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HomeMy WebLinkAbout95-03 FA Resolution RESOLUTION NO. IA 95-03 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OLD TOWN/WESTSIDE CO TY FACI]LrrIES DISTRICT FINANCING AUTHORITY OF INTENTION TO INCUR BONDED INDEBTEDNESS OF THE PROPOSED OLD TOWN/WESTSIDE CO Y FACI]LITIES DISTRICT FINANCING AUTHORITY COMMUNITY FACIELITIES DISTRICT NO. I (OLD TOWN AREA PUBLIC IMIPIROVEMEENTS) PURSUANT TO TIIE MIELLO-ROOS COMMUNITY FACI]LITIES ACT OF 1982 WHEREAS, this Board of Directors has this date adopted its Resolution entitled "A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority of Intention to Establish a Community Facilities District and To Authorize the Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982", stating its intention to form a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 of Part 1 of Division 2 of Title 5 of the California Government Code, for the purpose of financing certain public improvements (the "Facilities"), as further provided in said Resolution; and WHEREAS, this Board of Directors estimates the amount required for the financing of a portion of the costs of the Facilities to be the sum of not to exceed $5,987,000; and MMEREAS, in order to finance a portion of the costs of said Facilities it is necessary to incur bonded indebtedness in the amount of not to exceed $12,500,000. NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority as follows: 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed Old Town[Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements) (the "District") in the amount of up to $12,500,000 to finance the costs of the Facilities. 2. The bonded indebtedness is proposed to be incurred for the purpose of financing the costs of the Facilities, including acquisition and improvement costs and all costs incidental to or connected with the accomplishment of said purposes and of the financing thereof, as permitted by Section 53345.3 of the Act. 3. This Board of Directors, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of not to exceed $12,500,000, bearing interest payable semi-annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed 40 years from the date of the issuance of said bonds. Resos.FA\95-03 -I- 4. Tuesday, October 17, 1995, at 7:00 p.m. or as soon as possible thereafter, in the Community Recreation Center, 30875 Rancho Vista Road, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the Authority for the District. 5. The Secretary is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven (7) days before the date herein set for said public hearing. Said notice shall substantially be in the form of Exhibit A hereto. 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 12th day of September, 1995. Patricia H. Birdsall, Chairperson ATTEST: June k, CMC, City Cl-erk/ Authority Secretary Resoa.FAN95-03 -2- 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 95-03 was duly adopted at a regular meeting of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority on the 12th day of September, 1995, by the following roll call vote: AYES: 4 BOARD MEMBERS: Birdsall, Lindemans, Parks, Roberts NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAINED: 1 BOARD MEMBERS: Stone June S. Greek,-CMC, City Clerk/ Authority Secretary Resos.FA\95-03 -3- EXHI--BIT A NOTICE OF PUBLIC HEARING Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements) Notice is hereby given that on September 12, 1995, the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority adopted a Resolution entitled "A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority of Intention To Incur Bonded Indebtedness of the Proposed Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements) Pursuant To The Mello-Roos Community Facilities Act of 1982". Pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act") the Board of Directors hereby gives notice as follows: A. The text of said Resolution is as follows: WHEREAS, this Board of Directors has this date adopted its Resolution entitled "A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority of Intention to Establish a Community Facilities District and To Authorize the Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982", stating its intention to form a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 of Part I of Division 2 of Title 5 of the California Government Code, for the purpose of financing certain public improvements (the "Facilities"), as further provided in said Resolution; and WHEREAS, this Board of Directors estimates the amount required for the financing of a portion of the costs of the Facilities to be the sum of not to exceed $5,987,000; and WHEREAS, in order to finance a portion of the costs of said Facilities it is necessary to incur bonded indebtedness in the amount of not to exceed $12,500,000. NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority as follows: 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. I (Old Town Area Public Improvements) (the "District") in the amount of up to $12,500,000 to finance the costs of the Facilities. Resos.FA\95-03 2. The bonded indebtedness is proposed to be incurred for the purpose of financing the costs of the Facilities, including acquisition and improvement costs and all costs incidental to or connected with the accomplishment of said purposes and of the financing thereof, as permitted by Section 53345.3 of the Act. 3. This Board of Directors, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of not to exceed $12,500,000, bearing interest payable semi-annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed 40 years from the date of the issuance of said bonds. 4. Tuesday, November 14, 1995, at 7:00 p.m. or as soon as possible thereafter, in the Community Recreation Center, 30875 Rancho Vista Road, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the Authority for the District. 5.The Secretary is hereby directed to cause notice of said public hearing to be given by publicationone time in a newspaper of general circulation circulated within the District. The publication ofsaid notice shall be completed at least seven (7) days before the date herein set for said public hearing. Said notice shall substantially in the fon-n of Exhibit A hereto. B. The hearing referred to in the aforesaid Resolution shall be at the time and place specified in said Resolution. C. At that time and place the testimony of all interested persons, including persons owning property in the area of the proposed community facilities district, wifl be heard. Dated:September 12, 1995 June S. Greek, CMC, City Clerk Agency Secretary Resos.FA\95-03 -5-