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Home My WebLink About04-09 TPFA Resolution I I I RESOLUTION NO. TPFA 04-09 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. 03-02 (RORIPAUGH RANCH) 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 - Roripaugh Ranch 03-02," 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"), ¡3nd to eliminate in whole or in part an existing special assessment lien (the "Prior Lien") on pareels in the proposed community facilities district, as further provided in said Resolution; and WHEREAS, this Board of Directors estimates the amount required for the financin¡ of the portion of costs of the Facilities and the elimination of the Prior Lien to be funded by the District (as defined below) to be not in excess of $47,000,000; and WHEREAS, in order to finance said portion of the costs of the Facilities and to eliminate the Prior Lien, it is necessary to incur bonded indebtedness for the District in the amount of not to exceed $55,000,000. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Temeeula 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,-02 (Roripaugh Ranch) (the "District") in the amount of not to exceed $55,000,000 to finance a portion of the costs of the Facilities, and the costs of eliminating the Prior Lien. Section 2. The bonded indebtedness described in Section 1 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 one or more series of the bonds in the maximum aggre~late principal amount of $55,000,000, 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 ratl3 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, September 28, 2004, 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 R:/TPFA Reses 2004/TPFA 04-09 I Directors, as legislative body for the District, will conduct a public hearing on the proposed clebt issue for the District and consider and finally determine whether the public inter,est, 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 tCi be given by publication one time in a newspaper of general circulation circulated within the Distlrict. 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 Temec:ula Public Financing Authority at a meeting held on the 24th day of August, 2004. ~M~ ~'~~- . Michael. N'aggar, Chairper::;on ATTEST: I STATE OF CALIFORNIA COUNTY OF RIVERSIDE CITY OF TEMECULA ) ) ss ) I, Susan W. Jones, CMC, City Clerk/Authority Secretary of the Temecula Public Financing Authority, HEREBY DO CERTIFY that the foregoing Resolution No. TPFA 04-09 was duly adopted at a special meeting of the Board of Directors of the Temecula Public Financ:ing Authority on the 24th day of August, 2004, by the following vote: BOARDMEMBERS: Comerchero, Roberts, Stone, Washington, Naggar AYES: 5 NOES: 0 ABSENT: 0 ABSTAIN: 0 BOARDMEMBERS: None BOARDMEMBERS: None BOARDMEMBERS: None I <:> R:ITPFA Reses 2004ITPFA 04-09 I I I EXHIBIT A TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) NOTICE OF PUBLIC HEARING Notice is hereby given that on August 24, 2004, the Board of Directors of the Temec:ula Public Financing Authority adopted a Resolution entitled "A Resolution of the Board of Direcl!ors of the Temecula Public Financing Authority Declaring Its Intention To Incur Bon,jed Indebtedness of the Proposed Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch)." 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 - Roripaugh Ranch 03-02," stating its intention to form a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1!~82 (the "Law"), for the purpose of financing a portion of 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 portion of costs of the Facilities and the elimination of the Prior Lien to be funded by the District (as defined below) to be not in excess of $47,000,000; and WHEREAS, in order to finance said portion of the costs of the Facilities and to eliminate the Prior Lien, it is necessary to incur bonded indebtedness for the District in the amount of not to exceed $55,000,000. 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- 02 (Roripaugh Ranch) (the "District") in the amount of not to exceed $55,000,000 to finance a portion of the costs of the Facilities, and the costs of eliminating the Prior Lien. Section 2. The bonded indebtedness described in Section 1 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 tCi or connected with the accomplishment of said purposes and of the financing thereof. A-1 I I I Section 3. This Board of Directors, acting as legislative body for the District, intends to authorize the issuance and sale of one or more series of the bonds in the maximum aggregate principal amount of $55,000,000, 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 datle of the issuance of said bonds. Section 4. Tuesday, September 28, 2004, 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 wl1en and where this Board of Directors, as legislative body for the District, will conduc:t a public hearing on the proposed debt issue for the District 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 le,ast 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 proposed community facilities district, will be heard upon the proposed debt issues. Dated: September -' 2004 Isl Susan W. Jones, CMC Secretary, Temecula Public Financing Authority A-2