HomeMy WebLinkAboutRDA Res 84-1 1984-01-09
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RESOLUTION NUMBER ~/
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH EMPLOYING THE INVESTMENT
BANKING FIRM OF STONE & YOUNGBERG, THE FEASIBILITY
CONSULTANT FIRM OF EMPIRE ECONOMICS, AND THE BOND
COUNSEL FIRM OF ,JONES HALL HILL & WHITE WITH RESPECT
TO THE ISSUANCE OF REDEVELOPMENT AGENCY OF THE CITY
OF SEAL BEACH RESIDENTIAL MORTGAGE REVENUE BONDS
AND AUTHORIZING THE EXECUTION OF AND APPROVING
IMPLEMENTING AGREEMENTS, DOCUMENTS AND ACTIONS
THE REDEVELOPMENT AGENCY OF THE CIT~ OF SEAL BEACH DOES HEREBY
RESOLVE:
WHEREAS, Chapter 8 (commencing with Section 33750) of Part 1 of
Division 24 of'the Health and Safety Code of the State
of Ca lifornia (herei n ca lled the "Act") authorizes redeve lop-
ment agencies to issue revenue bonds for the purpose
of financing residential construction within redevelopment
project areas; and
WHEREAS, for the purposes of financing residential construction
within the Redevelopment Project Area of the Agency,
the Agency has developed a program (the "Program") with
respect to (i) the issuance by the Agency of its Residential
Mortgage Revenue Bonds (the "Bonds") and (ii) the use
of the Bond proceeds by the Agency to purchase without
recourse from lending institutions, residential dwelling
units (the "Residences") intended for use as the permanent
place of residence by qualified persons, which Mortgage
Loans are to be originated and serviced by mortgage lenders;
and
WHEREAS, further to that end, the Agency and Riverbeach Association
(the "Developer") will enter into agreements for the
purpose of setting forth among other things, the terms
and conditions pursuant to which the developers and the
mortgage lenders will deliver Mortgage Loans for purchase;
and
WHEREAS, the Agency requires investment banking and consulting
services to prepare for the issuance of the Bonds and
Stone & Youngberg has submitted an agreement for their
services ~~lating to the Bonds; and
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WHEREAS, the Agency r~quires a feasibility study and Bond Counsel
to prepare for the bond issue, and Empire Economics,
Municipals Services, Inc. and Jones Hall Hill & White,
a Profession~l Law Corporation, have also submitted agree-
ments for their services to the Agency relating to the
Bonds.
NOW. THEREFORE. IT IS HEREBY FOUND, DETERMINED AND ORDERED, as
follows:
Section 1. The agreement between Stone & Youngberg and Agency
in the form submitted at this meeting. which provides
that Stone & Youngberg is to be paid solely from the
proceeds from the sale of the Bonds, is hereby approved
and the Executive Director is authorized and directed
, to execute the Investment Banking Agreement on behalf
of the Agency.
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Resolution No. &4-1
Section 2. Empire Economics. Municipals Services. Inc. is approved
as the feasibility consultant to the Agency and payment
of its costs and fees are to be paid solely from monies
provided by the Developer.
Section 3. The agreement between the Agency and Jones Hall Hill
& White. are hereby approved. confirmed and ratified,
and the Chairman, the Executive Director/Secretary
and any 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 and the execution and delivery
of any and all certificates, requisitions, agreements,
which they, or any of them, may deem necessary or advisable
in order to consummate the retaining of the above mentioned
services.
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Section 4. This resolution shall take effect from and after its
adoption.
PPROVED AND ADOPTED at a meeting thereof held on the ~t
~. b, th4~':Jr~ ti .
Agency ember#" "'JILt!. ~. dI~4..~
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Agency Members ,I
AYES:
NOES:
ABSENT:
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Chail'\l1an
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ATTEST:
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) 55
CITY OF SEAL BEACH )
I, Joanne M. Yeo, City Clerk of the City of Seal Beach. California, and
Secretary to the Seal Beach Redevelopment Agency, do hereby certify~~at
the foregoing resolution is the original copy of Resolution Number -I
on file in the office of the City C , passed, approved and adopted by
the Redevelopment A~rl of the Ci y of, Seal Beach at a special meeting
thereof held on the~day of 1984.
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a ne M. Yeo, City Cler Secretary
Beach Redevelopment Agency