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HomeMy WebLinkAbout366 RDA_CCv0001.pdf RESOLUTION NO. 366 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS APPROVING THE ISSUANCE OF ITS REDLANDS REDEVELOPMENT PROJECT AREA 2003 TAX ALLOCATION BONDS, APPROVING A FIRST SUPPLEMENT TO INDENTURE, AN OFFICIAL STATEMENT, A BOND PURCHASE AGREEMENT SETTING THE MAXIMUM FINAL TERMS OF THE SALE OF THE BONDS AND MAKING CERTAIN DETERMINATIONS RELATING THERETO WHEREAS, the Redevelopment Agency of the City of Redlands (the "Agency") is a redevelopment agency duly created, 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, and the powers of the Agency include the power to issue bonds for any of its corporate purposes; and WHEREAS, on September 16, 1992, the City Council of the City of Redlands adopted Ordinance No. 1500, approving a Redevelopment Plan for a redevelopment project known as the Redlands Redevelopment Project Area (the "Project"). The Redevelopment Plan for the Project, as amended, 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 Agency proposes to issue not to exceed $18,000,000 principal amount of its Redlands Redevelopment Project Area 2003 Tax Allocation Refunding Bonds (the "2003 Bonds") which shall be issued in one or more series, the proceeds of which will be used to finance a portion of the Plan, on a parity with its Redlands Redevelopment Project Tax Allocation Refunding Bonds, Series 1998A (the "' 1998 Bonds"), the repayment of which 2003 Bonds will be secured from tax increment revenues of the Project on a parity basis with the 1998 Bonds; and WHEREAS, there has been presented to this meeting a form of First Supplement to Indenture providing for the issuance of the 2003 Bonds; and WHEREAS, there has been presented to the Agency a proposed form of Official Statement describing the Bonds, to be used in connection with the marketing thereof; and a bond Purchase agreement pursuant to which O'Connor Southwest Securities has agreed to purchase the 2003 Bonds. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Approval of Issuance of 2003 Bonds. The issuance of not to exceed $18,000,000 in principal amount of 2003 Bonds in one or more series in order to provide a portion of the moneys required to finance a portion of the Project and to provided continued availability of funds for activities of the Agency with respect to the Project Area are hereby authorized and approved. Section 21. First Supplement to Indenture. The form of First Supplement to Indenture by and between the Agency and U.S. Bank National Association, as trustee (the "Indenture"), presented at this meeting is hereby approved and the Chairman, the Executive Director or the Finance Officer is and each of them are hereby authorized and directed, for and in the name of and on behalf of the Agency, to execute, acknowledge and deliver the Indenture in substantially the form presented at this meeting with such changes therein as the officers executing the same may approve upon consultation with the General Counsel of the Agency and the Agency's financial advisor and Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3. Appointment of Trustee. U.S. Bank National Association is hereby appointed as Trustee pursuant to the Indenture, to take any and all action provided for therein to be taken by the Trustee. Section 4. Bond Purchase Aiii-eement. The form of Bond Purchase Agreement (the "Purchase Agreement") as presented to this meeting between the Agency and the Underwriter and the sale of the Bonds pursuant thereto upon the terms and conditions set forth herein is hereby approved, and subject to such approval and subject to the provisions of Section 6 hereof, the Chairman or any other member of the Agency or 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 the Purchase Agreement in said form with such changes therein as the officer executing the same may approve and such matters as are authorized by Section 7 hereof, such approval to be conclusively evidenced by the execution and delivery thereof. Section 5. Official Statement. The form of Preliminary Official Statement relating to the 2003 Bonds and presented to this meeting is hereby approved. The preparation of a Final Official Statement relating to the 2003 Bonds is hereby approved and the Chairman, the Executive Director or the Finance Officer is and each of them are hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver a Final Official Statement containing such changes from the Preliminary Official Statement as may be approved by the Chairman, the Executive Director, the Finance Officer, Bond Counsel and/or the Agency Counsel, and the distribution of such Preliminary and Final Official Statements in connection with the sale of the 2003 Bonds is hereby authorized. The Chairman, the Executive Director or the Finance Officer is and each of them are also authorized and directed to deem the Preliminary Official Statement final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 (the "Rule"), omitting only such information as is permitted under such Rule, and to execute an appropriate certificate stating the Agency's determination that the Preliminary Official Statement has been deemed final within the meaning of such Rule, The Executive Director or the Finance Officer is authorized to execute such continuing disclosure 1 VPUB'JRR\658195 obligation as may be necessary to comply with Rule 15c2-12 of the Securities Exchange Act of 1934. Section 6. Executive Director Authorized to Establish Final Terms of Sale Bonds. The Executive Director, based on such advice of Staff as he 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 various maturities of the Bonds, which amount shall not exceed $18,000,000 in the aggregate for the Series 2003 Bonds; (ii) the final interest rates on various maturities of the 2003 Bonds, provided that such rates shall not exceed 5.75% per annum for any maturity of the 2003 Bonds; and (iii) the Underwriter's discount for the purchase of the 2003 Bonds, which amount shall not exceed 1.5 percent of the principal amount of the 2003 Bonds. Section 7. Form of 2003 Bonds. The form of the 2003 Bonds as set forth in the Indenture as presented to this meeting is hereby approved and the Chairman or the Vice Chairman and the Secretary or any Assistant Secretary are hereby authorized and directed to execute by manual or facsimile signature, in the name and on behalf of the Agency and under its seal, such 2003 Bonds in either temporary and/or definitive form in the aggregate principal amount set forth in each respective Indenture and all in accordance with the terms and provisions of the Indenture. Section 8. Requisitions. The Executive Director or the Finance Officer is and each of them are hereby authorized and directed to execute one or more requisitions authorizing the Trustee to pay the costs of issuing the 2003 Bonds from the proceeds of the 2003 Bonds and the moneys, if any, deposited by the Agency with the Trustee for such purpose, all pursuant to the Indenture. Section 9. Bond Insurance. The Executive Director, or his designee, acting in the name of the Agency and on its behalf hereby is authorized and empowered to approve the obtaining of a policy of insurance guaranteeing payment of all or a portion of the Bonds and, if available and desirable, a reserve fund surety bond to replace a cash reserve fund for the Bonds upon such terms and conditions as may be approved by the Executive Director or his designee and the Executive Director or his designee is authorized and empowered to executive any certificates or agreements that may be required by the issuer of such insurance policy or surety bond. Section 10. Filing of CDAC Notice. The Agency hereby approves the filing by Bond Counsel of a notice of Agency's intent to sell the Bonds with the California Debt Advisory Commission pursuant to Section 8855 of the California Government Code. Section 11. Other Acts. The Chairman, the Vice-Chairman, the Executive Director, the Finance Officer and the Secretary 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 Staff, Bond Counsel and the Agency General Counsel, RVP1 MJRR�1658195 Section 12. Effective Date. This Resolution shall take effect upon adoption. PASSED, APPROVED AND ADOPTED this 21" day of October, 2003. IlkYkYYlYibr- - 7z Chairman of the Redevelopment Agency of the City of Redlands ATTEST: zzl6t���- Acting Secretary of the Redevelopment Agency of the City of Redlands RVPI.'B'JRR`,655195 they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the 2003 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. RVPUBJRR1658195 I hereby certify that the foregoing Resolution was duly and regularly adopted by the I I Redevelopment Agency of the City of Redlands at a regular meeting thereof held on the 21" day of October, 2003 by the following vote: AYES: Councilinembers Peppler, George, Harrison; Mayor Haws NOES: Councilmember Gilbreath ABSENT: None ABSTAIN: None Acting Secretary of the RedeveloprQnt Agency of the City of Redlands RVPUB i R RI 65 8 195