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Home My WebLink About00 OVERSIGHT BOARD AGENDA 6.14.16 SPECIAL MEETING OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY COUNCIL CHAMBER 300 CENTENNIAL WAY TUSTIN, CALIFORNIA JUNE 14, 2016 3:30 P.M. CALL TO ORDER ROLL CALL Chair Doug Davert Vice Chair Debra Fitzsimons Secretary Chuck Puckett Board Member Allan Bernstein Board Member John Nielsen Board Member Anthony Soria Board Member Matt West PLEDGE OF ALLEGIANCE – Secretary Puckett PUBLIC INPUT (Limited to 3 minutes per person on items not on the Agenda) At this time members of the public may address the Oversight Board on any subject matter pertaining to former Tustin Community Redevelopment Agency business and within the subject matter jurisdiction of the Oversight Board (no action can be taken on off-agenda items unless authorized by law). Please fill out one of the forms located at the speaker’s table so that your remarks within the recording of the meeting can be attributed to you. REGULAR BUSINESS ITEM 1 1. OVERSIGHT BOARD APPROVAL OF ISSUANCE OF BONDS TO REFUND CERTAIN OUTSTANDING OBLIGATIONS OF THE FORMER TUSTIN COMMUNITY REDEVELOPMENT AGENCY, APPROVING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST AND ESCROW AGREEMENTS AND PROVIDING FOR OTHER MATTERS RELATING THERETO In March, 2010, the Tustin Community Redevelopment Agency issued $26,170,000 Tustin Community Redevelopment Agency Tax Allocation Bonds, ADA Assistance If you need special assistance to participate in this Oversight Board meeting, contact the City Clerk’s Office at (714) 573- 3026. Please call at least 72 hours prior to the meeting to allow the City to make reasonable arrangements to ensure accessibility to this meeting. (28 CFR 35.102.104 American Disabilities Act Title II) Series 2010 (the "2010 Housing Bonds") to refinance low and moderate income housing activities within the City, of which $21,225,000 principal amount remains outstanding, and in November, 2010, it issued $44,170,000 Tustin Community Redevelopment Agency Tax Allocation Bonds (MCAS -Tustin Redevelopment Project Area), Series 2010 (the "2010 Redevelopment Bonds") to finance redevelopment activities within and for the benefit of the MCAS - Tustin Redevelopment Project, of which $40,160,000 principal amount remains outstanding. The 2010 Housing Bonds are callable on any date on and after September 1, 2020 at par, while the 2010 Redevelopment Bonds are callable on any date on and after September 1, 2018 at 102% of par. Section 34177.5 of the California Health and Safety Code authorizes the Successor Agency to issue refunding bonds for the purpose of achieving debt service savings. Due to favorable market conditions, the Successor Agency is contemplating the issuance of bonds to refund the 2010 Housing Bonds and the 2010 Redevelopment Bonds on an advance basis. Based on current market conditions, it is anticipated that such refunding would generate approximately $507,000 of average annual debt service savings beginning in 2017. Any debt service savings as a result of the refunding will increase the amount of property tax revenues that can be distributed to all the taxing entities, including the City. RECOMMENDATION / PROPOSED ACTION 1. Adopt Resolution No. 16-06, a Resolution of the Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency approving the issuance of refunding bonds in order to refund certain outstanding obligations of the former Tustin Community Redevelopment Agency, approving the execution and delivery of an Indenture of Trust and Escrow Agreements relating thereto, requesting Oversight Board approval of the issuance of the refunding bonds, requesting certain determinations by the Oversight Board, and providing for other matters relating thereto. OVERSIGHT BOARD RESOLUTION NO. 16-06 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING THE ISSUANCE OF REFUNDING BONDS IN ORDER TO REFUND CERTAIN OUTSTANDING OBLIGATIONS OF THE FORMER TUSTIN COMMUNITY REDEVELOPMENT AGENCY, APPROVING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST AND ESCROW AGREEMENTS RELATING THERETO, REQUESTING APPROVAL OF THE ISSUANCE OF THE REFUNDING BONDS, REQUESTING CERTAIN DETERMINATIONS, AND PROVIDING FOR OTHER MATTERS RELATING THERETO (Note: This Resolution shall be effective after transmittal of this Resolution to the Department of Finance (“DoF”) and the expiration of five (5) business days pending a request for review by DoF within the time periods set forth in Oversight Board of the Successor Agency to the Page 2 Tustin Community Redevelopment Agency Special Meeting Agenda – June 14, 2016 Assembly Bill No. 1484. Pursuant to Health and Safety Code Section 34181(f), if DoF requests review hereof, it will have 60 days from the date of its request to approve this Oversight Board property disposition action or return it to the Oversight Board for reconsideration and the action, if subject to review by DoF, will not be effective until approved by DoF.) ADJOURNMENT: The next regular meeting of the Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency is scheduled for January 24, 2017 at 4:00 p.m. in the Council Chamber at 300 Centennial Way, Tustin, California. Copies of the staff reports or other written documentation related to each item of business described above are on file in the office of the Clerk of the Successor Agency to the Tustin Community Redevelopment Agency, 300 Centennial Way, Tustin, CA 92780 and are available for public inspection during regular business office hours. Copies of staff reports and written materials may be purchased for $.10 per page. In addition, staff reports can be reviewed online at www.tustinca.org. Oversight Board of the Successor Agency to the Page 3 Tustin Community Redevelopment Agency Special Meeting Agenda – June 14, 2016