HomeMy Public PortalAbout84-003 - LRA (01-17-84)RESOLUTION NO. LRA 84 -3
RESOLUTION OF THE LYNWOOD REDEVELOPMENT
AGENCY AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION BONDS OF SAID AGENCY IN A
PRINCIPAL AMOUNT NOT TO EXCEED THREE MILLION
DOLLARS ($3,000,000) TO FINANCE A PORTION OF
THE COST OF A REDEVELOPMENT PROJECT KNOWN AS
PROJECT AREA A
RESOLUTION NO LRA 84 -3
RESOLUTION OF THE LYNWOOD REDEVELOPMENT
AGENCY AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION BONDS OF SAID AGENCY IN A
PRINCIPAL AMOUNT NOT TO EXCEED THREE MILLION
DOLLARS ($3,000,000) TO FINANCE A PORTION OF
THE COST OF A REDEVELOPMENT PROJECT KNOWN AS
PROJECT AREA A
TABLE OF CONTENTS
Page
Section
1.
Definitions 2
Section
2.
Amount, Issuance and Purpose of Bonds 4
Section
3.
Nature of Bonds 4
Section
4
Description of Bonds 6
Section
5.
Interest 6
Section
6
Place of Payment 7
Section
7
Forms of Bonds 7
Section
8.
Execution of Bonds 8
Section
9.
Registration and Exchange of Bonds 8
Section
10.
Bond Register 9
Section
11.
Call and Redemption of Bonds Prior to 9
Maturity
A Optional Redemption 9
B Mandatory Redemption 9
C Call and Redemption 9
(i)
Page
(ii)
D. Redemption Fund
10
E. Partial Redemption of Fully
11
Registered Bonds
F. Effect of Redemption
11
G. Purchase of Bonds
11
Section 12
Funds
12
Section 13
Sale of Bonds; Disposition of Bond
Proceeds; Redevelopment Fund
12
Section 14.
Tax Revenues
13
Section 15
Special Fund
14
Section 16
Deposit and Investment of Moneys in Funds
16
Section 17.
Issuance of Parity Bonds
17
Section 18
Covenants of the Agency
19
Covenant 1. Complete Redevelopment Project;
Amendment to Redevelopment Plan
19
Covenant 2. Use of Proceeds, Management and
Operation of Properties
19
Covenant 3. No Priority
19
Covenant 4. Punctual Payment
20
Covenant 5. Payment of Taxes and Other
20
Charges
Covenant 6. Books and Accounts; Financial
Statements
20
Covenant 7. Eminent Domain Proceeds
20
Covenant 8 Disposition of Property
21
Covenant 9. Protection of Security and
Rights of Bondholders;
No Arbitrage
21
Section 19.
Taxation of Leased Property
21
(ii)
Page
Section
20.
Fiscal Agent and Paying Agents
22
Section
21.
Lost, Stolen, Destroyed or Mutilated Bonds
23
Section
22.
Cancellation of Bonds
23
Section
23.
Amendments
23
A. Calling Bondholders' Meeting
24
B. Notice of Meeting
24
C. Voting Qualifications
25
D. Issuer -Owner Bonds
25
E. Quorum and Procedure
25
F. Vote Required
25
Section
24.
Proceedings Constitute Contract; Events of
Default and Remedies of Bondholders
26
A. Events of Default
26
B. Certain Remedies of Bondholders
27
C Non - Waiver
28
D. Actions by Fiscal Agent as
28
Attorney -in -Fact
E. General
29
Section
25.
CUSIP Numbers
29
Section
26.
Severability
29
Section
27.
Effective Date
29
(iii)
RESOLUTION NO. LRA 84 -3
RESOLUTION OF THE LYNWOOD REDEVELOPMENT
AGENCY AUTHORIZING THE ISSUANCE OF TAX
ALLOCATION BONDS OF SAID AGENCY IN A
PRINCIPAL AMOUNT NOT TO EXCEED THREE MILLION
DOLLARS ($3,000,000) TO FINANCE A PORTION OF
THE COST OF A REDEVELOPMENT PROJECT KNOWN AS
PROJECT AREA A
-WHEREAS, the Lynwood Redevelopment Agency (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, the Redevelopment Plan for a redevelopment
project known and designated as the "Project Area A" has been
adopted and approved by an Ordinance of the City of Lynwood,
and all requirements of law for and precedent to the adoption
and approval of the Redevelopment Plan have been duly complied
with; and
WHEREAS, the purposes stated above will be
accomplished by issuing at this time such tax allocation bonds
in a principal amount of Three Million Dollars ($3,000,000)
pursuant to this Resolution providing for the issuance of
"Lynwood Redevelopment Agency, Project Area A Tax Allocation
Bonds, 1984," (the "Bonds ") the proceeds of which will be used
to fund a debt service reserve fund and pay costs of issuing
the Bonds, with the balance to be set apart and irrevocably
segregated in a special trust fund which will be used to
finance a portion of the costs of implementing the
Redevelopment Plan; and
NOW, THEREFORE, THE LYNWOOD REDEVELOPMENT AGENCY DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1 . Definitions As used in this Resolution,
the following terms shall have the following meanings, unless
the context otherwise requires:
(a) "Bond" or "Bonds" means the "Lynwood
Redevelopment Agency, Project Area A Tax Allocation Bonds,
1983," authorized by this Resolution.
(b) "Bond Year" means the twelve (12) month period of
each year commencing on the initial date of the Bonds.
(c) "Bondholder" or "Owner of Bonds," or any similar
term, means any person who shall be the registered owner or
his duly authorized attorney, trustee, or representative.
For the purpose of Bondholders' voting rights or consents,
Bonds owned by or held for the account of the Agency, or
the City, directly or indirectly, shall not be counted.
(d) "City" means the City of Lynwood, California.
(e) "Federal Securities" means direct obligations of
the United States of America or bonds or other obligations
for which the full faith and credit of the United States is
pledged for the payment of principal and interest.
(f) "Fiscal Agent" means the fiscal agent appointed
by the Agency pursuant to Section 20 hereof, its successors
and assigns, and any other corporation or association which
may at any time be substituted in its place, as provided in
this Resolution.
(g) "Independent Financial Consultant," "Independent
Engineer," "Independent Certified Public Accountant" or
"Independent Redevelopment Consultant" means any individual
or firm engaged in the profession involved, appointed by
the Agency, and who, or each of whom, has a favorable
reputation in the field in which his /her opinion or
certificate will be given, and:
(1) is in fact independent and not under
domination of the Agency; and
(2) does not have any substantial interest,
direct or indirect, with the Agency; and
(3) is not connected with the Agency as an
officer or employee of the Agency, but who may be
regularly retained to make reports to the Agency.
(h) "Law" means the Community Redevelopment Law of
the State of California as cited in the recitals hereof.
(i) "Maximum Annual Debt Service" means the largest
of the sums obtained for any Bond Year after the
computation is made, by totaling the following for each
such Bond Year:
(1) The principal amount of all serial Bonds and
serial Parity Bonds, if any, payable in such Bond
Year; and
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(2) The interest which would be due during such
Bond Year on the aggregate principal amount of Bonds
and Parity Bonds which would be outstanding in such
Bond Year if the Bonds and Parity Bonds outstanding on
the date of such computation were to mature or be
redeemed in accordance with the maturity schedules for
the serial Bonds and serial Parity Bonds. At the time
and for the purpose of making such computation, the
amount of term Bonds and term Parity Bonds already
retired in advance of the above - mentioned schedules
shall be deducted pro rata from the remaining amounts
thereon
(j) "Opinion of Counsel" means a written opinion of
an attorney or firm of attorneys of favorable reputation in
the field of municipal bond law Any opinion of such
counsel may be based upon, insofar as it is related to
factual matters, information which is in the possession of
the Agency as shown by a certificate or opinion of, or
representation by, an officer or officers of the Agency,
unless such counsel knows, or in the exercise of reasonable
care should have known, that the certificate, opinion or
representation with respect to the matters upon which his
or her opinion may be based, as aforesaid, is erroneous
(k) "Parity Bonds" means any additional tax
allocation bonds (including, without limitation, bonds,
notes, interim certificates, debentures or other
obligations) issued by the Agency as permitted by Section
17 of this Resolution
(1) "Paying Agent" means any paying agent provided by
the Agency pursuant to this Resolution
(m) "Redevelopment Agency" or "Agency" means the
Lynwood Redevelopment Agency.
(n) "Redevelopment Plan" means the Redevelopment Plan
for Project Area A, approved and adopted by the City by
ordinance and includes any amendment thereof heretofore or
hereafter made pursuant to the Law
(o) "Redevelopment Project Area" means the project
area described and defined in the Redevelopment Plan
(p) "Regular Record Date" means the fifteenth day
preceding any interest payment date.
(q) "Reserve Requirement" means, as of the date of
issue of the Bonds, an amount equal to Maximum Annual Debt
Service on the Bonds.
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(r) "Tax Revenues" means that portion of taxes levied
upon taxable property in the Redevelopment Project Area and
received by the Agency on or after the date of issue of the
Bonds, for the Redevelopment Project Area of the Agency
pursuant to Article 6 of Chapter 6 of the Law and Section
16 of Article XVI of the Constitution of the State of
California, plus state reimbursed amounts for certain
property tax exemptions including but not limited to those
relating to business inventory and homeowner's exemption,
to�the extent actually received, all as more particularly
set forth hereafter in this Resolution. Provided, however,
Tax Revenues shall not include that portion of taxes
allocated to and received by the Agency for deposit in the
low and moderate income housing fund required by Section 17
of the Redevelopment Plan and Section 33334 2 of the Law.
(s) "Treasurer" or "Treasurer of the Agency" means
the officer who is then performing the functions of
Treasurer of the Agency.
Section 2 Amount, Issuance and Purpose of Bonds
Under and pursuant to the Law and this Resolution, Bonds of the
Agency in a principal amount of Three Million Dollars
($3,000,000) shall be issued by the Agency for the corporate
purposes of the Agency by providing funds for the financing of
a portion of the cost of implementing the Redevelopment Plan
which constitutes a "redevelopment activity" as such term is
defined in Health and Safety Code Section 33678; and such issue
of Bonds is hereby created.
Section 3 . Nature of Bonds The Bonds shall be and
are special obligations of the Agency and are secured by an
irrevocable pledge of, and are payable as to principal,
interest and premium, if any, from Tax Revenues and other funds
as hereinafter provided. The Bonds, interest thereon and
premium, if any, are not a debt of the City, the State of
California or any of its political subdivisions, and neither
the City, the State nor any of its political subdivisions is
liable on them. In no event shall the Bonds, interest thereon
and premium, if any, be payable out of any funds or properties
other than those of the Agency as set forth in this
Resolution. The Bonds do not constitute an indebtedness within
the meaning of any constitutional or statutory debt limitation
or restriction. Neither the members of the Agency nor any
persons executing the Bonds are liable personally on the Bonds
by reason of their issuance.
The Bonds shall be and are equally secured by an
irrevocable pledge of the Tax Revenues and other funds as
hereinafter provided, without priority for number, date of
sale, date of execution or date of delivery, except as
expressly provided herein.
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The validity of the Bonds is not and shall not be
dependent upon (a) the completion of the Redevelopment Project
or any part thereof, or (b) the performance by anyone of
his /her obligations relative to the Redevelopment Project Area,
or (c) the proper expenditures of the proceeds of the Bonds.
Nothing in this Resolution shall preclude: (a) the
payment of the Bonds from the proceeds of refunding bonds
issued pursuant to the Law, or (b) the payment of the Bonds
from any legally available funds. Nothing in this Resolution
shall prevent the Agency from making advances of its own funds,
however derived, to any of the uses and purposes mentioned in
this Resolution.
If the Agency shall cause to be paid, or shall have
made provision to pay upon maturity or upon redemption prior to
maturity, to the Bondholders the principal of, premium, if any,
and interest to become due on the Bonds, through setting aside
trust funds or setting apart in a reserve fund or special trust
account created pursuant to this Resolution or otherwise, or
through the irrevocable segregation for that purpose in some
sinking fund or other fund or trust account with a fiscal agent
or otherwise, moneys sufficient therefor, including, but not
limited to, interest earned or to be earned on Federal
Securities, then the lien of this Resolution; including,
without limitation, the pledge of the Tax Revenues, and all
other rights granted hereby, shall cease, terminate and become
void and be discharged and satisfied, and the principal of,
premium, if any, and interest on the Bonds shall no longer be
deemed to be outstanding and unpaid; provided, however, that
nothing in this Resolution shall require the deposit of more
than such Federal Securities as may be sufficient, taking into
account both the principal amount of such Federal Securities
and the interest to become due thereon, to implement any
refunding of the Bonds.
In the event of such a defeasance of the Bonds, the
Fiscal Agent shall cause an accounting for such period or
periods as shall be requested by the Agency to be prepared and
filed with the Agency, and the Fiscal Agent, upon the request
of the Agency, shall release the rights of the Bondholders
under this Resolution and execute and deliver to the Agency all
such instruments as may be desirable to evidence such release,
discharge and satisfaction, and the Fiscal Agent shall pay over
or deliver to the Agency all moneys or securities held by it
pursuant to this Resolution which are not required for the
payment or redemption of Bonds not theretofore surrendered for
such payment or redemption.
Provision shall be made by the Agency, satisfactory to
the Fiscal Agent, for the mailing of a notice to the Owners of
such Bonds that such moneys are so available for such payment.
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Section 4 Description of Bonds The Bonds shall be
in a principal amount of Three Million Dollars ($3,000,000) and
shall be designated "LYNWOOD REDEVELOPMENT AGENCY, PROJECT AREA
A TAX ALLOCATION BONDS, 1983." The Bonds shall be initially
issued in the form of fully registered bonds in denominations
of $5,000 each or any whole multiple thereof. The Bonds shall
be serial and term bonds and shall mature in the amounts and on
the dates set forth in a supplemental resolution of the Agency.
Section 5 . Interest The Bonds shall bear interest at
a rate or rates to be hereafter fixed by resolution, but not to
exceed twelve percent (12 %) per annum payable on the dates set
forth in a supplemental resolution. Each Bond shall bear
interest until its principal sum has been paid; provided,
however, that if funds are available for the payment thereof in
full accordance with the terms of this Resolution, such Bond
shall then cease to bear interest.
The Bonds shall be numbered by the Fiscal Agent as the
Fiscal Agent shall determine and shall be dated as of the date
of their authentication, except that Bonds issued upon
exchanges and transfers of other Bonds shall be dated so that
no gain or loss of interest shall result from the exchange or
transfer, and Bonds issued before the first Regular Record Date
shall be dated as of the date set forth in a supplemental
resolution hereto. Each Bond shall bear interest from the
interest payment date next preceding the date thereof unless
(i) it is dated as of an interest payment date, in which event
it shall bear interest from that interest payment date, or (ii)
it is dated after a Regular Record Date and before the
following interest payment date, and if the Agency shall not
default in the payment of interest due on such interest payment
date, in which event it shall bear interest from such interest
payment date, or (iii) it is dated prior to the first regular
record date, in which event it shall bear interest from the
date of the Bonds. Interest on Bonds shall be paid by the
Fiscal Agent (out of the appropriate funds) by check or draft
mailed on the interest payment date to the registered owner as
his /her name and address appear on the register kept by the
Fiscal Agent at the close of business on the Regular Record
Date preceding the interest payment date.
Section 6 Place of Payment The Bonds and any
premiums upon the redemption thereof prior to maturity shall be
payable in lawful money of the United States of America and
shall be payable at the corporate trust office of the Fiscal
Agent in Los Angeles, California, or, at the option of the
Owner, at the office of any Paying Agent of the Agency in New
York, New York or Chicago, Illinois.
Section 7 Forms of Bonds The Bonds shall be
substantially in the form annexed hereto as Exhibit "A ". Such
6991P/2019/16 -6-
form is hereby approved and adopted as the form of the Bonds
and of the redemption, exchange, registration and assignment
provisions pertaining to them, with necessary or appropriate
variations, omissions, and insertions, as permitted or required
by this Resolution.
Any Bonds issued pursuant to this Resolution may be
initially issued in temporary form exchangeable for definitive
Bonds when the same are ready for delivery The temporary
Bonds may be printed, lithographed or typewritten, shall be of
such denominations as may be determined by the Agency, shall be
without coupons and may contain references to any of the
provisions of this Resolution as may be appropriate. Every
temporary Bond shall be executed by the Agency and be issued by
the Fiscal Agent upon the same conditions and in substantially
the same form and manner as the definitive fully registered
Bonds If the Agency issues temporary Bonds, it will execute
and furnish definitive Bonds without delay, and, thereupon, the
temporary Bonds shall be surrendered for cancellation at the
principal office of the Fiscal Agent in Los Angeles,
California, or at such other place in California as the Agency
may approve. The Fiscal Agent shall deliver in exchange for
the surrendered temporary Bonds an equal aggregate principal
amount of definitive Bonds of authorized denominations of this
same issue Until exchanged, the temporary Bonds shall be
entitled to the same benefits under this Resolution as
definitive Bonds of this same issue, except no accrued interest
shall be paid on the temporary Bonds until the exchange has
been accomplished.
Section 8 Execution of Bonds The Bonds shall be
signed on behalf of the Agency by its Chairman by facsimile
signature and by its Treasurer by facsimile signature, and the
seal of the Agency shall be impressed, imprinted or reproduced
thereon. The foregoing officers are hereby authorized and
directed to sign the Bonds in accordance with this Section. If
any Agency member or officer whose facsimile signature appears
on the Bonds ceases to be a member or officer before delivery
of the Bonds, his /her signature is as effective as if he or she
had remained in office.
The Fiscal Agent shall authenticate the Bonds on
registration and /or exchange to effectuate the registration and
exchange provisions set forth in Section 9, and only those
Bonds that have endorsed on them a certificate of
authentication, substantially in the form set forth in the form
of Bond, duly executed by the Fiscal Agent, shall be entitled
to any rights, benefits or security under this Resolution. No
Bonds shall be valid or obligatory for any purpose unless and
until the certificate of authentication has been duly executed
by the Fiscal Agent The certificate of the Fiscal Agent upon
any Bond shall be conclusive and the only evidence required
6991P/2019/16 -7-
that the Bond has been duly authenticated and delivered under
this Resolution. The Fiscal Agent's certificate of
authentication on any Bond shall be deemed to have been duly
executed if signed by an authorized officer of the Fiscal
Agent, but it shall not be necessary that the same officer sign
the certificate of authentication on all of the Bonds that may
be issued hereunder
Section 9 Registration and Exchange of Bonds The
Bonds shall be issued only in fully registered form. Fully
registered Bonds may be exchanged for other Bonds of equal
aggregate denominations. Transfer of ownership of a Bond or
Bonds shall be made by exchanging the same for a new Bond or
Bonds. All exchanges shall be made in such a manner and upon
such reasonable terms and conditions as may be determined and
prescribed by the Agency The person, firm or corporation
requesting the exchange shall pay any costs or charges in
connection with the exchange as are established by the Fiscal
Agent, in addition to paying any tax or governmental charge
that may be imposed in connection with the exchange Each Bond
issued pursuant to this Resolution shall be of a denomination
which is $5,000 or a whole multiple thereof and shall be of the
same issue
Section 10 Bond Register The Fiscal Agent will keep
at its principal office in the City of Los Angeles, California,
or at such other place in California as the Agency may approve,
sufficient books for the registration and transfer of the
Bonds. The books shall at all times be open to inspection by
the Agency; and, upon presentation for such purpose, the Fiscal
Agent shall under such reasonable regulations as it may
prescribe, register or transfer, or cause to be registered or
transferred, on the register, the Bonds as hereinbefore
provided
Section 11
Prior to Matur
1990, are not
Call and Redemption and Purchase of Bonds
ity The Bonds maturing on or before March 1,
subject to call and redemption prior to maturity.
A. _Optional Redemption The Bonds maturing on or
after March 1, 1991, may be called before maturity and redeemed
at the option of the Agency, in whole from the proceeds of
refunding bonds and other available funds, or in whole or in
part from any other source of funds, on March 1, 1990 or on any
interest payment date thereafter, prior to maturity, in inverse
order of maturity and by lot within any maturity. The interest
payment date on which Bonds are to be presented for redemption
is sometimes referred to as the "redemption date " Bonds
called for redemption shall be redeemed at a redemption price
for each redeemed Bond equal to its principal amount, plus
accrued interest to the redemption date plus a premium equal to
one quarter of one percent for each year between the redemption
date and the maturity date.
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B Mandatory Redemption The Bonds are subject to
mandatory redemption in whole or in part, at the same times
permitted for optional redemption and at a redemption price of
par plus accrued interest to the redemption date, in inverse
order of maturity and by lot within any maturity, to the extent
of excess moneys in the Special Fund, as required by Section
15(d) and (e).
For the purpose of selecting Bonds by lot, Bonds in
excess of $5,000 will be assigned a separate number for each
$5,000 of principal they represent.
C Call and Redemption; Notice of Redemption The
Agency may (and, if required by Section 15 hereof, shall) by
resolution direct the call and redemption prior to maturity of
Bonds by the Fiscal Agent in such amounts as there are funds
available for use in redemption and shall give notice to the
Fiscal Agent of the redemption at least sixty (60) days prior
to the redemption date.
Notice of redemption prior to maturity (except as
provided below) shall be given by first class mailing, postage
prepaid not less than thirty (30) nor more than sixty (60) days
prior to the redemption date, (i) to the original purchaser(s)
of the Bonds (in the case of a syndicate, to the manager
thereof), and (ii) to the registered owner of each such Bond at
the address shown on the registration books of the Fiscal
Agent Neither the failure to receive such notice nor any
inmaterial defect in any notice mailed shall affect the
sufficiency of the proceedings for the redemption of any
Bonds. The notice of redemption shall (a) state the redemption
date; (b) state the redemption price; (c) state the numbers of
the Bonds to be redeemed; provided, however, that whenever any
call for redemption includes all of the outstanding Bonds, the
numbers of the Bonds need not be stated; (d) state, as to any
Bonds redeemed in part only, the Registered Bond numbers and
the principal portion thereof to be redeemed; and (e) state
that interest on the principal portion of the Bonds designated
for redemption shall cease to accrue from and after the
redemption date and that on the redemption date there shall
become due and payable on each of such Bonds the redemption
price for each Bond.
The actual receipt by the Owner of any Bond of notice
of redemption shall not be a condition precedent to redemption,
and failure to receive notice shall not affect the validity of
the proceedings for the redemption of the Bonds or the
cessation of interest on the redemption date. Notice of
redemption of Bonds shall be given by the Fiscal Agent and on
behalf of the Agency at the expense of the Agency.
A certificate by the Fiscal Agent that notice of
redemption has been given in accordance with this Resolution
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shall be conclusive as against all parties, and no Bondholder
whose Bond is called for redemption may object to the
redemption or the cessation of interest on the redemption date
by claiming or showing that he failed to receive actual notice
of call and redemption.
D. Redemption Fund Prior to the mailing of
notice as required above, the Fiscal Agent shall establish,
maintain and hold in trust a separate fund which is hereby
created for the purpose of this Resolution entitled "Lynwood
Redevelopment Agency, Project Area A Tax Allocation Bonds,
1983, Redemption Fund" (hereinafter referred to as the
"Redemption Fund "). There shall be set aside in the Redemption
Fund prior to mailing notice of optional or mandatory
redemption, moneys for the purpose of and sufficient to redeem,
at the premiums, if any, payable as provided in this
Resolution, the Bonds designated in the notice of redemption.
The moneys must be set aside in the Account solely for that
purpose and shall be applied on or after the redemption date to
the payment (principal and premium, if any) of the Bonds to be
redeemed upon presentation and surrender of the Bonds.
E Partial Redemption of Bonds Upon surrender of
any Bond redeemed in part only, the Agency shall execute and
the Fiscal Agent shall authenticate and deliver to the
registered owner, at the expense of the Agency, a new Bond or
Bonds of authorized denominations equal in aggregate principal
amount to the unredeemed portion of the Bond surrendered and of
the same interest rate and same maturity. The registered owner
of any Bond may, in lieu of surrendering the Bond for a new
Bond, endorse on the reverse of the Bond a notation of such
partial redemption The endorsement shall be in a form
satisfactory to the Agency and the Fiscal Agent and under such
conditions as required by the Fiscal Agent A partial
redemption shall be valid upon payment of the amount required
to be paid to the registered owner, and the Agency and the
Fiscal Agent shall be released and discharged from all
liability to the extent of such payment irrespective of whether
the endorsement of partial redemption shall or shall not have
been made upon the reverse of the Bond by the registered owner
and irrespective of any error or omission in the endorsement.
F. Effect of Redemption Notice of redemption
having been duly given as provided above, and moneys for
payment of the principal of, premium, if any, and interest
payable upon redemption of the Bonds being set aside as
provided above, the Bonds, or parts thereof, called for
redemption shall, on the redemption date, become due and
payable at the redemption price specified in the notice.
Interest on the Bonds, or parts thereof, as the case may be,
called for redemption shall cease to accrue. The Bonds, or
parts thereof redeemed, shall cease to be entitled to any lien,
6991P/2019/16 -10-
benefit or security under this Resolution, and the Owners of
the Bonds shall have no rights except to receive payment of the
redemption price, and, in the case of partial redemption of
Bonds, also to receive a new Bond or Bonds for the unredeemed
balance as provided above.
G. Purchase of Bonds In lieu of redemption or
otherwise, the Fiscal Agent, on behalf of the Agency, is hereby
authorized to purchase Bonds on the open market at any time at
a price not to exceed the principal amount of the Bonds plus
the applicable premium and accrued interest, if any, to the
date of purchase plus brokerage fees, if any.
Section 12 . Funds There is hereby created with the
Treasurer a special trust fund called the "Project Area A
Redevelopment Fund" (hereinafter sometimes called the
"Redevelopment Fund "). There is hereby created with the Fiscal
Agent a special trust fund called the "Project Area A Special
Fund" with special trust accounts contained therein known as
the "Interest Account ", "Principal Account ", and the "Reserve
Account."
So long as any of the Bonds, or any interest on them,
remain unpaid, the moneys in the foregoing Funds shall be used
for no purposes other than those required or permitted by this
Resolution and the Law.
Section 13. Sale of Bonds; Disposition of Bond Proceeds;
Redevelopment Fund The Agency may provide by resolution
for the sale of the Bonds in the manner provided by the Law.
A. Upon the delivery of the Bonds to the purchasers,
the Fiscal Agent, on behalf of the Agency, shall receive the
proceeds from the sale of the Bonds, and shall dispose of the
proceeds and moneys as follows
(1) Deposit in the Interest Account accrued interest
and premium, if any, paid by the purchasers of the Bonds;
(2) Deposit in the Reserve Account a sum equal to the
Reserve Requirement;
(3) Pay the necessary expenses, including bond
insurance premiums, if any, in connection with the issuance
and sale of the Bonds and fees of the Fiscal Agent and
Paying Agents;
(4) After making the above deposits, the balance of
the proceeds from the sale of the Bonds shall be
transferred to the Treasurer who shall place the same in
the Redevelopment Fund
6991P/2019/16 -11-
B. The moneys set aside in the Redevelopment Fund
shall remain there until from time to time expended for the
purpose of financing a portion of the costs of the
Redevelopment Project and other related costs, and also
including in such costs:
(1) The payment of an amount of money in lieu of
taxes as authorized by Section 33401 of the Law in any year
during which the Agency owns property in the Redevelopment
Project Area, to any city, county, city and county,
district or other public corporation which would have
levied a tax upon such property had it not been exempt;
(2) The cost of any lawful activities in connection
with the implementation of the Redevelopment Project Area,
including, without limitation, those activities authorized
by Section 33445 of the Law; and
(3) The necessary expenses in connection with the
issuance and sale of the Bonds and fees of the Fiscal Agent
and Paying Agents not otherwise paid under paragraph A
above.
If any sum remains in the Redevelopment Fund after the
full accomplishment of the objects and purposes for which the
Bonds were issued, that sum shall be transferred to the Special
Fund. Moreover, all interest and income earned from the
Redevelopment Fund on or prior to the date established by
resolution of the Agency shall be retained therein.
All of the above uses constitute a "redevelopment
activity" as that term is defined in Health and Safety Code
Section 33678
Section 14 Tax Revenues As provided in the
Redevelopment Plan, pursuant to Article 6 of the Law and
Section 16 of Article XVI of the Constitution of the State of
California, taxes levied upon taxable property in the
Redevelopment Project Area each year by or for the benefit of
the State of California, any city, county, city and county,
district, or other public corporation (herein sometimes
collectively called "taxing agencies ") after the effective date
of the ordinance approving the Redevelopment Plan shall be
divided as follows:
(a) That portion of the taxes which would be produced
by the rate upon which the tax is levied each year by or
for each of the taxing agencies upon the total sum of the
assessed value of the taxable property in the Redevelopment
Project Area as shown upon the assessment roll used in
connection with the taxation of such property by such
6991P/2019/16 -12-
taxing agency last equalized prior to the effective date of
the Ordinance adopting the Plan shall be allocated to and
when collected shall be paid into the funds of the
respective taxing agencies as taxes by or for the taxing
agencies on all other property are paid; and
(b) That portion of the levied taxes each year in
excess of such amount shall be allocated to and when
collected shall be paid into the Special Fund of the
Agency. This portion of the levied taxes (plus State
reimbursed amounts for certain property tax exemptions
including but not limited to those related to business
inventory and homeowners exemptions, to the extent
received), are herein referred to as "Tax Revenues."
Provided, however, Tax Revenues shall not include that
portion of taxes allocated to and received by the Agency
for deposit in the low and moderate income housing fund
required by Section 17 of the Redevelopment Plan and
Section 33334.2 of the Law.
The foregoing provisions of this Section are a portion
of the provisions of Article 6 of the Law as applied to the
Bonds and shall be interpreted in accordance with Article 6,
and the further provisions and definitions contained in
Article 6 are incorporated by reference herein and shall apply.
The Tax Revenues received by the Agency on or after
the date of issue of the Bonds are hereby irrevocably pledged
to the payment of the principal of, premium, if any, and
interest on the Bonds, and until all of the Bonds and all
interest thereon, have been paid (or until moneys for that
purpose have been irrevocably set aside), the Tax Revenues
(subject to the exception set forth in Section 15(d)) shall be
applied solely to the payment of the Bonds plus premium if any,
and the interest thereon as provided in this Resolution. This
allocation and pledge is for the exclusive benefit of the
Owners of the Bonds and shall be irrevocable.
Section 33645 of the Health and Safety Code provides,
in applicable part as follows: "The resolution, trust
indenture, or mortgage shall provide that tax increment funds
allocated to an agency pursuant to Section 33670 shall not be
payable to a trustee on account of any issued bonds when
sufficient funds have been placed with the trustee to redeem
all outstanding bonds of the issue." This Resolution is
intended to comply with the above quoted provision and shall be
so construed
Section 15 . Special Fund The Agency shall pay or
cause to be paid to the Fiscal Agent for deposit in the Special
Fund in accordance with this Section all Tax Revenues and other
moneys identified herein, and the Agency will, so far as
6991P/2019/16 -13-
permitted by law, authorize and direct the payment of the Tax
Revenues by the respective taxing entities directly to the
Fiscal Agent. The interest on the Bonds until maturity shall
be paid by the Fiscal Agent from the Special Fund. At the
maturity of any of the Bonds, and, after all interest then due
on the Bonds then outstanding has been paid or provided for,
moneys in the Special Fund shall be applied to the payment of
the principal of any of such Bonds
Without limiting the generality of the foregoing and
for the purpose of assuring that the payments referred to above
will be made as scheduled, the Tax Revenues accumulated in the
Special Fund shall be used in the following priority; provided,
however, to the extent that deposits have been made in any of
the Funds referred to below from the proceeds of the sale of
the Bonds or otherwise, the deposits below need not be made:
(a) Interest Account Deposits shall be made into
the Interest Account so that the balance in the Account on
the date set forth in a supplemental resolution shall be
equal to six (6) month's interest on the then outstanding
Bonds and, thereafter, on the date set forth in a
supplemental resolution prior to the date of the payment of
any installment of interest on the Bonds, shall be equal to
six (6) months' interest on the then outstanding Bonds.
Moneys in the Interest Account shall be used for the
payment of interest on the Bonds as interest becomes due.
(b) Principal Account After the deposits have
been made pursuant to subparagraph (a) above, deposits
shall next be made into the Principal Account so that the
balance in the Account on the annual date established by
resolution of the Agency is equal to the principal coming
due on the then outstanding serial Bonds on the next
succeeding principal payment date
(c) Reserve Account After deposits have been made
pursuant to subparagraphs (a) and (b) above, deposits shall
be made to the Reserve Account if necessary, in order to
cause the amount on deposit therein to equal the Reserve
Requirement Moneys in the Reserve Account shall be
transferred to the Interest Account or Principal Account to
pay interest on and principal of the Bonds either (i) as it
becomes due to the extent Tax Revenues are insufficient
therefor or (ii) at the final maturity of the Bonds. Any
portion of the Reserve Account which is in excess of the
Reserve Requirement shall be transferred at least
semiannually to the Interest Account.
(d) Surplus It is the intent of this Resolution:
(i) that the deposits in subparagraphs (a) and (b) above to
the Interest Account and the Principal Account,
6991P/2019/16 -14-
respectively, shall be made as scheduled, and (ii) that the
deposits in subparagraph (c) above to the Reserve Account
shall be made as necessary to maintain a balance equal to
the Reserve Requirement, if and only if the Tax Revenues
are sufficient therefor. Failure to make the required
deposits into the Reserve Account, as specified in
subparagraph (c) above, shall not be an event of default
if, and only if, the Tax Revenues are insufficient
therefor. Should it be necessary to defer all or part of
any deposits referred to in subparagraph (c) above, such
deferred deposits shall be cumulative and shall be made
when the Tax Revenues are sufficient to make the deposits
required by subparagraphs (a) and (b) and thereafter make
the deposits required by subparagraph (c).
If: (i) the above transfers have been made so that the
required amounts as of that time are in the above mentioned
Accounts, and (ii) the Tax Revenues to be received by the
Agency on or before June 30 of each year, based upon the
most recent assessed valuation of taxable property in the
Redevelopment Project Area, furnished by the appropriate
officer of the County of Los Angeles are at least equal to
1 25 times the Maximum Annual Debt Service on all Bonds,
Parity Bonds and any loans, advances or indebtedness
payable from Tax Revenues on a parity with the Bonds
pursuant to Section 33670 of the Law, as shown by the
certificate or opinion of an Independent Financial
Consultant employed by the Agency, and (iii) there has been
no material change in the status of the Redevelopment
Project which in the opinion of an Independent
Redevelopment Consultant, said opinion having been filed
with the Fiscal Agent, would be likely to result in
diminution of increment in the succeeding fiscal year, any
balances in the Special Fund may be used and applied by the
Agency for any lawful purpose, including without
limitation, the purchase and /or call and redemption of
Bonds and Parity Bonds; provided, however, any balance in
the Special Fund shall be used to call and redeem Bonds at
the next available call date pursuant to Section ll(B),
unless the Agency receives and delivers to the Fiscal
Agent, an opinion of Counsel based upon a certificate of an
Independent Financial Consultant appointed by the Agency to
the effect that, notwithstanding failure to apply any
Special Fund balance to the call and redemption of Bonds,
the Agency is legally entitled, under the Law and the
Redevelopment Plan (including without limitation, Section
22 thereof) as then in existence, to receive sufficient
taxes under Section 33670 of the Law to pay all remaining
interest and principal on all outstanding Bonds as it
becomes due
(e) After deposits have been made pursuant to
subsections (a) (b) and (c) hereof, any funds not released
6991P/2019/16 -15-
to the Agency pursuant to subsection (d) shall be used to
redeem bonds at the next available call date pursuant to
Section ll(B).
Section 16 Deposit and Investment of Moneys in Funds
Subject to the provisions of Covenant 9 of Section 18 hereof,
all moneys held by the Agency in the Redevelopment Fund and by
the Fiscal Agent in the Special Fund, except such moneys which
are at the time invested in obligations in which the Agency is
authorized to make investments, shall be held in time or demand
deposits in any bank or trust company authorized to accept
deposits of public funds (including the banking department of
the Fiscal Agent) and all of such deposits shall be secured at
all times by bonds or other obligations which are authorized by
law as security for public deposits, of a market value at least
equal to the amount required by law.
Moneys in the Redevelopment Fund shall from time to
time be invested by the Agency, and moneys in the Special Fund
may be invested by the Fiscal Agent and upon request of the
Agency shall be invested as provided by law, subject to the
following restrictions:
(a) Moneys in the Redevelopment Fund shall be
invested only in obligations which will by their terms
mature not later than the date the Agency estimates the
moneys represented by the particular investment will be
needed for withdrawal from the Fund
(b) Moneys in the Interest and Principal Account of
the Special Fund shall be invested only in obligations
which will by their terms mature on such dates as to ensure
that before each interest and principal payment date, there
will be in such Account, from matured obligations and other
moneys already in such Account, cash equal to the interest
and principal, payable on such payment date.
(c) Moneys in the Reserve Account shall be invested
in obligations which will by their terms mature on or
before the date funds are expected to be required for
expenditure.
Except as otherwise provided in Section 13 hereof,
obligations purchased as an investment of moneys in any of the
Funds or Accounts shall be deemed at all times to be a part of
such respective Fund or Account and the interest accruing
thereon and any gain realized from an investment shall be
credited to such Fund or Account and any loss resulting from
any authorized investment shall be charged to such Fund or
Account without liability to the Agency or the members and
officers thereof or to the Fiscal Agent The Agency or the
Fiscal Agent, as the case may be, shall sell at the best price
6991P/2019/16 -16-
obtainable or present for redemption any obligation purchased
whenever it shall be necessary to do so in order to provide
moneys to meet any payment or transfer from such Fund as
required by this Resolution. The investment constituting a
part of the Fund shall be valued at the then estimated or
appraised market value of the investment or face amount
thereof, whichever is lower; provided, however, that
investments in the Interest Account and the Principal Account
shall be valued at the face amount thereof
Section 17 Issuance of Parity Bonds If at any time
the Agency determines it needs to do so, the Agency may provide
for the issuance of, and sell, Parity Bonds in such principal
amounts as it estimates will be needed. The issuance and sale
of any Parity Bonds shall be subject to the following
conditions precedent
(a) The Agency shall be in compliance with all
covenants in this Resolution;
(b) The Parity Bonds shall be on such terms and
conditions as may be set forth in a supplemental
resolution, which shall provide for (i) bonds substantially
in accordance with the Resolution, (ii) the deposit of
moneys into the Reserve Account in an amount sufficient,
together with the balance of the Reserve Account, to equal
the Maximum Annual Debt Service on all Bonds expected to be
outstanding including the outstanding Bonds and Parity
Bonds, (iii) the disposition of Surplus Tax Revenues in
substantially the same manner as Section 15(d) and (e)
hereof;
(c) Receipt of a certificate of the Executive
Director of the Agency showing
(i) For the current and each future Bond year
the debt service for each such Bond year with respect
to all Bonds and Parity Bonds reasonably expected to
be outstanding following the issuance of the Parity
Bonds;
(ii) For the then current Bond year, the Tax
Revenues to be received by the Agency based upon the
most recent assessed valuation of taxable property in
the Project Area certified by the appropriate officer
of the County of Los Angeles (and exclusive of any
anticipated business inventory subvention revenues);
and
(iii) That for the then current Bond year, the Tax
Revenues referred to in item (ii) are at least equal
to 1.20 times the maximum annual debt service referred
6991P/2019/16 -17-
to in item (i) above, and that the Agency is entitled
under the Law and the Redevelopment Plan to receive
taxes under Section 33670 of the Law in an amount
sufficient to meet expected debt service with respect
to all Bonds and Parity Bonds.
(d) The Parity Bonds shall mature on and interest
shall be payable on the same dates as the Bonds.
If the Parity Bonds are to be applied under Section 33334.2
of the Law, Tax Revenues shall include that portion of
taxes allocated under Section 33670 of the Law for payment
of the Parity Bonds which are required to be set aside
under Section 33334.2
Section 18 Covenants of the Agency As long as the
Bonds are outstanding and unpaid, the Agency shall (through its
proper members, officers, agents or employees) faithfully
perform and abide by all of the covenants, undertakings and
provisions contained in this Resolution or in any Bond issued
hereunder, including the following covenants and agreements for
the benefit of the Bondholders which are necessary, convenient
and desirable to secure the Bonds and will tend to make them
more marketable; provided, however, that the Covenants do not
require the Agency to expend any funds other than the Tax
Revenues
Covenant 1 Complete Redevelopment Project; Amend
ment to Redevelopment Plan The Agency covenants and agrees
that it will diligently carry out and continue to completion in
a sound and - economical manner, with all practicable dispatch,
the Redevelopment Project•in accordance with its duty to do so
under and in accordance with the Law and the Redevelopment
Plan The Redevelopment Plan may be amended as provided in the
Law but no amendment shall be made unless it will not
substantially impair the security of the Bonds or the rights of
the Bondholders, as shown by an Opinion of Counsel, based upon
a certificate or opinion of an Independent Financial Consultant
appointed by the Agency.
Covenant 2 Use of Proceeds, Management and
Operation of Properties The Agency covenants and agrees
that the proceeds of the sale of the Bonds will be deposited
and used as provided in this Resolution and that it will manage
and operate all properties owned by it comprising any part of
the Redevelopment Project Area in a sound and businesslike
manner
Covenant 3 . No Priority The Agency covenants
and agrees that it will not issue any obligations payable,
either as to principal or interest, from the Tax Revenues which
have any lien upon the Tax Revenues prior or superior to the
6991P/2019/16 -18-
lien of the Bonds herein authorized. Except as permitted by
Section 17 hereof, it will not issue any obligations, payable
as to principal or interest, from the Tax Revenues, which have
any lien upon the Tax Revenues on a parity with the Bonds
authorized herein Notwithstanding the foregoing, nothing in
this Resolution shall prevent the Agency (i) from issuing and
selling pursuant to law, refunding obligations payable from and
having any lawful lien upon the Tax Revenues, if such refunding
obligations are issued for the purpose of, and are sufficient
for the purpose of, refunding all of the outstanding Bonds or
Parity Bonds, or (ii) from issuing and selling obligations
which have, or purport to have, any lien upon the Tax Revenues
which is junior to the Bonds, or (iii) from issuing and selling
bonds or other obligations which are payable in whole or in
part from sources other than the Tax Revenues As used herein
"obligations" shall include, without limitation, bonds, notes,
interim certificates, debentures or other obligations.
Covenant'4 Punctual Payment The:.-Agency
covenants and agrees that it will duly and punctually pay or
cause to be paid the principal of and interest on each of the
Bonds on the date, at the place and in the manner provided in
the Bonds
Covenant 5 Payment of Taxes and Other Charges
The Agency covenants and agrees that it will from time to time
pay and discharge, or cause to be paid and discharged, all
payments in lieu of taxes, service charges, assessments or
other governmental charges which may lawfully be imposed upon
the Agency or any of the properties then.owned by it in the
Redevelopment Project Area, or upon the.revenues and income
therefrom, and will pay all lawful claims for labor, materials
and supplies which if unpaid might become a lien or charge upon
any of the properties, revenues or income or which might impair
the security of the Bonds or the use'of•Tax Revenues or other
legally available funds to pay the principal of and interest on
the Bonds, all to the end that the priority and security of the
Bonds shall be preserved; provided, however, that nothing in
this covenant shall require the Agency to make any such payment
so long as the Agency in good faith shall contest the validity
of the payment
Covenant 6 Books and Accounts; Financial State-
ments The Agency covenants and agrees that it will at all
times keep, or cause to be kept, proper and current books and
accounts (separate from all other records and accounts) in
which complete and accurate entries shall be made of all
transactions relating to the Redevelopment Project and the Tax
Revenues and other funds relating to the Project The Agency
will prepare within one hundred and eighty (180) days after the
close of each of its fiscal years a complete financial
statement or statements for the year, in reasonable detail
6991P/2019/16 -19-
covering the Redevelopment Project Tax Revenues and other
funds, accompanied by an opinion of an Independent Certified
Public Accountant appointed by the Agency, and will furnish a
copy of the statement or statements to the Fiscal Agent, and
any rating agency which maintains a rating on the Bonds, and,
upon written request, to any Bondholder
Covenant 7 Eminent Domain Proceeds The Agency
covenants and agrees that if all or any part of the
Redevelopment Project Area should be taken from it without its
consent, by eminent domain proceedings or other proceedings
authorized by law, for any public or other use under which the
property will be tax exempt, it shall take all steps necessary
to adjust accordingly the base roll of the Project Area.
Covenant 8 Disposition of Property The Agency
covenants and agrees that it will not dispose of more than ten
percent (10 %) of the land area in the Redevelopment Project
Area (except property shown in the Redevelopment Plan in effect
on the date this Resolution is adopted as planned for public
use, or property to be used for public streets, public
offstreet parking, sewage facilities, parks, easements or
right -of -way for public utilities, or other similar uses) to
public bodies or other persons or entities whose property is
tax exempt, unless such disposition will not result in the
security of the Bonds or the rights of Bondholders being
substantially impaired, as shown by an Opinion of Counsel,
based upon the certificate or opinion of an Independent
Financial Consultant appointed by the Agency
Covenant 9 Protection of Security and Rights of
Bondholders; No Arbitrage The Agency covenants and agrees
to preserve and protect the security of the Bonds and the
rights of the Bondholders and to contest by court action or
otherwise (a) the assertion by any officer of any government
unit or any other person whatsoever against the Agency that (i)
the Law is unconstitutional or (ii) that the Tax Revenues
pledged hereunder cannot be paid to the Agency for the debt
service on the Bonds, or (b) any other action affecting the
validity of the Bonds or diluting the security therefor, or (c)
any assertion by the United States of America or any department
or agency thereof or any other person that the interest
received by the Bondholders is taxable under federal income tax
laws by reason of any action of the Agency The Agency
covenants and agrees to take no action which, in the Opinion of
Counsel would result in (a) the Tax Revenues being withheld
unless the withholding is being contested in good faith, and
(b) the interest received by the Bondholders becoming taxable
under federal income tax laws The Agency covenants and agrees
that it will make no use of the proceeds of the Bonds at any
time during the term thereof which will cause the Bonds to be
"arbitrage bonds" within the meaning of Section 103(c) of the
6991P/2019/16 -20-
United States Internal Revenue Code of 1954, as amended, and
applicable regulations adopted thereunder by the Internal
Revenue Service, and the Agency hereby assumes the obligation
to comply with Section 103(c) and the regulations throughout
the term of the Bonds.
Section 19 Taxation of Leased Property Whenever any
property in the Redevelopment Project Area has been redeveloped
and thereafter is leased by the Agency to any person or persons
(other than a public agency), or whenever the Agency leases
real property in the Redevelopment Project Area to any person
or persons (other than a public agency) for redevelopment, the
property shall be assessed and taxed in the same manner as
privately owned property, as required by Section 33673 of the
Law, and the lease or contract shall provide (a) that the
lessee shall pay taxes upon the assessed value of the entire
property and not merely upon the assessed value of his or its
leasehold interest, and (b) that if for any reason the taxes
levied on the property in any year during the term of the lease
or contract are less than the taxes which would have been
levied if the entire property had been assessed and taxed in
the same manner as privately owned property, the lessee shall
pay such difference to the Agency within thirty (30) days after
the taxes for the year become payable to the taxing agencies
and in no event later than the delinquency date of such taxes
established by law All such payments shall be treated as Tax
Revenues, and when received by the Agency shall be used as
provided herein
Section 20 Fiscal Agent and Paying Agents The
Agency will appoint a national or'state banking association, as
Fiscal Agent hereunder, to act as the agent, trustee and
depositary of the Agency for the purpose of receiving Tax
Revenues and other funds in trust as provided in this
Resolution, to hold, allocate, use and apply the Tax Revenues
and other funds in trust as provided in this Resolution, and to
perform the other duties and powers of the Fiscal Agent as are
prescribed in this Resolution
The Agency may remove the Fiscal Agent initially
appointed, or any successor, and shall forthwith appoint a
successor thereto, but any successor shall be a bank or trust
company doing business and having an office in the City of Los
Angeles, having a combined capital and surplus of at least
$50,000,000. The Fiscal Agent or any substituted Fiscal Agent
may at any time resign by filing written notice thereof with
the Agency Upon a resignation in writing, the Agency shall
forthwith appoint a substitute Fiscal Agent and the resignation
shall become effective upon appointment. In the event that the
Fiscal Agent or any successor becomes incapable of acting as
such, the Agency shall forthwith appoint a substitute Fiscal
Agent Any bank or trust company into which the Fiscal Agent
6991P/2019/16 -21-
may be merged or with which it may be consolidated shall become
the Fiscal Agent without action of the Agency The Fiscal
Agent may become the owner of any of the Bonds authorized by
this Resolution with the same rights it would have had if it
were not the Fiscal Agent.
The Fiscal Agent shall have no duty or obligation to
enforce the collection of or to exercise diligence in the
enforcement of the collection of funds assigned to it
hereunder, or as to the correctness of any amounts received,
but its liability shall be limited to the proper accounting for
the funds that it actually receives.
The recitals of fact and all promises, covenants and
agreements herein and in the Bonds shall be taken as
statements, promises, covenants and agreements of the Agency,
and the Fiscal Agent assumes no responsibility for the
correctness of them, and makes no representations as to the
validity or sufficiency of this Resolution or of the Bonds, and
shall incur no reponsibility in respect thereof, other than in
connection with the duties or obligations herein or in the
Bonds assigned to or imposed upon the Fiscal Agent. The Fiscal
Agent shall not be liable in connection with the performance of
its duties hereunder, except for its own negligence or default
The Agency may provide through the Fiscal Agent,
during the life of the Bonds, for Paying Agents, (in Chicago,
Illinois, and in New York, New York) at the office of which the
Bonds are payable at the option of the Owner.
Section 21 Lost, Stolen, Destroyed or Mutilated Bonds
In the event that any Bond is lost, stolen, destroyed or
mutilated, the Agency will cause to be issued a new Bond(s) on
reasonable terms and conditions, including the payment of costs
and the posting of a surety bond if the Agency deems a surety
bond necessary, as may from time to time be determined and
prescribed by resolution. The Agency may authorize the new
Bond to be signed and authenticated in a manner as it
determines in the resolution
Section 22 Cancellation of Bonds All Bonds
surrendered to the Fiscal Agent or any Paying Agent for payment
at maturity or, in the case of call and redemption prior to
maturity, at the redemption date, shall upon payment therefor
be cancelled immediately and transmitted to the Treasurer or
destroyed by the Fiscal Agent at the direction of the Agency,
If Bonds are destroyed a certificate of destruction'shall
forthwith be transmitted to the Treasurer Any Bonds purchased
by the Fiscal Agent shall be cancelled immediately and
transmitted to the Treasurer or destroyed. All of the
cancelled Bonds not destroyed shall remain in the custody of
the Treasurer until destroyed pursuant to due authorization.
6991P/2019/16 -22-
Section 23 . Amendments This Resolution, and the
rights and obligations of the Agency and of the Owners of the
Bonds may be modified or amended at any time by supplemental
resolution adopted by the Agency: (a) without the consent of
Bondholders, if the modification or amendment is for the
purpose of adding covenants and agreements further to secure
Bond payment, to prescribe further limitations and restrictions
on Bond issuance, to surrender rights or privileges of the
Agency, to make modifications not affecting any outstanding
series of Bonds only with the consent of the Fiscal Agent, for
the purpose of curing any ambiguities, defects or inconsistent
provisions in this Resolution or to insert such provisions
clarifying matters or questions arising under this Resolution
as are necessary and desirable to accomplish the same, provided
that the modifications or amendments do not adversely affect
the rights of the Owners of any outstanding Bonds; (b) for any
purpose with the consent of the Bondholders holding sixty
percent (60%) in aggregate principal amount of the outstanding
Bonds, exclusive of Bonds, if any, owned by the Agency or the
City, and obtained as hereinafter set forth; provided, however,
that no modification or amendment shall, without the express
consent of the registered owner of the Bond affected, reduce
the principal amount of any Bond, reduce the interest rate
payable on it, extend its maturity or the times for paying
interest, change the monetary medium in which principal and
interest is payable, or create a mortgage pledge or lien upon
the revenues superior to or on a parity with the pledge and
lien created for the Bonds and any Parity Bonds or reduce the
percentage of consent required for amendment or modification.
Any act done pursuant to a modification or amendment
consented to by the Bondholders shall be binding upon the
Owners of all of the Bonds and shall not be deemed an
infringement of any of the provisions of this Resolution or of
the Law, whatever the character of the act may be, and may be
done and performed as fully and freely as if expressly
permitted by the terms of this Resolution, and after consent
has been given, no Bondholder, whether attached to a Bond or
detached therefrom, shall have any right or interest to object
to the action, to question its propriety or to enjoin or
restrain the Agency or its officers from taking any action
pursuant to a modification or amendment.
A. Calling Bondholders' Meeting If the Agency
shall desire to obtain the Bondholders' consent, it shall duly
adopt a resolution calling a meeting of the Bondholders for the
purpose of considering the action for which consent is desired.
B. Notice of Meeting Notice specifying the
purpose, place, date and hour of a Bondholders' meeting shall
be mailed postage prepaid, to the respective registered owners
at their addresses appearing on the bond register as maintained
6991P/2019/16 -23-
by the Fiscal Agent. The notice shall be mailed not less than
sixty (60) days nor more than ninety (90) days prior to the
date fixed for the meeting, and said notice shall set forth the
nature of the proposed action for which consent is desired.
The place, date and hour of the meeting and the date or dates
of mailing the notice shall be determined by the Agency in its
discretion.
The actual receipt by any Bondholder of notice of any
Bondholders' meeting shall not be a condition precedent to the
holding of the meeting, and failure to receive notice shall not
affect the validity of the proceedings at the meeting A
certificate by the Secretary of the Agency approved by
resolution of the Agency, that the meeting has been called and
that notice has been given as provided herein, shall be
conclusive as against all parties and no Bondholder shall have
the right to show that he failed to receive actual notice of
the meeting
C. Voting Qualifications The Fiscal Agent shall
prepare and deliver to the chairman of the meeting a statement
of the names and addresses of the registered owners of the
Bonds. This statement shall show maturities, serial numbers
and principal amounts so that voting qualifications can be
determined. No Bondholders shall be entitled to vote at the
meeting unless their names appear upon the statement No
Bondholders shall be permitted to vote with respect to a larger
aggregate principal amount of Bonds than is set against their
names on the statement
D. Issuer -Owned Bonds The Agency covenants that
it will present at the meeting a certificate, signed and
verified by one of its member and by the Treasurer, stating the
serial numbers, maturities and principal amounts of all Bonds
owned by, or held for account of, the Agency or the City,
directly or indirectly No person shall be permitted at the
meeting to vote or consent with respect to any Bond appearing
upon the certificate, or any Bond which is established at or
prior to the meeting to be owned by the Agency or the City,
directly or indirectly, and no such Bond (in this Resolution
referred to as "issuer -owned Bonds ") shall be counted in
determining whether a quorum is present at the meeting.
E Ouorum and Procedure A representation of at
least sixty percent (60%) in aggregate principal amount of the
Bonds then outstanding (exclusive of issuer -owned Bonds, if
any) shall be necessary to constitute a quorum at any meeting
of Bondholders, but less than a quorum may adjourn the meeting
from time to time, and the meeting may be held as adjourned
without further notice, whether such adjournment shall have
been held by a quorum or by less than a quorum. The Agency
shall, by an instrument in writing, appoint a temporary
6991P/2019/16 -24-
chairman of the meeting, and the meeting shall be organized by
the election of a permanent chairman and secretary At any
meeting each Bondholder shall be entitled to one vote for every
$5,000 principal amount of Bonds with respect to which he shall
be qualified to vote as set forth above, and the vote may be
given in person or by proxy duly appointed by an instrument in
writing presented at the meeting The Agency and /or the Fiscal
Agent by their duly authorized representatives and counsel, may
attend any meeting of the Bondholders, but shall not be
required to do so.
F Vote Required At any Bondholders' meeting
there shall be submitted for the consideration and action of
the Bondholders a statement of the proposed action for which
consent is desired. If the action is consented to and approved
by Bondholders holding at least sixty percent (60%) in
aggregate principal amount of the Bonds then outstanding
(exclusive of issuer -owned Bonds), the chairman and secretary
of the meeting shall so certify in writing to the Agency The
certificate shall constitute complete evidence of consent of
the Bondholders under the provisions of this Resolution A
certificate signed and verified by the chairman and the
secretary of any Bondholders' meeting shall be conclusive
evidence and the only competent evidence of matters stated in
the certificate relating to proceedings taken at the meeting.
Section 24 Proceedings Constitute Contract; Events of
Default and Remedies of Bondholders The provisions of this
Resolution, of the resolutions providing for the sale of the
Bonds and awarding the Bonds and fixing the interest rate or
rates thereon, and of any other resolution supplementing or
amending this Resolution, shall constitute a contract between
the Agency and the Bondholders. The provisions of any
amendment shall be enforceable by any Bondholder for the equal
benefit and protection of all Bondholders similarly situated by
mandamus, accounting, mandatory injunction or any other suit,
action or proceeding at law or in equity that is now or may
hereafter be authorized under the laws of the State of
California in any court of competent jurisdiction. This
contract is made under and is to be construed in accordance
with the laws of the State of California. The following
provisions shall not limit the generality of the foregoing.
A Events of Default Each of the following shall
constitute an event of default:
(1) Default in the due and punctual payment of
any installment of interest on any Bond when the
interest installment becomes due and payable;
(2) Default in the due and punctual payment of
the principal and premium, if any, of any Bond when
6991P/2019/16 -25-
the principal becomes due and payable, whether at
maturity, by declaration or otherwise;
(3) Default made by the Agency in the observance
of any of the covenants, agreements or conditions
contained in this Resolution or in the Bonds, where
the default continues for a period of thirty (30) days
following written notice to the Agency: or
(4) The Agency shall file a petition seeking
reorganization or arrangement under the federal
bankruptcy laws or any other applicable law of the
United States of America, or if a court of competent
jurisdiction shall approve a petition, filed with or
without the consent of the Agency, seeking
reorganization under the federal bankruptcy laws or
any other applicable law of the United States of
America, or if, under the provisions of any other law
for the relief or aid of debtors, any court of
competent jurisdiction shall assume custody or control
of the Agency or of the whole or any substantial part
of its property;
In each event of default described in (1) or (2) above
the Fiscal Agent shall, and in each case of default described
in (3) or (4) above, the Fiscal Agent shall if requested by the
owners of not less than a majority of the aggregate principal
amount of the Bonds at the time outstanding (such request to be
in writing to the Fiscal Agent and to the Agency), declare the
principal of all of the Bonds then outstanding and the interest
accrued thereon, to be due and payable immediately; provided,
however, if a policy of bond insurance insuring the payments of
principal and interest shall be in force, and if the Agency
and /or the insurer shall have promptly paid Bond interest and
principal when due, then no such acceleration of maturities
shall occur Upon any such declaration the Bonds shall become
and shall be immediately due and payable, anything in this
Resolution or in the Bonds to the contrary notwithstanding.
The declaration may be rescinded by the owners of not
less than a majority of the Bonds then outstanding provided the
Agency cures the default or defaults and deposits with the
Fiscal Agent a sum sufficient to pay all principal on the Bonds
matured prior to the declaration and all matured installments
of interest (if any) upon all the Bonds, with interest at the
rate of twelve percent (12 %) per annum on the overdue
installments of principal and, to the extent the payment of
interest on interest is lawful at that time, on such overdue
installments of interest, so that the Agency is currently in
compliance with all payment, deposit and transfer provisions of
this Resolution, and any expenses incurred by the Fiscal Agent
in connection with the default
6991P/2019/16 -26-
B. Certain Remedies of Bondholders Any
Bondholder shall have the right, for the equal benefit and
protection of all Bondholders similarly situated—
(1) by mandamus, suit, action or proceeding, to
compel the Agency and its members, officers, agents or
employees to perform each and every term, provision
and convenant contained in this Resolution and in the
Bonds, and to require the carrying out of any or all
covenants and agreements of the Agency and the
fulfillment of all duties imposed upon it by the Law;
(2) by suit, action or proceeding in equity, to
enjoin any acts or things which are unlawful, or the
violation of any of the Bondholders' rights; or
(3) upon the happening of any event of default
(as defined in this Section), by suit, action or
proceeding in any court of competent jurisdiction, to
require the Agency and its members and employees to
account as if it and they were the trustees of an
express trust.
C. Non - Waiver Nothing in this Section or in any
other provisions of this Resolution, or in the Bonds, shall
affect or impair the obligation of the Agency, which is
absolute and unconditional, to pay the principal of and
interest on the Bonds to the respective Owners of the Bonds at
the respective dates of maturity from Tax Revenues, as herein
provided, or affect or impair the right, which is also absolute
and unconditional, of the Owners to institute suit to enforce
the payment by virtue of the contract embodied in the Bonds.
No remedy conferred upon any Bondholder by the
Resolution is intended to be exclusive of any other remedy, but
each remedy is cumulative and in addition to every other remedy
and may be exercised without exhausting and without regard to
any other remedy conferred by the Law or any other law of the
State of California No waiver of any default or breach of any
duty or contract by any Bondholder shall affect any subsequent
default or breach of any duty or contract or shall impair any
rights or remedies on the subsequent default or breach. No
delay or omission of any Bondholder to exercise any right or
power accruing upon any default shall impair any such right or
power or shall be construed as a waiver of any default or
acquiescence therein. Every substantive right and every remedy
conferred upon the Bondholders may be enforced and exercised as
often as may be deemed expedient. In case any suit, action or
proceeding to enforce any right, or exercise any remedy, shall
be brought and should said suit, action or proceeding be
abandoned, or be determined adversely to the Bondholders, then,
and in every such case, the Agency and the Bondholders shall be
6991P/2019/16 -27-
J
restored to their former positions, rights and remedies as if
the suit, action or proceeding had not been brought or taken.
D. Actions by Fiscal Agent as Attorney -in -Fact
Any suit, action or proceeding which any Owner of Bonds shall
have the right to bring to enforce any right or remedy
hereunder may be brought by the Fiscal Agent for the equal
benefit and protection of all Owners of Bonds similarly
situated and the Fiscal Agent is hereby appointed (and the
successive respective registered owners of the Bonds issued
hereunder, by taking and holding the same, shall be
conclusively deemed so to have appointed it) the true and
lawful attorney -in -fact of the respective registered owners of
the Bonds for the purpose of bringing any suit, action or
proceeding and to do and perform any and all acts and things
for and on behalf of the respective registered owners of the
Bonds as a class or classes, as may be necessary or advisable
in the opinion of the Fiscal Agent as attorney -in -fact.
E. General After the issuance and delivery of
the Bonds, this Resolution, and any supplemental resolutions
hereto, shall be irrepealable, but shall be subject to
modification or amendment to the extent and in the manner
provided in this Resolution, but to no greater extent and in no
other manner.
Section 25 . CUSIP Numbers CUSIP identification
numbers will be imprinted on the Bonds, but numbers shall not
constitute a part of the contract evidenced by the Bonds and no
liability shall attach to the Agency or any of the officers or
agents because of or on account of said numbers Any error or
omission with respect to the numbers shall not constitute cause
for refusal by the successful bidder to accept delivery of and
pay for the Bonds.
Section 26 Severability If any covenant, agreement
or provision, or any portion thereof, contained in this
Resolution, or the application thereof to any person or
circumstance, is held to be unconstitutional, invalid or
unenforceable, the remainder of this Resolution and the
application of any covenant, agreement or provision, or portion
thereof, to other persons or circumstances, shall be deemed
severable and shall not be affected, and this Resolution and
the Bonds issued pursuant hereto shall remain valid and the
Bondholders shall retain all valid rights and benefits accorded
to them under this Resolution and the Constitution and the laws
of the State of California. If the provisions relating to the
appointment and duties of a Fiscal Agent are held to be
unconstitutional, invalid or unenforceable, the duties shall be
performed by the Treasurer.
6991P/2019/16 -28-
Section 27 . Effective Date This Resolution shall
take effect upon adoption.
ADOPTED AND APPROVED THE 17th day of JANUARY 1
'4� i
Chairman 9,f the Lynwood
Redevelop ent Agency
(SEAL)
ATTEST:
Secretary of the Lynwoo
Redevelopment Agency
6991P/2019/16 -29-
STATE OF CALIFORNIA ) SECRETARY'S CERTIFICATE
COUNTY OF LOS ANGELES )ss. RE ADOPTION OF RESOLUTION
CITY OF LYNWOOD )
I, ANDREA L. HOOPER , Secretary of the Lynwood
Redevelopment Agency, DO HEREBY CERTIFY that the foregoing
Resolution was duly adopted by the Agency at a regular meeting
of the Agency held on the 17th day of January 1 °1984.
and that the same was passed and adopted by the following vote
AYES: Members FORK, ROWE, THOMPSON, MORRIS
NOES: Members NONE
ABSENT Members HENNING
ABSTAIN: Members
Secretary of Lynwood
Redevelopment Agency
(SEAL-11
STATE OF CALIFORNIA ) SECRETARY'S CERTIFICATE
COUNTY OF LOS ANGELES )ss. OF AUTHENTICATION
CITY OF LYNWOOD )
I, ANDREA L. HOOPER , Secretary of the Lynwood
Redevelopment Agency, DO HEREBY CERTIFY that the above and
foregoing is a full, true and correct copy of Resolution
No. ERA 84 -3 of the Agency and that the Resolution was adopted
at the time and by the vote stated on the above certificate,
and has not been amended or repealed.
&A'e�
Secretary of the Lynwo d
Redevelopment Agency
_ (SEAL)
6991P/2019/16
QtZ635
EXHIBIT A
[FORM OF BOND]
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF LYNWOOD
LYNWOOD REDEVELOPMENT AGENCY
PROJECT AREA A
TAX ALLOCATION BOND, 1983
Registered
No. R
The LYNWOOD REDEVELOPMENT AGENCY (hereinafter sometimes
called the "Agency "), a public body, corporate and politic,
duly organized and existing under the laws of the State of
California, for value received, hereby promises to pay (but
solely from the funds hereinafter mentioned)
to or registered assigns, herein
sometimes referred to as "registered owner" (subject to the
right of prior redemption hereinafter mentioned), the principal
sum of Dollars ($ ) on March 1,
and to pay such registered owner by check or draft mailed
thereto, at his address as it appears on the register kept by
the Fiscal Agent at the close of business on the fifteenth day
of the month preceding the interest payment date (the "regular
record date "), interest on such principal sum at the rate
of % per annum from the interest payment date next
preceding the date hereof (unless (i) the date hereof is prior
to August 16, 1984 in which event from March 1, 1983 (ii) it is
dated after a regular record date and before the following
interest payment date, and if the Agency shall not default in
the payment of interest due on such interest payment date, in
which event it shall bear interest from such interest payment
date or (iii) it is dated as of an interest payment date, in
which event it shall bear interest from such date) until the
principal hereof shall have been paid or provided for in
accordance with the Resolution hereinafter referred to, at the
rate or rates above indicated, payable August 1, 1984 and
thereafter semiannually on March 1 and August 1 in each year.
Both principal and interest and any premium upon the redemption
prior to the maturity of all or part hereof are payable in
lawful money of the United States of America, and (except for
interest which is payable by check or draft as stated above)
are payable at the principal corporate trust office of Security
Pacific National Bank, Fiscal Agent for the Agency, in Los
Angeles, California, or, at the option of the registered owner
hereof, at the office of any Paying Agent of the Agency in New
York, New York, or Chicago, Illinois.
This Bond, the interest hereon and any premium due upon
the redemption of this Bond prior to maturity are not a debt of
the City of Lynwood, the State of California or any of its
political subdivisions, and neither said City, said State nor
any of its political subdivisions is liable hereon, nor in any
event shall this Bond, said interest or said premium be payable
out of any funds or properties other than the funds of the
Agency as set forth in the Resolution hereinafter mentioned.
This Bond does not constitute an indebtedness within the
meaning of any constitutional or statutory debt limitation or
restriction. Neither the members of the Agency nor any persons
executing the Bond are liable personally on this Bond by reason
of its issuance
This Bond is one of a duly authorized issue of bonds of
the Agency designated "Lynwood Redevelopment Agency, Project
Area A Tax Allocation Bonds, 1983" (hereinafter called "Bonds ")
in aggregate principal amount of $3,000,000 all of like tenor
(except for bond numbers, maturity dates and differences, if
any, in interest rates) and all of which have been issued
pursuant to and in full conformity with the Constitution and
laws of the State of California and particularly the Community
Redevelopment Law (Part 1 of Division 24 of the Health and
Safety Code of the State of California) for the purpose of
aiding in the financing of the Redevelopment Project above
designated, and are authorized by and issued pursuant to
Resolution No. adopted by the Agency on
(said resolution being hereinafter referred to as the
"Resolution ") and all of the Bonds are equally secured in
accordance with the terms of the Resolution, reference to which
is hereby made for a specific description of the security
therein provided for,said Bonds, for the nature, extent and
manner of enforcement of such security, for the covenants, and
agreements made for the benefit of the Bondholders, and for a
statement of the rights of the Bondholders, and by the
acceptance of this Bond the registered owner hereof assents to
all of the terms, conditions and provisions of said
Resolution In the manner provided in the Resolution, said
Resolution and the rights and obligations of the Agency and of
the Bondholders, may (with certain exceptions as stated in said
Resolution) be modified or amended with the consent of the
Holders of sixty percent (60%) in aggregate principal amount of
outstanding Bonds, exclusive of issuer -owned bonds, unless such
modification or amendment is for the purpose of curing
ambiguities, defects, etc , in which case no Bondholder's
consent is required.
The principal of this Bond and the interest hereon
are secured by an irrevocable pledge of, and are payable solely
from, the Tax Revenues (as such term is defined in said
Resolution) and certain other funds, all as more particularly
set forth in the Resolution. Said Resolution is adopted under
69991/2019/16
and this Bond is issued under and is to be construed in
accordance with the laws of the State of California
The outstanding Bonds maturing on or after
may be called before maturity and redeemed at the option
of the Agency in whole or in part from any source of funds
on — I , or on any interest payment date thereafter
prior to maurity If less than all of the Bonds outstanding
are to be redeemed at any one time, the Bonds to be redeemed
shall be redeemed in inverse order of maturity, and by lot
within a maturity. Bonds called for redemption shall be
redeemed at a redemption price for each redeemed bond equal to
the principal amount thereof, plus a premium (percentage of
principal amount) of one quarter of one percent for each year
or fraction of a year between the redemption date and the
maturity date of the Bonds
The Bonds are also subject to mandatory redemption
prior to maturity at par, without premium, in whole or in part,
in inverse order of maturity and by lot within a maturity
on I or on any interest payment date thereafter to
the extent of excess Tax Revenues in the Special Fund, as
defined in the Resolution, provided such Tax Revenues are not
otherwise released to the Agency pursuant to the Resolution for
application in accordance with the Community Redevelopment Law,
all as more fully provided in the Resolution Notice of call
and redemption prior to maturity shall be given as provided in
the Resolution
This Bond is issued in fully registered form and is
non - negotiable It may be exchanged for a like aggregate
principal amount of Bonds of other authorized denominations of
the same issue, all as more fully set forth in the Resolution.
This Bond is transferable by the registered owner hereof, in
person or by his attorney duly authorized in writing, at the
principal office of the Fiscal Agent in Los Angeles,
California, but only in the manner, subject to the limitations
and upon payment of the charges provided in the Resolution,
upon surrender and cancellation of this Bond. Upon such
transfer a new registered Bond of authorized denomination or
denominations for the same aggregate principal amount of the
same issue will be issued to the transferee in exchange
therefor.
The Agency, the Fiscal Agent and any Paying Agent may
treat the registered owner hereof as the absolute owner hereof
for all purposes, and the Agency, the Fiscal Agent and any
Paying Agent shall not be affected by any notice to the
contrary.
This Bond shall not be entitled to any benefit under the
Resolution, or become valid or obligatory for any purpose,
69991/2019/16
until the certificate of authentication hereon endorsed shall
have been signed by the Fiscal Agent.
It is hereby recited, certified and declared that any and
all acts, conditions and things required to exist, to happen
and to be performed precedent to and in the issuance of this
Bond exist, have happened and have been performed in due time,
form and manner as required by the Constitution and laws of the
State of California
IN WITNESS WHEREOF, the Lynwood Redevelopment Agency has
caused this Bond.to be signed on its behalf by its Chairman by
his facsimile signature and by its Secretary by her facsimile
signature and the seal of said Agency to be imprinted hereon
Registration Date:
Chairman of the Lynwood
Redevelopment Agency
[SEAL]
r Secretary of the Lynwood
Redevelopment Agency
69991/2019/16
[FORM OF CERTIFICATE OF AUTHENTICATION ON
FULLY REGISTERED BONDS]
This is one of the Fully Registered bonds described in the
within - mentioned Resolution. V.
, Fiscal Agent
By:
Authorized Officer
[FORM OF ASSIGNMENT OF FULLY REGISTERED BONDS]
For value received hereby
sells, assigns and transfers unto
the within - mentioned Bond and hereby irrevocably constitutes
and appoints attorney, to
transfer the same on the books of the Fiscal Agent with full
power of substitution in the premises.
Dated:
NOTE: The signature to this Assignment must correspond with
the name as written on the face of the within Bond in
every particular, without alteration or enlargement or
any change whatsoever.
69991/2019/16
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood
Redevelopment Agency, do hereby certify that the above
and foregoing resolution was duly adopted by the said
Agency at a regular meeting thereof held
in the City Hall of the City of Lynwood on the 17th
day of JANUA 1984, and passed by the following
vote:
AYES: Agency members BYORK, ROWE, TflOMPSON, MORRIS
NOES:
Agency
members
NONE
ABSENT:
Agency
members
HENNING
_ Secretary
- - LYNWOOD REDEVELOPMENT AGENCY