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.
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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
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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
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ity Clerk of the City of Arcadia