HomeMy WebLinkAbout476 SA_CCv0001.pdf RESOLUTION NO. 476
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF
REDLANDS AUTHORIZING THE ISSUANCE AND SALE OF TAX
ALLOCATION REFUNDING BONDS, AND APPROVING THE FORM OF AN
INDENTURE OF TRUST AND AUTHORIZING CERTAIN OTHER ACTIONS
IN CONNECTION THEREWITH
WHEREAS,the Redevelopment Agency of the City of Redlands (the"Prior Agency") was
a public body, corporate and politic, duly created, established and authorized to transact business
and exercise its powers under and pursuant to the provisions of the Conununity Redevelopment
Law (Part 1 of Division 24 of the Health and Safety Code of the State of California) and the
Community Development Commission Law(Part 1.7 of Division 24 ofthe Health and Safety Cade
of the State of California) (collectively, the "Law"), and the powers of the Prior Agency included
the power to issue bonds for any of its corporate purposes; and
WHEREAS, a Redevelopment Plan for a redevelopment project known and designated as
the "Redlands Redevelopment Project Area" has been adopted and approved by Ordinance
No. 1436 of the City of Redlands on April 6, 1971, as amended to date, and all requirements of
law for and precedent to the adoption and approval of the Redevelopment Plan, as amended, have
been duly complied with; and
WHEREAS, a Redevelopment Plan for a redevelopment project known and designated as
the "North Redlands Revitalization Project" has been adopted and approved by Ordinance No.
2703 of the City of Redlands on July 15, 2008, as amended to date, and all requirements of law
for and precedent to the adoption and approval of the Redevelopment Plan, as amended,have been
duly complied with; and
WHEREAS,the Prior Agency has previously issued its Redevelopment Agency of the City
of Redlands, Redlands Redevelopment Project, Tax Allocation Refunding Bonds, Series 1998A,
currently outstanding in the aggregate principal amount of$12,725,000 (the "1998 Bonds"); and
WHEREAS,the Prior Agency has previously issued its Redevelopment Agency of the City
of Redlands, Redlands Redevelopment Project, Tax Allocation Bonds, Series 2003A, currently
outstanding in the aggregate principal amount of$5,545,000 (the "2003 Bonds"); and
WHEREAS,the Prior Agency has previously issued its Redevelopment Agency of the City
of Redlands, Redlands Redevelopment Project Area, Tax Allocation Bonds, Taxable Series
2007A, currently outstanding in the aggregate principal amount of$2,640,000(the"2007 Bonds";
and, together with the 1998 Bonds and the 2003 Bonds,the"Prior Bonds"); and
WHEREAS, on June 28, 2011, the California Legislature adopted ABxl 26 (the
"Dissolution Act") and ABx1 27 (the"Opt-in Bill"); and
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WHEREAS, the California Supreme Court subsequently upheld the provisions of the
Dissolution Act and invalidated the Opt-in Bill resulting in the dissolution of the redevelopment
component of the Prior Agency as of February 1, 2012; and
WHEREAS, the Prior Agency, including its redevelopment powers,assets and obligations,
was transferred on February 1, 2012 to the Successor Agency to the Redevelopment Agency of
the City of Redlands (the "Successor Agency"); and
WHEREAS, on or about June 27,2012, AB 1484 was adopted as a trailer bill in connection
with the 2012-13 California Budget; and
WHEREAS, AB 1484 specifically authorizes the issuance of refunding bonds by the
Successor Agency to refund the bonds or other indebtedness of the Prior Agency to provide savings
to the Successor Agency, provided that (A) the total interest cost to maturity on the refunding
bonds plus the principal amount of the refunding bonds shall not exceed the total remaining interest
cost to maturity on the bonds to be refunded plus the remaining principal of the bonds to be
refunded, and(B)the principal amount ofthe refunding bonds shall not exceed the amount required
to defease the refunded bonds, to establish customary debt service reserves, and to pay related
costs of issuance; and
WHEREAS, for the corporate purposes of the Successor Agency, the Successor Agency
desires to issue at this time tax allocation refunding bonds (the "2016 Bonds") in an aggregate
principal amount sufficient to refund all or a portion of the Prior Bonds, and to irrevocably set
aside a portion of the proceeds of such 2016 Bonds in a separate segregated trust fund which will
be used to refund the outstanding Prior Bonds being refunded, to pay costs in connection with the
issuance of the 2016 Bonds and to make certain other deposits as required by the Indenture (as
defined below); and
WHEREAS, the 2016 Bonds shall be secured by a pledge of property tax revenues
authorized by California Health and Safety Code Section 34177.5(a) and (g), pursuant to the
provisions of Article I 1 of Chapter 3 of Part 1 of Division 2 of Title 5 ofthe California Government
Code (the "Bond Law"); and
WHEREAS, the Successor Agency wishes at this time to approve matters relating to the
issuance and sale of the 2016 Bonds;
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Successor Agency as follows:
Section 1. Subject to the provisions of the Indenture referred to in Section 2 hereof,
the issuance of the 2016 Bonds in an aggregate principal amount sufficient to refund all or a portion
of the Prior Bonds for the purpose of achieving debt service savings in accordance with Health &
Safety Code Section 34177.5(a)(1) and the pledge of property tax revenues to the 2016 Bonds
pursuant to the Indenture approved by Section 2 of this Resolution (as authorized by California
Health and Safety Code Section 34177.5(a) and (g)) is hereby approved on the terns and
conditions set forth in, and subject to the limitations specified in, the Indenture. The 2016 Bonds
will be dated, will bear interest at the rates, will mature on the dates, will be issued in the form,
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will be subject to redemption, and will be as otherwise provided in the Indenture, as the same will
be completed as provided i1 this Resolution. The proceeds of the sale of the 2016 Bonds shall be
applied as provided in the Indenture. The 2016 Bonds may be issued as a single issue, or from
time to time, in separate series, as the Successor Agency shall determine. The approval of the
issuance of the 2016 Bonds by the Successor Agency and the Oversight Board shall constitute the
approval of each and every separate series of 2016 Bonds and the sale of the 2016 Bonds at a
public or private sale, without the need for any further approval from the Oversight Board.
Section 2. The Indenture of Trust in substantially the form submitted at this meeting
and made a part hereof as though set forth in full herein (the "Indenture"), is hereby approved.
The Chairman and the Secretary of the Successor Agency (or the designees of either) are hereby
authorized and directed to execute and deliver the Indenture in the form presented at this meeting
with such changes, insertions and omissions as may be requested by Stradling Yocca Carlson &
Rauth, a Professional Corporation, as Bond Counsel, and approved by the Chairman, said
execution being conclusive evidence of such approval.
Section 3. The Chairman of the Successor Agency, the Executive Director of the
Successor Agency, the Secretary of the Successor Agency, and any other proper officer of the
Successor Agency, acting singly,be and each of them hereby is authorized and directed to execute
and deliver any and all documents and instruments,relating to the 2016 Bonds, and to do and cause
to be done any and all acts and things necessary or proper for carrying out the transactions
contemplated by this Resolution and the Indenture, including, as necessary, the preparation of a
Bond Purchase Contract, a private placement memorandum, an Official Statement, a Continuing
Disclosure Certificate, Escrow Agreements for the Prior Bonds and any additional agreements as
may be required to carry out the purposes hereof. The form of each of the documents shall be
presented to the Successor Agency at a future meeting for approval.
Section 4. U.S. Bank, National Association, is hereby appointed as Trustee. The
Executive Director of the Successor Agency is hereby authorized to enter into a contract with the
Trustee for the purpose of providing its services.
Section 5. This Resolution shall take effect immediately upon its adoption.
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IN WITNESS WHEREOF, this Resolution is adopted and approved the 3rd day of
November, 2015.
Paul W. Foster, Chair of the Successor Agency to
the Redevelopment Agency of the City of Redlands
ATTEST:
Sam Irwin, Secretary of the Successor Agency to
the Redevelopment Agency of the City of Redlands
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I, Sam Irwin, Secretary of the Successor Agency to the former Redevelopment Agency of the City
of Redlands, hereby certify that the foregoing Resolution was duly adopted by the Board of the
Successor Agency to the former Redevelopment Agency of the City of Redlands at a special
meeting thereof, held on the 3rd day of November, 2015, by the following vote:
AYES: Boardmembers Harrison, Gilbreath, Barich, James; Chairman Foster
NOES: None
ABSTAIN: None
ABSENT: None
Sam Irwin, Secretary
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