HomeMy WebLinkAbout01_015 TCSD ResolutionRESOLUTION NO. CSD 01-15
A RESOLUTION OF THE COMMUNITY SERVICES DISTRICT
OF THE CITY OF TEMECULA AUTHORIZING AND DIRECTING
EXECUTION OF CERTAIN DOCUMENTS, IN CONNECTION
WITH THE REFUNDING OF THE CERTIFICATES OF
PARTICIPATION (COMMUNITY RECREATION PROJECT),
SERIES 1992, AND DIRECTING CERTAIN ACTIONS WITH
RESPECT THERETO
WHEREAS, the Temecula Community Services District (the "District"), working together
with the Temecula Public Facilities Financing Corporation, has heretofore caused Certificates of
Participation (Community Recreation Project), Series 1992 (the "1992 Certificates") to be
executed and delivered in the aggregate principal amount of $5,380,000, the proceeds of which
were used to finance the construction of a community recreation center (the "1992 Project~');
WHEREAS, the obligations of the District with respect to the 1992 Certificates have
been assumed by the City of Temecula (the "City") and are payable from a special tax levied by
the City for purposes of operating, maintaining and servicing public parks and recreational
facilities, recreational and community services programs, median landscaping, arterial street
lights and traffic signals throughout the City and administrative expenses incurred by the City in
connection therewith, which special tax was approved by more than 2/3 of the ballots cast in
connection therewith at an election held on March 4, 1997;
WHEREAS, the City, working together with the Temecula Public Financing Authority (the
"Authority"), proposes to refinance the 1992 Project and, therefore, to refund the 1992
Certificates, and finance the construction of certain new capital improvements consisting of a
community sports park (the "2001 Project"), and it is in the public interest and for the public
benefit that the District authorize and direct execution of certain documents in connection
therewith; and
WHEREAS, the documents below specified have been filed with the District and the
members of the District, with the aid of its staff, have reviewed said documents; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Director of the Temecula
Community Services District as follows:
Section 1. Certificates of Participation (2001 Capital Improvement Financing Project)
(the "2001 Certificates"), to provide for the refinancing of the 1992 Project and, therefore, the
refunding of the 1992 Certificates, and the financing of the 2001 Project, are hereby approved.
Section 2. The below-enumerated documents, substantially in the form on file with the
Secretary, be and are hereby approved and the President or Vice President, or the designee
thereof, is hereby authorized and directed to execute said documents, with such changes,
insertions and omissions deemed advisable by counsel to the District, and the Secretary is
hereby authorized and directed to attest to such official's signature:
(a) a conveyance agreement, relating to the 1992 Project, by and between the District, as seller,
and the Authority, as purchaser; and
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(b) an escrow trust and deposit agreement, by and between the District and U.S. Bank Trust
National Association, as successor trustee for the 1992 Certificates and as escrow bank,
pursuant to which the 1992 Certificates will be defeased.
Section 3. The President, the Vice President, the Secretary and all other appropriate
officials of the District are hereby authorized and directed to execute such other agreements,
documents and certificates as may be necessary to effect the purposes of this resolution and
the financing herein authorized.
Section 4. This Resolution shall take effect upon its adoption by this Board.
PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula
Community Services District, at a special meeting held on the 27th day of November, 2001.
ATTEST:
(~ '~rey E. Stone, President
JCnes, CMC
~ Secreta.~)
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan Jones, Secretary of the Temecula Community Services District, HEREBY DO
CERTIFY that the foregoing Resolution No. CSD 01-15 was duly adopted at a special meeting
of the Board of Directors of the Temecula Community Services District on the 27~h day of
November, 2001, by the following roll call vote:
AYES:
4 DIRECTORS: Comerchero, Naggar, Roberts, Stone
NOES: 0 DIRECTORS: None
ABSENT: 1 DIRECTORS: Pratt
ABSTAIN: 0 DIRECTORS: None
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