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HomeMy WebLinkAbout213_CCv0001.pdf RESOLUTION NO. 213 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS APPROVING THE ISSUANCE OF ITS 1989 REFUNDING PARKING LEASE REVENUE BONDS, A FORM OF TRUST INDENTURE, A FORM OF AMENDED AND RESTATED LEASE AGREEMENT, A FORM OF PURCHASE CONTRACT WITH THE REDLANDS FINANCE AUTHORITY, A FORM OF PURCHASE AGREEMENT WITH THE UNDERWRITER FOR THE BONDS, A FORM OF ESCROW AGREEMENT, AND OFFICIAL STATEMENT AND MAKING CERTAIN DETERMINATIONS RELATING THERETO WHEREAS, the Redevelopment Agency of the City of Redlands ( the "Agency" ) is a redevelopment agency duly cre- ated, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law, being Section 33000 and following of the Health and Safety Code of the State of California ( the "'Law" ) and the powers of the Agency include the power to issue bonds for any of its corporate purposes; and WHEREAS, a redevelopment plan, known as the Rede- velopment Plan for Redlands Redevelopment Project (the "Redevelopment Plan" ) , has been adopted and approved in accordance with the Law; and WHEREAS, the Agency has determined to issue not to exceed $7,500,000 aggregate principal amount of its 1989 Refunding Parking Lease Revenue Bonds (the "Bonds" ) , for the purpose of redeeming its Parking Lease Revenue Bonds, Ser- ies A and Series B and financing certain public improvements (the "Project" ) located in Redlands Redevelopment Project; and WHEREAS, there has been presented at this meeting a form of Trust Indenture providing for the issuance of the Bonds, a form of Amended and Restated Lease Agreement between the Agency and the City of Redlands (the "City" ) , a form of Official Statement for use in marketing the Bonds, a form of purchase contract providing for the sale of the Bonds to the Redlands Finance Authority, a form of purchase agreement providing for the sale of the Bonds by the Agency and the Redlands Finance Authority to Seidler-Fitzgerald Public Finance, the Underwriter for the Bonds, and a form of Escrow Agreement between the Agency and Bank of America National Trust and Savings Association (the "Escrow Agent" ) , NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS AS FOLLOWS: Section 1. Approval of Issuance of- Bonds. The issuance of not to exceed $7,500,000 aggregate principal amount Redevelopment Agency of the City of Redlands, 1989 Refunding Parking Lease Revenue Bonds, in order to provide for the redemption of the Redevelopment Agency of the City of Redlands Parking Lease Revenue Bonds, Series A and Ser- ies B, and finance certain public improvements in the Red- lands Redevelopment Project and for other purposes related thereto, all of which constitute a "redevelopment activity, " as such term is defined in Health and Safety Code Section 33678, is hereby authorized and approved. Section 2. Trust Indenture. The form of Trust Indenture dated as of June 1, 1989 by and between the Agency and Bank of America National Trust and Savings Association, as trustee (the "Indenture" ) , presented at this meeting is hereby approved and the Chairman or Vice Chairman and the Secretary are hereby authorized and directed, for and in the name of and on behalf of the Agency, to execute, acknowledge and deliver said Indenture in substantially the form pre- sented at this meeting with such insubstantial changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3. Appointment of Trustee. Bank of Amer- ica National Trust and Savings Association is hereby appointed as Trustee pursuant to the Indenture, to take any and all action provided therein to be taken by the Trustee. Section 4. Lease Agreement. The form of Amended and Restated Lease Agreement between the Agency and the City of Redlands ( the "Lease Agreement") presented at this meet- ing is hereby approved and the Chairman or any member and the Secretary of this Agency are hereby authorized and directed for and in the name of and on behalf of the Agency, to execute, acknowledge and deliver said Lease Agreement in substantially the form presented at this meeting with such insubstantial changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof . Section 5. Purchase Contract. The form of pur- chase contract (the "Purchase Contract" ) providing for the sale of the Bonds to Redlands Finance Authority presented at this meeting and the sale of the Bonds pursuant thereto upon the terms and conditions set forth therein is hereby -2- approved, and subject to the provisions of Section 8 hereof, the Chairman, the Executive Director or his designee is hereby authorized and directed to evidence the Agency' s acceptance of the offer made by the Purchase Contract by executing and delivering said Purchase Contract in said form with such insubstantial changes therein as the officer exe- cuting the same may approve and such matters as are autho- rized by Section 8 hereof, such approval to be conclusively evidenced by the execution and delivery thereof. Section 6 . Purchase Agreement. The form of Pur- chase Agreement ( the "Purchase Agreement" ) for the purchase of the Bonds from the Redlands Finance Authority by Seidler- Fitzgerald Public Finance, Underwriter for the Bonds, pre- sented at this meeting and the sale of the Bonds pursuant thereto upon the terms and conditions set forth therein is hereby approved and, subject to the provisions of Section 7 hereof, the Chairman, the Executive Director or his designee is hereby authorized and directed to evidence the Agency' s acceptance of the offer made by the Purchase Agreement by executing and delivering said Purchase Agreement in said form with such insubstantial changes therein as the officer executing the same may approve and such matters as are authorized by Section 8 hereof, such approval to be conclu- sively evidenced by the execution and delivery thereof. Section 7 . Escrow Agreement. The form of Escrow Agreement presented to this meeting, dated as of June 1, 1989 between the Agency and the Escrow Agent, is hereby approved and the Chairman or any member and the Secretary are hereby authorized and directed for and in the name of and on behalf of the Agency to execute and deliver such Agreement in the form submitted to this meeting with such insubstantial changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 8. Executive Director or Designee Autho- rized to Establish Final Terms of Sale of Bonds. The Execu- tive Director or his designee, based on such advice of the Agency Staff as the Agency may deem necessary, is hereby authorized and directed to act on behalf of the Agency to establish and determine (i) the final principal amount of the Bonds, which amount shall not exceed $7,000,000 ( ii ) the average weighted interest rate on the Bonds, which average weighted interest rate shall not exceed nine percent ( 9%) per annum; ( iii) the underwriter ' s discount for the purchase of the Bonds, which discount shall not exceed six and one- half percent (6. 5%) ; and ( iv) such other matters as may relate to the final terms and provisions for the sale of the Bonds as may be consistent with the Indenture. The authori- -3- nation and powers delegated to the Executive Director or his designee by this Section 7 shall be valid for a period of 180 days from the date of adoption of this Resolution. Section 9. official Statement Authorized. The Agency hereby approves the form of the Official Statement ( the "Official Statement" ) prepared by Seidler-Fitzgerald Public Finance as presented to this meeting, and authorizes its distribution in connection with the sale of the Bonds. Section 10 . Bond Counsel. The law firm of Best, Best & Krieger is hereby retained as Bond Counsel on the terms set forth in their proposal letter on file with the Agency. Section 11. Other Acts. The officers and staff of the Agency are hereby authorized and directed, jointly and severally, to do any and all things, to execute and deliver any and all documents, which, in consultation with Bond Counsel, they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds, or otherwise effectuate the purposes of this Resolution, and any and all such actions previously taken by such officers or staff members are hereby ratified and confirmed. Section 12. Effective Date. This Resolution shall take effect upon adoption. PASSED, APPROVED and ADOPTED this 2nd day of May, 1989 . A, Chairman of the Redevelopment Agency of the City of Redlands ATTEST: Secretary of tl� agency cy of the City of Redlands -4- Jrr0264 I, LORRIE POYZER, Secretary of the Redevelopment Agency of the City of Redlands, California, do hereby cer- tify that the foregoing Resolution No. 213 was regularly introduced and adopted by the Redevelopment Agency of the City of Redlands, California, at a regular meeting thereof held on the 2nd day of May, 1989, by the following vote: AYES: Members Wormser, Larson; Chairman Beswick NOES: Members DeMirjyn, Cunningham ABSENT: None 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 2nd day of May 1989 . Secretaty of t h e--' Redevel4ment Age"hcy of the City of` Redlands, Redlands, California jrr0264