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HomeMy WebLinkAbout98-03 WHFA ResolutionRESOLUTION NO. WHFA 98-03 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE WINCHESTER m~T~ FINANCING AUTHORITY ACKNOWI~EDGING RECEIPT OF A PETITION TO FORM A COMMUNITY FACH,ITIES DISTRICT, AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO WHF~REAS, Winchester Hills I L.L.C., a California limited liability company (the "Company") has submitted to the Board of Directors of the Winchester Hills Financing Authority (the "Authority") a Petition (Including Waiver) (the "Petition") requesting that the Board of Directors conduct proceedings under Section 53311 et seq. of the California Government Code (the "Act") to create a community facilities district to be designated "Winchester Hills Financing Authority Community Facilities District No. 98-1 (Winchester Hills)" (the "CFD"); and WHF~REAS, the Company has also submitted a check in the amount referred to in the Petition (the "Deposit") and a Deposit/Reimbursement Agreement (the "Agreement"), between the Company and the Authority, and this Board of Directors now desires to accept the Petition and the Deposit, 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. NOW, THEREFORE, BE IT RESOL~ by the Board of Directors of the Winchester Hills Financing Authority as follows: Section 1. Receipt by the Authority of the Petition and the Deposit are hereby acknowledged. The Finance Director 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 2. 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 therefore. 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. Section 3. The finn of Stone & Youngberg LLC is hereby designated as underwriter to the Authority for any bonds to be issued for the CFD. Re~os.\WHFA.98-03 I Section 4. The firm of General Government Management 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, 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 /or the proceeds of bonds, if any, issued by the Authority for the CFD. Section 5. The Executive Director is hereby authorized and directed to engage an appraiser to appraise the property subject to the special taxes to be levied within the CFD, and a market absorption consultant to analyze the proposed development in the CFD, on such terms as are acceptable to the Executive Director. The fees and expenses of such consultants shall be payable solely from the Deposit and/or the proceeds of bonds, if any, issued by the Authority for the CFD. Section 6. 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. PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Winchester Hills Financing Authority at a meeting held on the 10th day of February, 1998. ATTEST: merchero, Chairperson s; ~MC / ty 2' ,c~/City Clerk [SEAL] Rcaos.\WHFA.98-03 2 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) CITY OF TEMECULA ) SS I, Susan W. Jones, Acting Secretary of the Winchester Hills Financing Authority, HEREBY DO CERTIFY that the foregoing Resolution No. WHFA 98-03 was duly adopted at a regular meeting of the Board of Directors of the Winchester Hills Financing Authority on the 10th day of February, 1998, by the following vote: AYES: 5 BOARDMEMBERS: Ford, Lindemans, Roberts, Stone, Comerchero NOES: 0 BOARDMEMBERS: None ABSENT: 0 BOARDMEMBERS: None A~fit,,g/Authority S~/City Clerk Resos.\WHFA.98-03 3