HomeMy WebLinkAbout08-01 TPFA ResolutionRESOLUTION NO. TPFA 08-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TEMECULA PUBLIC FINANCING AUTHORITY OF
THE CITY OF TEMECULA APPROVING, AUTHORIZING
AND DIRECTING PREPARATION AND EXECUTION OF
CERTAIN LEASE FINANCING DOCUMENTS AND
AUTHORIZING AND DIRECTING CERTAIN ACTIONS
WITH RESPECT THERETO
THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING
AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The City of Temecula, with the assistance of the Temecula Public
Financing Authority (the "Authority"), has determined to finance the construction of a
new civic center facility (the "Project"), and the City has proposed to implement a lease
financing for the purpose of raising the funds for such purposes.
Section 2. It is in the public interest and for the public benefit that the Authority
authorize and direct execution of certain financing documents in connection therewith.
Section 3. The documents below specified shall be filed with the Authority and
' the members of the Board, with the aid of its staff, shall review said documents.
Section 4. The below-enumerated documents, substantially in the forms on file
with the Secretary, be and are hereby approved, and the Chairman, the Executive
Director or the Treasurer is hereby authorized and directed to execute said documents,
with such changes, insertions and omissions as may be approved by such official, and
the Secretary is hereby authorized and directed to attest to such official's signature.
A Site and Facility Lease, between the City, as Lessor, and the Authority, as
Lessee, pursuant to which the City will lease certain existing, unencumbered property to
the Authority (the "Property").
B. A Lease Agreement, by and between the Authority, as Lessor, and the
City, as Lessee (the "Lease Agreement"), pursuant to which the Authority will lease the
Property back to the City.
C. An Assignment Agreement, by and between the Authority and U.S. Bank
National Association, as trustee (the "Trustee"), pursuant to which the Authority will
assign certain of its rights under the Lease Agreement, including its right to receive
lease payments thereunder, to the Trustee.
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' D. A trust agreement, by and among the Authority, the City and the Trustee,
relating to the financing and the execution and delivery of Certificates of Participation
evidencing the direct, undivided fractional interests of the owners thereof in lease
payments to be made by the City under the Lease Agreement.
Section 7. The Chairman, the Executive Director, the Treasurer, the Secretary
and other officials of the Authority are hereby authorized and directed to execute such
other agreements, documents and certificates as may be necessary to affect the
purposes of this resolution and the lease financing herein authorized.
Section 8. All actions heretofore taken by the officers and agents of the
Authority with respect to the transactions set forth above are hereby approved,
confirmed and ratified.
Section 9. This Resolution shall take effect upon its adoption by the Board.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Public Financing Authority this 13`h day of February, 2008.
ATTEST:
Susan 1NI. ,ones, MMC
[SEAL]
\A~ ~ ~°~.
V_ Michael S. Naggar, Chairperson
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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 08-01 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 February, 2008, by the following
vote:
AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Roberts,
Washington, Naggar
NOES: 0 BOARD MEMBERS: None
ABSENT: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
usan Jones, MMC
City lerk/ and Secretary
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