HomeMy WebLinkAbout6724RESOLUTION NO. 6724
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA, APPROVING THE ISSUANCE BY THE
ARCADIA REDEVELOPMENT AGENCY OF ITS CENTRAL
REDEVELOPMENT PROJECT SUBORDINATE TAX
ALLOCATION BONDS, SERIES 2010 (TAXABLE) AND
MAKING CERTAIN DETERMINATIONS RELATING
THERETO
A RESOLUTION OF THE ARCADIA REDEVELOPMENT
AGENCY AUTHORIZING THE ISSUANCE OF NOT TO
EXCEED $19,000,000 PRINCIPAL AMOUNT
SUBORDINATE TAX ALLOCATION BONDS ON CERTAIN
TERMS AND CONDITIONS, APPROVING A CONTINUING
DISCLOSURE CERTIFICATE, APPROVING THE FORM
AND DISTRIBUTION OF A PRELIMINARY OFFICIAL
STATEMENT AND FINANCING DOCUMENTS,
AUTHORIZING CERTAIN OTHER OFFICIAL ACTIONS
AND PROVIDING FOR OTHER MATTERS RELATING
THERETO
1
WHEREAS, the Arcadia Redevelopment Agency (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 1 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, a Redevelopment Plan for the Central Redevelopment Project has
been adopted and approved by Ordinance No. 1490, of the City of Arcadia (the "City "),
and all requirements of law for and precedent to the adoption and approval of said
Redevelopment Plan and any and all subsequent amendments to the Redevelopment
Plan have been duly complied with; and
WHEREAS, the Agency has adopted its resolution entitled:
WHEREAS, under and pursuant to the above - referenced Resolution, the Agency
has authorized the issuance of the Arcadia Redevelopment Agency, Central
Redevelopment Project, Subordinate Tax Allocation Bonds, Series 2010 (Taxable) (the
"Bonds ") to provide additional moneys to finance and refinance the Agency's
undertakings under the Central Redevelopment Project pursuant to the Redevelopment
Plan therefor, as further described in said Resolution of the Agency; and
WHEREAS, the approval by the City of the Agency's issuance of Bonds is not a
"project" within the meaning of the California Environment Quality Act ( "CEQA "),
specifically CEQA Guidelines section 15378, and thus is not subject to CEQA pursuant
to CEQA Guidelines section 15060(c)(3).
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA,
CALIFORNIA DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby approves the issuance of the Bonds in
order to further finance and refinance the Agency's undertakings and for other purposes
related thereto, including, but not limited to, the funding of capitalized interest with
respect to the Bonds, all of which constitute a "redevelopment activity ", as such term is
defined in Health and Safety Code Section 33678, pursuant to the terms of the Agency
resolution referenced in the recitals hereof and the accompanying Indenture of Trust.
SECTION 2. All actions heretofore taken by the officers and agents of the City
with respect to the issuance of the Bonds are hereby approved, confirmed and ratified.
The Mayor, the City Manager, the Finance Director, 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
which they, or any of them, may deem necessary or advisable in order to consummate
the purchase of the Bonds by Stone & Youngberg LLC (the "Underwriter") pursuant to a
Bond Purchase Contract to be entered into by the Agency and the Underwriter.
SECTION 3. The City Council hereby reaffirms that any indebtedness of the
Agency to the City, including any interest accrued therein, shall be payable from tax
increment revenues on a basis subordinate to the payment of the Bonds and any
2 6724
obligations of the Agency under the Indenture of Trust pursuant to which the Bonds are
to be issued.
SECTION 4. Effective Date. This Resolution shall take effect from and after the
date of its passage and adoption.
SECTION 5. The City Clerk shall certify to the adoption of this Resolution.
Passed, approved and adopted this 15th day of June , 2010.
ATTEST:
ity Clerk
APPROVED AS TO FORM:,
Stephen P. Deitsch
City Attorney
.6;W-c4
ayor of the City of Arcadia
3 6724
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
I, JAMES H. BARROWS, City Clerk of the City of Arcadia, hereby certifies
that the foregoing Resolution No. 6724 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 15th day of June, 2010 and that said
Resolution was adopted by the following vote, to wit:
AYES: Council Member Chandler, Harbicht, Kovacic, Segal and Amundson,
NOES: None
ABSENT: None
4
ity Clerk of the City of Arcadia
6724