Loading...
HomeMy WebLinkAbout92-05 RDA ResolutionRESOLUTION NO RDA. 92-05 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA APPROVING THE ISSUANCE OF NOT TO EXCEED $25,000,000 OF ITS 1992 TAX ALLOCATION BONDS, SER1F~ A, AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE AND A COOPERATION AGREEMENT, AUTHORIZING THE PUBLICATION OF A NOTICE OF SALE, APPROVING THE FORM OF OFFICIAL STATEMENT, AND AUTHORIZING 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 $25,000,000 aggregate principle amount of its 1992 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, a portion of the proceeds of the Bonds will be used by the Temecula Valley Unified School District (the "District") to finance certain capital projects, in return for which the District will pledge a portion of its pass through amount to pay its pro rata share of the debt service on the Bonds; and WHEREAS, in order to expedite the issuance of the Bonds, the City, the Agency and the District will enter into a cooperation agreement (the "Cooperation Agreement"), the form of which has been presented to this Agency at this meeting; and WHEREAS, there has been presented 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 Notice of Sale and Bid Form; and WHEREAS, there has been presented to this meeting a form of preliminary official statement relating to the Bonds. R¢so.RDA\92-05 1 NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Approval of lssnanceofllonds. The issuance of not to exceed $25,000,000 principal amount 1992 Tax Allocation Bonds, Series A (the "Bonds"), in order to finance the Project is hereby authorized and approved. Section 2. Trust Indenture. The form of Trust Indenture, dated as of November 1, 1992 (the "Indenture"), by and between the Agency and a banking institution, as trustee (the "Trustee"), 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. The officers executing the Indenture may also select the Trustee. Section 3. Cooperation Agreement. The Cooperation Agreement presented at this meeting is hereby approved. The Chairman or any other member of the Agency and the Secretary are authorized and directed to execute and deliver said agreement. The agreement shall be executed in substantially the form hereby approved, with such additions thereto and changes therein as are recommended or approved by the City Attorney and approved by such officials executing the document, such approval to be conclusively evidenced by the execution and delivery thereof. Section 4. 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 Chairman or his designee is hereby authorized and directed, for an 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 5. Sale of Ponds. The Bonds shall be offered for sale and sealed proposals therefor shall be received by the Agency at the place and up to the time and date fixed in a Notice of Sale and Bid Form in substantially the form on file in the office of the City Clerk of the City of Temecula (the "Notice Inviting Bids"), relating to the public sale of the bonds, which is hereby approved. The Agency shall award the Bonds at the time and date and in the manner specified in the Notice Inviting Bids. The Agency is hereby authorized to cause the Notice Inviting Bids to be published at least once in a newspaper of general circulation circulated within the boundaries of the City of Temecula as the Agency staff shall deem appropriate, at least ten days prior to the date set for the opening of bids in the Notice Inviting Bids, with such additions and changes therein as the Agency staff may approve, and as are approved as to form by the City Attorney of the City of Temecula, such approval to be conclusively evidenced by such publishing of the Notice Reso.RDA\92-05 2 Inviting Bids, as described above, with such additions and changes. The terms and conditions of the offering and sale of the Bonds shall be as specified in the Notice Inviting Bids. Section 6. Notice of Intention to Sell. A Notice of Intention to Sell Bonds shall be published at lease once in The Bond Buyer, or in such other newspaper of general circulation circulated within the boundaries of the City of Temecula as the Agency staff shall deem appropriate, at least 15 days prior to the date fixed for the receipt of sealed proposals. Section 7. Other Acts. The officers and staff of the Agency are hereby authorized and directed, jointly and severally, to do any and all things (including , but not limited to, 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 consultation 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 confirmed. Section 8. Effective Date. The City Clerk shall certify to the passage and adoption of this Resolution. J. Sal Muno~, Chai'q~erson ATTEST: June S.~k, City Clerk/Agency Secretary [SEAL] Rcao.RDA\92-05 3 STATE OF CALIFORNIA) COUNTY OF RIVERSIDE) CITY OF TEMECULA) $S I, June S. Greek, City Clerk/Redevelopment Agency Secretary of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. RDA 92-05 was duly adopted at a regular meeting of the Redevelopment Agency of the City of Temecula on the 6th day of October, 1992, by the following roll call vote: AYES: 5 COUNCILMEMBERS: Birdsall, Lindemarts, Moore, Parks, Munoz NOES: 0 COUNCILMEMBERS: None ABSENT: 0 COUNCILMEMBERS: None ~~. Greek, City Clerk/Agency Secretary R¢so.RDA\92-05 4