HomeMy WebLinkAboutReso 93-349 - Approve issuance & sale of the Redding Redevelopment Agency Candy-Hilltop-Cypress Redevelopment project tax allocation refunding bonds, Series D RESOLUTION NO. 93- �
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE ISSUANCE AND
SALE OF THE REDDING REDEVELOPMENT AGENCY
CANBY-HILLTOP-CYPRESS REDEVELOPMENT PROJECT TAX
ALLOCATION REFUNDING BONDS, SERIES D
WHEREAS, the Redding Redevelopment Agency (the
"Agency") has authorized, by resolution duly adopted on this
date, the issuance of its Canby-Hilltop-Cypress Redevelopment
Project Tax Allocation Refunding Bonds, Series D (the "Series D
Bonds") in an aggregate principal amount not to exceed
$20, 000, 000 to finance public improvements within the
Canby-Hilltop-Cypress Redevelopment Project (the "Canby-Hilltop-
Cypress Redevelopment Project") and to refund all or a part of
its Canby-Hilltop-Cypress Redevelopment Project Tax Allocation
Bonds, Series A and Series B, pursuant to Part 1 of Division 24
of the Health and Safety Code (the "Law") ;
WHEREAS, the Agency desires to sell the Series D Bonds
to the Redding Joint Powers Financing Authority;
WHEREAS, the City has heretofore loaned funds to the
Agency pursuant to that certain agreement relating to the Canby-
Hilltop-Cypress Redevelopment Project entitled Cooperation
Agreement, by and between the City and the Agency, dated as of
October 28, 1985, and amended on December 16, 1985 (the
"Cooperation Agreement") ;
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WHEREAS, in order to facilitate the issuance of the
Series D Bonds, the City has determined that it is necessary to
confirm that amounts owed to the City by the Agency under the
Cooperation Agreement, to the extent such amounts are payable
from tax increment received by the Agency from the Canby-Hilltop-
Cypress Redevelopment Project are subordinate to the lien on tax
increment revenues pledged by the Agency for the payment of the
Series D Bonds, as provided in the resolution adopted this day
with respect to the Series D Bonds (the "Resolution") ;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Redding as follows:
Section 1. The issuance of the Series D Bonds by the
Agency is hereby approved. The sale of the Series D Bonds by the
Agency to, and the purchase thereof by, the Redding Joint Powers
Financing Authority, as provided in Resolution No. 93- r7 of the
Agency, is hereby approved.
Section 2 . The City hereby confirms and expressly
provides that the amounts owed to the City by the Agency pursuant
to the Cooperation Agreement, to the extent payable from tax
increment revenues received by the Agency from the Canby-Hilltop-
Cypress Redevelopment Project, pursuant to Section 33670 of the
Law, beginning in the Fiscal Year ending June 30, 1993, are
subordinate to the lien on tax increment revenues pledged by the
Agency to secure payment of the Series D Bonds, as provided in
the Resolution, so long as the Series D Bonds shall remain
outstanding.
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Section 3 . The officers of the City are hereby
authorized and directed, jointly and severally, to do any and all
things and to execute and deliver any and all documents,
certificates and other instruments, including a tax certificate
and documents relating to bond insurance, which they may deem
necessary or advisable in order to consummate the issuance, sale
and delivery of the Series D Bonds by the Agency, all as
authorized herein, and to execute and deliver such certificates
and other documents as they may deem appropriate and otherwise to
carry out, give effect to and comply with the terms and intent of
this resolution and the documents herein approved and authorized
to be executed.
Section 4. This resolution shall take effect from and
after its passage and approval.
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I HEREBY CERTIFY that the foregoing resolution was
introduced and read at a Regular meeting of the City
Council of the City of Redding on the 21st day of September,
1993 , and was duly adopted at said meeting by the following vote:
AYES: Anderson, Dahl, Kehoe, Moss and: Arnes ,
NOES: None
ABSENT: None
Mayor
City of Redding
(Seal)
ATTEST:
Connie Str ,mayer, ity Clerk
FORM APPROVED:
andaA. Hays
City A torney of the
City of Redding
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CITY CLERK'S CERTIFICATE
I, Connie Strohmayer, City Clerk of the City of
Redding, California, hereby certify as follows:
The foregoing, is a full, true and correct copy of
Resolution No. duly adopted at a meeting of the
City Council of the City of Redding duly and legally held at the
regular meeting place thereof on September 21, 1993 , of which
meeting all of the members of said City Council had due notice
and at which a majority thereof was present.
I have carefully compared said resolution with the
original minutes of said meeting on file and of record in my
office, and the foregoing is a full, true and correct copy of the
original resolution adopted at said meeting.
Said resolution, as adopted on such date, has not been
amended, modified or rescinded, and the same is now in full force
and effect.
Dated: September 21, 1993 .
Connie Strohmayer
City Clerk of the City of Redding
[SEAL]
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