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HomeMy WebLinkAbout05-05 TPFA Resolution I I I RESOLUTION NO. TPFA 05-05 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY ACKNOWLEDGING RECEIPT OF A DEPOSIT RELATIVE TO THE ISSUANCE OF ADDITIONAL BONDS FOR THE CROWNE HILL COMMUNITY FACILITIES DISTRICT NO. 03-1, AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO WHEREAS, the Board of Directors of the Temecula Public Financing Authority (the "Authority") has formed the Temecula Public Financing Authority Community Facilities District No. 03-1 (Crowne Hill) (the "CFD") under the provisions of the California Government Code, and on August 7, 2003, the Authority, for and on behalf of the CFD, issued $12,155,000 principal amount of Temecula Public Financing Authority Community Facilities District No. 03-1 (Crowne Hill) Special Tax Bonds, Series 2003-A (the "2003 Bonds") pursuant to a Fiscal Agent Agreement, dated as of July 1, 2003 (the "Fiscal Agent Agreement"), between the Authority and U.S. Bank National Association, as fiscal agent; and WHEREAS, Section 2.14 of the Fiscal Agent Agreement allows for the issuance of Parity Bonds, as defined therein, to be secured on a parity with the 2003 Bonds under the Fiscal Agent Agreement; and WHEREAS, Lennar Homes of California, Inc. (the "Developer") has submitted to the Director of Finance of the City of Temecula (the "City") monies (the "Deposit") to be used by the City to pay costs of the City and the Authority in connection with proceedings under the Fiscal Agent Agreement relative to the issuance of Parity Bonds for the CFD; and WHEREAS, there has also been submitted a Deposit/Reimbursement Agreement (the "Agreement"), among the Developer, the City and the Authority, and this Board of Directors now desires 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 issuance and sale of Parity Bonds of the Authority for the CFD, and authorize and direct Authority staff to take actions necessary to present to this Board of Directors for approval the documents necessary to issue the Parity Bonds. 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 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 this Board of Directors for its review and approval all proceedings necessary to issue the Parity Bonds. R:rrPFA Rosas 200srrPFA 05-05 I I I Section 3. The firm of Stone & Youngberg LLC is hereby designated as underwriter to the Authority for the Parity Bonds. Section 4. The firm of Albert A. Webb Associates is hereby designated as Special Tax Consultant to the Authority for the CFD and the Parity Bonds, the firm of Fieldman Rolapp & Associates is hereby designated as financial advisor to the Authority for the Parity Bonds, the firm of McFarlin & Anderson is hereby designated as disclosure counsel to the Authority for the Parity Bonds, and the firm of Quint & Thimmig LLP is hereby designated as Bond Counsel to the Authority for the Parity Bonds. The Executive Director is hereby authorized and directed to execute agreements with said firms for their services in connection with the Parity Bonds, in form and substance acceptable to the Executive Director. The fees and expenses of such consultants shall be payable solely from the Deposit and/or the proceeds of the Parity Bonds when and if they are issued by the Authority for the CFD. Section 5. The Executive Director is hereby authorized, if determined appropriate in his discretion, to engage an appraiser to appraise the property subject to the special taxes to be levied within the CFD, and/or a market absorption consultant to analyze the proposed development in the CFD, on such terms as are acceptable to the Executive Director. The fees and expenses of any such consultants shall be payable solely from the Deposit and/or the proceeds of the Parity Bonds when and if they are issued by the Authority for the CFD. Section 6. 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 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 held on the 12th day of April, 2005. p AN"EST: f " . . / / R:rrPFA Roses 200SfTPFA 05-05 2 I I I STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, CMC, City Clerk/Authority Secretary of the Temecula Public Financing Authority, HEREBY DO CERTIFY that the foregoing Resolution No. TPFA 05-05 was duly adopted at a meeting of the Board of Directors of the Temecula Public Financing Authority on the 1ih day of April, 2005, by the following vote: AYES: 5 AGENCY MEMBERS: Edwards, Naggar, Roberts, Washington, Comerchero NOES: ABSENT: o o o AGENCY MEMBERS: None AGENCY MEMBERS: None ABSTAIN: AGENCY MEMBERS: None R:rrPFA Roses 200SfTPFA 05-05 3