HomeMy WebLinkAbout8756RESOLUTION NO. 8756
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
DISSOLVING THE REDLANDS FINANCING AUTHORITY AND TERMINATING THE
JOINT EXERCISE OF POWERS AGREEMENT DATED MAY 1, 1999
WHEREAS, the City of Redlands (the "City") and the Redevelopment Agency of the City of
Redlands (the "Agency") entered into that certain Joint Exercise of Powers Agreement dated as of
May 1, 1999, creating the Redlands Financing Authority (the "Authority" or "RFA"); and
WHEREAS, the Joint Exercise of Powers Agreement authorizes the Authority to exercise
powers common to the City and the Agency and, among other powers, to assist in financing for public
purposes and to issue and sell bonds consistent with applicable law; and
WHEREAS, the Joint Exercise of Powers Agreement provides that the Authority shall
continue to exercise its powers until termination of the Agreement or until the City and the Agency
mutually rescind the Agreement; and
WHEREAS, the Joint Exercise of Powers Agreement further provides that, upon termination,
any assets of the Authority are to be distributed to the respective grantors and assignors thereof; and
WHEREAS, the Authority historically served as a financing conduit for City utility revenue
bond issuances (water, wastewater, and solid waste), and the last debt maturity associated with those
financings occurred in 2017; and
WHEREAS, redevelopment agencies in California were dissolved statewide effective
February 1, 2012, and successor agencies were established to wind down enforceable obligations
pursuant to state dissolution law; and
WHEREAS, the Successor Agency's remaining wind -down activities have concluded as of
July 2024; and
WHEREAS, staff has confirmed that the Authority has no outstanding obligations, no open
trustee or fiscal agent accounts, no continuing disclosure obligations, and no remaining assets; and
WHEREAS, the City Council finds that dissolving the Authority and terminating the Joint
Exercise of Powers Agreement is a prudent fiscal housekeeping action that will align the City's legal
entities with current operational needs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
REDLANDS AS FOLLOWS:
Section 1. The above recitals are true and correct and are adopted as findings of the City
Council.
Section 2. The Joint Exercise of Powers Agreement dated May 1, 1999 creating the
Redlands Financing Authority is hereby terminated pursuant to its terms.
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Section 3. The Redlands Financing Authority is hereby dissolved effective immediately
upon adoption of this Resolution.
Section 4. Based on staff's confinnation that the Authority holds no assets and maintains
no open trustee or fiscal agent accounts, no asset distribution or account closure actions are required.
Section 5. The Mayor, City Manager, Finance Director, and City Clerk are hereby
authorized and directed to take any and all ministerial actions necessary or desirable to implement
this Resolution and reflect the dissolution in the City's records.
Section 6. This Resolution shall take effect immediately upon its adoption.
ADOPTED, SIGNED AND APPROVED this 17"' day of March, 2026.
A—� / —
Mario Saucedo, Mayor
ATTEST:
J e Donaldson, City Clerk
2
L\ResolutionslRes 8700-879%Resolution No. 8756 Dissolving the RFA.bm.02.26.2026.docx
1, Jeanne Donaldson, City Clerk of the City of Redlands, hereby certify that the foregoing resolution
was duly adopted by the City Council at a regular meeting thereof held on the 17th day of March,
2026, by the following vote:
AYES: Councilmembers Barich, Tejeda, Davis, Shaw; Mayor Saucedo
NOES: None
ABSENT: None
ABSTAIN: None
""4,-
Jew onaldsan. City Clerk
IAResolutions\Res 8700-87991Resolution No. 8756 Dissolving the RFA.bm.02.26.2026A)cx