HomeMy WebLinkAbout2023-12 TPFA ResolutionRESOLUTION NO. TPFA 2023-12
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 — PRADO
THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING
AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Meritage Homes of California, Inc. (the "Developer") has submitted to the
Finance Director of the City of Temecula (the "City") a check in the amount of $130,000.00 (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. 23-02 (Prado)" (the
"CFD").
Section 2. There has also been submitted a Deposit/Reimbursement Agreement (the
"Agreement"), to be entered into by the Developer, the City and the Authority (for itself and on
behalf of the CFD), and this Board of Directors now desires to direct the Finance Director of the
City to accept the money to be 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 (the "Bonds"), 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 the Bonds of the Authority for the CFD.
Section 3. The Finance Director of the City is hereby requested to accept the Deposit and
any future advances by the Developer pursuant to the Agreement (collectively, the "Deposits"),
and to use the Deposits 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 4. City staff, acting for and on behalf of the Authority, are hereby requested 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 the Bonds of the Authority therefor. The
passage of this Resolution shall in no way obligate this Board of Directors to form the CFD or to
issue the Bonds.
Section 5. The firm of Webb Municipal Finance, LLC is hereby designated as Special Tax
Consultant to the Authority for the CFD, the firm of Fieldman Rolapp & Associates, Inc. is hereby
designated as municipal advisor to the Authority for the CFD, and the firm of Quint & Thimmig
LLP is hereby designated as Formation 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 and any bonds issued for the CFD, in the respective forms filed with
the Finance Director of the City. In any event, the fees and expenses of such consultants shall be
payable solely from Deposits (as defined in the Agreement) and /or the proceeds of the 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 this 12ffi day of December, 2023.
Zak Schwank, Chair
ATT
Randi , Secretary
[SEAL]
1
1
1
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Randi Johl, Secretary of the Temecula Public Financing Authority, do hereby certify that
the foregoing Resolution No. TPFA 2023-12 was duly and regularly adopted by the Board of
Directors of the Temecula Public Financing Authority at a meeting thereof held on the 12'h day of
December, 2023, by the following vote:
AYES:
5
BOARD MEMBERS:
NOES:
0
BOARD MEMBERS:
ABSTAIN:
0
BOARD MEMBERS:
ABSENT:
0
BOARD MEMBERS:
Alexander, Brown, Kalfus, Schwank,
Stewart
None
None
None
Randi Johl, Secretary