HomeMy WebLinkAboutSA RES 16-03SUCCESSOR AGENCY TO THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
RESOLUTION NO. 16-03
RESOLUTION OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY
REDEVELOPMENT AGENCY APPROVING THE FORM AND AUTHORIZING
DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND APPROVING THE
FORM AND AUTHORIZING THE EXECUTION OF A BOND PURCHASE
AGREEMENT IN CONNECTION WITH THE OFFERING AND SALE OF TAX
ALLOCATION BONDS TO REFINANCE REDEVELOPMENT ACTIVITIES WITHIN
AND FOR THE BENEFIT OF THE TUSTIN REDEVELOPMENT PROJECT OF THE
FORMER TUSTIN COMMUNITY REDEVELOPMENT AGENCY AND APPROVING
RELATED DOCUMENTS AND ACTIONS
WHEREAS, pursuant to section 34172(a) of the California Health and Safety
Code (unless otherwise noted, all section references hereinafter being to such Code),
the Tustin Community Redevelopment Agency (the "Former Agency") has been
dissolved and no longer exists as a public body, corporate and politic, and pursuant to
section 34173, and the Successor Agency to the Former Tustin Community
Redevelopment Agency (the "Successor Agency") has become the successor entity to
the Former Agency;
WHEREAS, redevelopment plans for the Former Agency's Town Center
Redevelopment Project, South Central Redevelopment Project and MCAS -Tustin
Redevelopment Project in the City of Tustin (the "City") have been adopted in
compliance with all requirements of the Code;
WHEREAS, prior to the dissolution of the Former Agency, the Former Agency
issued the following obligations:
(a) $26,170,000 Tustin Community Redevelopment Agency Tax Allocation
Housing Bonds, Series 2010 (the "2010 Housing Bonds"), to finance low and
moderate income housing activities within the City, of which $21,225,000
principal amount remains outstanding, and
(b) $44,170,000 Tustin Community Redevelopment Agency Tax Allocation
Bonds (MCAS -Tustin Redevelopment Project Area), Series 2010 (the "2010
Redevelopment Bonds" and, with the 2010 Housing Bonds, the "Former Agency
Obligations"), to finance redevelopment activities within and for the benefit of the
MCAS -Tustin Redevelopment Project, of which $40,160,000 principal amount
remains outstanding;
Successor Agency Resolution 16-03
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WHEREAS, section 34177.5 authorizes the Successor Agency to issue refunding
bonds pursuant to Article 11 (commencing with section 53580) of Chapter 3 of Part 1 of
Division 2 of Title 5 of the California Government Code (the "Refunding Lave') for the
purpose of achieving debt service savings within the parameters set forth in section
34177.5(a)(1) (the "Savings Parameters");
WHEREAS, to determine compliance with the Savings Parameters for purposes
of the issuance by the Successor Agency of its tax allocation refunding bonds (the
"Refunding Bonds"), the Successor Agency has caused its municipal advisor, Fieldman
Rolapp & Associates, to prepare an analysis of the potential savings that will accrue to
the Successor Agency and to applicable taxing entities as a result of the use of the
proceeds of the Refunding Bonds to refund the Former Agency Obligations (the "Debt
Service Savings Analysis");
WHEREAS, the Debt Service Savings Analysis has demonstrated that a
refunding of both the 2010 Housing Bonds and the 2010 Redevelopment Bonds will
satisfy the Savings Parameters;
WHEREAS, the Successor Agency has determined to issue its Successor
Agency to the Tustin Community Redevelopment Agency (Orange County, California)
Tax Allocation Refunding Bonds, Series 2016, to refund the 2010 Housing Bonds and
the 2010 Redevelopment Bonds (the "Bonds"), pursuant to an indenture of trust, by and
between the Successor Agency and The Bank of New York Mellon Trust Company,
N.A., as trustee;
WHEREAS, the Successor Agency adopted its Resolution No. 16-01 on June 7,
2016, authorizing issuance of the Bonds and approving the form and authorizing
execution of the various documents prepared in connection therewith;
WHEREAS, the Oversight Board to the Successor Agency adopted its
Resolution No. 16-06 on June 14, 2016, approving the issuance of the Bonds by the
Successor Agency; and
WHEREAS, a bond purchase agreement and a preliminary official statement to
be used in connection with the offering and sale of the Bonds has been prepared and it
is appropriate at this time for the Successor Agency to approve the forms thereof and
the distribution of such preliminary official statement to prospective purchasers of the
Bonds.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY DOES
RESOLVE AS FOLLOWS:
SECTION 1. Approval of Bond Purchase Agreement. The Successor Agency
hereby authorizes the sale of the Bonds to Piper Jaffray & Co. (the "Underwriter), so
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long as the Underwriter's discount, excluding original issue discount which does not
constitute compensation to the Underwriter, does not exceed 0.60%. The Successor
Agency hereby approves the bond purchase agreement, by and between the
Underwriter and the Successor Agency, in the form on file with the Successor Agency
Secretary (the "Bond Purchase Agreement"), together with such additions thereto and
changes therein as the Chair, the Vice Chair, the Secretary or the Executive Director
(the "Authorized Officers") shall deem necessary, desirable or appropriate, and the
execution thereof by an Authorized Officer shall be conclusive evidence of the approval
of any such additions and changes. The Authorized Officers are hereby authorized and
directed to execute, and the Secretary is hereby authorized and directed to attest to, the
final form of the Bond Purchase Agreement for and in the name and on behalf of the
Successor Agency.
SECTION 2. Approval of Preliminary Official Statement. The Successor Agency
hereby approves and deems final within the meaning of Rule 15c2-12 of the Securities
Exchange Act of 1934 except for permitted omissions, a preliminary official statement
describing the Bonds in the form on file with the Secretary (the "Preliminary Official
Statement"). Distribution of the Preliminary Official Statement by the Underwriter to
prospective purchasers of the Bonds is hereby approved. The Authorized Officers are
hereby authorized to execute the final form of an official statement, including as it may
be modified by such additions thereto and changes therein as an Authorized Officer
shall deem necessary, desirable or appropriate (the "Final Official Statement"), and the
execution of the Final Official Statement by an Authorized Officer shall be conclusive
evidence of the approval of any such additions and changes. The Successor Agency
hereby authorizes the distribution of the Final Official Statement by the Underwriter. The
Final Official Statement shall be executed in the name and on behalf of the Successor
Agency by an Authorized Officer.
SECTION 3. Official Actions. The Chair, the Vice Chair, the Executive Director,
the Secretary, and any and all other officers of the Successor Agency, are hereby
authorized and directed, for and in the name and on behalf of the Successor Agency, to
do any and all things and take any and all actions, including execution and delivery of
any and all assignments, certificates, requisitions, agreements, notices, consents,
instruments of conveyance, warrants and other documents which they, or any of them,
may deem necessary or advisable in order to consummate the lawful issuance and sale
of the Bonds. Whenever in this resolution any officer of the Successor Agency is
authorized to execute or countersign any document or take any action, such execution,
countersigning or action may be taken on behalf of such officer by any person
Authorized by such officer to act on his or her behalf in the case such officer shall be
absent or unavailable.
SECTION 4. Effective Date. This Resolution shall take effect from and after the
date of its passage and adoption.
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SECTION 5. Certification. The Secretary shall certify to the passage and
adoption hereof. 3
PASSED AND ADOPTED at a special meeting o he uccessor Agency to the
Tustin Community Redevelopment Agency hel_d-o,n th nd da j pf August, 2016.
JOIP NIELSEN,
Mayor on behalf of the Successor Agency
ATTEST:
ERICA N. RABE,
City Clerk on behalf of the Successor Agency
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Erica N. Rabe, City Clerk of the City of Tustin, California, acting as the Successor
Agency for the Tustin Community Redevelopment Agency, do hereby certify that the
whole number of the members of the Successor Agency is four; that the above and
foregoing Resolution No. 16-03 was duly assessed and adopted at a special meeting
held on the 2nd day of August, 2016, by the following vote:
COUNCILMEMBER AYES: Nielsen, Bernstein, Murray, Puckett , 4
COUNCILMEMBER NOES: (0 )
COUNCILMEMBER ABSTAINED: (0 )
COUNCILMEMBER ABSENT: (0 )
&L .
ERICA N. RABE,
City Clerk on behalf of the Successor Agency
Successor Agency Resolution 16-03
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