HomeMy WebLinkAboutConsent Calendar #4 8-3-87 WILLIAM .A/ ~USTON, CITY MANAGER
TO
:
FROM: RONALD A.~.L_~CTOR OF FINANCE
RESOLUTION NO. 87-86, CITY COUNCIL APPROVING THE INVOICE
$~SJECT: OF $8,060,000 OF REFINANCING BONDS BY THE REDEVELOPMENT
RECOMMENDATION
Adopt Resolution No. 87-86approving the issuance of $8,060,000 of
Refinancing Bonds by the Redevelopment Agency.
RAN:ls
CITY OF TUSTIN
RESOLUTION NO. 87-86
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN APPROVING THE ISSUANCE OF $8,060,000
PRINCIPAL AMOUNT OF TUSTIN COM~U3NITY
REDEVELOPMENT AGENCY TOWN CENTER AREA
REDEVELOPMENT PROJECT TAX ALLOCATION REFUNDING
BONDS, SERIES 1987 BY THE TUSTIN COMMUNITY
REDEVELOPMENT AGENCY
BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL
OF THE CITY OF TUSTIN, AS FOLLOWS:
SECTION 1. The Tustin Community Redevelopment Agency (the
"Agency") is a redevelopment agency (a public body, corporate and
politic) duly created, established and authorized to transact busi-
ness and exercise its powers, all under and pursuant to the Comunity
Redevelopment Law [Part 1 of Division 24 (commencing with Section
33000) of the Health and Safety Code of the State of California] and
the powers of the Agency include the power to issue bonds for any of
its corporate purposes.
SECTION 2. The Agency, on July 6, 1987, adopted its
Resolution No. RDA 87-6, entitled:
Resolution of the Tustin Community Redevelopment Agency
Approving Contract of Purchase Relating to Town Center Area
Redevelopmen~ Project Tax Allocation Refunding Bonds,
Series 1987; Approving Official Statement Relating to Said
Bonds; and Authorizing Officers of the Agency to do All
Things Necessary or Advisable Therefor.
A Copy of such Resolution has been provided to this City Council.
SECTION 3. On July 23, 1987 in conformity with the
requirements of Section 147(f) of the Internal Revenue Code of 1986,
the Treasurer of the Agency held a public hearing, duly noticed, on
the question of whether the issuance of Bonds of the Agency in the
maximum aggregate principal amount of $10,000,000 for the purpose of
refunding and defeasing $8,105,000 aggregate principal amount of the
Agency's outstanding Town Center Area Redevelopment Project Tax
Allocation Bonds, Series 1982 (the "Refunded Bonds") should be
approved. The Refunded Bonds were issued for the purpose of financ-
ing the following:
1. Public improvements to Tustin Plaza, an
office and communitY retail center of approximately
136,200 square feet located at 13681,
13721-71-13821-91 Newport Avenue, Tustin, developed by
Carver Development.
94691.7.2982.08:8
2. Agency assistance in costs of construction
and Agency acquisition of interests in public parking
in the "C" Street Parking Structure, located at 445
South "C" Street, Tustin, developed by Gfeller
Development and the Stevens Square Association.
3. Agency assistance in land acquisition and
construction of public improvements at Plaza La
Fayette, an approximately 44,000 square feet commer-
cial retail center, located at 13011,13021, and 13031
Newport Avenue, Tustin.
4. The Agency has made public improvements
including street widening, upgrading and utility
undergrounding in Newport Avenue, E1 Camino Real and
First Street; the extension of Sixth Street and
installation of traffic signals, water mains, storm
drains, sewers and street beautification.
A copy of the Treasurer's report of the meeting is attached
hereto as Exhibit A. A copy of the Proof of Publication of the
Notice of Public Hearing is attached hereto as Exhibit B.
SECTION 4. The Agency proposes to adopt its Resolution
No. RDA 87-8, a copy of which has been provided to this City Council,
entitled:
Resolution of the Tustin Community Redevelopment Agency
Authorizing the Issuance of $8,060,000 Principal Amount of
Tustin Community Redevelopment Agency Town Center Area
Redevelopment Project Tax Allocation Refunding Bonds,
Series 1987.
Such Resolution authorizes the issuance of Tax Allocation Refunding
Bonds (the "Refunding Bonds") of the Agency in the principal amount
of $8,060,000, and establishes the interest rates and their terms for
said Refunding Bonds.
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SECTION 5. In accordance with Section 33640 of the Health
and Safety Code of the State of California and Section 147(f) of the
Internal Revenue Code of 1986, the issuance of the Refunding Bonds by
the Agency, as described in Sections 3 and 4 above, is hereby
approved.
PASSED, APPROVED AND ADOPTED this 3rd day o'f August, 1987.
Mayor
Attest:
City Clerk
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