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RESOLUTION NO. 5572
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF REDLANDS APPROVING THE
REFINANCING OF CERTAIN OUTSTANDING DEBT
ISSUED IN CONNECTION WITH THE MERGED
PROJECT AREA
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 (Part 1 of Division 24 of the Health and Safety Code of the State of California and
referred to herein as the "Law") and the powers of such 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 Plan contemplates that the Agency will issue its bonds to
finance and refinance a portion of the cost of such redevelopment; and
WHEREAS, the Agency has heretofore issued its Redlands Redevelopment
Project 1987 Tax Allocation Refunding Bonds, its Redlands Redevelopment Project 1994
Subordinate Tax Allocation Bonds and its 1994 Refunding Parking Lease Revenue Bonds
(the "1994 Parking Bonds"), the proceeds of which were used to finance or refinance
redevelopment activity in the Redlands Redevelopment Project; and
WHEREAS, the Agency has indicated its intention to authorize the issuance
of not to exceed $35,000,000 aggregate principal amount of its Redlands Redevelopment
Project Tax Allocation Refunding Bonds, Series 1998A(the"Series 1998 Bonds'),pursuant
to an Indenture (the "Indenture"), between the Agency and U.S. Bank Trust National
Association, for the purpose of refinancing portions of the redevelopment project through
the refunding of the bonds referred to above; and
WHEREAS, pursuant to the Law, the City Council also must authorize and
approve such borrowing by the Agency; and
WHEREAS, the refunding of the 1994 Parking Bonds will result in the
termination of a lease agreement between the Agency and the City and the vesting of title in
the City to certain Parking Facilities, as defined in the Indenture; and
WHEREAS, in consideration of the benefits to be received by the City as a
result of the refunding of the 1994 Parking Bonds, and of the need to preserve the tax-
exempt status of interest on the Series 1998 Bonds, the City has determined that it is
necessary to transfer to the Agency amounts, if any, received by the City from the sale of the
Parking Facilities, to be used by the Agency to redeem a portion of the Series 1998 Bonds;
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NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF REDLANDS AS FOLLOWS:
SECTION 1. Approval of Einancil1g. This City Council hereby approves
the refinancing of certain outstanding debt issued in connection with the Redlands
Redevelopment Project, which refinancing constitutes a "redevelopment activity" as such
term is defined in Section 33678 of the Law. This approval is intended to satisfy the
requirements of Health and Safety Code Section 33644.
SECTION 2. Use of Sale Proceeds. In consideration of the benefits to be
received by the City as a result of the refunding of the 1994 Parking Bonds, and of the
need to preserve the tax-exempt status of interest on the Series 1998 Bonds, the City shall
transfer to the Agency amounts, if any, received by the City from the sale of the Parking
Facilities, to be used by the Agency to redeem a portion of the Series 1998 Bonds
SECTION 3. Ef ective Date. This Resolution shall take effect
immediately upon adoption.
APPROVED and ADOPTED this November 3, 1998.
i
�hkY
E
OR
ATTEST:
City C-1rk of the
City of Redlands, California
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