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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. C1371\0001\725326.4 RESOLUTION NO. 03-18/PAGE 2 OF 2 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 C1371\0001\725326.4 - 2 - RWG DRAFT 3/7/03