HomeMy WebLinkAbout93-01 RDA ResolutionRESOLUTION NO. RDA 93-01
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF TEMECULA AWARDING THE $17,355,000
1993 TAX ALLOCATION BONDS, SERIES A, TO THE BEST
BIDDER AND REJECTING ALL OTHER BIDS, APPROVING
THE EXECUTION AND DELIVERY OF A TRUST
INDENTURE, APPROVING THE FORM OF OFFICIAL
STATEMENT, AND AUTHORVZING CERTAIN ACTIONS IN
CONNECTION THEREWITH
WHEREAS, the Redevelopment Agency of the City of Temecula (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 for a redevelopment project (the "Project") has been
adopted and approved and all requirements of law for, and precedent to, the adoption and approval
of said plan have been duly complied with; and
WHEREAS, the Agency proposes to issue not to exceed $17,355,000 aggregate principal
amount of its 1993 Tax Allocation Bonds, Series A (the "Bonds"), the proceeds of which will be
used, together with other moneys available therefor, to finance a portion of the Project; and
WHEREAS, at the time and place fixed for the opening of bids for the Bonds in the
anticipated aggregate principle amount of $17,355,000, all bids were publicly opened, examined
and read; and
WHEREAS, the bids of the bidder hereinafter named represents the responsible bidder
with the lowest net interest cost to the Agency; and
WHEREAS, there has been pre, s~ted at this meeting a form of Trust Indenture providing
for the issuance of the Bonds; and
WHEREAS, there has been presented to this meeting a form of preliminary official
statement relating to the Bonds.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
TEMECULA DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Rcsos.RDA\ 93-01 I
Section 1. Approval of lssnanceofP, onds. The issuance of not to exceed
$17,355,000 principle amount 1993 Tax Allocation Bonds, Series A (the "Bonds'), in order to
finance the Project is hereby authorized and approved.
Section 2. Acceptance of 1tid. The bid of Bank of America National Trust
and Savings Association attached hereto and by this reference incorporated herein, and marked
'Exhibit 1,' specifying the purchase price for the Bonds and the interest rates per annum, is the
bid for the Bonds producing the lowest net interest cost to the Agency. Any irregularities or
informalities in the successful bid are hereby waived. The Agency hereby accepts the bid and
awards the Bonds to this bidder in accordance with the terms of the bid. The good faith check
accompanying the bid of the successful bidder shall be cashed and applied as provided in the
Notice of Sale and Bid Form.
Section3. Ieveli7eDebt Service. In order to levelize annual debt service
payments, the Agency has adjusted the annual serial maturities. The principle amount of each
serial maturity is set forth in Exhibit 1 attached hereto an by this reference incorporated herein.
Section 4. Return of Other Check.q. All bids other than the one accepted in Section
2 hereof are rejected, and the Agency is directed to return the check accompanying each rejected
bid to the appropriate unsuccessful bidder.
Section 5. Fixirlg Interest Rates. The interest rates on the Bonds are hereby
fixed at the rates per maturity stated in Exhibit 1.
Section 6. Trust Indenture. The form of Trust Indenture, dated as of February 1,
1993 (the 'Indenture'), by and between the Agency and Bank of America National Trust and
Savings Association, as trustee (the 'TinsteeD, presented at this meeting is hereby approved and
the Chairman or any other member of the Agency 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 changes therein and
additions thereto as the officers executing the same may approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 7. Official Statement. The form of pre 'hminary 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 Chairman or his designee 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 official statement as may
be approved by the Chairman or his designee and the distribution of such preliminary and final
official statements in connection with the sale of the Bonds is hereby authorized.
Section 8. Other Acts. The officers and staff of the Agency are hereby authorized
and directed, joinfly and severally, to do any and all things (including, but not limited to,
R¢sos.RDA\ 93-01 2
obtaining a policy or policies of municipal bond insurance and/or a rating from a national rating
agency with respect to the bonds), to execute and deliver any and all documents, which in
consul~tion with Agency staff and Bond Counsel, they may deem necessary or advisable in order
to consummate the issuance, sale and delivery of the 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 confumed.
Section 9. Effective Date.
This Resolution shall take effect upon adoption.
Section 10. The City Clerk shall certify to the passage and adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 23rd day of February, 1993.
ATTEST: Ronald J. Parks, Chairperson
Ju e~e~ City Clerk,
Agency Secretary
[SEAL]
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) ss
CITY OF TEMECULA)
I, June S. Greek, City Clerk of the City of Temecula, California, do hereby certify that
Resolution No. RDA 93-01 was duly and regularly adopted by the City Council of the City of
Temecula at a regul_ar meeting thereof held on the 23rd day of February, 1993, by the following
vote:
AYES: 5 AGENCY MEMBERS: Birdsall, Parks, Roberts, Stone,
Mufioz
NOES:
0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
June S. Greek, City Clerk
Agency Secretary
Rcso~.RDA\ 93-01 3
EXHIBIT 1
Maturity Date
February 1
Principal
Interest
Rate
1994
1995
1996
1997
1999
2OOO
2001
2~2
2~3
20O4
2005
2OO6
2007
2~8
2OO9
2010
2011
2012
2013
$ 505,000
530,000
560,000
590,000
655,000
690,000
725,000
765,000
805,000
850,000
895,000
945,000
995,000
1,050,000
1,105,000
1,170,000
1,230,000
1,300,000
1,370,000
5.25%
5.25
5.25
5.30
5.40
5.40
5.40
5.40
5.40
5.40
5.40
5.40
5.50
5.50
5.50
5.50
5.50
5.50
5.50
Re~os.RDA\ 93-01 4