HomeMy WebLinkAbout6.14.16MINUTES OF THE SPECIAL MEETING OF THE
OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
COUNCIL CHAMBER
300 CENTENNIALWAY
TUSTINI, CALIFORNIA
JUNE 14,2016
3:30 P.M.
CALL TO ORDER at 3:32 p.m.
ROLL CALL
Present: Chair Doug Davert, Secretary Chuck Puckett, Board
Members Qr. Allan Bernstein and Matt West
Absent. Vice Chair Dr. Debra Fitzsimons, Board Members John
Nielsen and Anthony Soria
Successor Agency Clerk: Erica N. Rabe, City Clerk
Others Present:
David E. Kendig, Legal Counsel to the Successor Agency
and Jerry Craig, Economic Development and Housing
Manager
PLEDGE OF ALLEGIANCE — Secretary Puckett
PUBLIC INPUT — None
REGULAR 13USINESS ITEM I
OVERSIGHT BOARD APPROVAL OF ISSUANCE OF BONDS TO REFUND
CERTAIN OUTSTANDING OBLIGATIONS OF THE FORMER TUSTIN
COMMUNITY RE D EV E LOPM E NT AGENCY, APPROVII N G 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
126,171,,000 Tustin Community Redevelopment Agency Tax Allocation Bonds,
Series 2010 (the "2011 0 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
ADA Assistance If you need special assistance to participate in this Over -sight 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 11)
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 20101 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.
It was moved by Board Member Bernstein and seconded by Board Member
Puckett to 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 there -to, requesting Oversight Board approval of the issuance of the
refunding bond's, requesting certain determinations by the Oversight Board, and
providing, for other matters relating thereto.
Motion carried. 4-0
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
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
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rsight Board of the Successor Agency to the Page 2
Tustin Community Redevelopment Agency
Special Meeting Minutes - June 14, 2016
OveihtBoaforreconsieration and the action, if subject to review by DoF,
L"11ll not be effective until approved by DoF.)
Board Member Soria arrived at 3:34 p.m.
Economic and Development Housing Manager Jerry Craig provided an update
regarding the Department of Finance.
ADJOURNED at 3:37 p.m. 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 CouncilChamber at 300 Centennial Way, Tustin,
California.
DOUG DA�! RT,
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Tustin Community Redevelopment Agency
Spedal MGeting Minutes - June 14, 2016