HomeMy WebLinkAbout1989 101 CC RESO1989 101 CC RESO (Ìì ½ û RESO 89-101 DEC 20 1989H"å8 RESOLUTION NO.89-101
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BALDWIN PARK APPROVING THE ISSUANCE OF BALDWIN
PARK PUBLIC FINANCING AUTHORITY REVENUE FAX
ALLOCATION) BONDS, 1990 SERIES A AND 1990 SERIES B,
THE BORROWING OF BOND PROCEEDS BY THE
REDEVELOPMENT AGENCY FOR THE CITY OF BALDWIN
PARK, AND REFUNDING OF THE AGENCY'S SAN GABRIEL
RIVER REDEVELOPMENT PROJECT TAX ALLOCATION
BONDS 1987 SERIES A REFUNDING PARITY BONDS,
CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT
TAX ALLOCATION BONDS 1986 SERIES A REFUNDING
PARITY BONDS AND 1986 SERIES B PARITY BONDS AND
PUENTE-MERCED REDEVELOPMENT PROJECT 1987 TAX
ALLOCATION REFUNDING BONDS; AND AUTHORIZING
OFFICIAL ACTION IN CONNECTION THEREWITH.
WHEREAS, the City of Baldwin Park the"City") and the Redevelopment Agency
for the City of Baldwin Park the Agency") have heretofore entered into a Joint Exercise
of Powers Agreement dated April 6,1988, establishing the Baldwin Park Public Financing
Authority the Authority") for the purpose of issuing its bonds to be used to provide
financial assistance to the City, the Agency and any Associate Member as defined
therein); and
WHEREAS, the Authority proposes at this time to issue its Revenue Tax
Allocation) Bonds, 1990 Series A and 1990 Series B in an aggregate principal amount of
not to exceed $21,500,000 collectively, the Bonds") for the purpose of providing funds
to make three loans collectively, the Loans") to the Agency in an aggregate principal
amount not to exceed $21,500,000 pursuant to i) a San Gabriel River Loan Agreement
among the Authority, the Agency and Security Pacific National Bank, Los Angeles,
California, as trustee the"Trustee") the San Gabriel River Loan Agreement") relating to
the San Gabriel River Redevelopment Project of the Agency for the purpose of refunding
the Agency's outstanding San Gabriel River Redevelopment Project Tax Allocation Bonds
1987 Series A Refunding Parity Bonds the 1987 San Gabriel River Bonds"), ii) a
Central Business District Loan Agreement among the Authority, the Agency and the
Trustee the Central Business District Loan Agreement"), relating to the Central Business
District Redevelopment Project of the Agency for the purpose of refunding the Agency's
Central Business District Redevelopment Project Tax Allocation Bonds 1986 Series A
Refunding Parity Bonds and 1986 Series B Parity Bonds the 1986 Central Business
District Bonds"), and iii) a Puente-Merced Loan Agreement among the Authority, the
Agency and the Trustee the Puente-Merced Loan Agreement"), relating to the Puente-
Merced Redevelopment Project of the Agency for the purpose of refunding the Agency's
Puente-Merced Redevelopment Project 1987 Tax Allocation Refunding Bonds the 1987
Puente-Merced Bonds"); and
WHEREAS, pursuant to the Community Redevelopment Law constituting Part I
of Division 24 of the Health and Safety Code of the State of California), the Agency has
authorized the Loans;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE
CITY COUNCIL OF THE CITY OF BALDWIN PARK, CALIFORNIA, that the issuance of
the bonds by the Authority, the entering into of the San Gabriel River Loan Agreement,
the Central Business District Loan Agreement and the Puente-Merced Loan Agreement
by the Agency and the Loans made to the Agency pursuant thereto, and the application
of a portion of the proceeds of the Loans to refund the 1987 San Gabriel River Bonds,
the 1986 Central Business District bonds and the 1987 Puente-Merced bonds be and are
hereby approved.
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1989 101 CC RESO (Ìì ½ û RESO 89-101 DEC 20 1989H"å8 ADOPTED this 20th day of December, 1989.
CITY OF BALDWIN PARK, CALIFORNIA
By:_______
Mayor
SEAL)
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) 55:
CITY OF BALDWIN PARK
I, LINDA L. GAlR, City Clerk of the City of Baldwin Park do hereby certify that the
forgoing Resolution No.89-101 was duly adopted by the City Council of the City of
Baldwin Park at a regular meeting held on December 20,1989, by the following vote:
AYES: COUNCILMEMBERS IZELL MCNEILL KEYSER MAYOR PRO TEM LOWES
NOES: COUNCILMEMBERS NONE
ABSENT: COUNCILMEMBERS NONE
LINDA L. GAIR, CITY CLERK
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1989 101 CC RESO (Ìì ½ û RESO 89-101 DEC 20 1989H"å8 CERTIFICATION
STATE OF CALIFORNIA
SS
COUNTY OF LOS ANGELES)
I, LINDA L. GAIR, City clerk of the City of Baldwin Park, hereby certify that the
attached copies of Resolution No.89-101 are full, true and correct copies of that now on
file in the records of Baldwin Park City Hall.
IN WITNESS WHEREOF, I have hereunto set my hand this 20th day of December,
1989£
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