HomeMy WebLinkAboutRDA RES 10-07RDA RESOLUTION NO. 10-07
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF TUSTIN, CALIFORNIA AUTHORIZING THE COMMENCEMENT OF
PROCEEDINGS IN CONNECTION WITH THE PROPOSED ISSUANCE
OF TAX ALLOCATION BONDS RELATING TO THE AGENCY'S TOWN
CENTER REDEVELOPMENT PROJECT AREA, DESIGNATING
CONSULTANTS, AND AUTHORIZING AND DIRECTING CERTAIN
ACTIONS WITH RESPECT THERETO
The Tustin Community Redevelopment Agency (the "Agency") of the City of
Tustin does hereby resolve as follows:
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;
WHEREAS, a redevelopment plan for the Town Center Redevelopment Project
Area (the "Redevelopment Project") has been adopted in compliance with all
requirements of the Law;
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WHEREAS, the Agency has determined that, due to prevailing financial market
conditions, it is in the best interests of the Agency, at this time, to refinance
redevelopment activities of the benefit of the Redevelopment Project and, in particular, to
refund the Agency's outstanding Tustin Community Redevelopment Agency (Town
Center Area Redevelopment Project) Tax Allocation Refunding Bonds, 1998 Series A
(the "1998 Bonds");
WHEREAS, to provide moneys to refund the 1998 Bonds, the Agency has
determined to issue its Tustin Community Redevelopment Agency 2010 Tax Allocation
Refunding Bonds (Town Center Redevelopment Project Area) (the "Bonds"); and
WHEREAS, it is appropriate that the Agency formally authorize the
commencement of proceedings to issue the Bonds and to appoint a financial advisor,
bond counsel, disclosure counsel, a fiscal consultant and an underwriter in connection
therewith;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
SECTION 1. Officers and officials of the Agency are hereby authorized to proceed
with the preparation of documents necessary to provide for the issuance and sale of the
Bonds. All such documents to which the Agency will be a party shall be subject to the
final approval thereof by the Agency at a subsequent meeting of the Agency.
RDA Resolution No. 10-07
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SECTION 2. Fieldman, Rolapp & Associates is hereby designated as financial
advisor to the Agency; Quint & Thimmig LLP is hereby designated as bond counsel and
as disclosure counsel to the Agency and David Taussig & Associates is hereby
designated as fiscal consultant to the Agency, each in connection with the issuance and
sale of the Bonds. The Executive Director is hereby authorized and directed to execute
agreements with such firms for their services with respect to the Bonds, in forms
acceptable to the Executive Director and Agency counsel; provided that any and all
compensation payable to such firms shall be contingent upon the sale and issuance of
the Bonds.
SECTION 3. Stone & Youngberg LLC is hereby designated as underwriter to the
Agency in connection with the issuance and sale of the Bonds.
SECTION 4. The Chairperson, the Vice Chairperson, the Executive Director, the
Treasurer, Agency Counsel, the Secretary and all other appropriate officials of the
Agency are hereby authorized and directed to execute such other agreements,
documents, and certificates as may be necessary to effect the purposes of this
Resolution and the financing herein authorized.
SECTION 5. This Resolution shall take effect upon its adoption.
PASSED AND ADOPTED at a regular meeting of the Tustin Community
Redevelopment Agency held on the 7th day of September, 2010.
ATTEST:
PA LA STOKER,
Recording Secretary
RDA Resolution No. 10-07
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Pamela Stoker, City Clerk and ex-officio Clerk of the Tustin Community
Redevelopment Agency of the City of Tustin, California, do hereby certify that the whole
number of the members of the Tustin Community Redevelopment Agency of the City of
Tustin is five; that the above and foregoing RDA Resolution No. 10-07 was duly and
regularly passed and adopted at a regular meeting of the Tustin Community
Redevelopment Agency held on the 7th day of September, 2010 by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
PA ELA STOKER,
Recording Secretary
Amante, Nielsen, Davert, Palmer, Gavello (5)
None (p)
None (p)
None (p)
RDA Resolution No. 10-07
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