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
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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.
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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]
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I ATTEST
I
City Clerk of the City of
Lynwood, California
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