HomeMy WebLinkAbout112701 TPFA Minutes MINUTES OF A REGULAR MEETING
OF THE TEMECULA PUBLIC FINANCING AUTHORITY
NOVEMBER 27, 2001
A regular meeting of the City of Temecula Public Financing Authority was called to order at
7:57 P.M., in the City Council Chambers, 43200 Business Park Drive, Temecula.
ROLL CALL
PRESENT:
4 BOARD MEMBERS: Naggar, Roberts, Stone, and
Comerchero.
ABSENT: 0 BOARD MEMBER: Pratt.
Aisc present were Executive Director Nelson, City Attorney Thorson, and City Clerk Jones.
PUBLIC COMMENTS
No input.
CONSENT CALENDAR
1 Minutes
RECOMMENDATION:
1.1 Approve the minutes of June 26, 2001.
MOTION: Board Member Roberts moved to approve Consent Calendar item No. 1. The
motion was seconded by Board Member Naggar and voice vote reflected unanimous approval
with the exception of Board Member Pratt who was absent.
At this time the City Council, the Temecula Community Services District, and the
Temecula Public Financing Authority convened in a joint meeting.
AUTHORITY BUSINESS ~
2 Certificates of Participation to Refund the Temecula Public Facilities Financinq
Corporation Certificates of Participation fCommunitv Recreation Project), Series 1992,
and to finance new recreational facilities
RECOMMENDATION:
2.1 That the City Council adopt a resolution entitled:
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RESOLUTION NO. 01-103
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA AUTHORIZING AND DIRECTING EXECUTION OF
CERTAIN INSTALLMENT SALE FINANCING DOCUMENTS,
AUTHORIZING AND DIRECTING DISTRIBUTION OF A
PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH
THE OFFERING AND SALE OF CERTIFICATES OF
PARTICIPATION RELATING THERETO, AUTHORIZING AND
DIRECTING EXECUTION OF A PURCHASE AGREEMENT AND
DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
2.2 That the Public Financing Authority adopt a resolution entitled:
RESOLUTION NO. TPFA 01-06
A RESOLUTION OF THE TEMECULA PUBLIC FINANCING
AUTHORITY OF THE CITY OF TEMECULA AUTHORIZING
AND DIRECTING EXECUTION OF CERTAIN INSTALLMENT
SALE FINANCING DOCUMENTS AND AUTHORIZING AND
DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
2.3 That the Community Services District adopt a resolution entitled:
RESOLUTION NO. CSD 01-15
A RESOLUTION OF THE TEMECULA 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
For Board Member Naggar, City Attorney Thorson clarified that the proximity of his residence
would not be a conflict of interest with respect to Agenda Item No. 2 since this issue would not
affect the value of any of the surrounding property, and there would be no changes in the
physical plant, or the operations of this use.
Director of Finance Roberts provided the staff report (of record), noting the intent to take
advantage the historically Iow interest rates, relaying that by extending the amortization for an
additional ten years, the City would generate between $2.6-$2.8 million.
City Attorney Thorson noted that each resolution should be acted on individually.
MOTION: Board Member Stone moved to approve the staff's recommendation regarding item
2.1. The motion was seconded by Board Member Naggar and voice vote reflected approval
with the exception of Board Member Pratt who was absent.
MOTION: Board Member Stone moved to approve the staff's recommendationregarding item
No. 2.2. The motion was seconded by Board Member Naggar and voice vote reflected approval
with the exception of Board Member Pratt who was absent.
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MOTION: Board Member Stone moved to approve the staff's recommendation regarding Item
No. 2.3. The motion was seconded by Board Member Roberts and voice vote reflected
approval with the exception of Board Member Pratt who was absent.
At 8:01 P.M. the City Council and the Community Services District meeting recessed.
EXECUTIVE DIRECTOR'S REPORT
Executive Director Nelson advised that the proceeds generated from the action taken on Item No.
2 would be considered by the City Council during the upcoming Capitol improvement Program
process.
BOARD OF DIRECTORS' REPORTS
Board Member Naggar, echoed by Board Member Stone, commended staff for their excellent
work regarding item No. 2, additionally commending the residents for passing Measure C.
In response to Board Member Stone, Executive Director Nelson relayed that Director of Finance
Roberts was the staff member who was responsible for the refinancing concept (at a
significantly lower interest rate) regarding Item No. 2, commending Director of Finance Roberts
for her diligent efforts.
ADJOURNMENT
At 8:03 P.M., the Temecula Public Financing Authority meeting was formally adjourned.
ATTEST:
.~ Jeff'~omerchero, Chairman
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