HomeMy Public PortalAbout2011.021 (02-01-11) RESOLUTION NO. 2011.021
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING
THE ISSUANCE AND SALE OF TAX ALLOCATION BONDS BY THE LYNWOOD
REDEVELOPMENT AGENCY TO FINANCE REDEVELOPMENT ACTIVITIES WITHIN
OR FOR THE BENEFIT OF THE AGENCY'S PROJECT AREA A
WHEREAS, the Lynwood Redevelopment Agency (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
Project") 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 Projects, 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; 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 obli�ations with respect to (a) the
portion of the outstariding 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 Lynwood
Public Financing Authority (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(Taxab�e) (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, in accordance with the requirements of section 33640 of the
California Health and Safety Code, the City Council wishes at this time to approve the
issuance and sale of the 2011 Project Area A Bonds by the Agency.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY RESOLVE AND DETERMINE AS FOLLOWS:
Section 1. Approval of the 2011 Project Area A Bonds. The issuance and sale
of the 2011 Project Area A Bonds by the Agency, to finance the 2011 Projects, is
hereby approved.
Section 2. 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.
, , �
A Castro, Mayor
ATTEST:
�
Maria Quinonez, y Clerk Roger L. Hale , ity Manager
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
� � ��
l �
Fred Galante, City Attorney Robert S. Torrez, s' ant City Manager
and Finance Dir or
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
foregoing Resolution was passed and adopted by the City Council of the City of
Lynwood at a regular meeting held on the 1 day of February, 2011.
AYES: COUNCIL MEMBERS FLORES, RODRIGUEZ, SANTILLAN, MORTON
AND CASTRO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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Maria Quinonez, C Clerk
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and the Clerk of the City
Council of said City, do hereby certify that the above foregoing is a full, true and correct
copy of Resolution No. 2011.021 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.
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Maria Quinonez, ity Clerk