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HomeMy WebLinkAbout02-05 RDA ResolutionRESOLUTION NO. RDA 02-05 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA AUTHORIZING THE ISSUANCE AND SALE OF TAX ALLOCATION BONDS IN CONNECTION WITH TEMECULA REDEVELOPMENT PROJECT NO. 1, AND APPROVING RELATED DOCUMENTS AND ACTIONS WHEREAS, in connection with the Redevelopment Agency of the City of Temecula's activities related to its Temecula Redevelopment Project No. 1 (the "Redevelopment Project"), and pursuant to the provisions of the Community Redevelopment Law of the State of California (the "Redevelopment Law"), the Redevelopment Agency of the City of Temecula (the "Agency") has issued its Temecula Redevelopment Project No. 1 1993 Tax Allocation Bonds, Series A in the initial aggregate principal amount of $17,355,000 (the "1993 Bonds"); and WHEREAS, the Agency has entered into an agreement, dated January 22, 2002, entitled "Amended And Restated ,~greement Between The County Of Riverside, The Redevelopment Agency Of The County Of Riverside, The City Of Temecula And The Redevelopment Agency Of The City Of Temecula For Reimbursement And Distribution Of Tax Increment Funds From The Temecula Redevelopment Project" wherein the Agency has agreed to the payment of $6,000,000 to the County of Riverside and to certain obligations related to the acquisition of right of way for the Date/Cherry Interchange (the "County Obligations"); and WHEREAS, in order to refinance the 1993 Bonds, provide for payment of all or a portion of the County Obligations and to finance other redevelopment activities of the Agency within or of benefit to the Redevelopment Project area, 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") under the Redevelopment Law, the principal of and interest on which will be payable from the tax increment revenues received by the Agency from the Redevelopment Project; and WHEREAS, the Agency has duly considered such transactions and wishes at this time to authorize proceedings for the issuance and sale of the Bonds, the refunding and defeasance of the 1993 Bonds and the payment of all or a portion of the County Obligations. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the Redevelopment Agency of the City of Temecula as follows: Section 1. Issuance of the Bonds; Approval of the Indenture. The Agency hereby authorizes the issuance of the Bonds in the aggregate principal amount of not to exceed $35,000,000. The Bonds shall be issued pursuant to the Redevelopment Law and pursuant to an Indenture of Trust, dated as of April 1,2002 (the "Indenture"), by and between the Agency and U.S. Bank, N.A., as trustee (the "Trustee"). The Agency hereby approves the Indenture in the form on file with the Secretary, together with such additions thereto and changes therein as the Executive Director, upon consultation with Bond Counsel and the Agency's General Counsel, shall deem necessary, desirable or appropriate, and the execution thereof by the Executive Director shall be conclusive evidence of the approval of any such additions and changes. The Executive Director is hereby authorized and directed to execute the final form of the Indenture for and in the name and on behalf of the Agency. It is hereby acknowledged that proceeds of the Bonds deposited to the Project Fund under and as such term is used in the R:/RDA Resos 2002/RDA 02-05 1 Indenture may be used for, among other purposes satisfaction of all or a portion of the County Obligations. The Agency hereby authorizes the delivery and performance of the Indenture. Section 2. Refundina of the 1993 Bonds. A portion of the proceeds of the Bonds shall be applied to refund and defease the 1993 Bonds pursuant to an Escrow Deposit and Trust Agreement, dated as of April 1, 2002, by and between the Agency and U.S. Bank, N.A., as escrow bank (the "Escrow Agreement"). The Agency hereby approves the Escrow Agreement in the form on file with the Secretary, together with such additions thereto and changes therein as the Executive Director, upon consultation with Bond Counsel and the Agency's General Counsel, shall deem necessary, desirable or appropriate, and the execution thereof by the Executive Director shall be conclusive evidence of the approval of any such additions and changes. The Executive Director is hereby authorized and directed to execute the final form of the Escrow Agreement for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Escrow Agreement. Section 3. Sale of the Bonds. The Agency hereby approves the bond purchase contract, by and among Stone & Youngberg LLC, as underwriter (the "Underwriter"), the Temecula Public Financing Authority (the "Authority"), and the Agency, in the form on file with the Secretary (the "Bond Purchase Agreement"), together with such additions thereto and changes therein as the Executive Director, upon consultation with Bond Counsel and the Agency's General Counsel, shall deem necessary, desirable or appropriate, and the execution thereof by the Executive Director shall be conclusive evidence of the approval of any such additions and changes. The Executive Director is hereby authorized and directed to execute the final form of the Bond Purchase Agreement for and in the name and on behalf of the Agency. The Agency hereby approves the negotiated sale of the Bonds to the Authority and the sale of the Bonds by the Authority to the Underwriter pursuant to the Bond Purchase Agreement, so long as the Underwdter's discount, excluding original issue discount, does not exceed 1.25%, the net interest cost of the Bonds does not exceed 6.00%, and the principal amount of the Bonds is not in excess of $35,000,000. Section 4. Official Statement. The Agency hereby authorizes the Executive Director to approve and deem final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934, except for permitted omissions, a form of Official Statement describing the Bonds in the preliminary form on file with the Secretary. Distribution of such preliminary Official Statement by the Underwriter to prospective purchasers of the Bonds is hereby approved. The Executive Director is hereby authorized to execute the final form of the Official Statement, including as it may be modified by such additions thereto and changes therein as the Executive Director, upon consultation with Bond Counsel and the Agency's General Counsel, shall deem necessary, desirable or appropriate, and the execution of the final Official Statement by the Executive Director shall be conclusive evidence of the approval of any such additions and changes. The Agency hereby authorizes the distribution of the final Official Statement by the Underwriter. The final Official Statement shall be executed in the name and on behalf of the Agency by the Executive Director. Section 5. Delivery of the Bonds. The Bonds, when executed, shall be delivered to the Trustee for authentication. The Trustee is hereby requested and directed to authenticate the Bonds by executing the Trustee's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to or upon the instruction of the Underwriter in accordance with written instructions executed on behalf of the Agency by the Executive Director, which instructions such officer is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver to the Trustee. R:/RDA Resos 2002/RDA 02-__ 2 Such instructions shall provide for the delivery of the Bonds to the Underwriter in accordance with the Bond Pumhase Agreement upon payment of the pumhase price therefor. Section 6. Continuina Disclosure Certificate. The Continuing Disclosure Certificate, in the form on file with the Secretary, is hereby approved. The Executive Director is hereby authorized and directed, for and in the name of and on behalf of the Agency, to execute and deliver the Continuing Disclosure Certificate in said form, with such additions thereto or changes therein as the Executive Director, upon consultation with Disclosure Counsel, shall deem necessary, desirable or appropriate, the approval of such changes to be conclusively evidenced by the execution and delivery by the Executive Director of the Continuing Disclosure Certificate. Section 7. Retention of Consultants. The firms of Fieldman, Rolapp & Associates, Stone & Youngberg LLC, Quint & Thimmig LLP and McFarlin & Anderson are hereby designated as Financial Advisor, Underwriter, Bond Counsel and Disclosure Counsel, respectively, to the Agency in connection with the issuance of the Bonds. The Executive Director is hereby authorized to execute agreements with said firms for their services related to the issuance of the Bonds provided that all fees and expenses of such firms are payable solely from the proceeds of the Bonds. Section 8. Official Actions. The Chairman, the Vice Chairman, the Executive Director, the Treasurer and the Secretary of the Agency, and any and all other officers of the Agency, are hereby authorized and directed, for and in the name and on behalf of the Agency, fo do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds, the refunding and defeasance of the 1993 Bonds and the payment of all or a portion of the County Obligations as described herein. Whenever in this resolution any officer of the Agency is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable. Section 9. Effective Date. The Secretary shall certify to the passage and adoption of this Resolution, which shall take effect immediately upon its adoption. R:/RDA Resos 2002/RDA 02-_ 3 PASSED, APPROVED AND ADOPTED, by the Governing Board of the Redevelopment Agency of the City of Temecula at a regular meeting held on the 26th day of March, 2002. ATTEST: .~san W. Jones, C(~VI C / [SISAL] ~ ~rchero, Chairperson STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, Secretary of the Redevelopment Agency of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. RDA 02-05 was duly adopted at a regular meeting of the Governing Board of the Redevelopment Agency of the City of Temecula on the 26th day of March, 2002, by the following roll call vote: AYES: 4 AGENCYMEMBERS: Naggar, stone, Roberts, Comerchero NOES: 0 AGENCYMEMBERS: None ABSENT: 1 AGENCYMEMBERS: Pratt ABSTAINED: 0 AGENCYMEMBERS: None City~.~.ldA.~/Cy Secretary R:/RDA Resos 2002/RDA 02-_ 4