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Home My WebLink AboutRDA Res 86-10 1986-07-28 RESOLUTION NO. &6-/(") A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH, CALIFORNIA APPROVING AND ADOPTING A PROPOSED STATEMENT OF EXISTING OBLIGATIONS REGARDING RIVERFRONT REDEVELOPMENT PROJECT I THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: I Section 1. Pursuant to notice duly given, the Redevelopment Agency of the City of Seal Beach and the City Council of the City of Seal Beach have held a full and fair joint public hearing on the adoption of a resolution by the Agency approving a statement of existing obligations regarding Riverfront Redevelopment Project. The Agency has prepared and submitted a proposed statement of existing obligations to'the City Council and to the Department of Housing and Community Development fifteen days prior to the date of such hearing. Section 2. The proposed statement submitted to the Council and the Department has been amended. The amended proposed statement, a copy of which is on file with the City Clerk of the City of Seal Beach, is hereby approved and adopted as the statement of existing obligations of the Agency, regarding the Riverfront Redevelopment Project. Section 3. As shown on the proposed statement, the Agency had existing obligations of $861,317 in the fiscal year of 1985-1986. The tax allocated to the Agency from the project area pursuant to Health and Safety Code Section 33670 was $60l,000 in the fiscal year of 1985-l986. Thus, the Agency's existing obligations in that fiscal year exceeded the annual tax increment received by the Agency as to the Riverfront Redevelopment Project. Section 4. Based on the foregoing, the Agency hereby finds and determines that the amount required to be deposited into the Low and Moderate Income Housing Fund of the Agency pursuant to subdivisions (c) and (d) of California Health and Safety Code Section 33334.6, as added by Section 2 of Chapter 1~~5 of the Statutes of 1985, was necessary in order to make payments under existing obligations of amounts due during the fiscal year of 1985-1986 and was used by the Agency for that purpose, as set forth in the statement described in Section 2, above. Section 5. The Executive Director of the Agency is hereby authorized and directed to transmit a copy of this resolution and the amended proposed statement to the Department of Housing and Community Development within ten days following i -adoption by the Agency. , PASSED, APPROVED AND "'. , 1986, by the '0. /J I NOES: ABSENT: Agency members Agency members Agency ADOPTED this .:28'1:!- fo owing vote: ~ day of . - :-~~. ~~ ~ ~ ~-"I"vt J Cha~rman ~~ 4~~9' I~s:\ 'nr..u... lO. 1. ~ "" IN') ,.... ".., .. I,,"',,,,,, ,...~ III d- " ........;,..-- .f1:.i' l"',~~~, Resolution Number 86 -/0 STATE OF CALIFORNIA) COUNTY OF ORANGE ) SS 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 that the foregoing resolution is the original copy of Resolution Number 196-/o on file in the office of the City Clerk, passed, a proved and ac~pted by the Seal Beach Redeve~Qpment Agenc ' a regular meeting thereof held on the c28'fE' day of , 1986. I I I Resolution Number B~-IO AMENDED PROPOSED STATEMENT OF EXISTING OBLIGATIONS AS TO THE RIVERFRONT REDEVELOPMENT PROJECT I The items listed below constitute the existing obligations of the Redevelopment Agency of the City of Seal Beach as to the Riverfront Redevelopment Project: Original Outstanding Debt Date Principal Interest 6-30-86 Report Year 85-86 Existing Obligations Incurred Amount Term Rate Principal Interest Amount Due a) 1978 Tax Allocation Bonds 09-01-78 S4,OOO,OO~ 25 yrs 7% 53.435.000 5 -0- 5358,050 b) Loan fr... City 07-01-69 78,137 Indel 6% 78,734 4,664 -0- c) Loan fr... City 07-01-69 120,000 Indel 6% 164,755 9,885 -0- d) Loan fr... City 03-24-80 223,500 6 yrs 10% 93,500 -0- 87,350 (cOftlmencing in '83) e) Loan fr... City 06-23-80 418,000 6 yr. 10% 306,533 -0- 153,267 (commenc i ng in '84) f) Loan fr...' City 05-26-81 421,800 Indel Indef 421.800 -0- -0- I g) Loan Ir... City 11-08-82 5401,919 Indef 12% 182.531 21,904 -0- h) Advance. fr... City 06-30-84- 06-30-85 446,514 Indel Indel 183,864 -0- 262,650 i) Interest Accrued -N/A- -N/A- -N/A- 618,379 -N/A- Subtotal 4,866,717 654,832 Grand Totals 55,521,549 5861,317 ~ It8111 "a" has annual payments 01 5358,050 and wil I be discharged In full In 2003. Item "d" has annual payments 01 565,000 and Is scheduled to be discharged in full In 1988. Item "e" has annual payments 01 5153,267 and is scheduled to be discharged In ful I In 1989. Through Its bond issue of 1986, the Agency plans to refinance Items "b" through "i", depending on the amount of net proceeds Bvallable for that purpose. Thus, many, If not all of those obligations wIll be discharged in full, with lump payments equal I ing their outstanding balances, In the fiscal year 1986-87. I 860722 pf 0242QMB 4 Resolution Number ~jI" PROOF OF PUBLICA liON (2015.5 c.e.p.) " STATE OF CALIFORNIA, County of Orange I am a citizen of the UnltlJd States and a resident of the County aforesaid; I am ov.r the age of eighteen veltrs. and not a _pertv fa or Interested In the above.entltled meH.r, I am the principal clerk of the prlnt.r 01 the ~.~ .................................................... a newspaper of general circulation. printed and publish In the City '" , ... County of Orange. and whIch n.WI. 'paper has been adludged a n.wspaper of general circulation by the Superior Court of the County of Orange. ,State at '. California. under the date Of.~ 19 ~/l Ca~e Number!J.Kr;iJ.SZ3.; that the notice. of which the,annexed Is a prInted copy (lit. in tvpe not 'smaller than nonpareil), he. been published In each regular and entlr. issue of said newspaper and not In any supplement thereof on the following d.t... to-wit: ~~~~:~.b..1.7.:...... ........... I certify (or declare.) under penalty o. perlury that the foregoing Is true and correct. Dated ath~4:f.,,~,....... Callfornla.thl.../.~.~Of~ 19 :r~ ~~...f!(.<,~~. Slgnatur. (lI," c"'H.f 11111 ....... '.rlll ..... .. ..euPH "..... CALIFORNIA NEWSPAPER SERVICE BUREAU. INC. Legal Advertising Clearing HoUII .120 Wesl Second 51-:, Los Angeles. Calif. 90012 Tel.phone: 12131 825.2541 ~I....__, G.H.....L _'01 ~...Ic.".. ..... anlerl.. 'lit. '.'11I. Thll space II for the County Clerk's Filing Stamp . I Proof of Publication of , ..,'::4~....~... ....~.. , . Paste Clipping of Notice SECURELY In This Space . . " i , . . .~ -, '. NOTICE OF JOINT . ''\ , PUBLIC HEARING, . NOTICE 'S HEREBY GIVEN thollll'~ 6,45p.m.on_,July28, 1986, " the City Council of the City of Sell ~ Beach Ind the RtdeweJopment All"'" 1 <'/ of tho City of Seal Ileoch, Cali"". '. nil. will hold. joint public heannl to , . COnsider the adoption of I Resolubon ~ by tho A_ IppnMnl I pIllpll5Id . Stltementm existinaoblipbonSd the Apncy reprdinl thl Riverfront Redevelopment Project. Such hearina Will be held In Council 0Iambe1s II: the Seollleoch City HoI'Ioc:_1I211-: 8Ih Stroe~ Sell IIeoch, Ca,"""';, 90740. A ..., of such pn>pOSOd Statement IS ....'Iab.. for public in- spection at the office of tM City Clerk t of the City of 8M1 Buch at thellbcMi \ addnlSS.. .;1 DATED TH'S 11th doy of July, 1986, I ........ Y. V.. CIty.CIerk .. City of Sell Beach Si July 10. 17, 1986 ~ ,Publ_'nT~SelI~~~moI. ~ I I . ii-/6 36Z2- , ~ I