HomeMy WebLinkAbout02-027 CC Resolution RESOLUTION NO. 02-27
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING THE ISSUANCE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA OF
TAX ALLOCATION BONDS
WHEREAS, the Redevelopment Agency of the City of Temecula (the "Agency") has
determined at this time to issue its Redevelopment Agency of the City of Temecula Temecula
Redevelopment Project No. 1 2002 Tax Allocation Bonds (the "Bonds") to provide funds to
refinance the Agency's outstanding Redevelopment Agency of the City of Temecula Temecula
Redevelopment Project No. 1 1993 Tax Allocation Bonds (the "Prior Bonds"), to satisfy certain
obligations of the Agency to the County of Riverside (the "County") arising from an amended
and restated agreement among the County, the Redevelopment Agency of the County of
Riverside, the City, and the Agency (the "Agreement"), and to finance other redevelopment
activities of the Agency within or of benefit to the Agency's Temecula Redevelopment Project
No. 1; and
WHEREAS, in accordance with the requirements of Section 33640 of the California
Health and Safety Code, the City Council wishes at this time to approve the issuance and sale
of the Bonds by the Agency.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City
Council of the City of Temecula as follows:
Section 1. Approval of Issuance and Sale of Bonds. The issuance and sale of the Bonds
by the Agency in the aggregate principal amount of not to exceed $35,000,000, and the use of
the proceeds of the Bonds to defease the Prior Bonds, to satisfy certain obligations of the
Agency to the County under the Agreement, and to finance other redevelopment activities of the
Agency within or of benefit to the Agency's Temecula Redevelopment Project No. 1, be and is
hereby approved.
Section 2. Effective Date. The City Clerk shall certify to the passage and adoption of this
Resolution, which shall take effect immediately upon its adoption.
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PASSED, APPROVED AND ADOPTED, by the City Council of the City of Temecula, at
a regular meeting held on the 26th day of March, 2002.
Ron Roberts, Mayor
ATTEST:
STATE OF CALl FORNIA
COUNTY OF RIVERSIDE ss
CITY OF TEMECULA
I, Susan W. Jones, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the
foregoing Resolution No. 02-27 was duly adopted at a regular meeting of the City Council of the
City of Temecula on the 26th day of March, 2002, by the following roll call vote:
AYES: 4 COUNClLMEMBERS: Comerchero, Naggar, Stone, Roberts
NOES: 0 COUNClLMEMBERS: None
ABSENT: 1 COUNClLMEMBERS: Pratt
ABSTAIN: 0 COUNClLMEMBERS: None
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