The URL can be used to link to this page

Home My WebLink AboutReso 92-479 - Approve issuance ob Canby-Hilltop-Cypress Redevelopment Bonds, Series C to finance public improvementsr RESOLUTION NO. 92- 4 7 / A 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 BONDS, SERIES C AND THE REDDING REDEVELOPMENT AGENCY MARKET STREET REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES A TO THE REDDING JOINT POWERS FINANCING AUTHORITY AND CONFIRMING THE SENIOR LIEN ON TAX REVENUES PLEDGED TO THE PAYMENT OF SUCH BONDS 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 Bonds, Series C (the "Series C Bonds" ) in an aggregate principal amount not to exceed $8, 500, 000 to finance public improvements within the Canby-Hilltop-Cypress Redevelopment Project (the "Canby-Hilltop-Cypress Redevelopment Project") pursuant to Part 1 of Division 24 of the Health and Safety Code (the "Law") ; WHEREAS, the Agency has further authorized, by resolution duly adopted on this date, the issuance of its Market Street Redevelopment Project Tax Allocation Bonds, Series A (the "Series A Bonds" ) in an aggregate principal amount not to exceed $3 , 000, 000 to finance public improvements relating to the Market Street Redevelopment Project as described in its entirety in the Redevelopment Plan, approved and adopted by Ordinance No. 973 , adopted on July 3 , 1968 and amended by Ordinance Nos. 1173 , 1295, 1299 and 1923 (the "Market Street Redevelopment Project") pursuant to the Law; N SF2-6199.2 WHEREAS, the Agency desires to sell the Series C Bonds and the Series A Bonds to the Redding Joint Powers Financing Authority; WHEREAS, the City has heretofore loaned funds to the Agency pursuant to those certain agreements relating to the Market Street Redevelopment Project entitled: 1) Agreement by and between the City and the Agency, dated as of June 7, 1988; and 2) Agreement, by and between the City and the Agency, dated as of November 7, 1988 (collectively, the "Market Street Loan Agreements" ) . WHEREAS, the City has heretofore loaned funds to the Agency for parking facilities at the Midtown Mall Project pursuant to an Agreement for the Loan and Repayment of Funds for the Acquisition of Public Underground Parking Facilities, dated as of August 25, 1972, and amended on December 16, 1985, and a Repayment Contract, by and between the Agency and the City, dated as of May 1, 1977, and amended on December 16, 1985 (collectively, the "Parking Facilities Loan Agreements") ; WHEREAS, the City has heretofore loaned funds to the Agency pursuant to that certain agreement relating to the Canby- Hilltop-Cypress Redevelopment Project and the Market Street 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") ; WHEREAS, in order to facilitate the issuance of the Series A Bonds, the City has determined that it is necessary to SF2-6199.2 2 confirm that amounts owed to the City by the Agency under the 'j Market Street Loan Agreements, to the extent such amounts are payable from tax increment from the Market Street Redevelopment Project received by the Agency, are subordinate to the lien on tax increment revenues pledged by the Agency for the payment of the Series A Bonds, as provided in the Indenture authorized to be executed and delivered by a resolution adopted this day (the "Indenture") ; WHEREAS, in order to facilitate the issuance of the Series A Bonds, the City has determined that it is necessary to subordinate the amounts owed to the City by the Agency under the Parking Facilities Loan Agreements, to the extent such amounts are payable from tax increment from the Market Street Redevelopment Project received by the Agency, to the lien on tax increment revenues pledged by the Agency for the payment of the Series A Bonds, as provided in the Indenture; WHEREAS, in order to facilitate the issuance of the Series C Bonds and the Series A 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 and the Market Street Redevelopment Project, are subordinate to the lien on tax increment revenues pledged by the Agency for the payment of the Series C Bonds and the Series A Bonds, respectively, as provided in the resolution adopted this day with respect to the sF2-6199.2 3 Series C Bonds (the "Resolution") and the Indenture approved this day between the Agency and Bank of America National Trust and Savings Association, with respect to the Series A Bonds (the "Indenture" ) ; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding as follows: Section 1. The issuance of the Series C Bonds and the Series A Bonds by the Agency is hereby approved. The sale of the Series C Bonds and the Series A Bonds by the Agency to, and the purchase thereof by, the Redding Joint Powers Financing Authority, as provided in Resolution No. 92-11 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 Parking Facilities Loan Agreements, to the extent payable from tax increment revenues received by the Agency from the Market Street 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 A Bonds, as provided in the Indenture, so long as the Series A shall remain outstanding. Section 3 . The City hereby confirms and expressly provides that the amounts owed to the City by the Agency pursuant to the Market Street Loan Agreements, to the extent payable from tax increment revenues received by the Agency from the Market Street. Redevelopment Project pursuant to Section 33670 of the SF2-6199.2 4 Law, beginning in the Fiscal Year ending June 30, 1993, are subordinate to the lien on tax increment revenues pledged by the i Agency to secure payment of the Series A Bonds, as provided in the Indenture, so long as the Series A Bonds shall remain outstanding. Section 4 . 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 and the Market Street Redevelopment Project, respectively, 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 C Bonds and the Series A Bonds, respectively, as provided in the Resolution and the i Indenture, so long as the Series C Bonds and the Series A Bonds shall remain outstanding. Section 5 . 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 C Bonds and the Series A Bonds by the Agency, all as authorized herein, and to execute and deliver such certificates and other documents as they may deem appropriate and SF2-6199.2 5 i 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 6 . This resolution shall take effect from and 'I after its passage and approval. �i i n SF2-6199.2 6 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 1st day of December, 1992, and was duly adopted at said meeting by the following vote: AYES • Anderson, Arness, Kehoe & Nloss NOES : None ABSENT: Dahl o Mayor City of Redding (Seal) ATT/ S T onnie Strohmayer, C' Clerk FORM APPROVED: Ra all A. H ys City Attorney of the City of Redding SF2-6199.2 7 i CITY CLERK' S CERTIFICATE i 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 December 1, 1992, 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: December 17, 1992 . Connie Strohmayer City Clerk of the City of Redding i [SEAL] SF2-6199.2 8