HomeMy WebLinkAboutReso 2003-125 - Market St project CITY COUNCIL RESOLUTION NO. 2003- /,2 ~'
RESOLUTION APPROVING THE ISSUANCE AND SALE OF THE
REDDING REDEVELOPMENT AGENCY MARKET STREET PROJECT
AREA TAX ALLOCATION BONDS, SERIES 2003
WHEREAS, pursuant to a resolution adopted on the date hereof (the "Agency
Resolution"), the Redding Redevelopment Agency (the "Agency") has determined to issue and
sell not to exceed $6,000,000 aggregate principal amount of its Market Street Project Area Tax
Allocation Bonds, Series 2003 (the" Bonds") in accordance with the California Community
Redevelopment Law (being Part 1 of Division 24 of the California Health and Safety Code) (the
"Law") to provide funds to finance and refinance the redevelopment plan for the Market Street
Redevelopment Project Area (the "Project Area"), including the defeasance and refunding of a
portion of the Agency's outstanding Market Street Redevelopment Project Tax Allocation
Bonds, Series A, dated March 1, 1994 (the "Prior Bonds") and to provide additional funds for
improvements within or benefiting the Project Area; and
WHEREAS, the Redding Joint Powers Financing Authority (the "Authority") will assist
the Agency in such financing and refinancing by purchasing the Bonds and selling such Bonds to
the underwriter named in the bond purchase contract between the Authority and such underwriter
and executed in accordance with the Agency Resolution;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding as
follows:
Section 1. The issuance of the Bonds by the Agency is hereby approved. The sale of the
Bonds to the Authority, as provided in the Agency Resolution, is hereby approved.
Section 2. This Resolution shall take effect from and after its passage and approval.
Section 3. The City hereby confirms and expressly provides that any and all amounts
owed to the City by the Agency pursuant to the Cooperation Agreement, to the extent such
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AYES: Kight,
NOES: None
ABSENT: Stegall
ABSTAIN: None
amounts are secured by or payable from tax increment revenues payable to or received by the
Agency from the Market Street Redevelopment Project pursuant to Section 33670 of the
California Health and Safety Code are subordinate and junior in all respects to the pledge and
lien established by the Agency to secure the Bonds and shall be paid in each fiscal year only after
all amounts due and payable on the Bonds in such fiscal year have been paid in full.
PASSED AND ADOPTED on August 5, 2003 by the following vote:
Mathena, Pohlmeyer and C-±bula
!bula,LZV ~
Attest:
Conn±e Strohmayer, City C,l~kTM
,~Form Approval
?,. ?
BRAD L. FULLER
City Attomey
1)OCSS1'"h693446.3 2
CITY CLERK'S CERTIFICATE
I, Connie Strohmayer, City Clerk of the City of Redding, hereby certify as follows:
The foregoing is a full, true and correct copy of a resolution duly adopted at a special
meeting of the City Council of said City duly and legally held at the regular meeting place
thereof on August 5, 2003, of which meeting all of the members of the City Council of said City
had due notice and at each of which a majority thereof were 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 by the following roll call vote:
AYES: Kight, Mathena, Pohlmeyer and Cibula
NOES: None
ABSENT: Stegall
ABSTA;IN: None
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: ~'~ 7 ,2003
City Clerk of the C~ ol~Redding
DOCSSI'"1:693446.3