HomeMy WebLinkAbout03-28 TPFA ResolutionRESOLUTION NO. TPFA 03-28
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY DETERMINING
THE NECESSITY TO INCUR BONDED INDEBTEDNESS
WITHIN TEMECULA PUBLIC FINANCING AUTHORITY
COMMUNITY FACILITIES DISTRICT NO. 03-06 (HARVESTON
II) AND SUBMI'I-rlNG PROPOSITION TO THE QUALIFIED
ELECTORS OF THE DISTRICT
WHEREAS, on October 22, 2003, this Board of Directors adopted a 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 - Harveston Il" (the "Resolution of Intention") stating its intention to form the Temecula
Public Financing Authority Community Facilities District No. 03-06 (Harveston II) (the "District"),
pursuant to the Mello-Roos Community Facilities Act of 1982, California Government Code
Section 53311 et seq. (the "Law"), to fund costs of certain public improvements (the "Facilities"),
as described therein; and
WHEREAS, on October 22, 2003, this Board of Directors also 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. 03-06 (Harveston IF)" (the "Resolution of
Intention to Incur Indebtedness") stating its intention to incur bonded indebtedness within the
boundaries of the District for the purpose of financing a portion of the costs of the Facilities; and
WHEREAS, on this date, this Board of Directors held the public hearing as required by
the Law and the Resolution of Intention relative to the determination to proceed with the
formation of the District, the provision by the District of funds to pay the costs of the Facilities,
and the rate and method of apportionment of the special tax to be levied within the District to
pay the principal and interest on the proposed indebtedness and the administrative costs of the
Authority and the City of Temecula relative to the District; and
WHEREAS, at the hearing all persons desiring to be heard on all matters pertaining to
the formation of the District, the provision of funds to pay the costs of the Facilities and the levy
of the special tax on property within the District, were heard and a full and fair hearing was held;
and
WHEREAS, subsequent to the hearing, this Board of Directors adopted a resolution
entitled "A Resolution of the Board of Directors of the Temecula Public Financing Authority of
Formation Of Temecula Public Financing Authority Community Facilities District No. 03-06
(Harveston II), Authorizing The Levy Of A Special Tax Within The District, Preliminarily
Establishing An Appropriations Limit For The District And Submitting Levy Of The Special Tax
and the Establishment of the Appropriations Limit To The Qualified Electors Of The District" (the
"Resolution of Formation"); and
WHEREAS, on this date, this Board of Directors held the public hearing as required by
the Law relative to the matters material to the questions set forth in the Resolution of Intention to
Incur Indebtedness; and
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WHEREAS, no written protests with respect to the matters material to the questions set
forth in the Resolution of Intention to Incur Indebtedness have been filed with the Secretary.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula
Public Financing Authority as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. This Board of Directors deems it necessary to incur bonded indebtedness in
the maximum aggregate principal amount of $5,500,000 within the boundaries of the District.
Section 3. The indebtedness is incurred for the purpose of financing the costs of the
Facilities, as provided in the Resolution of Formation including, but not limited to, the costs of
issuing and selling bonds to finance costs of the Facilities and the costs of the Authority and the
City of Temecula in administering the District.
Section 4. The whole of the District shall pay for the bonded indebtedness through the
levy of the special tax. The special tax is to be apportioned in accordance with the Rate and
Method set forth in Exhibit B to the Resolution of Intention.
Section 5. The maximum amount of bonded indebtedness to be incurred is $5,500,000
and the maximum term of the bonds to be issued shall in no event exceed forty (40) years.
Section 6. The bonds shall bear interest at a rate or rates not to exceed the maximum
interest rate permitted by applicable law at the time of sale of the bonds, payable weekly,
semiannually or in such other manner as this Board of Directors or its designee shall determine,
the actual rate or rates and times of payment of such interest to be determined by this Board of
Directors or its designee at the time or times of sale of the bonds.
Section 7. The proposition of incurring the bonded indebtedness herein authorized shall
be submitted to the qualified electors of the District and shall be consolidated with elections on
the proposition of levying special taxes within the District and the establishment of an
appropriations limit for the District pursuant to Section 53353.5(a) of the Law. The time, place
and conditions of said election shall be as specified by separate resolution of this Board of
Directors.
Section 8. This Resolution shall take effect upon its adoption.
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PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula
Public Financing Authority at a meeting held on the 25th day of November, 2003.
ATTEST:
citY Cie k/ thoritY Secreta
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 03-28 was duly adopted at a special meeting
of the Board of Directors of the Temecula Public Financing Authority on the 25th day of
November, 2003, by the following vote:
AYES: 5 BOARDMEMBERS: Comerchero, Naggar, Roberts, Washington, Stone
NOES: 0 BOARDMEMBERS: None
ABSENT: 0 BOARDMEMBERS: None
ABSTAIN: BOARDMEMBERS: None
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