HomeMy WebLinkAbout05-12 TPFA Resolution
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RESOLUTION NO. TPFA 05.12
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY APPROVING A
SECOND SUPPLEMENTAL INDENTURE OF TRUST AND
AUTHORIZING AND DIRECTING OTHER ACTIONS RELATING
TO CONVERSION TO FIXED RATE BONDS FOR COMMUNITY
FACILITIES DISTRICT NO. 01.2 (HARVESTON)
THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY
OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. the Temecula Public Financing Authority (the "Authority") has issued its
$17,310,000 Temecula Public Financing Authority Community Facilities District No. 01-2
(Harveston) Variable Rate Demand Special Tax Bonds, 2002 Series A (the "Bonds") pursuant to
an Indenture of Trust, dated as of August 1,2002, between U.S. Bank National Association, as
trustee (the "Trustee") and the Authority (as amended by the First Supplemental Indenture of
Trust, dated as of June 1, 2004, between the Trustee and the Authority, the "Indenture"); and
Section 2. the Indenture contains provisions which allow for the conversion of all or a
portion of the Bonds from Bonds that bear interest at a variable rate to Bonds that bear interest
at a fixed rate (a "Conversion"); and
Section 3. to avoid the necessity to incur additional indebtedness of the Temecula
Public Financing Authority Community Facilities District No. 01-2 (Harveston) (the "District") in
connection with a Conversion, it is necessary to amend the Indenture to allow for the use of
certain funds held under the Indenture to be used to pay Conversion expenses and to fund a
reserve fund for the Bonds that are converted to fixed rate Bonds, and a Second Supplemental
Indenture of Trust (the "Second Supplement") has been drafted to allow for such amendment;
and
Section 4. this Board of Directors now desires to approve the Second Supplement,
to engage certain consultants necessary to complete the Conversion, and to direct City of
Temecula (the "City") Staff to undertake actions necessary to present to this Board of Directors
for its approval the documents necessary to effect the Conversion.
Section 5. The Second Supplement, in the form on file with the Secretary, is hereby
approved. The Executive Director is hereby authorized and directed to execute and deliver the
Second Supplement in such form, together with such changes thereto as shall be approved by
the Executive Director following consultation with Bond Counsel, the approval of such changes
to be conclusively evidenced by the execution of the Second Supplement by the Executive
Director.
Section 6. 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 the Board of Directors for
its review and approval all proceedings necessary to effect a Conversion of a portion of the
Bonds from variable rate Bonds to fixed rate Bonds. The passage of this Resolution shall in no
way obligate this Board of Directors to so convert any of the Bonds.
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Section 7. The firm of Stone & Youngberg LLC is hereby designated as underwriter
to the Authority for any Bonds to be remarketed as fixed rate Bonds.
Section 8. The firm of Canty Engineering is hereby designated as Special Tax
Consultant to the Authority in connection with the Conversion, the firm of Fieldman Rolapp &
Associates is hereby designated as financial advisor to the Authority in connection with the
Conversion, the firm of McFarlin & Anderson is hereby designated as disclosure counsel to the
Authority in connection with the Conversion, Stephen G. White, MAl, is hereby designated as
Appraiser in connection with the Conversion and the firm of Quint & Thimmig LLP is hereby
designated as Bond Counsel to the Authority in connection with the Conversion. The Executive
Director is hereby authorized and directed to execute agreements with said firms for their
services in connection with the Conversion, in form and substance acceptable to the Executive
Director and the City Attorney. The fees and expenses of such consultants shall be payable
solely from amounts in the Conversion Expenses Fund held under the Indenture.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula Public
Financing Authority of the City of Temecula this 22nd day of November, 2005.
ATTEST:
[S
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
)
) ss
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I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula Public Financing
Authority of the City of Temecula, do hereby certify that the foregoing Resolution No. TPFA 05-
was duly and regularly adopted by the Board of Directors of the Temecula Public Financing
Authority of the City of Temecula at a meeting thereof held on the 22nd day of November, 2005,
by the following vote:
AYES: 5
BOARDMEMBERS:
NOES: 0
BOARDMEMBERS:
ABSENT: 0
BOARDMEMBERS:
BOARDMEMBERS:
ABSTAIN: 0
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Edwards, Naggar, Roberts, Washington,
Comerchero
None
None
None
Susan W. Jones. MMC
Clerk/Board Secretary