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Home My WebLink About1998 026 CC RESO1998 026 CC RESO¹òw @˜’}RESO 98-26 APR 1 1998[H.B8 RESOLUTION NO. 98-26 A RESOLUTION OF THE CITY OF BALDWIN PARK APPROVING THE REFUNDING OF CERTAIN INDEBTEDNESS PREVIOUSLY ISSUED BY THE BALDWIN PARK FINANCING AUTHORITY FOR THE SIERRA VISTA AND SAN GABRIEL RIVER REDEVELOPMENT PROJECTS AND THE ISSUANCE OF INDEBTEDNESS BY THE AUTHORITY TO FINANCE REDEVELOPMENT AND LOW AND MODERATE INCOME HOUSING PROJECTS IN OR BENEFITING THE SIERRA VISTA REDEVELOPMENT PROJECT, AND THE ISSUANCE OF INDEBTEDNESS BY THE AUTHORITY TO FINANCE LOW AND MODERATE INCOME HOUSING PROJECTS IN OR BENEFITTING THE SAN GABRIEL RIVER REDEVELOPMENT PROJECT, AND TO UNDERTAKE VARIOUS ACTIONS IN CONNECTION THEREWITH WHEREAS, the Community Redevelopment Agency of the City of Baldwin Park 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 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 6,1988, 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 I of the Government Code of the State of California collectively, the JPA Law"), 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 Sierra Vista Senior Tax Allocation Bonds Refunding and Housing Projects) Series 1998 in an aggregate principal amount not to exceed $10,000,000, the proceeds of which would be used to advance refund the Authority's Revenue Tax Allocation) Bonds 1994 Series A and to loan funds to the Agency to permit the Agency to undertake certain redevelopment activities and low and moderate income housing projects in or benefiting the Sierra Vista Redevelopment Project; and WHEREAS, the Agency and the Authority deem it necessary and desirable for the Authority to issue its San Gabriel Tax Allocation Bonds Refunding and Housing Projects) Series 1998 in an aggregate principal amount not to exceed $14,000,000, the proceeds of which would be used to current refund the portion of the Authority's Revenue Tax Allocation) Bonds 1990 Series A allocable to the San Gabriel river Redevelopment Project and to loan funds to the Agency to permit the Agency to undertake certain low and moderate income housing projects benefitting the San Gabriel River Redevelopment Project; and WHEREAS, the Agency and the Authority are desirous of obtaining the approval of this Council for the issuance of the bonds described above the Authority Bonds") and the making of the two Agency loans described above the Agency Loans") pursuant to this Resolution. NOW, THEREFORE, be it resolved by the Council of the City of Baldwin Park, California, as follows: BIB] 37175-U01 RESO-U02 98-26-U02 APR-U02 1-U02 1998-U02 LG1-U03 LI3-U03 FO1126-U03 FO1153-U03 FO1917-U03 DO1926-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 98-26-U05 APR-U05 1-U05 1998-U05 BIB] 37426-U01 1998-U02 026-U02 CC-U02 RESO-U02 LG1-U03 LI3-U03 FO1126-U03 FO1153-U03 DO1926-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 98-28-U05 APR-U05 15-U05 1998-U05 1998 026 CC RESO¹òw @˜’}RESO 98-26 APR 1 1998[H.B8 RESOLUTION NO.98-26 PAGE 2 Section 1. All of the above recitals are true and correct, and this Council so finds and determines. Section 2. For the purposes of giving its approval of the issuance of the Authority Bonds and giving its approval of the Agency's and the Authority's entering into the Agency Loans, the Council of the City hereby approves the issuance and sale of the Bonds, in the maximum respective aggregate principal amounts described above, and to pay costs incidental thereto. Section 3. The Authority Bonds shall be dated, shall bear interest from their dated date, shall mature and be subject to redemption prior to maturity at the times and prices including premiums, if any), all as set forth in the respective Indentures of Trust for the Authority Bonds, as executed and delivered by the Authority. The Authority Bonds shall bear interest at fixed interest rates, but in no event shall such interest rate on any of the Bonds exceed seven percent 7%) per annum, nor shall the discount paid to the Underwriter exceed two percent 2%) of the original aggregate principal amount of the Authority Bonds; and provided that no Authority Bonds shall have a maturity date in excess of the limitations, if any, imposed by the Redevelopment Law, the Financing Law, the JPA Law, the JPA Agreement and the redevelopment plans for the applicable Redevelopment Projects. The interest on all of the Authority Bonds shall be excluded from federal income taxation under the Internal Revenue Code of 1986, as amended the Code"). 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 preliminary official and final official statements for the sale of the Authority Bonds, setting forth the details of the sale, and said officers and such designees are 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 1 st day of April 1998. MAYOR BIB] 37175-U01 RESO-U02 98-26-U02 APR-U02 1-U02 1998-U02 LG1-U03 LI3-U03 FO1126-U03 FO1153-U03 FO1917-U03 DO1926-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 98-26-U05 APR-U05 1-U05 1998-U05 BIB] 37426-U01 1998-U02 026-U02 CC-U02 RESO-U02 LG1-U03 LI3-U03 FO1126-U03 FO1153-U03 DO1926-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 98-28-U05 APR-U05 15-U05 1998-U05 1998 026 CC RESO¹òw @˜’}RESO 98-26 APR 1 1998[H.B8 RESOLUTION NO. 98-26 PAGE 3 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 No.98-26 was duly and regularly approved and adopted by the Baldwin Park City Council at a regular meeting thereof, held on the 1st day of April, 1998 by the following vote: AYES: COUNCILMEMBER LOWES, PACHECO, LOZANO, MUSE, AND VAN CLEAVE NOES: COUNCILMEMBER NONE ABSENT: COUNCILMEMBER NONE BIB] 37175-U01 RESO-U02 98-26-U02 APR-U02 1-U02 1998-U02 LG1-U03 LI3-U03 FO1126-U03 FO1153-U03 FO1917-U03 DO1926-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 98-26-U05 APR-U05 1-U05 1998-U05 BIB] 37426-U01 1998-U02 026-U02 CC-U02 RESO-U02 LG1-U03 LI3-U03 FO1126-U03 FO1153-U03 DO1926-U03 C6-U03 RESO-U03 10/10/2001-U04 ADMIN-U04 RESO-U05 98-28-U05 APR-U05 15-U05 1998-U05