HomeMy Public PortalAbout2011.003 - LPFA (02-01-11) RESOLUTION NO. 2011.003
A RESOLUTION OF THE LYNWOOD PUBLIC FINANCING AUTHORITY
AUTHORIZING THE PURCHASE AND SALE OF TAXABLE TAX ALLOCATION
BONDS OF THE LYNWOOD REDEVELOPMENT AGENCY ISSUED TO FINANCE
LOW AND MODERATE INCOME HOUSING ACTIVITIES WITHIN THE GEOGRAPHIC
BOUNDARIES OF THE CITY OF LYNWOOD, 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, redevelopment plans for Project Area A and the Alameda Project
Area have 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 low and moderate income housing activities (the "2011 Housing Projects")
throughout the geographic boundaries of the City of Lynwood (the "City"); and
WHEREAS, to provide moneys to Finance the 2011 Housing Projects, the
Agency has determined to issue its Lynwood Redevelopment Agency Taxable Tax
Allocation Bonds (Housing Projects—Subordinate Lien), 2011 Series B, in the
aggregate principal amount of not to exceed $8,750,000 (the "2011 Housing Bonds"),
under the provisions of Part 1 of Division 24 of the California Health and Safety Code,
commencing with section 33640 of said Code; and
WHEREAS, the Agency's obligation to pay the principal of and interest on the
2011 Housing 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 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,
and (b) the portion of the outstanding Lynwood Public Financing Authority Alameda
Project Area Tax Allocation Bonds, Series 1999, issued to Finance 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; and
WHEREAS, the Authority has duly considered such transactions and wishes at
this time to authorize the purchase and sale of the 2011 Housing 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.
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 Housinq Bonds. The Board hereby
authorizes the purchase by the Authority of the 2011 Housing 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 Housing 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 Housing 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, President
ATTEST:
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Maria Quinonez, S cretary Roger L. Hale , Chief Administrative
Officer
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
�
Fred Galante, Authority Counsel Robert S. Torre , sis t City Manager
and Finance Dir
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
�
r
aria Quinonez, ecretary
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.
2011.003 on file in my office and that said Resolution was adopted on the date and by
the vote therein statedo Dated this 1 day of February, 2011.
.�, ...�-
Maria Quinonez, Secretary