HomeMy WebLinkAbout1994 045 CC RESO1994 045 CC RESO (Ìì ´ ’ RESOLUTION NO. 94-45
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BALDWIN PARK APPROVING THE ISSUANCE OF NOT TO
EXCEED $9,000,000 AGGREGATE PRINCIPAL AMOUNT OF
REVENUE TAX ALLOCATION) BONDS 1994 SERIES A BY
THE BALDWIN PARK FINANCING AUTHORITY AND THE
INCURRING OF INDEBTEDNESS NOT TO EXCEED
$9,000,000 AGGREGATE PRINCIPAL AMOUNT BY THE
BALDWIN PARK REDEVELOPMENT AGENCY
WHEREAS, the Baldwin Park Redevelopment Agency the Agency") is a
redevelopment agency and public body, corporate and politic, duly created under and
pursuant to the Community Redevelopment Law of the State of California the
Redevelopment Law") consisting of Part 1 of Division 24 of the Health and Safety Code
of the State of California, and the powers of the Agency include the power to issue bonds
and incur indebtedness for any of its corporate purposes; and
WHEREAS, the Agency previously issued its Sierra vista Redevelopment
Project 1988 Variable Rate Demand Tax Allocation Bonds the Prior Bonds") the
proceeds of which were used by the Agency to undertake redevelopment projects the
Redevelopment Projects") in the Sierra Vista Redevelopment Project Area located in the
City of Baldwin Park the City"); and
WHEREAS, the Baldwin Park Financing Authority the Authority") is a joint
powers authority formed pursuant to that certain Joint Powers Agreement the JPA
Agreement"), dated as of April 1,1988, by and between the City and the Agency, under
and pursuant to the authority of the Joint Exercise of Powers Act, consisting of Article 1
of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California,
and the Marks-Roos Local Bond Pooling Act of 1985, consisting of Article 4 of Chapter
5 of Division 7 of Title 1 of the Government Code of the State of California collectively,
the JPA Acts"), and the powers of the Authority include the powers to issue bonds and
make loans for any of its corporate purposes; and
WHEREAS, the Agency and the Authority deem it necessary and desirable
for the Authority to issue its not to exceed $9,000,000 Tax Allocation) Bonds 1994 Series
A the Authority Bonds") pursuant to its powers under the JPA Acts, the proceeds of
which Authority Bonds would be borrowed by the Agency the Agency Loans") for the
purpose of permitting the Agency to refund the Prior Bonds and repay certain other
indebtedness owed by the Agency to the City, all as permitted by the Redevelopment
Law; and
WHEREAS, the Agency and the Authority are desirous of obtaining the
approval of this Council for the issuance of the Authority Bonds and the making of the
Agency Loans pursuant to this Resolution.
NOW, THEREFORE, be it resolved by the Council of the City of Baldwin
Park, California as follows:
SECTION 1. All of the above recitals are true and correct, and this
Council so finds and determines.
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1994 045 CC RESO (Ìì ´ ’ RESOLUTION NO.94-45
PAGE TWO
SECTION 2. For the purposes of giving its approval of the issuance
of the Authority Bonds and giving its approval of entering into the Agency Loans by the
Agency, the Council of the City hereby approves the refinancing of the Prior Bond through
the issuance and sale of the Authority Bonds, in the aggregate principal amount of not
to exceed $9,000,000 to refinance the Prior Bonds and to pay costs incidental thereto.
SECTION 3. The Authority Bonds shall be issued so that the interest
thereon shall be excluded from federal income taxation under the Internal Revenue Code
of 1986, as amended; and bear interest at a rate not to exceed twelve percent 12%) per
annum; provided that no Authority Bonds shall have a maturity date in excess of thirty-
five years from the date of issuance. The Authority Bonds shall be sold and awarded by
negotiated sale.
SECTION 4. The officers of the Agency and the officers of the
Authority and their respective designees, and each of them, are hereby authorized and
directed to prepare, approve and distribute its resolutions, indentures, loan agreements,
escrow agreements and related documents authorizing the issuance of the Authority
Bonds and the Agency Loans, and a preliminary official and final official statement for the
sale of the Authority Bonds, setting forth the details of the sale, and said officers and
such designees are hereby further authorized and directed to prepare, execute, publish
and distribute such other notices, documents, agreements, certificates, opinions and
instruments as the Agency and the Authority shall deem necessary or desirable to
effectuate the issuance and sale of the Authority Bonds as approved pursuant to this
Resolution.
SECTION 5. The action of the Council of this City in adopting this
Resolution shall not result in any pecuniary liability whatsoever on the part of the City.
SECTION 6. This Resolution shall take effect immediately upon its
adoption.
APPROVED, PASSED AND ADOPTED this 4th day of May, 1994
MAYOR
ATTEST:
LINDA L. G CLERK
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1994 045 CC RESO (Ìì ´ ’ RESOLUTION NO.94- 45
PAGE THREE
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss.
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk for the City of Baldwin Park do hereby certify that the
foregoing Resolution was duly and regularly approved and adopted by the Baldwin Park
City Council at a REGULAR MEETING thereof, held on the 4th day of May, 1994 by the
following vote:
AYES: COUNCILMEN MUSE, MARTINEZ, GALLEGOS, LOWES, MAYOR VARGAS
NOES: COUNCILMEN NONE
ABSTAIN: COUNCILMEN NONE
ABSENT: COUNCILMEN NONE
LINDA L. GAIR, CITY CLERK
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