HomeMy WebLinkAboutCC RES 98-0541 RESOLUTION NO. 98-54
2 A RESOLUTION OF THE CITY COUNCIL OF TIlE CITY OF TUSTIN,
3 CALIFORNIA, APPROVING THE ISSUANCE BY THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY OF TAX ALLOCATION
4 BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO
EXCEED $21,000,000 TO REFUND THE AGENCY' S OUTSTANDING TOWN
5 CENTER AREA REDEVELOPMENT PROJECT TAX ALLOCATION
6 REFUNDING BONDS, SERIES 1987, AND THE AGENCY' S TOWN CENTER
AREA REDEVELOPMENT PROJECT SUBORDINATE TAX ALLOCATION
7 BONDS, SERIES 1991
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WHEKEAS, the Tustin Comrp.__.u...ni.'_ty.. l~edevelopment Agency (the "Agency") has
9 deterSned at this time, due to prevailing interest rates in the municipal bond market, to 'issue not
10 to exceed $21,000,000 aggregate principal mount of its Tustin Community Kedevelopment
Agency (Town Center Area Kedevelopment Project) Tax Allocation P, efunding Bonds, 1998
11 Series A (the "Bonds"), under the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of
Division 2 of Title' 5 of the California Government Co de,. commencing with section 53570 of said
12 Code (the "Bond Law"), the principal of and interest on which will be payable from the tax
13 increment revenues from the Redevelopment Project, to refund (a) its Town Center Area
R. edevetopment Project Tax Allocation Kefunding Bonds, Series 1987, issued pursuant to
14 Kesolution No. KDA 87-8, adopted by the Agency on August 3, 1987, in the aggregate principal
amount of $8,060,000, of which $5,145,000 remains outstanding (the "1987 Bonds"), and (b) its
15 Town Center Area Kedevelopment Project Subordinate Tax Allocation Bonds, Series 1991, issued
16 pursuant to P, esolutionNo. KDA91-12, adopted by the AgencY on JulY l 5, 1991, in the aggregate
principal amount of $13, 100,000, of which $12, 880,000 remains outstanding (the "1991 Bonds"
17 and, with the 1987 Bonds, the "Prior Bonds"); and
18 WHEKEAS, in accordance with the requirements of section 33640 of the California Health
19 and Safety Code, the City Council (the "City Council") of the City of Tus~n (the "City") wishes
at this time to approve the issuance and sale of the Bonds by the Agency;
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUSTIN,
21 CALIFORNIA, HEREBY RESOLVES AS FOLLOWS:
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Section 1. Approval of the Bonds. The issuance and sale of the Bonds by the Agency in
23 the aggregate principal amount of not to exceed $21,000,000, be and is hereby approved.
24 Section 2. Katification of Actions. All actions heretofore taken by any officer or agent
of the City with respect to the issuance or sale of the Bonds, or in connection with or related to
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any of the agreements referenced herein are hereby approved, confirmed and ratified.
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Section 3. Official Actions. The Mayor, the Vice Mayor, the City Attorney, the City
27 Clerk, any Assistant City Clerk and any other officers of the City are, and each of them acting
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TUCTYP, ES.g,~tlAU258
1 alone is, hereby authorized and directed, for and in the name and on behalf of the City to take such
2 actions, and to execute such documents and certificates, as may be necessary to accomplish the
issuance, sale and delivery of the Bonds by the Agency and to effectuate the purposes of this
3 Kesolution and the purposes of the Bonds. The Major may designate the Vice Mayor, the City
Manager or other appropriate officer the authority to-execute any of the agreements to be
4 executed by the Mayor pursuant to this Resolution. Any document authorized herein to be signed
5 by the City Clerk of the City may be signed by a duly appointed deputy city clerk.
6 Section 4. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
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PASSED AND ADOPTED at a regular meeting of the City Council held on the 15th
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day of June, 1998.
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11 By
THOMAS K.~LTARELLI, MAYOR
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ATTEST:
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PAMELA STOKER,, CITY CLERK
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TU~S,gA,/L,Pd2~g
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City of Tustin
RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF TUSTIN )
RESOLUTION NO. 98-54
Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, does hereby certify that the whole' number of the members of the City Council is
five; that the above and foregoing resolution was passed and adopted at a regular meeting of
the City Council held on the 15th day of June, 1998, by the following vote:
COUNCILMEMBER AYES: Saltarelli, Worley, Doyle, Ports, Tt~omas
COUNCILMEMBER NOES: None
COUNCILMEMBER ABSTAINED None
COUNCI LMEMBER ABSENT: ~one
Pamela Stoker, City Clerk