HomeMy WebLinkAbout01-05 TPFA ResolutionRESOLUTION NO. TPFA 01-05
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, S-P Murdy, LLC (the "Developer") has submitted 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 'q'emecula Public Financing Authority
Community Facilities District No. 01-3 0Nolf Creek)" (the "CFD"); and
WHEREAS, there has also been submitted a Deposit/Reimbursement Agreement (the
"Agreement"), among the Developer, the City of Temecula and the Authority, and this Board of
Directors now desires to accept the money advanced by the Developer, 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 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 firm of Stone & Youngberg LLC is hereby designated as underwriter to
the Authority for any bonds to be issued for the CFD.
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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 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 Temecula
Public Financing Authority at a meeting held on the 26th day of June, 2001.
ATTEST:~
S~ .s..an~.V~. Jon~s ~
[SEAL]:,.... ~
~ ~ Chairperson
erchero,
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STATE OF CALIFORNIA )
COUNTYOF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan Jones, Secretary of the Temecula Public Financing Authority, HEREBY DO
CERTIFY that the foregoing Resolution No. TPFA 01-05 was duly adopted at a regular meeting
of the Board of Directors of the Temecula Public Financing Authority on the 26th day of June,
2001, by the following vote:
AYES:
3 BOARDMEMBERS: Roberts, Stone, Comerchero
NOES: 2 BOARDMEMBERS: Naggar, Pratt
ABSENT: 0 BOARDMEMBERS: None
ABSTAIN: 0 BOARDMEMBERS: None
ones
Autho~tary/City Clerk
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