HomeMy WebLinkAboutCC RES 10-22RESOLUTION NO. 10-22
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, APPROVING THE ISSUANCE AND
SALE BY THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY OF TAX ALLOCATION BONDS TO REFINANCE
LOW AND MODERATE INCOME HOUSING ACTIVITIES
WITHIN THE GEOGRAPHIC BOUNDARIES OF THE CITY
The City Council of the City of Tustin (the "City") does hereby resolve as follows:
WHEREAS, the Tustin Community Redevelopment Agency (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 Redevelopment Project 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 Housibg Bands,
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
WHEREAS, in accordance with the requirements of section 33640 of the
California Health and Safety Code, the City Council wishes at this time to approve the
issuance and sale of the Bonds by the Agency;
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Tustin held on the 2"d day of February 2010.
Resolution 10-22
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ATTEST:
-,
PAM LA STOKE
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, do hereby certify that the whole number of the members of the City Council of
the City of Tustin is five; that the above and foregoing Resolution No. 10-22 was duly
passed and adopted at a regular meeting of the Tustin City Council, held on the 2"d day of
February, 2010, by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED
COUNCI~.MEMBER ABSENT:
Amante, Nielsen, Davert, Gavello
None (~)
None (~)
Palmer (1)
(4)
PAM ? STOKER,
Cit`,~ Clerk
Resolution 10-22
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