Loading...
HomeMy WebLinkAbout4058_CCv0001.pdf RESOLUTION NO. 4053 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS , CALIFORNIA, APPROVING THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF ITS REDLANDS REDEVELOPMENT PROJECT 1985 TAX ALLOCATION AND REFUNDING BONDS AND MAKING CERTAIN DETERMINATIONS 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 Sections 33000 and fol- lowing 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 Redlands Redevelopment Project , has been adopted and approved by Ordinance No. 1500 of the City , which was adopted on September 26 , 1972 , and amended by Ordinance No. 1575 on February 17 , 1976; and WHEREAS , the Agency has adopted its resolution entitled, "Resolution of the Redevelopment Agency of the City of Redlands Authorizing the Issuance of $14 , 245 ,000 Principal Amount of 1985 Tax Allocation and Refunding Bonds of said Agency to Finance a Portion of the Cost of a Redevelop- ment Project Known as the Redlands Redevelopment Project; and WHEREAS , under and pursuant to the above resolution, the Agency has authorized the issuance of $14 ,245 , 000 Redlands Redevelopment Project Tax Allocation and Refunding Bonds (the "Bonds") , the purpose of which is to refund the outstanding Redlands Redevelopment Project 1977 Tax Alloca- tion Refunding Bonds of the Agency (the "1977 Bonds") and to aid in the financing of the Redlands Redevelopment Project of the Agency; NOW, THEREFORE , BE IT RESOLVED by the City Council of the City of Redlands as follows : Section 1. Approval of Issuance of Bonds . The issuance of $14 ,245 ,00 pprincipa amount Re an s Redevelops ment Project 1985 Tax Allocation and Refunding Bonds , in order to refund the 1977 Bonds , to aid in the financing of the Redlands Redevelopment Project and for other purposes related thereto , all of which constitute a "redevelopment activity" , as such term is defined. in Health and Safety Code Section 33675 , is hereby authorized and approved pursuant to Health and Safety Code Section 33640 . Section 2 . Effective Date . This Resolution shall take effect upon adoption ADOPTED this 16th day of �r l 1985 . Mayor of the City of Redlands , California ATTEST: ity Cierk o City of Redl nds , C rnia -2- I , LORRIE POYZER, City Clerk of the City of Redlands , California, do hereby certify that the foregoing resolution was regularly introduced and adopted by the City Council of the City of Redlands , California, at a regular meeting thereof held on the 16th day of April , 1985 , by the following vote oT the City Council ; AYES: Councilmembers DeMirjyn, Larsen; Vice Mayor Johnson NOES : None ABSENT: Councilman Martinez , Mayor Beswick ABSTAINED: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Redlands , California, this 16th day of _April 1985 . City lerk of, City o Red ds , Ca - rnia -3- LAW OFFICES Of BEST. BEST & K R I EG ER PALM SPRINGS OFFICE ARTHUR L.LITTLEWORTH+ MICHAEL A.CRISTE A PARTNCR$H1P 1NCW®tNC,PROFESNfONAI CORPORATIONS GLEN E-STEPH HENS• RICHARD CROSS 600 EAST TARQUITZ-MfiCALLUM WAY WILLIAM R.DEWOLFE• IRWIN L.GOLDS 4200ORANGE STREET BARTON C.GAVT+ ANTONIA G.WEINER P.O.BOX 2710 CHARLES D.FIELD• JOYCE W.WHEELER P. 0.BOX 1028 PALM SPRINGS,CALIFORNIA 92263 PAUL T.SELZER• HARLEY L.BJLLLANO DALLAS HCLMEc. DAVID L.BARON RIVERSIDE,CALIFORNIA 92502 (fila )305-7264 CHRISTOPHER CAR PEN3ER• LOU ANN MERRITT RICHARD T.ANDERSON+ VIRGINIA A.ETTiNGER 7E MICHAEL (714)6E36-1450 TELEX 752735 JOHN D.WAHLIN• VICTOR L.WOLF MICHAEL O•HARRIS• DANIEL E.OLWIER W.CURT EALY• AR1EL PIERRE CALONNE JAMES B.CORiSON.OF COUNSEL THOMAS S.SLOVAK. DANIEL J.MSHUGH (� .—..- JOHN E.BROWN• CARL F.HERBOLO.JR. A rll 10 1985 RAYMOND BEST(18OS-1857 RONALD J.KOHUT GREGORY L-HAROKE } MSCHAEL T,RIDDELL+ KEVIN S.MILLS P JAMES H.KRIEGER(4913-1¢7S) MEREDITH A.JURY+ STEPHANIE K.HARLAN EUGENE BEST(4 8 93-4 9 431) MICHAEL GRANT MARC E.EMPEY FRANCIS J.DAUM JOHN R.ROTTSCHAEFER ANNE T.THOMAS+ VIRGIN6A A.JOHNSON D.MARTIN NETHERY LETITIA E.PEPPER GEORGE M.REYES MARTIN A.MUELLER WILLIAM W.FLOYD,JR. J-MICHAEL SOMMEROUR •A PROFESSIONAL CORPORATION Honorable Chairwoman and Members of the Redevelopment Agency of the City of Redlands 30 Cajon Street P . 0. Box 280 Redlands , CA 92373 Re: Proposal for Bond Counsel Services - Redevelopment. Agency of the City of Redlands Proposed Tax Allocation Bond Issue Ladies and Gentlemen: We are pleased to submit this proposal for bond counsel services in connection with the issuance of tax allocation bonds by the Redevelopment Agency of the City of Redlands . The firm of Best , Best & Krieger would be happy to serve as bond counsel on this financing and pro- poses 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 consultants and underwriters 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 advanta- geous method of financing based upon our experience and we will attend all meetings of the Agency' s staff and con- sultants at which financing methods are to be discussed and analyzed for successful completion of the financing. Our services will include the preparation of all ordinances , resolutions , notices , bond forms and other documents required in the proceedings . We will also review any official statement prepared on behalf of the Agency, and LAW OFFICES OF BEST, BEST & KRIEGER Redevelopment Agency of the City of Redlands April 10 , 1985 Page two 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 the bonds , or other transactions relating to the financing and that the bonds are exempt from Federal and state personal income tax. We will also issue appropriate supplemental opinions and certificates as may be necessary or appropriate. 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 pro- vide any and all other services commonly expected of bond counsel. Our fee for the foregoing legal services will be based on the total principal amount of bonds sold and will be computed as follows : Total Amount of Bonds Authorized Fee $1,000 ,000 or less $10 ,000 $1 ,000 ,000 to $5 ,000 ,000 $10 , 000 plus . 25% of the excess over $1 ,000 ,000 $5 ,000 ,000 or more $20 ,000 plus . 15% of the excess over $5 , 000 ,000 The above fees will be payable only upon completion and sale of the bonds from the proceeds of the financing, 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. LAW OFFICES OF BEST, BEST & KRIEGER Redevelopment Agency of the City of Redlands April 10 , 1985 Page three 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 Redevelopment Agency authorize our employment according to the terms of this letter and return to us a copy of this letter executed by the Agency. Respectfully submitted, Fr cis J. Baum of Best , Best & Krieger FJB:jr TERMS OF BOND COUNSEL EMPLOYMENT APPROVED THIS 16th DAY OF April 1985. Aut orize LO icer of the Redevelopment Agency of the City of Redlands & 6 CL C, LAW OFFICES OF BEST, BEST & KRIEGER April 10 , 1985 M E M O R A N D U M TO: CHAIRMAN, REDEVELOPMENT AGENCY MEMBERS AND EXECUTIVE DIRECTOR FROM: BOND COUNSEL RE: AUTHORIZATION FOR INVITATION OF BIDS TO PURCHASE THE AGENCY' S REDLANDS REDEVELOPMENT PROJECT 1985 TAX ALLOCATION AND REFUNDING BONDS The Agency has previously authorized commencement of proceedings relating to the issuance of its tax allocation bonds (the "1985 Bonds") . Proceeds from the Bonds will be used to refund the Agency' s Redlands ' Redevelopment Project 1977 Tax Allocation Refunding Bonds (the 1977 Bonds ) and to provide additional money to assist in redevelopment activities in the Redlands Redevelopment Project . In order to proceed with the sale of the 1985 Bonds , it is necessary for the Agency at this time to authorize the Financial Consultant and Bond Counsel to request bids for the purchase of such bonds . Two resolutions are attached for this purpose. The first resolution (Resolution 173) amends Resolution No. 166 adopted March 6 , 1984 , in its entirety. This resolution provides for the refunding of the 1977 Bonds and sets forth the final terms of the 1985 Bonds . The second Resolution .(No. 174) authorizes the invitation for bids for the 1985 Bonds , pursuant to provisions of the Community Redevelopment April 10 , 1985 Page two Law that require tax allocation bonds to be sold at com- petitive bid. The forms of notices and the bid form are attached to this resolution. The second resolution also approves the hiring of our firm. as Bond Counsel on the terms set forth in the accompanying proposal letter. Our fees are payable from bond proceeds . The date set for receipt of the bids is May 7 , 1985 , and the bids will be presented to the Agency at its meeting on that day for the purpose of making an award of the sale of the 1985 Bonds . The closing is scheduled for Mune 6 , 1985 . We would recommend adoption of the attached resolu- tions for the purpose of enabling the Agency to invite bids for the purchase of its 1985 Bonds at this time. Francis J. Baum John R. Rottschaefer LAW OFFICES OF ARTHUR L.LITTLEWORTH • MICHAEL A.CR157E BEST, BEST & K R I E G E R PALM SPRINGS OFFICE GLEN E-STEPHENS• RICHARD CROSS A•AR Eas.> ,Ncw©INa7 r00CESi1ONAE COno TIOe WILLIAM R.DrWOLF£ • IRWIN L.GOLDS 600 EAST TA.H OUIT2-MyCALLUM WAY BARTON C.GAUT• ANTONIA G-WEINER 4200 ORANGE STREET P.O-BOX 2710 CHARLES D•FIELD• JOYCE w.wHE ELER P 0.BOX 60128 PALM SPRINGS,CALICORNIA OZx63 PAUL T.SELZCA• HARLEY L•BJELLAND DALLAS HOLMES DAVID L.BARONAIV RIVERSIDE,CALIFORNIA 9250P {BIp}325-7x64 CHRISTOPHER CARPENTER• LOU ANN MERRITT RICHARD T.ANDERSON• VIRGINIA A.ETTINGER TELEX 75x735 JOHN O.WAN LIN• VECTOR L.WOLF TELEPHONE(714)686-145.01 MICHAEL D.HARRIS+ DANIEL E.COVIER W.CURT CALM• AWEL PIERRE CALONNE JAMES B.CORISON.OF COUNSEL THOMAS 5-SLOVAK+ DANIEL J.MSHUGH JON NE-BROWN• CARL F.HCRBOLD.JR. AC (+I Q RONALD J-KOHUT GREGORY L•HARDApril 10 1985 RM AYOND &CsY(IB6B-IP67} MICHAEL 7.RIDDELL• KEVIN S.MILLS MEREDITH A.JURY+ STEPHANIE K-MARLAN E JAM Es H.KR4E GER(I fdIJ-raj F:) MICHAEL GRANT MARC E.EMPEY EUGENE BC s7(I@g3-Ig BI} FRANCIS J.BAUM JOHN R.ROTTSCHAEFER ANNE Y.THOMAS• VIRGINIA A.JOHN SON D.MARTIN NETHERY LETITIA E.PEPPER GEORGE M.REYES MARTIN A.MUELLER WILLIAM W-FLOYD,JR. J.MICHAEL SUM14EAOU14 .A PROFESSIONAL CORPORATION Mr. Darrell D. Quaschnick, Redevelopment Director Redlands Redevelopment Agency 30 Cajon Street P. 0. Box 280 Redlands , CA 92373 Re : Redevelopment Agency of the City of Redlands 1985 Tax Allocation and Refunding Bonds Dear Darrell : Enclosed please find two separate packages con- taining agenda materials for the Redevelopment Agency and the City Council in connection with the above financing. The package for the Agency contains 15 agenda packages , each of which contains the following: Our covering Memorandum; The Resolution of Issuance (Res . No. 173) ; The Resolution of Sale (Res . No. 174) ; The Official Notice of Sale attached as Exhibit A to Resolution No. 174 ; The form of Bid Proposal attached as Exhibit B to Resolution No. 174; The form of Notice to be published in the Bond Buyer attached as Exhibit C to Resolution No . 174; The Preliminary Official Statement ; LAW OFFI[F5 OF BEST, BEST & KRIEGER Mr. Darrell D. Quaschnick April 10 , 1985 Page two Our fee letter for services as Bond Counsel. The package for the City Council contains 15 agenda packets , each containing our covering Memorandum and a Reso- lution of the City Council approving the issuance of the Bonds . The originals of the three resolutions (Agency Res . Nos . 173 and 174 and City Council No. 4058) are separ- ately enclosed. Additionally, the original and a copy of our fee letter are separately enclosed. Upon approval by the Agency, we would request that an executed copy of the fee letter be returned to us for our files . Very truly yours , Francis J. Baum of Best , Best & Krieger FJB:jr Encls .