula Public
Financing Authority adopted a Resolution entitled "A Resolution of the Board of Directors of the
Temecula Public Financing Authority Declaring Its Intention To Incur Bonded Indebtedness of
the Proposed Temecula Public Financing Authority Community Facilities District No. 03-1
(Crowne Hill)." Pursuant to the Mello-Roos Community Facilities Act of 1982, the Board of
Directors of the Authority hereby gives notice as follows:
The text of said Resolution is as follows:
WHEREAS, this Board of Directors has this date adopted its Resolution entitled
"A Resolution of the Board of Directors of the Temecula Public Financing Authority
Declaring Its Intention to Establish a Community Facilities District and To Authorize the
Levy of Special Taxes Therein - Crowne Hill," stating its intention to form a community
facilities district pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Law"),
for the purpose of financing the costs of certain public improvements (the "Facilities"),
and to eliminate in whole or in part an existing special assessment lien (the "Prior Lien")
on parcels in the proposed community facilities district, as further provided in said
Resolution; and
WHEREAS, this Board of Directors estimates the amount required for the
financing of the costs of the Facilities and the financing of the costs of eliminating the
Prior Lien to be approximately $15,000,000; and
WHEREAS, in order to finance said Facilities and eliminate said Prior Lien it is
necessary to incur bonded indebtedness in the amount of not to exceed $25,000,000.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Temecula Public Financing Authority as follows:
Section 1. It is necessary to incur bonded indebtedness within the boundaries of
the proposed Temecula Public Financing Authority Community Facilities District No. 03-
I (Crowne Hill) (the "District") in the amount of not to exceed $25,000,000 to finance the
costs of the Facilities and the costs of eliminating the Prior Lien.
Section 2. The bonded indebtedness is proposed to be incurred for the purpose
of financing a portion of the costs of the Facilities and the financing of the costs of
eliminating the Prior Lien, including costs incidental to or connected with the
accomplishment of said purposes and of the financing thereof.
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Section 3. This Board of Directors, acting as legislative body for the District,
intends to authorize the issuance and sale of bonds in the maximum aggregate principal
amount of $25,000,000, bearing interest payable semi-annually or in such other manner
as this Board of Directors shall determine, at a rate not to exceed the maximum rate of
interest as may be authorized by applicable law at the time of sale of such bonds, and
maturing not to exceed forty (40) years from the date of the issuance of said bonds.
Section 4. Tuesday, March 25, 2003, at 7:00 p.m. or as soon thereafter as the
matter may be heard, in the regular meeting place of this Board of Directors, City
Council Chambers, Temecula City Hall, 43200 Business Park Drive, Temecula,
California, be, and the same are hereby appointed and fixed as the time and place when
and where this Board of Directors, as legislative body for the District, will conduct a
public hearing on the proposed debt issue and consider and finally determine whether
the public interest, convenience and necessity require the issuance of bonds of the
Authority for the District.
Section 5. The Secretary is hereby directed to cause notice of said public
hearing to be given by publication one time in a newspaper of general circulation
circulated within the District. The publication of said notice shall be completed at least
seven (7) days before the date herein set for said public hearing. The notice shall
substantially in the form of Exhibit A hereto.
Section 6. This Resolution shall take effect upon its adoption.
B. The hearing referred to in the aforesaid Resolution shall be at the time and place
specified in the Resolution.
C. At that time and place any person interested, including persons owning property in
the area of the proposed community facilities district, will be heard upon the proposed
debt issue.
Dated: February __, 2003
/s/ Susan W. Jones, CMC
City Clerk/Authority Secretary,
Temecula Public Financing Authority
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