HomeMy WebLinkAboutRDA 87-06 !
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RESOLUTION NO. RDA 87-6
A RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPHENT AGENCY
APPROVING CONTRACT OF PURCHASE RELATING TO TOWN CENTER
AREA REDEVELOPMENT PROJECT TAX ALLOCATION REFUNDING BONDS,
SERIES 1987; APPROVING OFFICIAL STATEMENT RELATING TO SAID
BONDS; AND AUTHORIZING OFFICERS OF THE AGENCY TO DO ALL
THINGS NECESSARY OR ADVISABLE THEREFOR
BE IT RESOLVED by the Tusttn Community Redevelopment Agency as
follows:
SECTION 1. The Agency hereby approves the Contract of Purchase
relating to the sale to E.F. Hutton & Company [nc. (the
"Underwriter") of the Agency's Town Center Area Redevelopment
Project Tax Allocatlon Refunding Bonds, Series 1987 (the "Bonds"),
by and between the Underwriter and the Agency, in the form presented
to this meetfng with such changes as the Treasurer of the Agency
shall approve (such approval to be consluslvely evidenced by his
execution of such Contract).
SECTION 2. The Agency hereby authorizes the Treasurer of the
Agency to execute the Contract of Purchase on behalf of the Agency
and to deltver the Contract of Purchase to the Underwriter. In
connection with such execution and delivery, the Agency further
authorizes the Treasurer to negotiate the price and the tnterest
rate or rates for the Bonds to he sold pursuant to the Contract of
Purchase up to a maximum principal amount of $10,000,000, such that
(a) the true interest cost of the Bonds shall not exceed 7.750% per
annum: (b) the aggregate Underwrtter's discount shall not exceed
2.325% of the aggregate principal amount of the Bonds: (c) issuance
of the Bonds will result in a present value reduction of the
Agency's debt service costs of at least $300,000 or 3.000~ of the
principal amount of the Bonds, whichever is greater, after taking
into account costs of issuance paid or to be paid by the Agency with
moneys derived from sources other than the proceeds of sale of the
Bonds; and {d) the Bonds shall mature (or be required to he redeemed
through mandatory call) on such dates and in such amounts that the
total amount of principal and interest payable on the Bonds in any
fiscal year shall not exceed the total amount of principal and
interest which would have been payable in such fiscal year on the
Agency's Town Center Area Redevelopment Project Tax Allocation
Bonds, Series 1982.
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SEUI'I~ 3. The form of Preliminary Official Statement relating
to the Bonds presented to this meeting is hereby approved. The
Chairman is hereby authorized to approve an Official Statement (the
"Official Statement") relating to the Bonds (such approval to be
conclusively evidenced by his execution of the Official Statement),
and the Agency hereby approves the use of the Official Statement by
the Underwriter in connection with the offering and sale of the
Bonds. The Agency hereby further approves the preparation by the
Agency and the use by the Underwriter of any supplement or amendment
to the Official Statement which is necessary so that the Official
Statement does not include any untrue statement of a material fact
and does not omit to state a material fact necessary to make the
statements therein, in the light of the circumstances in which they
were made, not misleading. The Chairman is hereby authorized and
directed to execute and deliver the Official Statement and any
amendment or supplement thereto, in the name and on behalf of the
Agency, and thereupon to cause the Official Statement and any such
amendment or supplement to be delivered to the Underwriter for
distribution to the purchasers of the Bonds.
SECTIOM 4. The Agency hereby authorizes the appropriate
officers of the Agency, for and on behalf of the Agency, to execute
all such documents, instruments, certificates and other papers and
to do all such acts and things as may be necessary or desirable to
carry out the terms of the Contract of Purchase and otherwise
necessary to complete the sale of the Bonds to the Underwriter and
the application of the proceeds of sale of the Bonds as described in
the Official Statement.
SECTIOM 5. This Resolution shall take effect from and after
the date of its passage and adoption.
PASSEl) ~D ADOPTED at a regular meeting of the Tusttn Community
Redevelopment Agency on July 6 , 1987
Chairman of the Tustl~)/
Community Redevelopment Agency
Secrettgkry of t~l~ Tustin
Communtty l~devel opment Agency
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) §
CITY OF TUSTIN )
MARY E. WYNN, City Clerk and Secretary Clerk of the Community Redevelopment
Agency of the City of Tustin, California, does hereby certify that the whole num-
ber of the members of the City Council as the Community Redevelopment Agency is
five; that the above and foregoing Resolution No. RI)A 8/-6 was duly and regularly
introduced, passed and adopted at a regular meeting of the City Council as the
Community Redevelopment Agency held on the 6th day of July,, 1987, by the following
vote:
AYES :
NOES :
ABSENT:
COUNCILPERSONS:
COUNCILPERSONS:
COUNCILPERSONS:
Edgar, Hoesterey, Kelly, Kennedy, Saltarelli
None
None
MARY E. WYNN, C~ty Cler~Secretary Clerk
City of Tustin~California