The URL can be used to link to this page

Home My WebLink AboutRDA 82-12TUSTIN COMMUNITY REDEVELOPMENT AGENCY RESOLUTION NO. RDA 82-12 First Supplemental Resolution of the Tustin Community Redevelopment Agency Supplementing and Amending a Resolution of the Tustin Community Redevelopment Agency Authorizing the Issuance of $8,500,000 Principal Amount of Tustin Community Redevelopment Agency Town Center Area Redevelopment Project Tax Allocation Bonds, Series 1982 RESOLUTION NO. RDA 82-12, ADOPTED NOVEMBER 15, 1982 FIRST SUPPLEMENTAL RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY SUPPLEMENTING AND AMENDING A RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF $8,500,000 PRINCIPAL AMOUNT OF TUSTIN COMMUNITY REDEVELOPMENT AGENCY TOWN CENTER AREA REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 1982 WHEREAS, the Tustin Community Redevelopment Agency is a redevelopment agency, a public body, corporate and politic, duly cre- ated, 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, including the power to issue bonds for any of its corporate purposes; WHEREAS, the Tustin Community Redevelopment Agency in com- pliance with all requirements of law has heretofore adopted, on October 20, 1982, Resolution No. RDA 82-10 (the "Original Resolution"), entitled: Resolution of the Tustin Community Redevelopment Agency Authorizing the Issuance of $8,500,000 Principal Amount of Tustin Community Redevelopment Agency Town Center Area Redevelopment Project Tax Allocation Bonds, Series 1982; WHEREAS, no Bonds are outstanding under the Original Resolution; WHEREAS, the Tustin Community Redevelopment Agency desires to supplement and amend the Original Resolution to aid in the financ- ing of the Town Center Area Redevelopment Project through the passage and adoption of this First Supplemental Resolution; and WHEREAS, this First Supplemental Resolution conforms with and is adopted pursuant to the Original Resolution, including Sections 2.01 and 2.02 thereof. NOW, THEREFORE, BE IT P~SOLVED by the Tustin Community Redevelopment Agency, as follows: ARTICLE I TERMS OF SERIES 1982 BONDS SECTION 1.01. In accordance with the last paragraph of Section 2.02 of the Original Resolution, this First Supplemental Resolution hereby fixes the final details and terms of the Series 1982 Bonds as follows: A. Any provision of the Original Resolution to the con- trary notwithstanding, the Series 1982 Bonds shall mature and become payable on November 1 in each year, and shall have interest at the rates per annum, set forth below Year Principal Amount Interest Rat~ 1983 $ 85,000 7.750% 1984 95,000 7.750 1985 100,000 7.750 1986 115,000 7.750 1987 125,000 7.750 1988 140,000 7.750 1989 155,000 8.000 1990 175,000 8.250 1991 190,000 8.500 1992 215,000 8.750 1993 235,000 9.000 1994 260,000 9.200 1995 290,000 9.300 1996 325,000 9.400 1997 360,000 9.500 2006 5,635,000 9.750 B. Except as amended or modified hereby, the terms and provisions of the Series 1982 Bonds shall be as set forth in the Original Resolution. -2- ARTICLE II OTHER AMENDMENTS TO ORIGINAL RESOLUTION SECTION 2.01. Section 3.01 of the Original Resolution is hereby amended in its entirety to read as follows: "SECTION 3.01. Redevelopment Plan Limitations on Issuance of Additional Bonds. At any time after the adoption of this Resolution the Agency may sell and deliver Additional Bonds in accor- dance with Section 3.04 hereof only if (a) the outstanding bonded indebtedness of the Agency to be paid from Tax Revenues is less than the limitation then set forth in Section 700 of the Redevelopment Plan and (b) the annual debt service requirements on the Agency's outstanding indebtedness (including such Additional Bonds) in the then current or any future Fiscal Year does not exceed the maximum amount of tax increment dollars which may be divided and allocated for such Fiscal Year pursuant to the limitation then set forth, in subsection 1 of Section 600 of the Redevelopment Plan." SECTION 2.02. Subsection (3) of Section 3.04 of the Original Resolution is hereby amended in its entirety to read as follows: "(3) The Tax Revenues, excluding business inventory subven- tion revenues and interest income, derived based on the equalized assessment roll next preceding the issu- ance of such additional series of Bonds, as reported by the Orange County Auditor-Controller, shall be equal to at least one and twenty-five hundredths (1.25) times the Maximum Annual Debt Service on all series of Bonds then outstanding and on the additional series of Bonds (after the application of the proceeds of refunding bonds issued to refund Bonds or Additional Bonds) proposed to be issued. At the option of the Agency, there may be added to such Tax Revenues the estimated amount of additional Tax Revenues available for such computation, based on the tax rates in effect on the date on which the estimate is made, from the estimated taxable valuations of that portion of any improvements the construction of which has been completed prior to the date of issuance of said additional series of Bonds, but which is not yet on the tax rolls, including any increase in taxable valuation of the land underlying such improvements, as such estimates are shown in (a) an opinion of the Orange County Assessor or Auditor-Controller, or (b) a Report of an Independent Real Estate Consultant or Independent Financial Consultant verified by the Orange County Assessor or Auditor Controller." -3- SECTION 2.03. Subsection (5) of Section 4.03 of the Original Resolution is hereby amended in its entirety to read as follows: "(5) ~%~ILP~. If, (a) on November 2 of any year, (i) all moneys required to be set aside into the Interest Account, Principal Account, Sinking Account and Reserve Account in the immediately preceding Bond Year have been so set aside, (ii) (±±i) the amount in the Reserve Account at least equals Maximum Annual Debt Service, moneys remain in the Special Fund (excluding moneys in the Reserve Account) and (iv) the Agency shall have provided to the Fiscal Agent an opinion of an Independent Financial Consultant to the effect that Tax Revenues, excluding business inventory subvention revenues and interest income, which will be allocated to and deposited in the Special Fund during the then current Bond Year will be not less than (y) the amount (if any) required to be set aside in the Reserve Account in such Bond Year, plus (z) one and ten hundredths (1.10) times the amount required to pay interest, principal and minimum sinking account payments in such Bond Year, then (b) the amount of moneys so remaining in the Special Fund (excluding moneys in the Reserve Account) shall be "Surplus" and shall promptly be transferred, at the direction of the Agency, to the Redevelopment Fund or to any other account of the Agency to be used for any lawful purpose of the Agency; provided, however, that the Agency shall, as promptly as practicable after any such transfer in any Bond Year, expend the amount of the moneys so transferred or an amount equal to ten percent (10%) of the Annual Debt Service on the Series 1982 Bonds for such Bond Year, whichever is less, to (i) redeem Series 1982 Bonds (if such Bonds are then subject to redemption at the option of the Agency), or (ii) purchase such Bonds at public or private sale as and when and at such prices (including brokerage and other charges and accrued interest) as it may in its discretion determine, but not to exceed the principal amount of such Bonds, plus accrued interest and redemption premium (if any) applica- ble on the next ensuing redemption date for such Bonds. All Bonds redeemed or purchased and their appurtenant coupons, if any, shall be cancelled." -4- SECTION 2.04. Section 5.13 of the Original Resolution is hereby amended in its entirety to read as follows: "SECTION 5.13. Eminent Domain, Sale or L~ase Proceeds. Except as otherwise provided in the Resolution, the net proceeds received by the Agency from any eminent domain proceeding for prop- erty within the Project Area to the extent financed by the Agency through the issuance of Bonds shall be deposited by the Agency in the Special Fund. The net proceeds received by the Agency from any sale or lease of property acquired under the Redevelopment Plan shall be deposited by the Agency in the Redevelopment Fund." -5- ARTICLE III DEFINITIONS SECTION 3.01. Except as in this Section hereinafter pro- vided, unless the context otherwise requires, capitalized terms used in this Supplemental Resolution and not otherwise defined shall have the meaning ascribed thereto in Section 1.02 of the Original Resolution. Original Resolution "Original Resolution" means Resolution No. RDA 82-10, adopted by the Agency on October 20, 1982, as originally adopted or as it may be amended or supplemented by any Supplemental Resolution, including the First Supplemental Resolution, adopted pursuant to the provisions thereof. First Supplemental Resolution "First Supplemental Resolution" means this resolution, adopted by the Agency under the Law, as originally adopted as it may be amended or supplemented by any Supplemental Resolution adopted pursuant to the provisions of the Original Resolution. -6- ARTICLE IV MISCELLANEOUS SECTION 4.01. The Agency hereby covenants that the amount of taxes which will be divided and allocated to the Agency pursuant to the Redevelopment Plan (as in effect on the date hereof) in any Fiscal Year will not exceed $3,000,000 when the "average" yearly tax increment which has been collected by the Agency since the date of adoption of the Redevelopment Plan by the Agency equals $3,000,000. SECTION 4.02. The Agency hereby covenants to use its best efforts to give preference to the Series 1982 Bonds maturing November 1, 2006 when the Agency redeems or purchases Series 1982 Bonds with the moneys transferred to the Agency which are required to be used for such purchases or redemptions pursuant to Subsection (5) (b) of Section 4.03 of the Original Resolution. SECTION 4.03. Except to the extent amended, modified or supplemented by the First Supplemental Resolution, the terms and pro- visions of the Original Resolution shall continue in full force and effect. SECTION 4.04. The First Supplemental Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED on November 15, 1982, by the following vote: AYES: EDGAR, KENNEDY, HOESTEREY, GREINKE, SALTARELLI NOES: NONE ABSENT: NONE Chairman of the Turin Community Redevelopment Agency (SEAL) Attest: Secrets~3y of th~ Tustin Con, unity Redevelopment Agency -7- STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS 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. RDA 82-12 was duly and regularly introduced, passed and adopted at a regular meeting of the City Council as the Community Redevelopment Agency held on the 15th day of November, 1982, by the following vote: AYES : NOES : ABSENT: COUNCILPERSONS: COUNCILPERSONS: COUNCILPERSONS: Edgar, Kennedy, Greinke, Hoesterey, Saltarelli None None MARY Clerk/S Clerk City of Tustin, California