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HomeMy WebLinkAbout96-09 FA Resolution RESOLUTION NO. FA 96-09 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OLD TOWN/WESTS]IDE COMMUNITY FACI]LITI[ES DISTRICT FINANCING AUTHORrrY AUTHORIZING THE ISSUANCE OF SPECL4,L TAX BONDS FOR COMMUNITY FACILITIES DISTRICT NO. 1, APPROVING AND DIRECTING THE EXECUTION OF A FISCAL AGENT AGREEMIENT, AND APPROVING TO JOINT CO Y FACILITIES AGREEMIENT AND OTHER RELATED DOCUMEENTS AND ACTIONS WHEREAS, this Board of Directors of the Old Town/Westside Community Facilities District Financing Authority (the "Authority") has conducted proceedings under and pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), to form the Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements) (the "District"), to authorize the levy of special taxes upon the land within the District, and to issue bonds secured by said special taxes the proceeds of which are to be used to finance certain facilities (the "Facilities"), all as described in the Resolutions entitled, "A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority of Formation of Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements), Authorizing the Levy of a Special Tax Within the District, Preliminarily Establishing an Appropriations Limit for the District and Submitting Levy of the Special Tax and the Establishment of the Appropriations Limit to the Qualified Electors of the District" and "A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority Determining the Necessity to Incur Bonded Indebtedness Within the Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements) and Submitting Proposition to the Qualified Electors of the District," each as adopted by the Board of Directors of the Authority on April 23, 1996; and WHEREAS, pursuant to said resolutions, an election was held within the District on April 23, 1996 and the qualified electors approved the propositions of the incurrence of the bonded debt and the levy of the special tax by more than two-thirds of the votes cast at said special election; and WHEREAS, there have been submitted to this Board of Directors a fiscal agent agreement (the "Fiscal Agent Agreement") providing for the issuance of bonds of the Authority for the District and the use of the proceeds of those bonds to finance the Facilities and this Board of Directors, with the aid of its staff, has reviewed said document and found it to be in proper order; and Resos.fa\96-09 AS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special taxes as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act; and VMEREAS, there has been submitted to this Board of Directors at this meeting a form of amendment no. 1 to the Joint Community Facilities Agreement between the Authority and the City of Temecula (the "Amendment to Facilities Agreement") providing for a guarantee of construction of the Facilities, among other matters, and this Board of Directors has duly considered the transactions on the part of the Authority and the District contained in such document and wishes at this time to approve said transactions in the public interests of the Authority and the District. NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority as follows: 1 . Issuance of Bonds. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement, special tax bonds of the Authority for the District designated as "Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. I (Old Town Area Public Improvements ) 1996 Special Tax Bonds' (the "Bonds') in an aggregate principal amount not to exceed $27,500,000 are hereby authorized to be issued. The Bonds shall be executed in the form set forth in and otherwise as provided in the Fiscal Agent Agreement. The Bonds are not general obligations of the Authority, but are limited obligations of the Authority for the District, payable solely from the sources provided therefore in the Fiscal Agent Agreement. The Board of Directors recognizes that the issuance of the Bonds may not be in accordance with certain provisions of its @ Goals and Policies for Community Facilities Districts adopted on September 12, 1995, including Section V thereof. However, this Board of Directors hereby finds and determines that the issuance of the Bonds should proceed for the following public policy reasons: (a) the District and the Bonds will provide financing for public infrastructure needed for development in the Old Town and Westside areas of the City of Temecula, including the construction of the first phase of the Western Bypass, and sewer, drainage, street and other improvements in these areas, (b) the District and the Bonds will provide financing for infrastructure necessary for development of cultural facilities and other economic development in the City of Temecula, and (c) said construction and development will allow for expansion of job opportunities and sales tax revenues in the City of Temecula as a consequence of the development of the Old Town and Westside areas of the City of Temecula made possible by the construction of the public capital improvements to be financed by the District. 2.Approval of Fiscal Agent Agreement. The Fiscal Agent Agreement, in the form on file withthe Secretary, is hereby approved. The Executive Director of the Authority is hereby Resos.fa\96-09 2 authorized to execute and deliver the Fiscal Agent Agreement in said form, together with such additions thereto or changes therein as are approved by the Executive Director upon consultation with Bond Counsel and general counsel to the Authority including such additions or changes as are necessary or advisable in accordance with Section 5 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement by the Authority. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. 3. Approval of Amendment to Joint Community Facilities Agreement. The Amendment to Facilities Agreement, in the form on file with the Secretary, is hereby approved. The Executive Director is hereby authorized and directed to execute and deliver the Amendment to Facilities Agreement in said form, together with such additions thereto or changes therein as are recommended or approved by the Executive Director upon consultation with Bond Counsel and general counsel to the Authority including such additions or changes therein as are necessary or advisable in accordance with Section 5 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Amendment to Facilities Agreement by the Authority. 4. Foreclosure Actions. The Authority hereby covenants, for the benefit of the Bondowners, to commence and diligently pursue to completion any foreclosure action regarding delinquent installments of any amount levied as a special tax for the payment of interest or principal of the Bonds, said foreclosure action to be commenced and pursued as more completely set forth in the Fiscal Agent Agreement. 5. Further Authorization. All actions heretofore taken by the officers and agents of the Authority with respect to the establishment of the District and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the Authority are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this Resolution, and any certificate, agreement, and other document described in the documents herein approved. Notwithstanding the foregoing, any sale of the Bonds shall be subject to the prior approval by the Authority of a purchase contract and disclosure document for the Bonds. 6. Effective Upon Adoption. This Resolution shall take effect from and after its adoption. Resos.fa\96-09 PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority at a regular meeting held on the 1 1 th day of June, 1996. Patricia H. Birdsall, Chairperson ATTEST: Jun@@reek, CMC Authority S-ecretary/C@.ty Clerk STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ss CITY OF TEMECULA 1, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. FA 96-09 was duly adopted at a regular meeting of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority on the I lth day of June, by the following roll call vote: AYES: 4 BOARD MEMBERS: Birdsall, Ford, Roberts, Lindemans NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAINED: 1 BOARD MEMBERS: Stone June S. Gr@k, CMC Authority Secre@/City Clerk Resos.fa\96-09 4