HomeMy WebLinkAboutReso 2003-133 - Canby-Hilltop-CypressRESOLUTION NO. 2003-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING RESCINDING RESOLUTION NO. 2003-127 APPROVING
THE ISSUANCE AND SALE OF THE REDDING REDEVELOPMENT
AGENCY CANBY-HILLTOP-CYPRESS REDEVELOPMENT
PROJECT TAX ALLOCATION BONDS, SERIES E.
WHEREAS, on August 5, 2003, the City Council of the City of Redding adopted a resolution
authorizing the issuance of bonds in a not-to-exceed $34,000,000 aggregate principal amount to provide
funds to finance and refinance the redevelopment plan for the CHC Project Area, including the defeasance
and refunding of the Agency's prior bonds and to provide additional funds for improvements within or
benefitting the Project Area; and
WHEREAS, on August 18, 2003, the City Council of the City of Redding adopted Resolution
No. 2003-127 providing the Agency with the ability to reduce the size of the CHC bond issue if market
conditions warranted such a decision; and
WHEREAS, on August 19, 2003, market conditions improved, thereby no longer requiring the
authority provided by Resolution No. 2003-127.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Redding, as follows:
1. That the foregoing recitals are true and correct.
As market conditions improved, the authority provided by City Council Resolution 2003-127
is no longer required and said Resolution is hereby rescinded.
I HEREBY CERTIFY that the foregoing resolution was introduced and read at the regular meeting
of the City Council of the City of Redding on the 2nd day of September 2003 and was duly adopted at said
meeting by the following vote:.
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS - Kight,
COUNCIL MEMBERS - None
COUNCIL MEMBERS - None
COUNCIL MEMBERS - None
ATTEST:
Connie Strohm~ay~r, City
Mathena, Pohlmeyer, Stegall and Cibula
APPROVED AS TO FORM:
Bleac[ L. FUller, Ciiy Attorney