HomeMy WebLinkAbout98-08 WHFA ResolutionRESOLUTION NO. WHFA ~8-08
A RESOLUTION OF ~ BOARD OF DIRECTORS OF THE
WINCHESTER HILLS FINANCING AUTHORITY
DETERMINING THE NECESSITY TO INCUR BONDED
INDEBTEDNESS WITHIN THF~ WINCHESTER HILLS
FINANCING AUTHORITY COMMUNITY FACILITIES
DISTRICT NO. 98-1 (WINCHE~STER H~LS) AND
SUBMITTING PROPOSITION TO THE QUALIFIED
ELECTORS OF THE DISTRICT
wm~&S, on February 24, 1998, this Board of Directors adopted a resolution entitled
"A Resolution of the Board of Directors of the Winchester Hills 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" (the "Resolution of Intention") stating its
intention to form the Winchester Hills Financing Authority Community Facilities District No.
98-1 (Winchester Hills) (the "District"), pursuant to Chapter 2.5 of Part 1 of Division 2 of Title
5, commencing with Section 53311, of the California Government Code (the "Act"); and
WHF~REAS, on February 24, 1998, this Board of Directors also adopted a resolution
entitled "A Resolution of Board of Directors of the Winchester Hills Financing Authority of
Intention to Incur Bonded Indebtedness of the Proposed Winchester Hills Financing Authority
Community Facilities District No. 98-1 (Winchester Hills) Pursuant to the Mello-Roos
Community Facilities Act of 1982" (the "Resolution of Intention to Incur Indebtedness") stating
its intention to incur bonded indebtedness within the boundaries of the District for the purpose of
financing the costs of certain facilities specified in the Resolution of Intention; and
~S, on this date, this Board of Directors held a noticed public hearing as required
by the Act relative to the determination to proceed with the formation of the District, the
refinancing of assessment liens by the District and the rate and method of apportionment of the
special tax to be levied within the District to pay the costs of the principal and interest on the
proposed indebtedness and the administrative costs of the City of Temecula (the "City") relative
to the District; and
W!~"a~EAS, at said hearing all persons desiring to be heard on all matters pertaining to
the formation of the District, the refinancing of assessment liens (the "Liens") and the levy of the
special tax on property within the District were heard and a full and fair hearing was held; and
Re~o~.\whfa98-08 I
WH!~REAS, subsequent to said hearing, this Board of Directors adopted a resolution
entitled "A Resolution of the Board of Directors of the Winchester Hills Financing Authority of
Formation of Winchester Hills Financing Authority Community Facilities District No. 98-1
(Winchester Hills), Authorizing the Levy of a Special Tax Within the District and Preliminarily
Establishing an Appropriations Limit for the District" (the "Resolution of Formation"); and
Wlqg2REAS, on this date, this Board of Directors held the public heating relative to the
matters m_aterial to the questions set forth in the Resolution of Intention to Incur Indebtedness; and
Wm~,EAS, no written protests with respect to the matters material to the questions set
forth in the Resolution of Intention to Incur Indebtedness have been filed with the City Clerk.
NOW, ~FORE, BE IT RESOLVED by the Board of Directors of the Winchester
Hills Financing Authority as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. This Board of Directors deems it necessary to incur bonded indebtedness
in the maximum aggregate principal amount of $16,000,000 within the boundaries of the District.
Section 3. The indebtedness is incurred for the purpose of refinancing the Liens, as
provided in the Resolution of Intention and the Resolution of Formation including, but not limited
to, the costs of issuing and selling bonds to retinanee the Liens and the costs of the Authority and
the City in establishing and administering the District.
Section 4. The whole of the District shall pay for the bonded indebtedness through the
levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in
Exhibit A to the Resolution of Formation.
Section 5. The maximum amount of bonded indebtedness to he incurred is $16,000,000
and the maximum term of the bonds to be issued shall in no event exceed forty (40) years.
Section 6. The bonds shall bear interest at rate or rates not to exceed the maximum
interest rate permitted by applicable law at the time of sale of the bonds, payable semiannually or
in such other manner as this Board of Directors or its designee shall determine, the actual rate or
rates and times of payment of such interest to be determined by this Board of Directors or its
designee at the time or times of sale of said bonds.
Section 7. The proposition of incurring the bonded indebtedness herein authorized shall
he submitted to the qualified electors of the District and shall be consolidated with elections on
the proposition of levying special taxes within the District and the establishment of an
appropriations limit for the District pursuant to Section 53353.5 of the Act. The time, place and
conditions of said election shall be as specified by separate resolution of this Board of Directors.
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Section 8. This Resolution shall take effect upon its adoption.
PASS!~, APPROVED AND ADOPTED, by the Board of Directors of the Winchester
Hills Financing AuthoriF at a regular meeting held on the 14th day of April, 1998.
//~me~chero, Chairperson
ATTEST:
Su~~. Jones, C~MC
AZfin~g City ClerkTAg.qa:~rity Secretary
[SEAL]
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF TEMECULA )
SS
I, Susan W. Jones, Secretary of the Winchester Hills Financing Authority, HEREBY DO
CERTIFY that the foregoing Resolution No. WHFA 98-08 was duly adopted at a regular meeting
of the Board of Directors of the Winchester Hills Financing Authority on the 14th day of April,
1998, by the following roll call vote:
AYES: 5 BOARDMEMBERS: Ford, Lindemans, Roberts, Stone,
Comerchero
NOES:
0 BOARDMEMBERS: None
ABSENT: 0 BOARDMEMBERS: None
· Jones
Ach'Wg Authority S&nvfa~/City Clerk
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