HomeMy WebLinkAbout175 RDA_CCv0001.pdf RESOLUTION NO. 175
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF REDLANDS AMENDING RESO-
LUTION NO. 173 AUTHORIZING THE ISSUANCE
OF $14 ,245 ,000 PRINCIPAL AMOUNT OF 1985
TAX. ALLOCATION AND REFUNDING BONDS OF
SAID AGENCY TO FINANCE A PORTION OF THE
COST OF A REDEVELOPMENT PROJECT KNOWN
AS REDLANDS REDEVELOPMENT PROJECT.
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 such agency include the
power to issue bonds for any of its corporate purposes ; and
WHEREAS, a redevelopment plan for a redevelopment
project known and designated as "Redlands Redevelopment Pro-
ject" has been adopted and approved and all requirements of
law for, and precedent to, the adoption and approval of said
plan have been duly complied with; and
WHEREAS, the plan contemplates that the Agency will
issue its bonds to finance a portion of the cost of such
redevelopment; and
WHEREAS , the Agency adopted its Resolution No. 173
on April 16 , 1985 authorizing the issuance of up to $14 ,245 ,000
principal amount of tax allocation and refunding bonds to
finance a portion of the Redlands Redevelopment Project ; and
WHEREAS, the Agency deems it necessary and desirable
to amend Resolution No . 173 in order to achieve the highest
possible rating on its tax allocation and refunding bonds .
N(YW, THEREFORE , BE IT RESOLVED, DETERMINED AND
ORDERED by the Redevelopment Agency of the City of Redlands
that Section 14 of Resolution No . 173 is hereby amended to
read as follows :
Section 14 . Issuance of Parity Bonds to Pay Pro-
ject Costs . If at any time the Agency determines that it
will not have sufficient moneys available from other sources
to pay its share of the costs of the Redevelopment Project ,
the Agency may provide for the issuance of , and sell Parity
Bonds in such principal amount as it estimates will be
needed for such purpose, subject to the following conditions
precedent to such sale:
(a) The Agency shall be in compliance with
all covenants set forth in this resolution.
(b) Tax Revenues received or to be received
by the Agency based upon the most recent assessed valuation
of taxable 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
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at least equal to 1251 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;
provided that said Tax Revenues , excluding business inventory
subvention revenues received by the Agency in the current
Fiscal Year during which the calculation is made , or to be
received by the Agency for the Fiscal Year following the date
on which the calculation is made, are at least equal to Maxi-
mum Annual Debt Service on all Bonds which will be outstanding
following the issuance of such Parity Bonds .
(c) The Parity Bonds shall be on such terms
and conditions as may be set forth in a supplemental resolu-
tion, which shall provide for (i) bonds substantially in accor-
dance with this resolution, (ii) bonds maturing in such amounts
and at such times as to provide level annual debt service ,
(iii) no final maturity on any bond prior to the final maturity
of the Bonds issued pursuant to this resolution, (iv) the
deposit of a portion of the Parity Bond proceeds into the
Reserve Account in an amount sufficient , together with the
balance of the Reserve Account , to equal Maximum Annual Debt
Service on all Bonds including the Bonds issued pursuant to
this resolution and Parity Bonds ;
(d) The issuance of such Parity Bonds shall
have been recommended by an opinion on an Independent Finan-
cial Consultant .
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ADOPTED AND APPROVED THIS .7th day of May
1985 .
Chairperson of the
Redevelopment Agency of the
City of Redlands
-etr Lary of Redevelopment
Agey of t !C-f ty 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 7th day
of May, 1985 , by the following vote of the members :
AYES : Messrs . Johnson, DeMirjyn, Martinez , Larsen ;
Chairman Beswick
NOES : None
ABSENT : None
ABSTAIN : 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 7th day of May
1985 .
SeCrtary o e Redevelopment
Ag!p/cy of 9Pcity of Redlands