HomeMy WebLinkAbout03-19 TPFA ResolutionRESOLUTION NO. TPFA 03-19
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY
ACKNOWLEDGING RECEIPT OF A DEPOSIT RELATIVE TO
THE FORMATION OF A COMMUNITY FACILITIES DISTRICT,
AND AUTHORIZING AND DIRECTING ACTIONS WITH
RESPECT THERETO - HARVESTON II
WHEREAS, Harveston, LLC (the "Developer") has submitted to the Finance Director of
the City of Temecula (the "City") $100,000 (the "Deposit") to be used by the City to pay costs of
the City and the Temecula Public Financing Authority (the "Authority") in connection with
proceedings under Section 53311 et seq. of the California Government Code (the "Act") to
create a community facilities district to be designated "Temecula Public Financing Authority
Community Facilities District No. 03-06 (Harveston II)" (the "CFD"); and
WHEREAS, there has also been submitted a DepositJReimbursement Agreement (the
"Agreement"), to be executed by the Developer, the City and the Authority, and this Board of
Directors now desires to authorize the Finance Director of the City to accept the money
advanced by the Developer, to authorize the execution and delivery by the Authority of the
Agreement, to employ certain consultants necessary for the formation of the CFD and the sale
of bonds of the Authority for the CFD, and to authorize and direct Authority staff to take actions
necessary to present to this Board of Directors for approval the documents necessary to form
the CFD and issue bonds of the Authority for the CFD.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula
Public Financing Authority as follows:
Section 1. The Director of Finance of the City of Temecula is hereby authorized and
directed to accept the Deposit, and to use the Deposit in the manner contemplated by the
Agreement. The Executive Director of the Authority is hereby authorized and directed to
execute the Agreement for and on behalf of the Authority, and to take all actions necessary, in
his discretion, to implement the Agreement.
Section 2. City staff, acting for and on behalf of the Authority, are hereby authorized
and directed to take all actions necessary or advisable to present to the Board of Directors for
its review and approval all proceedings necessary to create the CFD and issue bonds of the
Authority therefor. The passage of this Resolution shall in no way obligate this Board of
Directors to form the CFD or issue bonds of the Authority for the CFD.
Section 3. The firm of Stone & Youngberg LLC is hereby designated as underwriter to
the Authority for any bonds to be issued for the CFD.
Section 4. The firm of Albert A. Webb Associates is hereby designated as Special Tax
Consultant to the Authority for the CFD, the firm of Fieldman Rolapp & Associates is hereby
designated as financial advisor to the Authority for the CFD, the firm of McFarlin & Anderson
LLP is hereby designated as Disclosure Counsel to the Authority for the CFD, and the firm of
Quint & Thimmig LLP is hereby designated as Bond Counsel to the Authority for the CFD. The
Executive Director is hereby authorized and directed to execute agreements with said firms for
their services in connection with the CFD, in the respective forms on file with the City Clerk or
otherwise in a form acceptable to the Executive Director. The fees and expenses of such
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consultants shall be payable solely from the Deposit and /or the proceeds of bonds, if any,
issued by the Authority for the CFD.
Section 5. The Executive Director is hereby authorized and directed to engage Empire
Economics to analyze the pricing of the homes in the proposed development in the CFD, and
Stephen G. White, MAI, to do an appraisal of the land to be included in the CFD, in each case
on such terms as are acceptable to the Executive Director. The fees and expenses of such
consultants shall be payable solely from the Deposit and/or the proceeds of bonds, if any,
issued by the Authority for the CFD.
Section 6. The Chairperson, Executive Director, Treasurer, Secretary, legal counsel to
the Authority, and all other officers and agents of the Authority are hereby authorized and
directed to take all actions necessary or advisable to give effect to the transactions
contemplated by this Resolution.
PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula
Public Financing Authority at a meeting heed on the 22nd day of October, 2003.
ATTEST:
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STATE OF CALIFORNIA )
COUNTYOF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan Jones, Secretary of the Temecula Public Financing Authority, HEREBY DO
CERTIFY that the foregoing Resolution No. TPFA 03-19 was duly adopted at a special meeting
of the Board of Directors of the Temecula Public Financing Authority held on the 22"d day of
October, 2003, by the following vote:
AYES:
5 BOARDMEMBERS: Comerchero, Naggar, Pratt, Roberts, Stone
NOES: 0 BOARDMEMBERS: None
ABSENT: 0 BOARDMEMBERS: None
ABSTAIN: 0
BOARDMEMBERS:
Susan V~. Jones, CMC
~,~LCler~°rity Secretary
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