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HomeMy WebLinkAboutRDA RES 08-06RDA RESOLUTION NO. 08-06 A RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN, CALIFORNIA, AUTHORIZING INVESTMENT IN A PROMISSORY NOTE OF THE CITY OF TUSTIN WHEREAS, in order to acquire certain real property on which public improvements are to be constructed, the City of Tustin (the "City") commenced an action for condemnation of such real property in the Superior Court of California, County of Orange, such action being Case No. 03CC01932 (the "Condemnation Action"); WHEREAS, pursuant to an order of said Superior Court, entitled "Order on AAE's Ex Parte Application for an Order to Increase Deposit of Probable Compensation," dated September 30, 2008 (the "Order"), the City has been ordered to increase its deposit of probable compensation in the Condemnation Action by depositing with the State Treasurer the amount of $18,881,750 within 90 days of the Order; WHEREAS, the City's obligation to make such deposit constitutes an obligation imposed by law and the Order constitutes evidence of the indebtedness represented by such obligation; WHEREAS, the City is authorized pursuant to Articles 10 and 11 (commencing with Section 53570) of Chapter 3 of Division 2 of Title 5 of the California Government Code (the "Act") to issue bonds, warrants, notes or other evidence of indebtedness for the purpose of refunding any evidence of indebtedness of the City, whether due or not due; WHEREAS, in order to refund such indebtedness of the City evidenced by the Order, the City desires to issue, pursuant to the Act, its Promissory Note (the "Promissory Note") payable to the Tustin Community Redevelopment Agency (the "Agency"); WHEREAS, Section 53601 of the California Government Code provides that, subject to the limitations specified therein, the legislative body of a local agency (including a local agency such as the Agency) having money in its treasury not required for the immediate needs of the local agency may invest any portion of the money that it deems wise or expedient in bonds, notes, warrants or other evidences of indebtedness of any local agency within the State of California (including a local agency such as the City); WHEREAS, the Agency desires to invest in the Promissory Note by advancing to the City the principal amount thereof; WHEREAS, such advance is to be used by the City to make all or a portion of said deposit with the State Treasurer; WHEREAS, a form of the Promissory Note has been submitted to this meeting; and RDA Resolution 08-06 Page 1 of 3 WHEREAS, the Board of Directors of the Agency (the "Board of Directors") desires to authorize the investment by the Agency of moneys in its treasury in the Promissory Note and the performance of such acts by or on behalf of the Agency as may be necessary or desirable to effect such investment; NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Tustin Community Redevelopment Agency, as follows: Section 1. The investment by the Agency of a portion of the money in its treasury in the Promissory Note is hereby authorized and approved; provided, however, that the principal amount of the Promissory Note shall not be greater than $18,881,750, the maturity date of the Promissory Note shall not be later than December 1, 2013 and the interest rate on the Promissory Note shall not be less than 2.5% per annum. Section 2. The Board of Directors hereby finds and determines that the Agency has money in its treasury not required for the immediate needs of the Agency in an amount at least equal to the maximum principal amount of the Promissory Note specified in Section 1. Section 3. The Board of Directors hereby finds and determines that the investment of such money in the treasury of the Agency in the Promissory Note, as provided herein, is wise and expedient. Section 4. The officers and employees of the Agency are, and each of them is, hereby authorized and directed, for and in the name of the Agency, to do any and all things and to execute and deliver any and all documents which they or any of them deem necessary or advisable in order to consummate the investment of money in the Agency treasury in the Promissory Note and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution. Section 5. All actions heretofore taken by the officers and employees of the Agency with respect to the investment of money in the Agency treasury in the Promissory Note are hereby approved, confirmed and ratified. Section 6. This Resolution shall take effect immediately upon its adoption. APPROVED and ADOPTED by the Board of Directors of the Tustin Community Redevelopment Agency on December 2, 2008. ATTEST: Pamela Stoker, ec tary RDA Resolution 08-06 Page 2 of 3 SECRETARY'S CERTIFICATE STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF TUSTIN ) I, Pamela Stoker, Secretary of the Tustin Community Redevelopment Agency hereby certify that the foregoing is a full, true and correct copy of a Resolution duly adopted at a regular meeting of the Board of Directors of said Agency duly and regularly held at the regular meeting place thereof on December 2, 2008, of which meeting all of the members of said Board of Directors had due notice and at which a majority thereof were present; and that at said meeting said Resolution was adopted by the following vote: AYES: DIRECTORS: Amante, Davert, Bone, Kawashima, Palmer (5) NOES: DIRECTORS: None (0) ABSENT: DIRECTORS: None (0) An agenda of said meeting was posted at least 72 hours before said meeting at 300 Centennial Way, Tustin, California, a location freely accessible to members of the public, and a brief general description of said Resolution appeared on said agenda. I further certify that I have carefully compared the same with the original minutes of said meeting on file and of record in my office; that the foregoing Resolution is a full, true and correct copy of the original Resolution adopted at said meeting and entered in said minutes; and that said Resolution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. Dated: December 2 , 2008 amela St er ecretary RDA Resolution 08-06 Page 3 of 3