HomeMy Public PortalAbout2011.022 (02-01-11) RESOLUTION NO. 2011.022
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING
THE ISSUANCE AND SALE OF TAXABLE TAX ALLOCATION BONDS BY THE
LYNWOOD REDEVELOPMENT AGENCY TO FINANCE LOW AND MODERATE
INCOME HOUSING ACTIVITIES WITHIN THE GEOGRAPHIC BOUNDARIES OF THE
CITY
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, redevelopment plans for Project Area A and the Alameda Project
Area shave 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 Lynwood Public
Financing Authority (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, 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 Housing 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 Housing Bonds. The issuance and sale of the
2011 Housing Bonds by the Agency, to finance the 2011 Housing 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.
� V
Aide Castro, Mayor
ATTEST:
/ �
aria Quinonez, it Clerk Roger L. aley, City Manager
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
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Fred Galante, City Attorney Robert S. Torrez, As ' t ity Manager
and Finance Direct
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�
�--
aria Quinonez, City 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. 2011.022 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, Ci y Clerk