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HomeMy WebLinkAbout01-04 TPFA ResolutionRESOLUTION NO. TPFA 01-04 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY ACKNOWLEDGING RECEIPT OF A DEPOSIT RELATIVE TO THE FORMATION OF A COMMUNITY FACILITIES DISTRICT, AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO WHEREAS, Lennar Homes of California, Inc. (the "Developer") has represented that it will submit to the Finance Director of the City of Temecula (the "City") monies (the "Deposit") to be used by the City to pay costs of the City and the Temecula Public Financing Authority (the "Authority") in connection with proceedings under Section 53311 et seq. of the California Government Code (the "Act") to create a community facilities district to be designated "Temecula Public Financing Authority Community Facilities District No. 01-2 (Harveston)" (the "CFD"); and WHEREAS, there has also been submitted a Deposit/Reimbursement Agreement (the "Agreement"), among the Developer, the City and the Authority, and this Board of Directors now desires to authorize the Finance Director of the City to accept the money to be advanced by the Developers, to 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 RESOLVED by the Board of Directors of the Temecula Public Financing Authority as follows: Section 1. The Director of Finance 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 therefor. 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 firm of Stone & Youngberg LLC is hereby designated as underwriter to the Authority for any bonds to be issued for the CFD. R:/ResosTPFA/TPFA 01-03 I Section 4. The firm of Albert A. Webb Associates 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 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 consultant 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 Temecula Public Financing Authority at a meeting held on the 12th day of June 2001. [SEAL] Jeff Comerchero, Chairperson R:/ResosTPFA/TPFA 01-03 2 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan Jones, Secretary of the Temecula Public Financing Authority, HEREBY DO CERTIFY that the foregoing Resolution No. TPFA 01-04 was duly adopted at a special meeting of the Board of Directors of the Temecula Public Financing Authority on the 12th day of June, 2001, by the following vote: AYES: 4 NOES: 0 ABSENT: 1 ABSTAIN: 0 BOARDMEMBERS: Naggar, Roberts, Stone, Comerchero BOARDMEMBERS: None BOARDMEMBERS: Pratt BOARDMEMBERS: None c ' cM~C retary R:/ResosTPFArrPFA 01-03 3