HomeMy WebLinkAbout177_CCv0001.pdf RESOLUTION NO. 177
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF REDLANDS AMENDING RESOLUTION
NO. 173, AND MAKING CERTAIN TECHNICAL
CORRECTIONS
WHEREAS, the Redevelopment Agency of the City of
Redlands ( the "Agency" ) is a redevelopment agency (a public
body, corporate and politic) duly created, established and
authorized to transact business and exercise its powers, all
under and pursuant to the Community Redevelopment Law (Part
1 of Division 24 of the Health and Safety Code of the State
of California) and the powers of the Agency include the
power to issue bonds for any of its corporate purposes; and
WHEREAS, pursuant to Resolution No. 173, as
amended, the Agency has issued its Redlands Redevelopment
Project Tax Allocation and Refunding Bonds ( the "Bonds" ) in
the aggregate principal amount of $14 , 245 , 000 to refund
certain tax allocation bonds previously issued by the Agency
and to finance a portion of the Redlands Redevelopment
Project; and
WHEREAS, it is necessary to make certain technical
corrections to Resolution No. 173 , as amended, for the pur-
pose of ( i ) revising the coverage requirements that will
apply to bonds that may subsequently be issued by the Agency
and which would rank on a parity with the Bonds and ( ii )
providing for payment on the Bonds in San Francisco, Cali-
fornia, as well as Los Angeles, California.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED by the Redevelopment Agency of the City of Redlands
as follows:
Section 1 . Amendment to Section 6 . Section 6 of
Resolution No. 173, as amended, is hereby amended in its
entirety to read as follows :
Section 6 . Place of Payment. The 1985 Bonds
shall be payable in lawful money of the United States of
America at the Principal Corporate Trust Office of the
Fiscal Agent in Los Angeles or San Francisco, Califor-
nia. Interest on the 1985 Bonds shall be paid by check
or draft to the persons whose names appear on the bond
registration books of the Fiscal Agent as the registered
owners of such bonds at the close of business on the
15th day of the month preceding such interest payment
date at such persons ' addresses as they appear on such
registration books.
Section 2 . Amendment to Section 14(b) . Section
14(b) of Resolution No. 173 , as amended, is hereby amended
in its entirety to read as follows:
(b) Tax Revenues, excluding any business inventory
subvention revenues, received or to be received by the
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Agency based upon the most recent assessed valuation of tax-
able property in the Redevelopment Project Area (as reported
by the Auditor-Controller of San Bernardino County) and
based upon the most recently established tax rates are at
least equal to 1.25% of Maximum Annual Debt Service on all
Bonds which will be outstanding following the issuance of
such Parity Bonds plus any loans, advances or indebtedness
payable from Tax Revenues pursuant to Redevelopment Law.
Section 3 . Effective Date. This Resolution shall
take effect immediately upon adoption.
ADOPTED AND APPROVED THIS 16th day of July , 1985.
Chairperson of the
Redevelopment Agency of
the City of Redlands
4 ..
Secre ary o€ th - edevelopment
Agent of the of Redlands
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I, LORRIE POYZER, Secretary of the Redevelopment
Agency of the City of Redlands, do hereby certify that the
foregoing Resolution was regularly introduced and adopted by
the members of the Redevelopment Agency of the City of
Redlands, at a regular meeting thereof held on the 16th day
Of July 1985, by the following vote of the members:
AYES: Messrs. Johnson, Larsen; Chairman Beswick
NOES: None
ABSENT: Messrs. DeMirjyn, Martinez
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Redevelopment Agency of the
City of Redlands, California, this 16th day of _July, 1985 .
T�r'e`tary of t,W
g
Agent, z-Redevelopment
'y of th4,`City of Redlands
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