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Home My WebLink AboutRDA Res 00-4 2000-11-13 I I I --.. RESOLUTlON NO. M A RESOLUTlON OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH AUTHORIZING THE ISSUANCE OF ITS NOT TO EXCEED $7,000,000 AGGREGATE PRINCIPAL AMOUNT OF MOBILEHOME PARK REVENUE BONDS (SEAL BEACH MOBILE HOME PARK PROJECT) AND APPROVING CERTAIN DOCUMENTS AND AUTHORIZING CERT AlN ACTlONS IN CONNECTlON THEREWITH WHEREAS, the Redevelopment Agency of the City of Seal Beach (the "AgencY"), a redevelopment agency duly organized and validly existing under tI1e general laws of the State of California, is authorized to issue bonds pursuant 10 Section 33740 and following of tI1e HeaItI1 and Safety Code of the State of California (the "Law") to finance tI1e acquisition of mobile home parks by nonprofit organizations witl1in tI1e jurisdiction of tI1e Agency; and WHEREAS, LINC Housing of California, a California nonprofit public benefit corporation (tI1e "Corporation") qualified as an exempt organization under Section 50I(c)(3) of the-Internal Revenue Code of 1986, as amended (tI1e "Code"), has requested that the Agency issue and sell revenue bonds for tI1e purpose of providing for the financing of the acquisition of a I25-space mobile home park located at 99 Welcome Lane, Seal Beach, CA 90740 and known as the Seal Beach Trailer Park Project (tI1e "Project"); and WHEREAS, the financing of the Project will lessen the governmental burden of the Agency by preserving affordable housing within the City of Seal Beach; and WHEREAS, tI1e Agency proposes to issue its not to exceed $7,000,000 aggregate principal amount MobiIehome Park Revenue Bonds (Seal Beach Mobile Home Park Project) Series 2000 (the "Bonds") pursuant to the Law to finance the acquisition by tI1e Corporation of the Project; and WHEREAS, there has been presented to this Board of Directors at this meeting proposed fonns of an Indenture of Trust, a Loan Agreement, a Regulatory Agreement and an Administration and Oversight Agreement, as well as Preliminary Official Statements relating to tI1e Bonds and a Contract of Purchase with respect to the Bonds by Kinsell, Newcomb & De Dios, Inc. and Girard Securities, Inc. (collectively, tI1e "Underwriters"); and . WHEREAS, all acts, conditions and tI1ings required by the laws of the State of California to exist, to have happened and to have been performed precedent to and in connection with tI1e issuance of the Bonds exist, have happened and have been performed in due time, form and manner as required by law, and the Agency is now duly authorized and empowered, pursuant to each and every requirement of law, to issue tI1e Bonds for the purposes, in tI1e manner and upon tI1e terms herein provided. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Resolution Number ~ SECTION 1. true and correct. Recitals. The above recitals, and each of them, are SECTION 2. Aooointment of Trustee. Union Bank of California, N.A. is hereby appointed as the initial trustee (tlJe "Trustee") under the Indenture of Trust (tlJe "Indenture") relating to the Bonds, with the duties and powers of such Trustee as are set fortIJ in tlJe Indenture. SECTION 3. Indenture. The Indenture authorizing the issuance of the Bonds, between tlJe Agency and the Trustee, in tlJe form presented at tlJis meeting, is hereby approved and tlJe Chairperson or Executive Director, each acting alone, are hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver tlJe Indenture in the form hereby approved togetlJer with such additions or changes as the officer executing tlJe same, upon consultation with the agency's Financial Advisor, tlJe Counsel to tlJe Agency, and Bond Counsel, may approve, such approval to be conclusively evidenced by the execution and delivery thereof by tlJe Agency. - . I SECTION 4. Form of Bonds. The form of the Bonds, as set forth in the fndenture, is hereby approved and the Chairperson and the Secretary are hereby authorized and directed to execute by manual or facsimile signature, for and in the name and on behalf of the Agency, the Bonds in either temporary and/or definitive form ill the aggregate principal amounts and all in accordance witIJ tlJe terms and provisions of the Indenture. SECTION 5. Loan Al!reement. The Loan Agreement (the "Loan Agreement") by and among tlJe Agency, the Trustee and the Corporation, whereby the proceeds of the Bonds are to be loaned to the Corporation the for tlJe purpose of providing permanent financing for the acquisition of the Project, in the form presented at this meeting, is hereby approved and tlJe Chairperson or Executive Director, each acting alone, are hereby autIJorized and directed, for and in the name and on behalf of the Issuer, to execute and deliver tlJe Loan Agreement in the form hereby approved together with such additions or changes as tlJe officer executing the same, upon consultation with the Agency's Financial Advisor, the Counsel to the Agercy, and Bond Counsel, may approve, such approval to be conclusively evidenced by the execution and delivery thereof by the' Agency. I SECTION 6. Rel!ulatorv Al!reement. The Regulatory Agreement and Declaration of Restrictive Covenants by and among tlJe Agency, the Trustee and the Corporation (the "Regulatory Agreement") in the form presented at this meeting, is hereby approved and the Chairperson or Executive Director, each acting alone, are hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver tlJe Regulatory Agreement in the form hereby approved together with such additions or changes therein as the officer executing the same, upon consultation with the Agency's Financial Advisor, the Counsel to the Agency, and Bond Counsel, may approve, such approval to be conclusively evidenced by tlJe execution and delivery thereof by the Agency. SECTION 7. Official Statement. The Preliminary Official Statement relating to the Bonds (the "Preliminary Official Statement") in the forms presented at tlJis meeting, is hereby approved. The Executive Director is hereby authorized and directed to make changes to tlJe form of the Preliminary Official Statement hereby approved, upon consultation with the Agency's Financial Advisor, the Counsel to the Agency, and Bond Counsel, a~ necessary or desirable to reflect tlJe tenns of the financing and the documents with respect thereto. 1 The Preliminary Official Statement may be brought into the form of a final Official Statement which shall contain such changes or modifications tlJereto as may be deemed necessary 'or desirable by the Executive Director, upon consultation with the Agency's Financial Advisor, Counsel to tlJe Agency, imd Bond Counsel. The Chairperson or Executive Director, each acting alone, are hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the final Official Statement. Resolution Number ~ The Chairperson or Executive Director, each acting alone, are authorized and directed, on behalf of the Issuer, to certify the Preliminary Official Statemen.ts as "near final" for purposes of Rule 15c2-12 under the Securities and Exchange Act of 1934, as amended ("Rule 15c2-12"), and to certify the Official Statements as "final" pursuant to Rule I5c2-12. 1 SECTION 8. Contract of Purchase for Bonds. The Contract of Purchase with respect to the Bonds, among the Agency, the Corporation and the Underwriters in the form presented at this meeting, is hereby approved. The Chairperson or Executive Director, each acting alone, are hereby authorized to execute the Contract of Purchase in said form together with such additions or changes as the officer executing the same, upon consultation with the Agency's Financial Advisor, the Counsel to the Agency, and Bond Counsel, may approve, such approval to be conclusively evidenced by the execution and delivery of the Contract of Purchase by the Issuer; provided that the combined aggregate principal amount of the Bonds to be sold pursuant to the Contract of Purchase shall not exceed $7,000,000, the interest rates on the Bonds shall not result in a net interest cost greater than 7.25% per annum and the Underwriter's discount shall not exceed 2.50% (exclusive of any original issue discount on the Bonds). I SECTION 9. Administration and Oversight 'Agreement. The Administration and Oversight Agreement (the "Administration Agreement") in the form presented at this meeting, by and among the Agency, the Corporation and Rosenow Spevacek Group, Inc. (or such other entity as the Executive Director shall select) as Program Administrator and Oversight Agent, is hereby approved and the Chairperson or Executive Director, each acting alone, are hereby authorized and directed, for and in the name and on behalf of the Issuer, to execute the Administration Agreement in the form hereby approved, together with such additions or changes as the officer executing the same, upon consultation with the Agency's Financial Advisor, the Counsel to the Agency and Bond Counsel, may approve, such approval to be conclusively evidenced by the execution and delivery thereof. SECfION 10. Designation of Professionals. The law firm of Best Best & Krieger LLP is hereby designated as Bond Counsel and Disclosure Counsel to the Agency with respect to the Bonds and the Executive Director is authorized to enter into an agreement with said firm for such services on behalf of the Issuer. Kinsell, Newcomb & De Dios, Inc. and Girard Securities, Inc. are hereby designated as co-underwriters for the Bonds. SECTION I I. Other Acts. The Chairperson, members of the Agency, Executive Director, Secretary, Finance Director, the Counsel to the Agency and all other officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Agency, to do any and all things and take any and all actions, including without limitation, obtaining bond insurance and a rating for the Bonds, and 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 transactions as described herein in connection with the issuance and sale of the Bonds or to otherwise effectuate the purposes of this Resolution. SECTION 12. immediately upon adoption. Effective Date. This Resolution shall take effect I NOES: OVED AND ADOPTED by the RedeveI~llt Agency of the City t a eeting f h d on the l!- day , 2000, by the foll6'wing vote: PASSED, of Seal Bea of AYES: Resolution Number ~ ABSENT: Agencymembers ABSTAIN: Agencymembe ~ Chainnan I 6:"; ~~ :?"~ . ,,," .........~,. if...- . ~... li~7 FOlWED ~ f . UI ~ C? \ 1'10....' 20. J F ~\\ 1D67 ~ 'I ',,; 0,,>--....... . STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF SEAL BEACH ) ) } SS I, Joanne M. Yeo, City Clerk of Seal Beach, California, do he12"certifY that the foregoing resolution is the original copy of Resolution Number ~~ on file in the office of the City Cl r assed, approved, and adopted by the Redevelopment A~rtf.the City of Seal Bea t re ular ~ou meeting thereof held on the .... da)' , 2000. / 1 I