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HomeMy WebLinkAbout6741RESOLUTION NO. 6741 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA AMENDING ITS RESOLUTION NO. 6724, APPROVING THE ISSUANCE BY THE ARCADIA REDEVELOPMENT AGENCY OF ITS CENTRAL REDEVELOPMENT PROJECT SUBORDINATE TAX ALLOCATION BONDS, SERIES 2010 (TAXABLE) 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, the Agency has adopted its Resolution No. ARA 235 entitled: 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 WHEREAS, under and pursuant to Agency Resolution No. ARA 235, 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 therefore in an amount up to $19,000,000, as further described in Agency Resolution No. ARA 235; and WHEREAS, existing market conditions allow Bonds to be sold in a principal amount of up to $19,830,000 (the "Adjusted Principal Amount') and the Agency has by resolution authorized such issuance; and WHEREAS, the City Council has previously adopted its Resolution No. 6724 approving the issuance of the Bonds and deems it appropriate at this time to amend Resolution No. 6724 in order to authorize the issuance of the Bonds in an amount up to the Adjusted Principal Amount. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arcadia, as follows: SECTION 1. The City Council hereby amends Resolution No. 6724 to approve the issuance of the Bonds in an amount up to the Adjusted Principal Amount as if such amount were expressly provided therein. SECTION 2. All actions heretofore taken by the officers and agents of the City with respect to the issuance of the Bonds in the Adjusted Principal Amount 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 between the Agency and the Underwriter. SECTION 3. Except as expressly amended hereby, Resolution No. 6724 shall remain in full force and effect, and all findings and determinations therein are hereby affirmed as applicable to any Bonds issued in accordance with this Resolution. 2 SECTION 4. 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. ATTEST: August Passed, approved and adopted this 31st day of A - APPROVED AS TO FORM: Stephen P. Deitsch City Attorney 3 AC/layor of the City of Arcadia , 2010. 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. 6741 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 special meeting of said Council held on the 31st day of August, 2010 and that said Resolution was adopted by the following vote, to wit: AYES: Council Members Chandler, Harbicht, Kovacic, Segal and Amundson NOES: None ABSENT: None 5 ity Clerk of the City of Arcadia