HomeMy WebLinkAboutReso 2004-202 - Revenue Bonds
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RESOLUTION NO. 2004-202
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RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE EXPENDITURE OF PROCEEDS OF THE REDDING
JOINT POWERS FINANCING AUTHORITY LEASE REVENUE BONDS (2004
CIVIC CENTER REFUNDING AND PARKS PROJECTS) 2004 SERIES B ON
CERTAIN PARKS Pl~OJECTS, MAKING FINDINGS OF SIGNIFICANT
PUBLIC BE~FIT AND RATIFYING AND CONFIRMING THE ISSUANCF:
OF SAID BONDS
WHEREAS, Article I of Chapter 5 of Division 7 of Title I of the Government Code of
the State ofCalifotrua authorizes and empowers local agencies to form a joint powers authority,
and Article 4 of Chapter 5 ofDilvision 7 of Title I of the Government Code of the State of
California authorizes and empow(~rs such an authority to issue bonds for the purpose of financing
public capital improvements, working capital, liability and other insurance needs, or projects
whenever there are significant public benefits, as determined by the local agency; and
WHEREAS, the City of Redding (the "City") and the Housing Authority of the City of
Redding have created and established, pursuant to the laws of the State of California, the Redding
Joint Powers Financing Authority (the "Authority") for the purpose of, among other things, issuing
bonds to fmance public.capital improvements, including, but not limited to, general municipal
improvements; and
WHEREAS, has duly conducted a public hearing prior to the adoption of this resolution
and following publication of notice of such public hearing once at least five days prior to the date
of such public h~aring in a newspaper of general circulation in the City, all in accordance with
California Government Code Section 6586.5(a)(2); and
WHEREAS, following such public hearing the City Council has determined that th(~
issuance of Redding Joint Powers Financing Authority Lease Revenue Bonds (2004 Civic Center
<Refunding and Parks Projects), 2004 Series B (the "Bonds") by the Authority is necessary and
desirable and furthers the public pUll"pOse .md that there are significant public benefits to be derived
from securing the assistance of the Authority in financing the design, acquisition, construction and
equipping of certain public capital improvements within the City, namely, certain parks and
recreational improvements within the City, including four soccer fields located at the City Sports
Complex and other parks and recreational facilities as may be designated by the City in the future
and related improvements (collectively, the "2004B Parks Projects"), in that, through the issuance
of the Bonds by the Authority, the City will benefit from (i) demonstrable savings in the costs of
financing the 2004B Parks Projects, and (ii) more efficient delivery of City services to the residents
of the City; and
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WHEREAS, the City Council desires to ratify, confirm and approve the issuance of the
Bonds in all respects;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding as
follows:
Section 1. The City hereby finds and determines that the foregoing preambles are true and
correct; including without limitation the findings of significant public benefits set forth therein.
Section 2. The City herelby approves the financing of the 2004B Parks Projects though
the issuance of the Bonds and the expenditure of the proceeds of the Bonds to acquire and
improve the 2004B Parks Proje,ets.
Section 3. The authorization, issuance, sale and delivery of the Bonds is hereby ratified.,
confirmed and approved in all respects.
I HEREBY CERTIFY that the foregoing Resolution was introduced and read at
a special meeting of the City COlmcil of the City of Redding on the 22nd day of December 2004,
and was duly adopted at said meeting by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN :
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Cibula, Dickerson, and Mathena
None
Kight, Murray
None
Attest:
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Form Approved:
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CONNiES~ Uty Clerk
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DIANI Interim City Attorney
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