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Home My WebLink AboutRDA TAX ALLOC BONDS 11-15-82DATE: Nov. 10, 1982 REDEVEI~PIViEb~ AGKNCY NOS. 5, 6, & 7 11-15-82 Inter-Corn TO: FROH: SUBJECT: REDEVELOPMENT AGENCY BILL HUSTON, EXECUTIVE DIRECTOR TAX ALLOCATION BONDS - AWARD OF BID The Agency is scheduled to consider the bids submitted on November 15, 1982 for the purchase of the Agency's tax allocation bonds. The Agency will be considering the following in connection with the decision as to whether the bonds should be sold: Adoption of a supplemental resolution, a copy of which is attached, amending the previously adopted Agency resolution authorizing the issuance of tax allocation bonds. The supplemental resolution incorporates the changes necessary to reflect the terms of the bond insurance to be issued by the Municipal Bond Insurance Association if the bonds are sold. The changes are: aa A committment to expend up to 10% of the annual debt service (approximately $100,000 per year) to redeem or purchase the bonds as and when and at such prices as the Agency deems appropriate. bo All Agency income in excess of the annual debt service, reserve requirements and 10% redemption amount would be available to the Agency to expend for projects subject only to the requirements of the Agency's Plan and State Redevelopment Law. c. A 1.25% coverage requirement for parity bonds (bonds issued subsequent to the sale of the Series 1982 bonds.) The exclusion of business inventory subvention revenues (approximately $50,000 per year) when computing the coverage requirement. Because of the Agency's projected tax increment income, this change would have no impact upon the ability of the Agency to meet the coverage requirements. 2. Review of the bids received. The Agency's options with regard to award or rejection of the bids will be explained at the meeting. 0 If the bid is awarded, approval of the Agency's final Official Statement. The Agency has previously approved the preliminary Official Statement. WH: dmt REDEVELOPMENT AGENCY NO. 5 11-15-82 ~ovember 8, 1982 %16 ~irst Draft 917 #21 ~USTIN COMMUNITY REDEVELOPMENT AGENCY %24 RESOLUTION NO. RDA - ~ %26 ~irst Supplemental Resolution of the Tustin Community %28 Redevelopment Agency ~upplementing and Amending a Resolution of %29 the Tustin Community Redevelopment Agency %30 Authorizing the Issuance of $8,500,000 Principal Amount of %31 ~ustin Community Redevelopment Agency %32 ~own Center Area Redevelopment Project %33 ~ax Allocation Bonds, Series 1982 %34 %37 ~ESOLUTION NO. RDA - 82-~2 , ADOPTED NOVEMBER , 1982 #41 ~IRST SUPPLEMENTAL RESOLUTION OF THE'TUSTIN COMMUNITY 943 REDEVELOPMENT AGENCY ~UPPLEMENTING AND AMENDING A RESOLUTION OF 944 THE TUSTIN COMMUNITY ~EDEVELOPMENT AGENCY 945 AUTHORIZING THE ISSUANCE OF $8,500,000 PRINCIPAL AMOUNT OF 946 ~USTIN COMMUNITY REDEVELOPMENT AGENCY 947 ~OWN CENTER AREA REDEVELOPMENT PROJECT 948 ~AX ALLOCATION BONDS, SERIES 1982 949 951 HHEREAS, the Tustin Community Redevelopment Agency is a 954 ~edevelopment agency, a public body, corporate and ~olitic, duly cre- 955 ated, ~stablished and authorized to transact business and exercise 956 powers under and ~ursuant to the provisions of the Community 957 Redevelopment Law of the State of ~alifornia, including the power to 958 issue bonds for any of its corporate ~urposes; 959 kTHEREAS, ~he Tustin Community Redevelopment Agency in com- 960,61 pliance Hith all requirements of law has heretofore adopted, on 962 October 20, 1982, Resolution ~o. RDA 82-10' (the "Original 963 Resolution"), entitled: 9(63) ~esolution of the Tustin Community Redevelopment Agency 966 Authorizing the Issuance of $8,500,000 Principal Amount of 967 ~ustin Community Redevelopment Agency 968 ~own Center Area Redevelopment Project 969 ~ax Allocation Bonds, Series 1982; 970 HHEREAS, no Bonds are outstanding under the Original 972 Resolution; 9(72) HHEREAS, the Tustin Community Redevelopment Agency desires 974 to aupplement and amend the Original Resolution to aid in the financ- 975 ing of the Town Center Area Redevelopment Project through the passage 9(75) and adoption of this First Supplemental ~esolution; and 976 HHEREAS, this First Supplemental Resolution conforms with 977 and is adopted pursuant to the Original Resolution, including 978 Sections 2.01 and ~.02 thereof. 979 ~OW, THEREFORE, BE IT RESOLVED by the Tustin Community 980 Redevelopment Agency, As follows: 981 ARTICLE I %82 TERMS OF SERIES 1982 BONDS %(82) ~ECTION 1.01. In accordance with the last paragraph of %84 Section 2.02 of the Original ~esolution, this First Supplemental %85 Resolution hereby fixes the final details and terms of the Series %86 1982 Bonds as follows: A. Any provision of the Original Resolution to the con- %88 trary notwithstanding, ~he Series 1982 Bonds shall mature 989 and become payable on November 1 in ~ach year, and shall %90 have interest at the rates per annum, set forth below %(90) Year Principal Amount Interest Rate %93 1983 %95 1984 %96 1985 %97 1986 %98 1987 %99 1988 ~100 1989 %101 1990 %102 1991 %103 1992 %104 1993 9105 1994 %106 1995 %107 1996 %108 1997 %109 1998 9110 1999 %111 1000 %112 1001 %113 1002 %114 1003 %115 1004 9116 1005 %117 1006 %118 iB. provide for any revision of optional sinking account redemption kerms.] Q. Except as amended or modified hereby, the terms and provisions of ~he Series 1982 Bonds shall be as set forth in the Original Resolution. 9121 %122 9123 %124 %(124) -2- %8 ARTICLE II 9125 OTHER AMENDMENTS TO ORIGINAL RESOLUTION %(125). ~ECTION 2.01. Section 3.01 of the Original ResoIution is %127 hereby amended in its entirety to read as follows: %128 "SECTION 3.01. Redevelopment Plan Limitations on Issuance ~ of Additional Bonds. At any time after the adoption of this 9130 Resolution the Agency may sell and deliver Additional Bonds in accor- 9131 dance with Section 3.04 hereof only if La) the outstanding bonded %132 indebtedness of the Agency to be paid from Tax Revenues is less than 9133 the limitation then set forth in Section 700 of the Redevelopment 9134 Plan and Lb) the annual debt service requirement ~n the .Agency's out- 9135,136 standing indebtedness (including such Additional Bonds) in the then 9137 current or any future Fiscal Year does not exceed the maximum amount %138 of tax increment dollars which may be collected for such Fiscal Year 9139 pursuant to the limitation set forth at the time of such delivery in 9140 subsection 1 of Section 600 of the Redevelopment Plan." %141 ~ECTION 2.02. Subsection (3) of Section 3.04 of the 9143 Original Resolution is hereby amended in its entirety to read as %144 follows: %(144) --"(3) The Tax Revenues derived based on the equalized %147,148 assessment roll next preceding the issuance of such 9(148) additional series of Bonds, as rePOrted by the Orange 9149 County Auditor-Controller, excluding business inven- 9(149) tory subvention revenues and investment earnings, %(149) shall be equal to at least one and twenty-five hun- 9150 dredths (1.25) times the Maximum Annual Debt Service 9151 on all series of Bonds then outstanding and on the 9152 additional series of Bonds (after the application of 9(152) the proceeds of refunding bonds issued to refund Bonds 9153 or Additional Bonds) ~roposed to be issued. At the %154 option of the Agency, there may be added to such Tax %155 Revenues the estimated amount of additional Tax %(155) Revenues available for such computation, based on the 9156 tax rates in effect on the date on which the estimate %157 is made, from the estimated taxable valuations of that %158 portion of any improvements the construction of Hhich 9159 has been completed prior to the date of issuance of 9(159) said additional series of Bonds, but which is not yet 9160 on the tax rolls, including any increase in taxable %161 valuation of the land underlying such improvements, as 9162 such estimates are shown in (a) an opinion of the 9(162) Orange County Assessor or Auditor-Controller, or (b) a %163 Report of an Independent Real Estate Consultant or %164 Independent Financial Consultant verified by the %(164) Qrange County Assessor or Auditor Controller." %165 _-3- 98 ~ECTION 2.03. Subsection (5) of Section 4.03 of the %167 Original Resolution is hereby amended in its entirety to read as %168 follows: %(168) ~(5) Surplus. If, (a) on November 2 of any year, %171 _ti) all moneys required to be set aside into the %173 Interest Account, Principal Account, Sinking %174 Account and Reserve Account in the immediately %(174) preceding Bond Year have been so set aside, %175 iii) the amount in the Reserve Account at least 9177 equals Maximum Annual Debt ~ervice, %178 ~iii) moneys remain in the Special Fund (excluding %180 moneys in the Reserve Account) and %181 liv) the Agency shall have provided to the Fiscal %183 Agent an opinion of an ~ndependent Financial %184 Consultant to the effect that Tax Revenues which %(184) will he allocated to. and deposited in the 9185 Special Fund during the then current Bond Year #186 will be not less than (y) the amount (if any) #(186) required to be set aside in the Reserve Account %187 in such Bond Year, plus (z) one and ten hun- %(187) dredths il.10) times the amount required to pay %188 interest, principal and minimum ainking account %189 payments in such Bond Year, then %(189) lb) the amount of moneys so remaining in the Special Fund %191 (excluding moneys in the Reserve Account) shall be "Surplus" and %192 shall promptly be transferred, at the direction of the Agency, to the #193 Redevelopment Fund or to any other account of the Agency to be used %194 for any lawful purpose of the Agency; ~rovided, however, that the %195 Agency shall, as promptly as practicable after Any such transfer in %196 any Bond Year, expend the amount of the moneys so transferred or an %197 amount equal to ten percent (10%) of the Annual Debt Service on the %198 series 1982 Bonds for such Bond Year, whichever is less, to %199 (i) redeem Series. 1982 Bonds (if such Bonds are then subject to %(199) redemption at the option of the Agency), or (ii) purchase such Bonds %200 at public or Rrivate sale as and when and at such prices (including %201 brokerage and other charges and accrued interest) as it may in its %202 discretion determine, but not to exceed the principal amount of such %203 Bonds, plus accrued interest and redemption premium (if any) applica- %204 ble on the next ensuing redemption date for such Bonds. All Bonds %205,206 redeemed or purchased and their appurtenant coupons, if any, shall be %207 cancelled." % (207) ~ECTION 2.04. Section 5.13 of the Original Resolution is %209 hereby amended in its entirety to read as follows: %210 _-4- %8 ~SECTION 5.13. Eminent Domain, Sale or Lease Proceeds. %211 Except as otherwise provided in'the Resolution, the net proceeds %(211) received b_y the Agency from any eminent domain proceeding for prop- %212 erty within the ~roject'Area to the extent financed by the Agency #213 through the issuance Rf Bonds shall be deposited by the Agency in the %214 Special Fund. %(214) ~he net proceeds.received by the Agency from any sale or %215 lease of property acquired under the Redevelopment Plan shall be %216 deposited by the Agency in ~he Redevelopment Fund." %217 -5- ARTICLE III $218 DEFINITIONS ~(218) ~ECTION 3.01. Except as in this Section hereinafter pro- #220 vided, unless the context otherwise ~equires, capitalized terms used $221 in this Supplemental Resolution and not Rtherwise defined shall have %222 the meaning ascribed thereto in Section 1.02 Rf the Original $223 Resolution. $(223) Original Resolution %225 "Original Resolution" means Resolution No. RDA 82-10, $(225) adopted by the Agency Rn October 20, 1982, as originally adopted or %226 as it may be amended or ~upplemented by any Supplemental Resolution, %227 including the First Supplemental ~esolution, adopted pursuant to the %228 provisions thereof. %(228) First Supplemental Resolution %230 "First Supplemental Resolution".means this resolution, %(230) adopted by the Agency under the Law, as originally adopted as it may $231 be amended or ~upplemented by any Supplemental Resolution adopted %232 pursuant to the ~rovisions of the Original Resolution. %233 -6- ARTICLE IV 9234 MISCELLANEOUS #(234) SECTION 4.01. Except to the extent amended, modified or 9236 supplemented by the First Supplemental ~esolution, the terms and pro- 9237 visions of the Original Resolution shall ~ontinue in full force and S238 effect. 9(238) ~ECTION 4.02. The First Supplemental Resolution shall take S240 effect from and after the date Rf its passage and adoption. 9241 vote: ~ASSED AND ADOPTED on November AYES: ~OES: ABSENT: , 1982, by the following 9242 9(242) 9243 9244 9245 ISEAL) Attest: #248 Chairman of the Tustin 9(248) Community Redevelopment Agency %(248) 9249 %251 Secretary of the Tustin Community Redevelopment Agency 9253 9(253) 9(253) ~ECRETARY'S CERTIFICATE 9256 , Secretary of the Tustin Community 9259 Redevelopment Agency, ~ereby certify that the foregoing is a full, 9260 true and correct copy Rf a resolution duly adopted at an adjourned 9261 meeting of said Agency duly and regularly held at the regular meeting 9262 place thereof on ~ovember __, 1982, of which meeting all the members 9263 of said Agency had due Rotice and at which a majority thereof was ~264 present; and that at said meeting said Resolution was adopted by the 9265 following ~ote: %266 Agency members %269 AYES: 9271 NOES: S273 ABSENT: 9275 ~ further certify that I have carefully compared the same S278 with the Rriginal thereof on file and of record in my office; that ~279 this ~esolution is a full, true and correct copy of the original 9280 thereof adopted at said meeting; and that said Resolution has not S281 been amended, ~odified or rescinded since the date of its adoption 9282 (except in accordance with provisions therefor), and is now ~j1 full S283 force and effect. 9(283) ~N WITNESS WHEREOF, I have hereunto set my hand and affixed S284 my Rfficial seal of said Agency on November __, 1982. 9285 #288 Secretary of the Tustin 9(288) Community Redevelopment Agency #(288) -8- 98