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HomeMy Public PortalAbout1999.137 (08-26-99)LYNWOOD CITY COUNCIL RESOLUTION N0.99.137 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING THE ISSUANCE AND SALE BY THE LYNWOOD PUBLIC FINANCING AUTHORITY OF ITS 1999 TAX ALLOCATION BONDS IN CONNECTION WITH THE. REFUNDING OF CERTAIN OUTSTANDING OBLIGATIONS OF THE I.,YNWOOD REDEVELOPMENT AGENCY AND OTHER MATTERS IN CONNECTION THEREWITH. RESOLVED, by the City Council of the City of Lynwood,~California, as follows: WHEREAS, the Lynwood Redevelopment Agency (herein sometimes referred to as 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; WHEREAS, a redevelopment plan known as the Project Area A Redevelopment Plan ("Project Area A"), in the City of Lynwood, California ,(the ~"City") has been adopted and approved by Ordinance No. 945, as amended from time to time, of the City, and all requirements of the law for and precedent to the adoption and approval of said redevelopment plan have been duly complied with; WHEREAS, a redevelopment plan known as the Alameda Project Area Redevelopment . Plan (the "Alameda~Project Area"), in the City, has been adopted and approved by Ordinance No. 993, as amended from time to time, of the City, and all requirements of law for and ~ precedent to the adoption" and approval of said redevelopment plan .have been dul com lied Y p with; WHEREAS; the Redevelopment Law and Project Area A and the Alameda Project Area redevelopment plans contemplate that the Agency will issue its bonds and incur other indebtedness to finance and refinance the costs of the Agency's redevelopment activities in Project Area A and the Alameda Project Area; WHEREAS, the Agency has previously caused to be issued its 1993 Tax Allocation Bonds, in an aggregate principal amount of $10,735;000 (the "Prior Bonds"); WHEREAS,. the Agency now deems that it may be necessary and desirable to refund the Prior Bonds and it is necessary to finance capital improvements in Project Area A and the Alameda Project Area (the "Projects") by borrowing monies from the Lynwood Public Financing Authority (the "Authority") through the execution of loan agreements (the "Loan Agreements"), each dated as of September 1, 1999, by and between the Agency and the Authority, such loans to be repaid from tax increment revenues of the Agency from Project Area A and the Alameda .Project Area; WHEREAS, the Lynwood Public Financing Authority (the "Authority") has been created ~"` under a Joint Exercise of Powers Agreement, dated as of March 1; 1993, between the City and ~ j the Agency and is .authorized pursuant to Article 1 of Chapter 5 of Division 7 of Title 1 of the ! California Government Code (commencing with Section 6500) (the "Act"), and the Marks-Roos Local Bond Pooling Act of 1985; constituting Article 4, Chapter 5, Division 7, Title 1 (commencing with Section 6584)of the California Government Code (the "Bond Pooling Act") to' issue and sell at a public or negotiated sale bonds to finance public capital improvements whenever there are significant public benefits; and .WHEREAS, the Authority has determined to .assist the Agency in the refunding of the Prior Bonds and the financing of the Projects through the' issuance of its 1999 Tax Allocation Bonds (Alameda Project Area) and 1999 Tax Allocation Bonds (Project Area A) (collectively, the "Bonds") in such number of series, taxable or tax-exempt as necessary, in order to loan the proceeds thereof to the Agency pursuant to the Loan Agreements, such loans to be repaid from tax increment revenues from each of the Alameda Project Area and Project Area A, respectively. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Approval of Issuance of Bonds. The issuance and sale of not to exceed $15,000,000 principal amount of Bonds in order to refund the Prior Bonds and finance the Projects in such number of series, taxable or tax-exempt, or both, as determined by the Authority as necessary to make the loans contemplated by the Loan Agreements, 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, is hereby authorized and approved. Section 2. Determination of Significant Public Benefits. The Lynwood Redevelopment Agency has made, in accordance with Section 6586 of the California Government Code, a determination that demonstrable savings in effective interest rate, bond 'preparation, bond underwriting, or bond issuance costs will result from a negotiated sale of the Bonds and the negotiated sale of the Bonds will result in employment benefits from undertaking the Project in a timely fashion, and the City adopts such determination. ,~ Section 3. Selection of Bond Counsel. ~ The selection of Brown & Wood LLP as bond counsel to the Authority and the Agency with respect to the issuance of the Bonds is hereby affirmed. Section 4. Effective Date. This Resolution shall take effect upon adoption. nososisi 2 CLERK'S CERTIFICATE I, ~'''Y"d°.~~ ~ , Clerk of the City Council of the City of Lynwood, hereby certify as follows: The following is~a full, true and correct copy of a resolution duly adopted at an adjourned regular meeting of the City-Council of said City duly and regularly and legally held at the regular meeting place thereof on August 26th, 1999, of which meeting all of the members of the City Council of said City had due notice and at which a quorum was present. I have carefully compared the same with the original minutes of said meeting on file and of record in the Clerk's office and the foregoing is a full, true and correct copy of the original -~ resolution adopted at said meeting and entered in said minutes. Said resolution has not been ,amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. Datedf~L ~ ~~ , 1999 Clerk of the City Council [Seal] ADOPTED AND APPROVED this 26th day of Au 9. ~ ~~ ~ of.Lynwood [SEAL] r--°- I ATTEST I City Clerk of the City of Lynwood, California r--- nososisi