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HomeMy WebLinkAbout03-04 TPFA Resolution RESOLUTION NO. TPFA 03~04 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. 01-3 (WOLF CREEK) 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 - Wolf Creek," 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 a portion of the costs of certain public improvements (the "Facilities") and funding certain maintenance services (the "Services"), as further provided in said Resolution; and WHEREAS, this Board of Directors estimates the amount required for the financing of the portion of costs of the Facilities and the Services to be funded by the District (as defined below) to be not in excess of $17,000,000; and WHEREAS, in order to finance said portion of the costs of the Facilities and the Services 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. 01-3 (Wolf Creek) (the "District") in the amount of not to exceed $25,000,000 to finance a portion of the costs of the Facilities and of the Services. 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 Services, 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, April 22, 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 ara 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. R:/TPFA Resos 2003/'rPFA 03-04 1 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 18th day of March, 2003. ~.--'"~r r~ ~ \Jeffrey~E~. Stone, Chairperson ATTE ~S:T. ~..' [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 03-04 was duly adopted at a special meeting of the Board of Directors of the Temecula Public Financing Authority on the 18th day of March, 2003, by the following vote: AYES: 5 BOARDMEMBERS: Comerchero, Naggar, Pratt, Stone, Roberts NOES; 0 BOARDMEMBERS: None ABSENT: 0 BOARDMEMBERS: None ABSTAIN: 0 BOARDMEMBERS: None Susan ~/V. Jones, CMC C~erk/~ority Secretary R:/TPFA RESOS 2003~'PFA Resos 03-04 2 EXHIBIT A TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 01-3 (WOLF CREEK) NOTICE OF PUBLIC HEARING Notice is hereby given that on March 18, 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. 01-3 (Wolf Creek)." Pursuant to the Mello-Roos Community Facilities Act of 1982, the Board of Directors of the Authority hereby gives notice as follows: A. 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 - Wolf Creek," 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 a portion of the costs of certain public improvements (the "Facilities") and funding certain maintenance services (the "Services"), as further provided in said Resolution; and WHEREAS, this Board of Directors estimates the amount required for the financing of the portion of costs of the Facilities and the Services to be funded by the District (as defined below) to be not in excess of $17,000,000; and WHEREAS, in order to finance said portion of the costs of the Facilities and the Services 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. 01-3 (Wolf Creek) (the "District") in the amount of not to exceed $25,000,000 to finance a portion of the costs of the Facilities and of the Services. 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 Services, 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 A-1 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, April 22, 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: April __, 2003 /s/ Susan W. Jones, CMC Secretary, Temecula Public Financing Authority A-2