Loading...
HomeMy WebLinkAbout198 RDA_CCv0001.pdf RESOLUTION NO. 198 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS APPROVING THE ISSUANCE OF ITS NOT TO EXCEED $18,000,000 PRINCIPAL AMOUNT REDLANDS REDEVELOPMENT PROJECT 1987 TAX ALLOCA- TION REFUNDING BONDS, AN INDENTURE, AN ESCROW AGREEMENT, AN OFFICIAL STATEMENT AND A BOND PURCHASE AGREEMENT, AUTHORIZING THE EXECUTIVE DIRECTOR TO SET THE FINAL TERMS OF THE SALE OF THE BONDS, APPROVING THE PAYMENT OF COSTS OF ISSUING THE BONDS, RETAINING BOND COUNSEL AND MAKING CERTAIN DETERMINA- TIONS 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, a redevelopment plan, known as the Redevelopment Plan for the Redlands Redevelopment Project , has been adopted and approved by Ordinance No. 1500 of the City of Redlands; and WHEREAS, the Agency has heretofore issued its Redevelopment. Agency of the City of Redlands, Redlands Redevelopment Project, 1985 Tax Allocation and Refunding Bonds in the aggregate principal amount of $14,245,000 (the "1985 Bonds" ) in order to finance and refinance a portion of the Redlands Redevelopment Project (the "Project" ) ; and WHEREAS, the Agency proposes to issue not to exceed $18,000,000 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, there has been presented at this meeting a form of Trust Indenture providing for the issuance of the Bonds; and WHEREAS, in order to effect the above refunding of the 1985 Bonds there has been presented at this meeting a form of Escrow Agreement; WHEREAS, there has been presented to this meeting a form of preliminary official statement relating to the Bonds and a bond purchase agreement from Seidler-Fitzgerald Public Finance (the "Underwriter" ) pursuant to which the Underwriter has offered to purchase the Bonds on the terms and conditions set forth therein; and WHEREAS, the Agency is authorized to sell the Bonds on a negotiated basis pursuant to Section 53582 and following of the Government Code of the State of California; and WHEREAS, under applicable provisions of the Internal Revenue Code of 1986, as amended, no more than two percent of the initial principal amount of the Bonds may be expended on costs associated with the issuance of the Bonds and as a result it will be necessary for the Agency to pay a portion of such costs of issuance. -2- 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 Bonds. The issuance of not to exceed $18,000,000 principal amount Redevelopment Agency of the City of Redlands, Redlands Redevelopment Project 1987 Tax Allocation Refunding Bonds (the "Bonds" ) , in order to refund the Agency' s Redlands Redevelopment Project 1985 Tax Allocation and Refunding Bonds (the "1985 Bonds" ) is hereby authorized and approved. SECTION 2. Trust Indenture. The form of Trust Indenture dated as of February 1, 1987 by and between the Agency and Bank of America National Trust & Savings Association, as trustee (the "Indenture" ) presented at this meeting is hereby approved and the Chairperson or Vice Chairperson and the Secretary are hereby authorized and directed, for and in the name of and on behalf of the Agency, to execute, acknowledge and deliver said Indenture in substantially the form presented at this meeting with such insubstantial changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 3. Appointment of Trustee. Bank of America National Trust & Savings 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. -3- SECTION 4. Escrow Agreement. The form of Escrow Agreement dated as of February 1, 1987 (the "Escrow Agreement" ) by and between the Agency and Bank of America National Trust & Savings Association, as escrow agent ( the "Escrow Agent" ) , presented at this meeting is hereby approved and the Chairperson or Vice Chairperson and the Secretary are hereby authorized and directed, for and in the name of and on behalf of the Agency, to execute, acknowledge and deliver said Escrow Agreement in connection with the refunding of the 1985 Bonds in substantially the form hereby approved, with such insubstantial changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 5. Appointment of Escrow Agent. The Agency hereby appoints Bank of America National Trust & Savings Association as Escrow Agent for the 1985 Bonds for all purposes of the Escrow Agreement. SECTION 6 . Official Statement. The form of preliminary official statement relating to the Bonds and presented to this meeting is hereby approved. The preparation of a final official statement relating to the Bonds is hereby approved and the Chairperson is 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 -4- official statement as may be approved by the Executive Director and the distribution of such preliminary and final official statements in connection with the sale of the Bonds is hereby authorized. SECTION 7. Form of Bonds. The form of the Bonds as set forth in the Indenture as presented to this meeting is hereby approved and the Chairperson or Vice-Chairperson and 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 Bonds in either temporary and/or definitive form in the aggregate principal amount set forth in the Indenture and all in accordance with the terms and provisions of the Indenture. SECTION 8 . Bond Purchase Agreement . The form of Bond Purchase Agreement (the "Purchase Agreement" ) as presented to this meeting by Seidler-Fitzgerald Public Finance (the "Underwriter" ) and the sale of the Bonds pursuant thereto upon the terms and conditions set forth therein is hereby approved and, subject to such approval and subject to the provisions of Section 9 hereof, the Chairperson or Vice Chairperson 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 officers executing the same may approve and such matters as are authorized by Section 9 hereof, such -5- approval to be conclusively evidenced by the execution and delivery thereof. SECTION 9 . Executive Director Authorized to Establish Final Terms of Sale of 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 Bonds, which amount shall not exceed $18,000,000; ( ii) the final interest• rate on the Bonds, which rate shall not exceed 9% per annum for any maturity of the Bonds; and ( iii ) the Underwriter ' s discount for the purchase of the Bonds, which amount shall not exceed 3.5% of the principal amount of the Bonds. The authorization and powers delegated to the Executive Director by this Section 9 shall be valid for a period of 45 days from the date of adoption of this Resolution. SECTION 10. Payment of a Portion of the Costs of Issuance. The payment by the Agency of the costs of issuance of the Bonds which exceed the amount permitted by the Internal Revenue Code of 1986 to be paid from Bond proceeds is hereby authorized and approved; provided that said amount so paid by the Agency shall not exceed $300,000. For this purpose, Agency staff is hereby authorized and directed to prepare and cause to be delivered an appropriate check or warrant of the Agency in the amount of $300,000 and payable to the Trustee. The Executive -6- Director is hereby authorized and directed to approve the costs of issuance to be paid from said deposit. Any portion of said deposit remaining with the Trustee 180 days after the delivery of the Bonds to the Underwriter shall be returned by the Trustee to the Agency. SECTION 11. Requisitions. The Executive Director, or his designee, is hereby authorized and directed to execute one or more requisitions authorizing the Trustee to pay the costs of issuing the Bonds from the proceeds of the Bonds and the moneys deposited by the Agency with the Trustee for such purpose, all pursuant to the Indenture. SECTION 12. Bond Counsel. The law firm of Best, Best & Krieger is hereby retained as bond counsel on the terms set forth in the proposed letter of said firm presented to this meeting and the Chairperson, Vice Chairperson or Executive Director is hereby authorized and directed to execute said proposal letter for and in the name of the Agency. SECTION 13. Filing, of CDAC Notice. The Agency hereby approves the filing by Bond Counsel of a notice of the Agency' s intent to sell the Bonds with the California Debt Advisory Commission pursuant to Section 8855 of the California Government Code. SECTION 14. 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 -7- deliver any and all documents, which in consultation with Staff and Bond Counsel, they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds, or otherwise to effectuate the refunding of the 1985 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 15. Effective Date. This Resolution shall take effect upon adoption. PASSED, APPROVED and ADOPTED this 3rd day of February, 1987. Chairperson 6f/the Redevelopmejf 'Agency of the City of Redlands ATTEST: 5e'cref-4ry of edevelopment Agency)of the ` y of Redlands [SEAL] -8- FJB0466 I, LORRIE POYZER, Secretary of the Redevelopment Agency of the City of Redlands, California do hereby certify that the foregoing Resolution was regularly introduced and adopted by the Redevelopment Agency of the City of Redlands, California at a regular meeting held on the 3rd day of February, 1987 by the following vote: AYES: Members DeMirjyn, Wormser; Vice Chairman Larsen NOES: None ABSENT: Member Johnson; Chairman Beswick ABSTAINED: 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 3rd day of February, 1987 . -97ecreary of thO / Red eVelopment (A'ency of the City of Redlands FJB0466