HomeMy WebLinkAbout04-03 TPFA Resolution
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RESOLUTION NO. TPFA 04-03
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY APPROVING
AMENDED AND RESTATED DEPOSIT/REIMBURSEMENT
AGREEMENT - RORIPAUGH RANCH
WHEREAS, in 2001, the City of Temecula (the "City"), the Temecula Public Financing
Authority (the "Authority"), Ashby USA, LLC ("Ashby") and Calloway 220, LLC ("Calloway"),
entered into a DeposiUReimbursement Agreement (the "Original Agreement"), pursuant to
which Ashby and Calloway deposited funds with the City to ensure payment of the costs of the
Authority and the City in forming the Authority and a proposed community facilities district, and
otherwise in connection with the issuance of bonds for such community facilities district (the
"Initial Costs"); and
WHEREAS, since the execution of the Original Agreement by the parties thereto,
Calloway no longer owns property in the proposed community facilities district and the Initial
Costs have been in excess of the amount previously expected; and
WHEREAS, the parties to the Original Agreement now desire to amend and restate the
Original Agreement to reflect the current understanding of the parties thereto with respect to,
among other matters, the continued advancement of funds necessary to pay the Initial Costs,
and there is on file with the Authority Secretary a form of Amended and Restated
DeposiUReimbursement Agreement (the "Deposit Agreement") which the Board of Directors
now desires to approve.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temecula
Public Financing Authority as follows:
Section 1. Deposit Aareement. The Board of Directors hereby approves the Deposit
Agreement, and authorizes the Executive Director to execute the Deposit Agreement, in the
form on file with the Secretary, together with such changes as deemed advisable by Counsel to
the Authority.
Section 2. The 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 implement the Deposit Agreement.
R:fTPFA Resas 2004fTPFA 04-03
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PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula
Public Financing Authority at a regular meeting held on the 16th day of March, 2004.
ATTEST:
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
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I, Susan W. Jones, CMC, City Clerk/Authority Secretary of the Temecula Public
Financing Authority, HEREBY DO CERTIFY that the foregoing Resolution No. TPFA 04-03-
was duly adopted at a meeting of the Board of Directors of the Temecula Public Financing
Authority on the 16th day of March, 2004, by the following vote:
AYES: 5
NOES: 0
ABSENT: 0
ABSTAIN: 0
AGENCY MEMBERS: Comerchero, Roberts, Stone, Washington, Naggar
AGENCY MEMBERS: None
AGENCY MEMBERS: None
AGENCY MEMBERS: None
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R:fTPFA Resas 2004fTPFA 04-03