HomeMy WebLinkAbout276 RDA_CCv0001.pdf RESOLUTION NO. 276
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF REDLANDS AUTHORIZING THE ISSUANCE
OF ITS REDLANDS REDEVELOPMENT PROJECT TAX
ALLOCATION REFUNDING BONDS, SERIES 1998A;
APPROVING A FORM OF INDENTURE; A FORM OF
CONTRACT OF PURCHASE; A FORM OF OFFICIAL
STATEMENT; FORMS OF REFUNDING ESCROW
AGREEMENTS AND A FORM OF CONTINUING
DISCLOSURE AGREEMENT; MAKING CERTAIN
DETERMINATIONS RELATING THERETO; AND
AUTHORIZING CERTAIN OTHER ACTION IN
CONNECTION THEREWITH
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(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 Redevelopment Plan for the
Redlands Redevelopment Project(the"Plan"), has been adopted and approved in accordance
with the Law; and
WHEREAS, the Agency has determined to issue not to exceed $35,000,000
aggregate principal amount of its Redlands Redevelopment Project Tax Allocation Refunding
Bonds, Series 1998A(the"Bonds"), for the purpose of(i)refinancing certain redevelopment and
public parking activities of the Agency and(ii)paying the costs of issuing the Bonds; and
WHEREAS, there have been presented at this meeting various agreements to be
executed in connection with the issuance of the Bonds;
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 Bond . The issuance of not to exceed
$35,000,000 aggregate principal amount of Redevelopment Agency of the City of Redlands,
Redlands Redevelopment Project Tax Allocation Refunding Bonds, Series 1998A(the"Bonds"),
in order to finance redevelopment activity pursuant to the Plan 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. The Bonds are authorized to be
executed by the manual or facsimile signature of the Chairperson of the Agency and attested by
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the manual or facsimile signature of the Secretary of the Agency. The Bonds, when so executed,
are authorized to be delivered to the Trustee for authentication.
SECTION 2. Approval of Indenture. The form of Indenture, between the Agency
and U.S. Bank Trust National Association, as trustee {the "Indenture"), presented at this meeting
is hereby approved and the Chairperson, Executive Director or the Director of Finance are each
hereby individually 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 officer executing the same may approve, such approval
to be conclusively evidenced by the execution and delivery thereof. The date, maturity date or
dates, interest rate or rates, interest payment dates, terms of redemption and other terms of the
Bonds shall be as provided in the Indenture as finally executed.
SECTION 3. Approval of Refunding Escrow Agreements. The forms of
Refunding Escrow Agreements between the Agency and U.S. Bank Trust National Association
(the "Refunding Escrow Agreements"),presented at this meeting are hereby approved and the
Chairperson, Executive Director or Director of Finance are each hereby individually authorized
and directed, for and in the name of and on behalf of the Agency, to execute, acknowledge and
deliver the Refunding Escrow Agreements in substantially the forms presented at this meeting
with such changes therein as the officer executing the same may approve, such approval to be
conclusively evidenced by the execution and delivery thereof
SECTION 4. Approval of Contract of Purchase. The form of Contract of
Purchase (the"Purchase Agreement"), between the Agency and Stone & Youngberg LLC, (the
"Underwriter"),presented at this meeting is hereby approved and the Executive Director or the
Director of Finance are each hereby individually authorized and directed, for and in the name of
and on behalf of the Agency, to execute, acknowledge and deliver the Purchase Agreement in
substantially the form presented at this meeting with such changes therein as the officers
executing the same may approve, such approval to be conclusively evidenced by the execution
and delivery thereof; provided, however, that(i) the aggregate principal amount of Bonds shall
not exceed $35,000,000, (ii)the maturity of the Bonds shall not exceed September 1, 2022,
(iii) the true interest cost with respect to the Bonds shall not exceed 7.5 per annum and (iv)the
Underwriter's discount (exclusive of original issue-discount) with respect to the Bonds shall not
exceed 2.5%.
SECTION 5. Approval of Preliminary Official Statement. The form of
Preliminary Official Statement, on file with the Secretary, with such changes therein as may be
approved by the Executive Director or the Director of Finance, is hereby approved and the use of
the Preliminary Official Statement in connection with the offering and sale of the Bonds is
hereby authorized and approved.
SECTION 6. Distribution,of Official Statement. The preparation and delivery of
an Official Statement, and its use by the Underwriter in connection with the offering and sale of
the Bonds, is hereby authorized and approved. The Official Statement shall be in substantially
the form of the Preliminary Official Statement with such changes, insertions and omissions as
may be approved by the Executive Director or the Director of Finance, such approval to be
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conclusively evidenced by the execution and delivery thereof. The Executive Director or the
Director of Finance is hereby authorized and directed, for and in the name of and on behalf of the
Agency, to execute the final Official Statement and any amendment or supplement thereto and
thereupon to cause the final Official Statement and any such amendment or supplement to be
delivered to the Underwriter.
SECTION 7. Approval of Continuing Disclosure Agreement. The form of
Continuing Disclosure Agreement, between the Agency and Trustee (the"Continuing Disclosure
Agreement"),presented at this meeting is hereby approved and the Chairperson, Executive
Director or the Director of Finance are each hereby individually authorized and directed, for and
in the name of and on behalf of the Agency, to execute, acknowledge and deliver the Continuing
Disclosure Agreement in substantially the form presented at this meeting with such changes
therein as the officer executing the same may approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
SECTION 8. 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 Orrick, Herrington & Sutcliffe LLP, the Agency's
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 9. Effective Date. This Resolution shall take effect upon adopted.
PASSED and ADOPTED this November 3, 1998.
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