HomeMy WebLinkAboutCC RES 10-99RESOLUTION NO. 10-99
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, APPROVING THE ISSUANCE AND
SALE BY THE TAX ALLOCATION BONDS OF THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY ISSUED TO
FINANCE REDEVELOPMENT ACTIVITIES WITHIN OR
FOR THE BENEFIT OF THE AGENCY'S MCAS-TUSTIN
REDEVELOPMENT PROJECT AREA
The City Council of the City of Tustin 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;
WHEREAS, a redevelopment plan for the MCAS-Tustin Redevelopment Project
Area (the "Redevelopment Project") in the City of Tustin, Orange County, California (the
"City"), has been adopted in compliance with all requirements of the Law;
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 finance redevelopment
activities of the benefit of the Redevelopment Project (the "2010 Project");
WHEREAS, to provide moneys to finance the 2010 Project, the Agency has
determined to issue its Tustin Community Redevelopment Agency Tax Allocation Bonds
(MCAS-Tustin Redevelopment Project Area), Series 2010, in the aggregate principal
amount of not to exceed $45,000,000 (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; 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;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
SECTION 1: Approval of the Bonds. The issuance and sale of the Bonds by the
Agency to finance the 2010 Project, is hereby approved.
SECTION 2: Effect. This Resolution shall take effect from and after the date of its
passage and adoption.
Resolution 10-99
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PASSED AND ADOPTED at a regular meeting of the Tustin City Council held on
the 19th day of October, 2010.
ATTEST:
PAMELA STO
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. 10-99 was duly
passed and adopted at a regular meeting of the Tustin City Council, held on the 19th day of
October 2010, by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED:
COUNCILMEMBER ABSENT:
__----
PA ELA STOKE
City Clerk
Amante, Nielsen, Davert, Palmer (4)
None (~)
None (~)
Gavello (1)
Resolution 10-99
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