HomeMy WebLinkAboutTPFA Resolution 10-02TPFA RESOLUTION NO. 10-02
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
FINANCE REDEVELOPMENT ACTIVITIES WITHIN OR
FOR THE BENEFIT OF THE AGENCY'S MCAS-TUSTIN
REDEVELOPMENT PROJECT AREA AND APPROVING
RELATED DOCUMENTS AND ACTIONS
The Tustin Public Financing Authority of the City of Tustin (the "Authority") 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 Authority for the purpose,
among others, of issuing its bonds to be used to provide financial assistance to the City
and to the Agency;
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;
WHEREAS, a redevelopment plan for the MCAS-Tustin Redevelopment Project
Area (the "Redevelopment Project") has been adopted in compliance with all
requirements of the Law;
WHEREAS, the Agency has determined that, due to prevailing financial market
conditions, it is in the best interests of the Agency at this time to finance redevelopment
activities of the benefit of the Redevelopment Project (the "2010 Project");
WHEREAS, to provide moneys to finance the 2010 Project, the Agency has
determined to issue its Tustin Community Redevelopment Agency Tax Allocation Bonds
(MCAS-Tustin Redevelopment Project Area), Series 2010, in the aggregate principal
amount of not to exceed $45,000,000 (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; and
WHEREAS, the Authority 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:
TPFA Resolution 10-02
Page 1 of 3
SECTION 1. Purchase and Sale of the Bonds. The Board hereby authorizes the
purchase by the Authority of the Bonds from the Agency for concurrent re-sale to Stone
& Youngberg LLC (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 0.5% of the principal amount of the Bonds. The Authority
hereby approves the bond purchase agreement, by and among the Underwriter, the
Agency and the Authority, 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 Authority.
SECTION 2. Official Actions. The Chair, the Executive Director and the Treasurer
of the Authority, and any and all other officers of the Authority, are hereby authorized
and directed, for and in the name and on behalf of the Authority, 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 Authority 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 19th ~a~ ~f nrtnnPr ~n~ n
ATTEST:
PA LA STOKER,
Recording Secretary
TPFA Resolution 10-02
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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. 10-02 was duly passed and
adopted at a regular meeting of the Tustin Public Financing Authority, held on the 19th day
of October, 2010, by the following vote:
COUNCILMEMBER AYES: Amante, Nielsen, Davert, Palmer (4)
COUNCILMEMBER NOES: None (0)
COUNCILMEMBER ABSTAINED: None (0)
COUNCILMEMBER ABSENT: Gavello (1)
-~'~'
PAMELA STOKER,
Recording Secretary
TPFA Resolution 10-02
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