HomeMy Public PortalAbout2011.002 - LPFA (02-01-11) RESOLUTION NO. 2011.002
A RESOLUTION OF THE LYNWOOD PUBLIC FINANCING AUTHORITY
AUTHORIZING THE PURCHASE AND SALE OF TAX ALLOCATION BONDS OF
THE LYNWOOD REDEVELOPMENT AGENCY ISSUED TO FINANCE
REDEVELOPMENT ACTIVITIES WITHIN OR FOR THE BENEFIT OF THE
AGENCY'S PROJECT AREA A, APPROVING THE FORM AND AUTHORIZING
EXECUTION OF RELATED DOCUMENTS AND AUTHORIZING OFFICIAL ACTIONS
WHEREAS, the City of Lynwood (the "City") and the Lynwood Redevelopment
Agency (the "Agency") have heretofore entered into a Joint Exercise of Powers
Agreement, dated as of December 1, 1992, establishing the Authority for the purpose,
among others, of issuing its bonds to be used to provide financial assistance to the City
and to the Agency; and
WHEREAS, the Agency is a public body, corporate and politic, duly established
and authorized to transact business and exercise powers under and pursuant to the
provisions of the Community Redevelopment Law of the State of California, constituting
Part 1 of Division 24 of the California Health and Safety Code (the "Law"), including the
power to issue bonds for any of its corporate purposes; and
WHEREAS, a redevelopment plan for Project Area A(the "Redevelopment
ProjecY') has been adopted in compliance with all requirements of the Law; and
WHEREAS, the Agency has determined that, due to prevailing financial market
conditions, it is in the best interests of the Agency at this time to generate new money to
Finance redevelopment activities within or of benefit to the Redevelopment Project (the
"2011 Projects"); and
WHEREAS, to provide moneys to Finance the 2011 Project, the Agency has
determined to issue its Lynwood Redevelopment Agency Tax Allocation Bonds (Project
Area A—Subordinate Lien), 2011 Series A, in the aggregate principal amount of not to
exceed $25,000,000 (the "2011 Project Area A Bonds"), under the provisions of Part 1
of Division 24 of the California Health and Safety Code, commencing with section 33640
of said Code (the "Bond Law"); and
WHEREAS, the Agency's obligation to pay the principal of and interest on the
2011 Project Area A Bonds will be subordinate to its obligations with respect to (a) the
portion of the outstanding Lynwood Public Financing Authority 1999 Tax Allocation
Bonds, Series A(Project Area A), issued to Finance non-housing projects and the
Agency's obligation to make loan payments with respect to the related portion of that
certain Loan Agreement, dated as of October 1, 1999, by and between the Authority
and the Agency (the "Project Area A 1999 Loan Agreement"), and (b) the outstanding
Lynwood Public Financing Authority 1999 Tax Allocation Bonds, Series B(Taxable)
(Project Area A), issued to Finance non-housing projects and the Agency's obligation to
make loan payments with respect to the related portion of the Project Area A 1999 Loan
Agreement; and
WHEREAS, the Authority has duly considered such transactions and wishes at
this time to authorize the purchase and sale of the 2011 Project Area A Bonds and to
approve the form and authorize execution of a bond purchase agreement in connection
therewith pursuant to the Bond Law and sections 6588 and 6589 of the California
Government Code. s
NOW, THEREFORE, THE LYNWOOD PUBLIC FINANCING AUTHORITY OF
THE CITY OF LYNWOOD, DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Purchase and Sale of the 2011 Proiect Area A Bonds The Board
hereby authorizes the purchase by the Authority of the 2011 Project Area A Bonds from
the Agency for concurrent re-sale to Stone & Youngberg LLC and Nollenberger Capital
Partners, Inc. (the "Underwriters"), so long as the total Underwriters' discount, excluding
original issue discount which does not constitute compensation to the Underwriter, does
not exceed 0.6% of the principal amount of the 2011 Project Area A Bonds. The
Authority hereby approves the bond purchase agreement, by and among the
Underwriters, the Agency and the Authority, in the form on file with the Secretary (the
"Bond Purchase Agreement"), together with such additions thereto and changes therein
as the President, the Chief Administrative Officer, the Finance Director or the Treasurer
of the Authority shall deem necessary, desirable or appropriate, and the execution
thereof by the President, the Chief Administrative Officer, the Finance Director or the
Treasurer shall be conclusive evidence of the approval of any such additions and
changes. The President, the Chief Administrative Officer, the Finance Director or the
Treasurer is hereby authorized and directed to execute the final form of the Bond
Purchase Agreement for and in the name and on behalf of the Authority.
Section 2. Official Actions The President, the Chief Administrative Officer, the
Finance Director and the Treasurer of the Authority, and any and all other officers of the
Authority, are hereby authorized and directed, for and in the name and on behalf of the
Authority, to do any and all things and take any and all actions, including execution and
delivery of any and all assignments, certificates, requisitions, agreements, notices,
consents, instruments of conveyance, warrants and other documents which they, or any
of them, may deem necessary or advisable in order to consummate the lawful issuance
and sale of the 2011 Project Area A Bonds as described herein. Whenever in this
resolution any officer of the Authority is authorized to execute or countersign any
document or take any action, such execution, countersigning or action may be taken on
behalf of such officer by any person designated by such officer to act on his or her
behalf in the case such officer shall be absent or unavailable.
Section 3. Effect This Resolution shall take effect from and after the date of
its passage and adoption.
PASSED, APPROVED AND ADOPTED this 1 day of February, 2011.
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Aide Castro, Presi ent
ATTEST:
/ .�
Maria Quinonez, Secretary Roger L. Haley, ief Administrative
Officer
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
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;
Fred Galante, Authority Counsel Robert S. orrez, t City Manager
and Finance Dire r
STATE OF CALIFORNIA )
)SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of Lynwood Public Finance Authority, do hereby
certify that the foregoing Resolution was passed and adopted by the Agency at its
regular meeting held on the 1 day of February, 2011.
AYES: MEMBERS FLORES, RODRIGUEZ, SANTILLAN, MORTON AND
CASTRO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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Maria Quinonez, cretary
STATE OF CALIFORNIA )
)SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Public Finance Authority, do hereby
certify that the above foregoing is a full, true and correct copy of Resolution No.
2011.002 on file in my office and that said Resolution was adopted on the date and by
the vote therein stated. Dated this 1 day of February, 2011.
i
aria Quinonez, Secretary