HomeMy WebLinkAboutReso 2003-127 - Canby-Hilltop-Cypress CITY COUNCIL RESOLUTION NO. 2003- /.9.~ '7
RESOLUTION APPROVING THE ISSUANCE AND SALE OF THE
REDDING REDEVELOPMENT AGENCY CANBY-HILLTOP-CYPRESS
REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES E
WHEREAS, pursuant to a resolution adopted on the date hereof (the "Agency Bond
Resolution"), the Redding Redevelopment Agency (the "Agency") has determined to issue and
sell not to exceed $34,000,000 aggregate principal amount of its Canby-Hilltop-Cypress
Redevelopment Project Tax Allocation Bonds, Series E (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 Canby-Hilltop-Cypress Redevelopment Project Area (the "Project Area"), including the
defeasance and refunding of all or a portion of the Agency's Canby-Hilltop-Cypress
Redevelopment Project Tax Allocation Refunding Bonds, Series C and the Canby-Hilltop-
Cypress Redevelopment Project Tax Allocation Bonds, Series D (together, the Prior Bonds"), as
shall be determined by the Executive Director of the Agency based upon market conditions at the
time of sale of the Bonds, and to provide additional funds for improvements within 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 Bond 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 Bond Resolution, is hereby approved.
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RESCINDED BY RESOLUTION 2003-133
Section 2. This Resolution shall take effect fi.om and after its passage and approval.
Section 3. The City hereby confirms and expressly provides that any and all mounts
owed to the City by the Agency pursuant to the Cooperation Agreement, to the extent such
amounts are secured by or payable fi.om tax increment revenues payable to or received by the
Agency from the Canby-Hilltop-Cypress 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 18, 2003 by the following vote:
Stegall and Pohlmeyer
Kight, Mathena,
None
Cibula
AYES:
NOES:
ABSENT:
ABSTAIN: None
[SEAL]
Attest:
Connie St rohmayerCity~erl~
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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 18, 2003, of which meeting ail 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 originai minutes of said meeting on
file and of record in my office, and the foregoing is a full, tree and correct copy of the originai
resolution adopted at said meeting by the following roll call vote:
AYES: Kight, Mathena, Stegall and Pohlmeyer
NOES: None
ABSENT: Cibula
ABSTAIN: 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: 8-18 ,2003
City Clerk of the C!J~o'l~l([edding
Connie Stro~mayer
(Seai)
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