HomeMy Public PortalAbout03-18 RESOLUTION NO. 03-18
A RESOLUTION OF THE CARSON REDEVELOPMENT
AGENCY AUTHORIZING AND DIRECTING THE AGENCY
TREASURER TO INVEST CERTAIN CARSON MERGED
AND AMENDED PROJECT AREA FUNDS
RECITALS:
A. The Carson Public Financing Authority(the"Authority")has determined
to purchase a certain note from the Carson Redevelopment Agency(the "Agency") designated
the Carson Redevelopment Agency, Redevelopment Project Area No. 4, Tax Allocation Note,
Issue of 2003, in a principal amount not to exceed$8,200,000(the"Note),which Note has been
authorized to be issued under a prior resolution of the Agency(the"Note Resolution").
B. Under the provisions of Sections 33603 and 33663 of the Health and
Safety Code of the State of California, the Note is a permitted investment for Agency funds not
required for immediate disbursement.
C. The Agency desires to authorize and direct the investment of certain
Carson Merged and Amended Project Area funds by purchasing the Note from the Authority,
subject to the condition set forth in Section 3 hereof.
D. Based on a"Preliminary Report for Project Area No. 4,"dated April 16,
2002, by GRC Redevelopment Consultants,heretofore received by the Agency, the Agency
expects that Pledged Tax Revenues (defined in the Note Resolution)will be sufficient to (i)pay
the interest on the Note as the same shall become due, and(ii)pay, or enable the Agency to issue
refunding obligations in an amount sufficient to pay, the principal of the Note at or prior to
maturity.
NOW, THEREFORE, THE CARSON REDEVELOPMENT AGENCY HEREBY
FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The foregoing recitals are true and correct and the Agency hereby so
finds and determines.
Section 2. The Treasurer of the Agency is hereby authorized and directed to
invest available moneys held by her in the Redevelopment Fund for the Carson Merged and
Amended Project Area(other than moneys constituting proceeds of the sale of any tax exempt
bonds of the Agency or the investment earnings thereon) which are not required for immediate
disbursement, by purchasing the Note from the Authority at a price not to exceed the par value
thereof. The Treasurer shall accept delivery of the Note from the Authority on behalf of the
Agency and shall provide for its safekeeping.
Section 3. If and to the extent that any provision of this Resolution limits,
qualifies or conflicts with any provision of the current investment policy of the Agency, the
provisions of this Resolution shall control.
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Section 4. This resolution shall take effect immediately upon adoption.
PASSED, APPROVED and ADOPTED May 6, 2003.
Chairman
ATTEST:
Agency Secretary
Approved as to form:
Agency Counsel
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF CARSON )
I, Helen S. Kawagoe, Agency Secretary of the Redevelopment Agency, Carson, California, do hereby
certify that the whole number of members of the Carson Redevelopment Agency is five; that the foregoing
resolution, being Resolution No. 03-18 was duly and regularly adopted by said Agency at a regular meeting
duly and regularly held on the 6th day of May, 2003, and that the same was passed and adopted by the -
following vote:
AYES: AGENCY MEMBERS: Chairman Sweeney, Dear, Santarina, and Raber
NOES: AGENCY MEMBERS: None
ABSTAIN: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: Calas
Agency Secretary
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