HomeMy WebLinkAbout1993 076 CC RESO1993 076 CC RESO (Ìì ´ ö RESOLUTION NO. 93-76
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BALDWIN PARK, CALIFORNIA APPROVING THE ISSUANCE
BY THE BALDWIN PARK REDEVELOPMENT AGENCY OF ITS
BALDWIN PARK REDEVELOPMENT AGENCY VARIABLE RATE
DEMAND 1993 REFUNDING REVENUE BONDS BALDWIN
PARK HOTEL PROJECT) AND MAKING CERTAIN
DETERMINATIONS RELATING THERETO
WHEREAS, Baldwin Park Redevelopment Agency herein
referred to as the Agency") is a redevelopment agency a public
body, corporate and politic) duly created, established and
authorized to transact business and exercise its powers, all under
and pursuant to the Community Redevelopment Law Part 1 of
Division 24 commencing with section 33000) of the Health and
Safety Code of the State of California] and the powers of the
Agency include the power to issue bonds for any of its corporate
purposes; and
WHEREAS, a Redevelopment Plan known as Puente-Merced
Redevelopment Project" has been adopted and approved by an
ordinance of the City of Baldwin Park the City") and all
requirements of law for and precedent to the adoption and approval
of said Redevelopment Plan, as amended, have been duly complied
with; and
WHEREAS, the Agency has adopted its resolution the
Agency Resolution") entitled RESOLUTION OF BALDWIN PARK
REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE, SALE AND DELIVERY
OF NOT TO EXCEED FIFTEEN MILLION FIVE HUNDRED THOUSAND
$15,500,000) BALDWIN PARK REDEVELOPMENT AGENCY VARIABLE RATE
DEMAND 1993 REFUNDING REVENUE BONDS BALDWIN PARK HOTEL PROJECT),
APPROVING THE FORM OF INDENTURE, INSTALLMENT SALE AGREEMENT,
INTERCREDITOR AGREEMENT, REMARKETING AGREEMENT, PRELIMINARY
OFFICIAL STATEMENT AND PURCHASE CONTRACT AND AUTHORIZING RELATED
ACTIONS IN CONNECTION THEREWITH."
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BALDWIN
PARK, CALIFORNIA DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1:
Approval of Issuance of Bonds. The issuance of an
aggregate principal amount of Fifteen Million Five Hundred
Thousand $15,500,000) designated the Baldwin Park Redevelopment
Agency, Variable Rate Demand 1993 Refunding Revenue Bonds Baldwin
Park Hotel Project) the Bonds"), in order to aid in the
financing of the Puente-Merced Redevelopment Project, and for
other purposes related thereto, all of which constitute a
redevelopment activity", as such term is defined in Health and
Safety Code Section 33640, is hereby approved.
SECTION 2:
Effective Date. This Resolution shall take effect on
the later of i) the 11th day following the entry of an order in
the Bankruptcy Proceeding approving the Settlement and the
refinancing of the Project through the issuance of the Bonds or
ii) the execution of the Settlement Agreement relating to the
Settlement and the Fourth Amendment to the Disposition and
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1993 076 CC RESO (Ìì ´ ö RESOLUTION NO. 93-76
PAGE TWO
Development Agreement by all parties thereto. If a stay shall be
obtained by any party prior to the 11th day following the entry
of such order or if the Settlement Agreement and the Amendment
shall not be executed within 20 days of the daste hereof, this
Resolution shall be of no force and effect. Capitalized terms not
otherwise defined herein shall have the meanings assigned thereto
in the Agency Resolution.
APPROVED AND ADOPTED this 7th day of July, 1993.
MAYOR
ATTEST:
CITY CLERK
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss.
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk of the City of Baldwin
Park, do hereby certify that the foregoing Resolution was duly
adopted by the City Council and signed by the Mayor of said City
at a meeting held on the 7th day of July 1993; and that
the same was passed by the following vote to-wit:
AYES MARTINEZ. GALLEGOS. MCNEILL. MAYOR VARGAS
NOES NONE
ABSENT IZELL
ABSTAIN NONE
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