HomeMy WebLinkAbout07-01 TPFA Resolution
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RESOLUTION NO. TPFA 07-01
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 COMMUNITY
FACILITIES DISTRICT 07.1 (PROMENADE MALL
PARKING IMPROVEMENTS)
THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING
AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Temecula Towne Center Associates L.P., a California limited
partnership (the "Developer") has represented that it will submit 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 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. 07-1
(Promenade Mall Parking Improvements)" (the "CFD"); and
Section 2. There has also been submitted to the City Clerk a draft of a
Deposit! Reimbursement Agreement (the "Agreement"), among the Developer, the City
and the Authority, and this Board of Directors now desires to authorize the Director of
Finance 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, employ certain
consultants necessary for the formation of the CFD and the sale of 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 form the
CFD and issue bonds of the Authority for the CFD.
Section 3. The Director of Finance of the City of Temecula 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 4. 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 create the
CFD and issue bonds of the Authority therefor. The passage of this Resolution shall in
no way obligate this Board of Directors to form the CFD or issue bonds of the Authority
for the CFD.
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Section 5. The firm of Stone & Youngberg LLC is hereby designated as
underwriter to the Authority for any bonds to be issued for the CFD.
Section 6. The firm of David Taussig & Associates, Inc. is hereby designated
as Special Tax Consultant to the Authority for the CFD, the firm of Fieldman, Rolapp &
Associates is hereby designated as financial advisor to the Authority for the CFD, the
firm of McFarlin & Anderson LLP is hereby designated as Disclosure Counsel to the
Authority for the CFD, and the firm of Quint & Thimmig LLP is hereby designated as
Bond 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, in form and substance acceptable to the Executive Director. The fees and
expenses of such consultants shall be payable solely from the Deposit and lor the
proceeds of bonds, if any, issued by the Authority for the CFD.
Section 7. The Executive Director is hereby authorized and directed to engage
an appraiser to determine the fair market value of the land to be included in the CFD, on
such terms as are acceptable to the Executive Director. The fees and expenses of such
consultant shall be payable solely from the Deposit andlor the proceeds of bonds, if
any, issued by the Authority for the CFD.
Section 8. 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.
Section 9. This Resolution shall take effect upon its adoption.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Public Financing Authority this 27th day of February, 2007.
k Washington, Chairperson
ATTEST:
[SEAL]
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula Public
Financing Authority, do hereby certify that the foregoing Resolution No. TPFA 07-01 was
duly and regularly adopted by the Board of Directors of the Temecula Public Financing
Authority at a meeting thereof held on the 27th day of February, 2007, by the following
vote:
AYES: 3
BOARD MEMBERS:
NOES: 0
BOARD MEMBERS:
ABSENT: 2
BOARD MEMBERS:
ABSTAIN: 0
BOARD MEMBERS:
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Edwards, Naggar, Washington
None
Comerchero, Roberts
None
W. Jones, MMC
Board Secretary
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