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Home My Public Portal About93-057 (06-01-93)RESOLUTION NO. 93-57 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING THE' ISSUANCE AND SALE BY THE. LYNWOOD REDEVELOPMENT AGENCY OF ITS 1993 TAX ALLOCATION BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $13,000,000 AND MAKING CERTAIN FINDINGS AND DETERMZNATIONS RELATED THERETO 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) (the "Health and Safety Code"), and the powers of the Agency include the power to issue bonds for any of its corporate purposes; WHEREAS, redevelopment plans for Redevelopment Project Area A ("Project Area A") as described in the Redevelopment Plan for Redevelopment Project Area A (the "Project Area A Redevelopment Plan") and the Alameda Project Area (the "Alameda Project Area") as described in the Redevelopment Plan for Alameda Project Area (the "Alameda Redevelopment Plan", the Alameda Redevelopment Plan and the Project Area A Redevelopment Plan being sometimes referred to collectively herein as the "Redevelopment Plans") in Lynwood, California ("the City") have been adopted and approved by the City, together with certain amendments thereto, and all requirements of the law for and precedent to the adoption and approval of said Redevelopment Plans have been duly complied with; WHEREAS, the Agency has previously issued $3,750,000 of its Redevelopment Project Area "A", as Amended, Tax Allocation Bonds, Series 1986, pursuant to LRA Resolution No. 86-27, adopted by the Agency on August 19, 1986, of which $2,920,000 remains outstanding, and $2,000,000 of its Lynwood Commercial Center Project Tax Allocation Bonds, Series 1976, pursuant to Resolution No. LRA 76-10, adopted by the Agency on June 15, 1976, of which $1,170,000 remains outstanding (collectively, the "Prior Bonds") for the purpose of providing funds for financing certain redevelopment projects within Project Area A; WHEREAS, the Agency intends to issue and sell its tax allocation bonds in an aggregate principal amount not to exceed $13,000,000 (the "Bonds") for the purpose of refunding the Prior Bonds, refinancing a promissory note payable to Ralph G. Horowitz (the "Horowitz Note") which was executed and delivered in connection with the acquisition of the City's Public Works Corporate Yard (the "Corporate Yard"), financing certain housing projects and financing certain additional redevelopment projects of the Agency (collectively, the "Project"); WHEREAS, in order for the Agency to secure the Bonds by tax revenues from both Project Area A and the Alameda Project Area, it is necessary for the Agency and the City Council to make certain benefit findings as provided in the Health and Safety Code; WHEREAS, Section 33445 of the Health and Safety Code provides, in relevant part, that: " ..an agency may, with the consent of the legislative body, pay all or part of the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvement which is publicly owned either within or without the project area, if the legislative body determines both of the following: (1) That the buildings, facilities, structures, or other improvements are of benefit to the project area or the immediate neighborhood in which the project is located, regardless of whether the improvement is within another project area, or in the case of a project area in which substantially all of the land is publicly owned that the improvement is of benefit to an adjacent project area of the agency. (2) That no other reasonable means of financing such buildings, facilities, structures, or other improvements, are available to the community;" WHEREAS, Section 33334.2 of the Health and Safety Code provides, in relevant part, that the 20$ of all taxes which are allocated to the Agency pursuant to Section 33670 of the Health and Safety Code which must be used for the purposes of increasing, improving and preserving the community's supply of low- and moderate-income housing available at affordable housing cost as more fully described in the Health and Safety Code may be used by the Agency inside or outside the project area, but only upon the adoption of a resolution of the Agency and the City Council of the City that the use will be of benefit to the project if such moneys are to be used outside of the project area; and WHEREAS, the City Council desires to make the benefit findings referred to above with respect to the Corporate Yard, the projects financed with the proceeds of the Prior Bonds and housing projects located in Project Area A and the Alameda Project Area; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Findings. The City hereby specifically finds and declares that the actions authorized hereby constitute and are with respect to municipal affairs of the City. The City Council further finds and determines with respect to the refinancing of the Horowitz Note and the financing and refinancing of the Corporate Yard thereby that (i) the Corporate Yard is located within the Alameda Project and is publicly owned; (ii) the Corporate Yard is of benefit to both the Alameda Project Area and Project Area A and the immediate neighborhoods to which such projects are located; (iii) no other reasonable means of financing the Corporate Yard are available to the community; and. (iv) as provided in the Health and Safety Code, this determination is final and conclusive as to the issue of benefit to Project Area A and the Alameda Project Area. The City Council further finds and determines with respect to the projects financed with the proceeds of the Prior Bonds that (i) the buildings, facilities, structures or other improvements financed with the .proceeds of the Prior Bonds are located within Project Area A and are publicly owned; (ii) the buildings, facilities, structures or other improvements financed with the proceeds of the Prior Bonds are of benefit to both the Alameda Project Area and Project Area A and the immediate neighborhoods to which such projects are located; (iii) no other reasonable means of _ financing the buildings, facilities, structures or other improvements financed with the proceeds of the Prior Bonds are available to the community; and (iv) as provided in the Health and Safety Code, this determination is final and conclusive as to the issue of benefit to Project Area A and the Alameda Project Area. The City Council further finds and determines with respect to the 20$ of all taxes which are allocated to the Agency pursuant to Section 33670 of the Health and Safety Code which must be used for th the purposes of increasing, improving and preserving e community's supply of low- and moderate-income housing available at affordable housing cost as more fully described in the Health and Safety Code that such moneys from the Alameda Project Area may be spent outside of the Alameda Project Area within Project Area A to accomplish the purposes of Section 33334.2 of the Health and Safety Code and that such moneys from Project Area A may be spent outside of Project Area A in the Alameda Project Area to accomplish the purposes of Section 33334.2 of the Health and Safety Code, and that such use will be of benefit to the respective Project Areas. The City Council further finds and determines that this determination shall be final and conclusive as to the issue of benefit to Project Area A and the Alameda Project Area as provided in the Health and Safety Code. Section 2. A_paroval of Issuance of Bonds. The issuance and sale of not to exceed $13,000,000 aggregate principal amount of Lynwood Redevelopment Agency, 1993 Tax Allocation Bonds, for the corporate purposes of the Agency of providing funds for the purpose of refunding its Prior Bonds, refinancing the Horowitz Note and financing the Project and for other purposes related thereto, all of which constitute a "redevelopment activity" as such term is defined in Health and Safety Code Section 33678, are hereby authorized and approved. Section 3. Effective Date. This Resolution shall take effect upon adoption. ADOPTED AND APPROVED this 1st day of June, 1993. AYES: COUNCILMEMBER BYRD, HEINE, REA, RICHARDS n NOES: NONE ABSENT: COUNCILMEMBER WELLS Clerk of the City of ynwood Approved by: ~~~~~ °`~ Mayor Approved as to form: ~_ City torney STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ss. CITY OF LYNWOOD ) r Z certify that the foregoing is No. 93-57 adopted by the City Council regular meeting held June 1, 1993. a true copy of Resolution of the City of Lynwood at a r n ~~-~.~,J Clerk of the City of Lynwood