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HomeMy WebLinkAbout4217_CCv0001.pdf RESOLUTION NO. 4217 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS APPROVING THE REFI- NANCING OF A PORTION OF THE REDLANDS REDEVELOPMENT PROJECT BY THE REDEVELOP- MENT AGENCY OF THE CITY OF REDLANDS WHEREAS, the Redevelopment Agency of the City of Redlands ( the "Agency" ) is authorized pursuant to Chapter 8 (commencing with Section 33000) of Part 1 of Division 24 of the California Health and Safety Code ( the "Act" ) to issue bonds for any of its corporate purposes; and WHEREAS, the Agency has heretofore issued $14, 245,000 aggregate principal amount of its Redlands Redevelopment Project 1985 Tax Allocation and Refunding Bonds ( the "1985 Bonds" ) ; and WHEREAS, the Agency is authorized pursuant to Section 53582 and following of the Government Code of the State of California (the "Refunding Law" ) to issue its bonds to refund the 1985 Bonds; and WHEREAS, the Agency, in connection with its Redlands Redevelopment Project ( the "Project" ) , has indicated its intention to issue not to exceed $18, 000,000 aggregate principal amount of its Redlands Redevelopment Project 1987 Tax Allocation Refunding Bonds (the "Bonds" ) , the proceeds of which will be used to refund the 1985 Bonds; and WHEREAS, notice of a public hearing to be conducted by this City Council with respect to the proposed issuance of the Bonds and the financing of the Project by the Agency was duly published at least 10 days prior to February 3, 1987 in a newspaper of general circulation in the City of Redlands, which notice set 7 : 00 p.m. on February 3, 1987 and the City Council chambers as the time and place for said hearing; and WHEREAS, this City Council is the applicable govern- mental unit to conduct said public hearing for purposes of Sec- tion 147 ( f) of the Internal Revenue Code of 1986, as amended (the "Code" ) ; and WHEREAS, this City Council has duly held said public meeting and hearing with respect to the Project and its proposed financing by the Agency, all in accordance with Section 147 ( f) of the Code, at which public hearing interested individuals were given a reasonable opportunity to express their views on the Project and its proposed financing by the Agency; NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF THE CITY OF REDLANDS AS FOLLOWS: Section 1. Approval of Financing. This City Council hereby approves the refinancing of a portion of the Project by means of the issuance of not to exceed $18, 000,000 principal amount of the Agency' s Redlands Redevelopment Project 1987 Tax Allocation Refunding Bonds pursuant to provisions of the Act and the Refunding Law, all subject to the requirements of the Act. and the Refunding Law. This approval is intended to satisfy the requirements of Health and Safety Code Section 33640 and Section 147(f) of the Code. -2- Section 2. Effective nate, This Resolution shall take effect immediately upon adoption. ADOPTED this 3rd day of February, l ayor of the"'City of Redlands, California ATTEST: y � ity lerk o City of Redly ds, Ca �nia _3- FJB0467 I, LORRIE POYZER, City Clerk of the City of Redlands, California, do hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of Redlands, California, at a regular meeting thereof held on the 3rd day of February, 1987 , by the following vote of the City Council: AYES: Councilmembers DeMirjyn, Wormser; Mayor Fro Tem Larsen NOES: None ABSENT: Councilmember Johnson; Mayor Beswick ABSTAINED: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Redlands, California, this 3rd day of February, 1987 , '-CityJerk of City of Redlainds, Carnia _4_ FJB0467 LAND OFFICES OF ARTHUR L.LTTTLEWORTH w VIRGINIA A.ETTINGER BEST, BEST & K R I E G E R OFFICES 1N GLEN E.STEPHENSVICTOR L.WOLF WILLIAM R.DEWOLFE• DANIEL E�OLIVIER A PARINER5HIP INCLUDING PROFF551ONAL CORPORATIONS BARTON C.GAUT ARIEL PIERRE CALONNE 400 MISSION SQUARE PALM SPRINGS CHARLES D FIELD- DANiEI J.Mc HUGH ,6195 32S-7264 PAUL T.SELZER* CARL F. HERBOLD 3750 UNIVERSITY AVENUE DALLAS HOLMES* STEPHANTE K.HARLAN CHRISTOPHER CARPENTER- MARC E.EMPEY POST OFFICE. BOX 1028 RANCHO MIRAGE RICHARD T.ANDERSON- JOHN R.ROTTSCHAEFER JOHN O-WAHLINw VIRGINIA A.JOHNSON RIVERSIDE,CALIFORNIA 92502 {619)"340-2445 MICHAEL D.HARRIS LETITIA E.PEPPER — W.CURT EALY + MARTIN A.MUELLER TELEPHONE X714)686-1450 SAN DIEGO THOMAS S.SLOVAK* J.MICHAEL 5UMMEROUR - JOHN E.BROWN* HOWARD B.GOLDS TELECOPIER i714j 686-3Oe3 ;619'457-4975 RONALD J.KOH U'T EUGENE TANAKA ' MICHAEL T.R£DDELL« MARGARET F TANAKA MEREDITH A.JURY * BASILT.CHAPMAN RAYMOND B€57(rs66-195J) PALM DESERT MICHAEL GRANT JEFFE RY J.GRAN DALL FRANCIS J� SAUM x SCOTT C.SMITH JAMES H.KRIEGER(T913-1975) 1619} 5566-2611 ANNE T.THOMAS* LANCE A.ADAIR EUGENE BEST(f993-1961} — D.MARTIN NETHE RY* JACK B.CLARKE GEORGE M.REYES ROGER A.GRAD GORDON COLOGNE,OF COUNSEL WILLIAM W.FLOYD,JR. JEANNETTE A.PETERSON JAMES B.CORISONI,OF COUNSEL MIG HAEL A.CRISTE* CHRISTINE M.NORTH '] C) GREGORY L.HARDKE TERI L.VOLLNOGLE January 28 1987 RRGHAq❑ A.f�SH#NS,OF COUNS€L RICHARD CROSS GREGORY K.WILKIN.SON ADMITTED IN NEW YORK,NEVADA KENDALL H.MACVEY DANIEL C.CARM+CHAEL WASHINGTON,D.C.COURT OF CLAIMS CLARK H.ALSOP BARBARA. E.KRISTAL DAVID J.ERWIN*' BRIAN M.LEWIS MICHAEL J-ANDELSON• TIMOTHY M.CONNCR DOUGLAS S-PHILLIPS r GEORGE H.CHANT HI CHARLES M.ELLIS* RONALD A.VAN SLARCOM LA.NTSON E.ELDREDREBECCA D.HICKOX IRWIN L.GOLDS DRADLEY E.NEUFELD ANTONIA G.WEINER CEOLIA S.WU HARLEY L'B.IELLAND MICHAEL E.HULME DAVID L.BARON GEOFFREY K.WILLIS WYNNE S.FURTH +A PROFESSIONAL CORPORATION VIA MESSENGER Ms. Lorrie Poyzer City Clerk City of Redlands 30 Cajon Street Redlands, CA 92373 Re: Redevelopment Agency of the City of Redlands, Redlands Redevelopment Project, 1987 Tax Allocation Refunding Bonds Dear Lorrie: Enclosed please find twelve agenda packets for the Redevelopment Agency for the above transaction containing our covering memorandum and an approving resolution of the Agency, together with a copy of our proposal letter for services as bond counsel. The original of the resolution and the original and a copy of our proposal letter are separately enclosed. Following approval of the resolution, we would appreciate the return of the executed copy of our proposal letter, together with a certified copy of the approving resolution for our files. Also enclosed are two sets of the financing documents in this transaction, consisting of the Trust '----- Indenture rust /--Indenture and the Escrow Agreement. These should be placed,, k ' J-- on file in your office and in the office of the Agency ' s Redevelopment Director for review prior to the meeting . LAW OFFICES OF BEST, BEST & KRIEGER Derrill Quaschnik January 28, 1987 Page 2 The official statement and the bond purchase agreement will be separately provided to you by the underwriter or their counsel. Very truly yours, Francis J. Baum of Best, Best & Krieger FJB: jcq cc: Derrill D. Quaschnik, Redevelopment Director Redevelopment Agency of the City of Redlands John C. Fitzgerald, Managing Director Jonathan D. White, Senior Associate Seidler-Fitzgerald Public Finance C LAW OFFICES OF ARTHUR L.Lt"LEWORTH• VIRGINIA A.ETTINGER BEST, BEST & K R R EG E R OFFICES IN GLEN E.STEPHENS+ VICTOR L.WOLF WILLIAM R.Di WOLFE DANIEL E.OLIVIER •PAwrwEwlNIP kNCLVPiNR PwOFElSIpww4 CPP vpKAT'Ca5 SARTON C.GA11Y AWEL PIERRE CALONNE PALM SPRINGS CHARLES O. ZLD• DANIEL J- MCHUGH 400 MISSION SQUARE PAUL T.SELLER- CARL F. HERBOLD ,619; 325-7264 GALLAS HOLMES• STEPHANIE K.HARLAN 3750 UNIVERSITY AVENUE — CHRfSTOPHER CARPENTER- MARC E.EMPEY P05T OFFICE f3CX 1028 'RANCHO MIRAGE RICHARD T.ANDERSON+ JOHN R.ROTTSCHAEFE.R JOHN D.WAHLIN- VIRGIN'A A.JOHNSON RIVERSIDE, CALIFORNIA 925032 {5191 3a0-2445 MICHAEL D.HARRIS• LETITIA E-PEPPER _ W.CURT EALY • MARTIN A.MUELLER TELEPHONE(714!666-1450 THOMAS S.SLOVAK• J.MICHAEL SUMMEROUR SAN DIEGO JOHN f.BROWN+ HOWARD 9.GOLDS TE LECpPIER '714) 686-3063 619 457^4975 RONALD J.KOHUT EUGENE TANAKA MFCHAEL 7.RIDDELL+ MARGARET F TANAKA -- — MEREDITH A.JURY • BASIL T.CHAPMAN RAYMONDPALM DESERT MfCM AEL GRANT Jr;FE RY J.CRANDALL BEST(IB88-ID57j FRA NT J-BAVM• SCOTT C.SMITH JAMES H.KRIEG€R;1933-1976;; {619: 568-261: ANNE T.THOMAS.. LANCE A.ADAIR EUGENE BEST(1993-1991; —.- D.MARTIN NETMERY+ JACK B•CLARKE GEORGE M.REYES ROGER !4-GRAD GOROON COLOGNE,Of COUNSEL WILLIAM W.FLOYD,JR. JEANNETTE A.PETERSON JAMS$ B.CORISON,OF COUNSEL WCHAEL A.CRISTE+ CHRISTINE M.NORTH. N GREGORY L-HAROKE TERI L.VOLLNOGLE January 28 1787 RICHARD A_ S Se OF COUNSEL RICHARD CROSS GREGORY K.WILKINSON v F ApNlrrEo IN Hove rtSwK,NEvwoA KENDALL H.MwcVEY DANIEL C.CARMICHAEL wASNI.N Gro N,D.C.COURT OF CV.INS CLARK H.ALSOF BARBARA E.KR€STAL DAVID J.ERW IN• BRIAN M.LEWIS MICHAEL J.ANDEL5ON+ TIMOTHY M.CONNOR DOUGLAS S.PHILLIPS+ GEORGE H.CHANT M CHARLES M.ELLIS RONALD A.VAN SLARCOM LANTSON E.ELOR£D• REBECCA D.HICKOK IRWIN L.GOLDS BRADLEY E-NEUFELO ANTONIA G-WEINER CECILIA S.WU HARLEM L.BJE LLAND MICHAEL E.HULME DAVID L.BARON GEOFFREY K.WILLIS WYNNE S.FURTH +A PROFESSIONAL CORPORATION Honorable Chairperson and Members of the Redevelopment Agency of the City of Redlands 30 Cajon Street Redlands, California 92373 Re: Proposal for Bond Counsel Services for Proposed Redevelopment Agency of the City of Redlands, Redlands Rede- velopment Project 1987 Tax Allocation Refunding Bonds Ladies and Gentlemen: We are pleased to submit this proposal for bond counsel services in connection with the proposed issuance of tax allocation refunding bonds by the Redevelopment Agency of the City of Redlands for the Redlands Redevelopment Project . The firm of Best , Best & Krieger would be pleased to serve as bond counsel on this financing and proposes to perform the following services on the basis set forth in this letter . We will confer and consult with Agency staff and the Agency' s financial consultant on all matters relating to the financing including participation in the review and selection of appropriate financing methods. We will assist the Agency in identifying the most advantageous method of financing based upon our experience and we will attend all meetings of the Agency ' s staff and consultants at which financing methods are to be discussed and analyzed for suc- cessful completion of the financing. LAW OFFIC£5 OF BEST, BEST & KRIEGER Redevelopment Agency of the City of Redlands January 28, 1987 Page 2 Our services will include the preparation of all ordinances, resolutions, bond forms and other documents required in the proceedings. We will also review any official statement prepared on behalf of the Agency, and attend all meetings in which any action in connection with the proceedings is to be taken. Subject to completion of the financing to our satisfaction, Best, Best & Krieger will issue its approving legal opinion to the purchasers of the bonds to the effect that all proceedings have been legally undertaken for the authorization, issuance, sale and delivery of such bonds, or other transactions relating to the financing and that the bonds are exempt from inclusion in gross income for federal income tax purposes and are exempt from state personal income tax. We will also issue appropriate supplemental opinions and certificates as may be necessary or appro- priate. Finally, we will confer and consult with Agency officials with respect to problems which may arise during the period of servicing and payment of the bonds and provide any and all other services commonly expected of bond coun- sel . Our fee for the foregoing legal services will be based on the total principal amount of bonds to be sold and will be computed as follows: Total Amount of Bonds Authorized Fee $1, 000,000 or less $1.0,000 $1, 000 ,000 to $5,000,000 $10, 000 plus . 40% of the excess over $1,400, 000 $5, 000, 000 to $10, 000,000 $26 ,000 plus .15% of the excess over $5,000 ,000 $10, 000,000 or more $33, 500 plus . 10% of the excess over $10,000, 040 LAW OFFICES OF BEST, BEST & KRIEGER Redevelopment Agency of the City of Redlands January 28, 1987 Page 3 The above fees will be payable only upon completion and sale of the bonds from the proceeds of the €inancing, and not otherwise. If other services are requested by the Agency which are not within the scope of those outlined above, they will be performed on a time basis at the hourly rate of the attorneys involved. In the event this financing is not completed for any reason, the Agency will have no liability for any fees incurred by our firm with respect to the financing. } In addition to the above bond counsel fees, we would expect to be reimbursed by the Agency for out-of- pocket expenses incurred by us on behalf of the Agency, such as long distance telephone calls, telegrams, messenger and courier services, travel at the request of appropriate Agency officials, duplicating, computer time sharing and the like. If this arrangement is satisfactory to you, please have the Board of Directors of the Agency authorize our employment according to the terms of this letter and return to us a copy of this letter executed by an authorized officer of the Agency.. Respectfully submitted, U41 Francis J. Baum of Best , Best & Krieger FJBsjcq TERMS OF BOND COUNSEL EMPLOYMENT APPROVED THIS 7d D YOF F b ary, 1987 . r Auth6rized Off J Redevelopment r of the `Agerfcy of the City of Redlands FJB0968