HomeMy WebLinkAboutTPFA Resolution 10-01TPFA RESOLUTION NO. 10-01
A RESOLUTION OF THE TUSTIN PUBLIC FINANCING
AUTHORITY AUTHORIZING THE PURCHASE AND SALE
OF TAX ALLOCATION BONDS OF THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY ISSUED TO
REFINANCE LOW AND MODERATE INCOME HOUSING
ACTIVITIES WITHIN THE GEOGRAPHIC BOUNDARIES
OF THE CITY OF TUSTIN AND APPROVING RELATED
DOCUMENTS AND ACTIONS
The Tustin Public Financing Authority of the City of Tustin (the"TPFA") does
hereby resolve as follows:
WHEREAS, the City of Tustin (the "City") and the Tustin Community
Redevelopment Agency (the "Agency") have heretofore entered into a Joint Exercise of
Powers Agreement, dated as of May 1, 1995, establishing the TPFA for the purpose,
among others, of issuing its bonds to be used to provide financial assistance to the City
and to the Agency; and
WHEREAS, the Agency is a public body, corporate and politic, duly established
and authorized to transact business and exercise powers under and pursuant to the
provisions of the Community Redevelopment Law of the State of California, constituting
Part 1 of Division 24 of the California Health and Safety Code (the "Law"), including the
power to issue bonds for any of its corporate purposes; and
WHEREAS, (a) a redevelopment plan for the Town Center Redevelopment
Project in the City has been adopted in compliance with all requirements of the Law; (b)
a redevelopment plan for the South Central Redevelopment Project in the City has been
adopted in compliance with all requirements of the Law; and (c) a redevelopment plan
for the MCAS Tustin Project Area in the City, has been adopted in compliance with all
requirements of the Law; and
WHEREAS, the Agency has determined that, due to prevailing financial market
conditions and for other reasons, it is in the best interests of the Agency at this time to
refinance low and moderate income housing activities throughout the geographic
boundaries of the City and, in particular, to repay a reimbursement obligation from the
Agency to the City, relating to the City's write down of land for use for affordable
housing purposes; and
WHEREAS, to provide moneys for such purposes, the Agency has determined to
issue its Tustin Community Redevelopment Agency Tax Allocation Housing Bonds,
Series 2010, in the aggregate principal amount of not to exceed $30,000,000 (the
"Bonds"), under the provisions of Part 1 of Division 24 of the California Health and
Safety Code, commencing with section 33640 of said Code (the "Bond Law"); and
TPFA Resolution 10-01
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WHEREAS, the TPFA has duly considered such transactions and wishes at this
time to authorize the purchase and sale of the Bonds and to approve the form and
authorize execution of a bond purchase agreement in connection therewith;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
SECTION 1. Purchase and Sale of the Bonds. The Board hereby authorizes the
purchase by the TPFA of the Bonds from the Agency for concurrent re -sale to Piper
Jaffray & Co. (the "Underwriter"), so long as the total Underwriter's discount, excluding
original issue discount which does not constitute compensation to the Underwriter, does
not exceed 0.7% of the principal amount of the Bonds. The TPFA hereby approves the
bond purchase agreement, by and among the Underwriter, the Agency and the TPFA,
in substantially the form on file with the Secretary (the "Bond Purchase Agreement"),
together with such additions thereto and changes therein as the Chair, the Executive
Director or the Treasurer shall deem necessary, desirable or appropriate, and the
execution thereof by the Chair, the Executive Director or the Treasurer shall be
conclusive evidence of the approval of any such additions and changes. The Chair, the
Executive Director or the Treasurer is hereby authorized and directed to execute the
final form of the Bond Purchase Agreement for and in the name and on behalf of the
TPFA.
SECTION 2. Official Actions. The Chair, the Executive Director and the Treasurer
of the TPFA, and any and all other officers of the TPFA, are hereby authorized and
directed, for and in the name and on behalf of the TPFA, to do any and all things and
take any and all actions, including execution and delivery of any and all assignments,
certificates, requisitions, agreements, notices, consents, instruments of conveyance,
warrants and other documents which they, or any of them, may deem necessary or
advisable in order to consummate the lawful issuance and sale of the Bonds as
described herein. Whenever in this resolution any officer of the TPFA is authorized to
execute or countersign any document or take any action, such execution,
countersigning or action may be taken on behalf of such officer by any person
designated by such officer to act on his or her behalf in the case such officer shall be
absent or unavailable.
SECTION 3. Effect. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED AND ADOPTED at a regular meeting of the Tustin Public Financing
Authority of the City of Tustin held on the 2nd day of February 2010.,-----)
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ATTEST:
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PAM LA STOKER,
Recording Secretary
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Pamela Stoker, City Clerk and ex -officio Recording Secretary of the Tustin Public
Financing Authority of the City of Tustin, California, do hereby certify that the whole
number of the members of the Tustin Public Financing Authority of the City of Tustin is
five; that the above and foregoing TPFA Resolution No. 10-01 was duly passed and
adopted at a regular meeting of the Tustin Public Financing Authority, held on the 2nd day
of February, 2010, by the following vote:
COUNCILMEMBER AYES: Amante, Nielsen, Davert, Gavello (4)
COUNCILMEMBER NOES: None (0)
COUNCILMEMBER ABSTAINED: None (0)
COUNCILMEMBER ABSENT: Palmer G)
PAMLA S OKER,
Recording Secretary
TPFA Resolution 10-01
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