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HomeMy WebLinkAboutTPFA Resolution 10-01TPFA RESOLUTION NO. 10-01 A RESOLUTION OF THE TUSTIN PUBLIC FINANCING AUTHORITY AUTHORIZING THE PURCHASE AND SALE OF TAX ALLOCATION BONDS OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY ISSUED TO REFINANCE LOW AND MODERATE INCOME HOUSING ACTIVITIES WITHIN THE GEOGRAPHIC BOUNDARIES OF THE CITY OF TUSTIN AND APPROVING RELATED DOCUMENTS AND ACTIONS The Tustin Public Financing Authority of the City of Tustin (the"TPFA") does hereby resolve as follows: WHEREAS, the City of Tustin (the "City") and the Tustin Community Redevelopment Agency (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement, dated as of May 1, 1995, establishing the TPFA for the purpose, among others, of issuing its bonds to be used to provide financial assistance to the City and to the Agency; and WHEREAS, the Agency is a public body, corporate and politic, duly established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the California Health and Safety Code (the "Law"), including the power to issue bonds for any of its corporate purposes; and WHEREAS, (a) a redevelopment plan for the Town Center Redevelopment Project in the City has been adopted in compliance with all requirements of the Law; (b) a redevelopment plan for the South Central Redevelopment Project in the City has been adopted in compliance with all requirements of the Law; and (c) a redevelopment plan for the MCAS Tustin Project Area in the City, has been adopted in compliance with all requirements of the Law; and WHEREAS, the Agency has determined that, due to prevailing financial market conditions and for other reasons, it is in the best interests of the Agency at this time to refinance low and moderate income housing activities throughout the geographic boundaries of the City and, in particular, to repay a reimbursement obligation from the Agency to the City, relating to the City's write down of land for use for affordable housing purposes; and WHEREAS, to provide moneys for such purposes, the Agency has determined to issue its Tustin Community Redevelopment Agency Tax Allocation Housing Bonds, Series 2010, in the aggregate principal amount of not to exceed $30,000,000 (the "Bonds"), under the provisions of Part 1 of Division 24 of the California Health and Safety Code, commencing with section 33640 of said Code (the "Bond Law"); and TPFA Resolution 10-01 Page 1 of 3 WHEREAS, the TPFA has duly considered such transactions and wishes at this time to authorize the purchase and sale of the Bonds and to approve the form and authorize execution of a bond purchase agreement in connection therewith; NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: SECTION 1. Purchase and Sale of the Bonds. The Board hereby authorizes the purchase by the TPFA of the Bonds from the Agency for concurrent re -sale to Piper Jaffray & Co. (the "Underwriter"), so long as the total Underwriter's discount, excluding original issue discount which does not constitute compensation to the Underwriter, does not exceed 0.7% of the principal amount of the Bonds. The TPFA hereby approves the bond purchase agreement, by and among the Underwriter, the Agency and the TPFA, in substantially the form on file with the Secretary (the "Bond Purchase Agreement"), together with such additions thereto and changes therein as the Chair, the Executive Director or the Treasurer shall deem necessary, desirable or appropriate, and the execution thereof by the Chair, the Executive Director or the Treasurer shall be conclusive evidence of the approval of any such additions and changes. The Chair, the Executive Director or the Treasurer is hereby authorized and directed to execute the final form of the Bond Purchase Agreement for and in the name and on behalf of the TPFA. SECTION 2. Official Actions. The Chair, the Executive Director and the Treasurer of the TPFA, and any and all other officers of the TPFA, are hereby authorized and directed, for and in the name and on behalf of the TPFA, 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 as described herein. Whenever in this resolution any officer of the TPFA 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 designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable. SECTION 3. Effect. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED at a regular meeting of the Tustin Public Financing Authority of the City of Tustin held on the 2nd day of February 2010.,-----) hair TPFA Resolution 10-01 Page 2 of 3 ATTEST: r PAM LA STOKER, Recording Secretary STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF TUSTIN ) I, Pamela Stoker, City Clerk and ex -officio Recording Secretary of the Tustin Public Financing Authority of the City of Tustin, California, do hereby certify that the whole number of the members of the Tustin Public Financing Authority of the City of Tustin is five; that the above and foregoing TPFA Resolution No. 10-01 was duly passed and adopted at a regular meeting of the Tustin Public Financing Authority, held on the 2nd day of February, 2010, by the following vote: COUNCILMEMBER AYES: Amante, Nielsen, Davert, Gavello (4) COUNCILMEMBER NOES: None (0) COUNCILMEMBER ABSTAINED: None (0) COUNCILMEMBER ABSENT: Palmer G) PAMLA S OKER, Recording Secretary TPFA Resolution 10-01 Page 3 of 3