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HomeMy WebLinkAboutResolution - 99-4 RESOLUTION NO. RDA 99-4 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO APPROVING THE ISSUANCE OF ITS SOBOBA SPRINGS REDEVELOPMENT PROJECT AREA 1999 TAX ALLOCATION BONDS, APPROVING AN INDENTURE, AN OFFICIAL STATEMENT, SETTING THE MAXIMUM FINAL TERMS OF THE SALE OF THE BONDS AND MAKING CERTAIN DETERMINATIONS RELATING THERETO WHEREAS, the Redevelopment Agency of the City of San Jacinto (the "Agency") is a redevelopment agency duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law, being Section 33000 and following of the Health and Safety Code of the State of California, and the powers of the Agency include the power to issue bonds for any of its corporate purposes; and WHEREAS, a redevelopment plan for a redevelopment project known as the Soboba Springs Redevelopment Project Area (the "Project Area") has been adopted and approved and all requirements of law for, and precedent to, the adoption and approval of said plan have been duly complied with; and WHEREAS, the Agency proposes to issue not to exceed $1,200,000 principal amount of its Soboba Springs Redevelopment Project Area 1999 Tax Allocation Bonds (the 'Bonds"), the proceeds of which will be used to provide a portion of the funding for the construction of the Main Street/Lake Park Bridge (the "Project"), the repayment of which Bonds will be secured by talc increment revenues from the Project Area; and WHEREAS, there has been presented at this meeting a form of Indenture providing for the issuance of the Bonds; and WHEREAS, the Agency is authorized to sell the Bonds on a negotiated basis to the San Jacinto Public Financing Authority (the "Authority") and, in turn, the Authority will sell the Bonds on a negotiated basis to Seidler-Fitzgerald Public Finance, the underwriter (the "Underwriter"), all pursuant to the Bond Purchase Agreement (as defined below); NOW, THEREFORE, the Redevelopment Agency of the City of San Jacinto does hereby RESOLVE, DETERMINE AND ORDER as follows: Section 1. Approval of Issuance of Bonds. The issuance of not to exceed $1,200,000 aggregate principal amount Bonds in order to provide a portion of the moneys required to finance the Project is hereby authorized and approved. 1461018275-0022/3225420.3 a02/09/99 Section 2. Indenture. The form of Indenture by and between the Agency and Union Bank of California, N.A., as trustee (the "Indenture"), presented at this meeting is hereby approved and the Chairperson, the Executive Director/Secretary or the Treasurer is and each of them are hereby authorized and directed, for and in the name of and on behalf of the Agency, to execute, acknowledge and deliver said Indenture in substantially the form presented at this meeting with such changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3. Appointment of Trustee. Union Bank of California, N.A. is hereby appointed at Trustee pursuant to the Indenture, to take any and all action provided for therein to be taken by the Trustee. Section 4. Official Statement. The form of Preliminary Official Statement relating to the Bonds and presented to this meeting is hereby approved. The preparation of a Final Official Statement relating to the Bonds is hereby approved and the Chairperson, the Executive Director/Secretary or the Treasurer is and each of them are hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver a Final Official Statement containing such changes from the Preliminary Official Statement as may be approved by the Chairperson, the Executive Director/Secretary, the Finance Director, Bond Counsel and/or the Agency Counsel, and the distribution of such Preliminary and Final Official Statement in connection with the sale of the Bonds is hereby authorized. The Chairperson, the Executive Director or the Treasurer is and each of them are also authorized and directed to deem the Preliminary Official Statement final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 (the "Rule"), omitting only such information as is permitted under such Rule, and to execute an appropriate certificate stating the Agency's determination that the Preliminary Official Statement has been deemed final within the meaning of such Rule. Section 5. Form of Bonds. The form of the Bonds as set forth in the Indenture as presented to this meeting is hereby approved and the Chairperson or the Vice Chairperson and the Secretary or any Assistant Secretary are hereby authorized and directed to execute by manual or facsimile signature, in the name and on behalf of the Agency and under its seal, such Bonds in either temporary and/or definitive form in the aggregate principal amount set forth in the Indenture and all in accordance with the terms and provisions of the Indenture. Section 6. Final Terms of Sale of Bonds. The terms of the Bonds are hereby established as follows: (i) the final principal amount of the various maturities of the Bonds, which amount shall not exceed $1,200,000 in the aggregate; (ii) final interest rates on various maturities of the Bonds, provided that the average of such rates shall not exceed 6.50% per annum; (iii) the Underwriter's discount for the purchase of each series of the Bonds and original issue discount, if any (representing any discount passed through directly to the purchasers of the Bonds) shall not exceed 2.00%. Section 7. Bond Purchase A"ieement. The form of Bond Purchase Agreement (the "Purchase Agreement") providing for sale of the Bonds to the Authority and, in turn, the Authority's sale of the Bonds to Seidler-Fitzgerald Public Finance, as Underwriter for the Bonds, presented at this meeting, and the purchase of Bonds upon the terms and conditions set 146/018275-0022/3225420.3 a02109199 -2- forth therein is hereby approved and the Chairperson, the Executive Director or the Finance Director is and each of them are hereby authorized and directed to execute and deliver on behalf of the Agency's said Purchase Agreement in said form with such changes therein as the officer executing the same may approve; such approval to be conclusively evidenced by the execution and delivery thereof. Section 8. Continuing Disclosure Certificate. The form of Continuing Disclosure Certificate which has been attached to the Preliminary Official Statement to be executed by the Agency to comply with the provisions of Securities and Exchange Commission Rule 15c2- 12(b)(5) is hereby approved and any of the Chairperson, Vice-Chairperson and Executive Director or Treasurer of the Agency are and each of them is authorized to execute the Continuing Disclosure Certificate for, in the name of and on behalf of the Agency in substantially such form presented to this meeting with such changes therein as the officers executing the same conclusively evidence by the execution and delivery thereof. Section 9. Reduisitions. The Executive Director or the Finance Director is and each of them are hereby authorized and directed to execute one or more requisitions authorizing the Trustee to pay the costs of issuing the Bonds from the proceeds of the Bonds and the moneys, if any, deposited by the Agency with the Trustee for such purpose, all pursuant to the Indenture. Section 10. Other Acts. The Chairperson, the Vice-Chairperson, the Executive Director/Secretary, the Treasurer and theExecutive Secretary of the Agency are hereby authorized and directed,jointly and severally, to do any and all things (including, but not limited to, obtaining a policy or policies of municipal bond insurance and/or a rating from a national rating agency with respect to the Bonds), to execute and deliver any and all documents which in consultation with Staff, Bond Counsel and the Agency Counsel, they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds, or otherwise effectuate the purposes of this Resolution, and any and all such actions previously taken by such officers or staff members are hereby ratified and confirmed. Section 11. Effective Date. This Resolution shall take effect upon adoption. PASSED, APPROVED AND ADOPTED this 17 day of June 1999. A_` / Chairperson ATTEST: Secretary 146/019275-0022/3225420.3 a02/09/99 -3- STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE )ss CITY OF SAN JACINTO ) I, PAMELA L. LEE, CMC, Secretary of the Redevelopment Agency of the City of San Jacinto, do hereby certify that the foregoing resolution was duly and regularly introduced and adopted by the Agency at its meeting held on the 17 day of June 1999, by the following vote: AYES: Council Members Conner, Good,Smedley and Mayor Cornett NOES: none ABSENT: Council Member Williams Secretary of the Redevelopment Agency of the City of San Jacinto 146/019275-0022/3225420.3 a02/09199 -4-