HomeMy WebLinkAbout6219
RESOLUTION NO. 6219
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA,
CALIFORNIA, APPROVING THE SALE OF NOT TO EXCEED $22,000,000
PRINCIPAL AMOUNT ARCADIA REDEVELOPMENT AGENCY TAX
ALLOCATION BONDS, SERIES 200lA AND SERIES 200lB (TAXABLE) FOR
THE CENTRAL REDEVELOPMENT PROJECT
WHEREAS, the. Arcadia Redevelopment Agency (herein referred to as 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 (Part I of Division 24
(commencing with Section 33000) 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, the: Agency has previously issued its $3,780,000 aggregate principal amount of
Central Redevelopment Project, Tax Allocation Refunding Bonds, Series 1989 (the "1989 Bonds")
currently outstanding in the principal amount of $2,890,000; and
WHEREAS, the proceeds of the 1989 Bonds financed and refinanced activities of the
Agency in connection with the Central Redevelopment Project; and
WHEREAS, the.Agency wishes to sell at this time refunding tax allocation bonds (identified
below) for the purpose of refunding the 1989 Bonds and raising additional funds for redevelopment
activities of the Agency for the Central Redevelopment Project; and
WHEREAS, proceeds of the 2001 Bonds will be used (i) for the refunding of the 1989
Bonds; (ii) to establish a reserve account; (iii) to finance additional undertakings of the Agency in the
Central Redevelopment Project; and (iv) to pay a portion of the costs of issuing the 2001 Bonds;and
WHEREAS, it is desirable that the 2001 Bonds be offered for sale at this time in accordance
with the procedures described herein; and
WHEREAS, the Agency desires to authorize the sale of the 2001 Bonds in two series (tax-
exempt and taxable) upon the terms and conditions hereinafter set forth; and
WHEREAS, the City Council has reviewed the terms and conditions for the issuance ofthe
2001 Bonds and desires to approve the issuance by the Agency of the 200 I Bonds pursuant to
Section 33640 of the Health and Safety Code;
NOW, THEREFORE, the City Council of the City of Arcadia does hereby resolve and
declare as follows:
/"
SECTION 1. Approval ofIssuance of2001 Bonds. The City Council approves the
issuance by the Agency of not to exceed Twenty-Two Million Dollars ($22,000,000) principal
amount ARCADIA REDEVELOPMENT AGENCY, TAX ALLOCATION BONDS (CENTRAL
REDEVELOPMENT PROJECT), SERIES 200lA AND SERIES 200lB (TAXABLE) (the "2001
Bonds").
- DOCSOC\808433v2\24216.0002
6219
SECTION 2. Terms and Conditions of Sale. The terms and conditions of the offering and
the sale of the 2001 Bonds shall be as specified in the Official Notice of Sale, including such
modifications thereto as may be made by the Executive Director of the Agency.
SECTION 3. Official Action. The Mayor, the Mayor Pro Tern, the Administrative Seryices
Director, the City Manager, the City Clerk, the City Attorney and any and all other officers of the
City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and
all things and take any and all actions, including execution and delivery of any and all assignments,
certificates, and docum~nts to facilitate the issuance of the 2001 Bonds in accordance with this
Resolution.
SECTION 4. Effective Date. This Resolution shall take effect upon adoption.
ADOPTED this 3rd day of April, 2001.
~~.I5rHJ1Aflj
May fthe C" yof Arcadia
ATTEST:
(SEAL)
APPROVED AS TO FORM:
,
~p~
Stephen P. Deitsch
City Attorney
2
OOCSOCI808433v2\24216.0002
6219
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
,
I, JUNE D. ALFORD, City Clerk of the City of Arcadia, hereby certifies that
the foregoing Resolution No. 6219 was passed and adopted by the City Council of the
City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular
meeting of said Council held on the 3rd day of April, 200 I and that said Resolution
was adopted by the following Yote, to wit:
AYES: Councilmember Chandler, Chang, Marshall, Segal and Kovacic
NOES: None
ABSENT: None
/," ,-, ~ S<
<tny Clerk of the C'
3
6219