HomeMy WebLinkAboutRDA Res 86-12 1986-09-08
RESOLUTION NO. 86-l2
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SEAL BEACH DETERMINING TO
ISSUE A CERTAIN PRINCIPAL AMOUNT OF TAX
ALLOCATION BONDS OF THE AGENCY AND
PROVIDING FOR CERTAIN DETAILS OF THE BONDS
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RECITALS:
A. The Redevelopment Agency of the City of Seal
Beach is a redevelopment agency, a public body, corporate
and politic, duly created, established and authorized to
transact business and exercise its powers, all under and
pursuant to the Redevelopment Law and the powers of the
Agency include the power to issue bonds or notes for any of
its corporate purposes.
B. The Agency has on the date hereof adopted its
Resolution entitled: "Resolution of the Redevelopment
Agency of the City of Seal Beach Authorizing the Issuance of
Tax Allocation Bonds of the Agencl to Aid in the Financing
of a Portion of the Cost of a Redevelopment Project and
Ranking on a Parity with Bonds Previously Issued by the
Agency" (the "Resolution of Issuance").
C. The Resolution of Issuance provides that when-
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ever the Agency determines to issue all or part of the Bonds
authorized by the Resolution of Issuance it may adopt a
Supplemental Resolution specifying the principal amount of
such Bonds to be issued.
D. The Agency finds it necessary and desirable to
issue two million dollars ($2,000,000) principal amount of
Bonds to aid in the financing of the redevelopment of the
Project Area, such two million dollars ($2,000,000)
principal amount of Bonds to be issued pursuant to the
Resolution of Issuance and this Resolution and designated as
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Resolution Number86-1'.a,
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So long as any of the Bonds herein authorized, or any
interest thereon, remain unpaid, the moneys in the foregoing
Funds and Accounts shall be used for no purposes other than
those required or permitted by the Resolution of Issuance, this
Resolution, any resolution providing for the issuance of Parity
Bonds and the Redevelopment Law.
Section 4. Call and Redemption of Bonds Prior to
Maturity. The outstanding Bonds, or any of them, mayor shall,
as the case may be, be called before maturity and redeemed as
follows:
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A. The Bonds maturing on September 1, 1987
through September l, 1996 are not subject to optional call or
redemption by the Agency prior to their respective maturities.
B. The outstanding Bonds maturing on or after
September l, 1997, may be called before maturity and redeemed,
at the option of the Agency, in whole from the proceeds of
refunding bonds or refunding obligations, or in whole or in
part from any other source, on September l, 1996, or on any
interest payment date thereafter prior to maturity, in inverse
order of maturity and by lot within a maturity. Bonds so
called for redemption shall be redeemed at a redemption price
for each redeemed Bond equal to the principal amount thereof,
plus accrued interest to the redemption date, and the following
premium (which is expressed as a percentage of principal
amount) if redeemed on the following redemption dates:
Redemption Dates Redemption Price
September l, 1996 and March l, 1997 l02 \
September l, 1997 and March l, 1998 loll
I September l, 1998 and March l, 1999 lOl
September l, 1999 and March l, 2000 lOOt
September l, 2000 and thereafter lOO
Resc;>l uti on Number ~ -/:L
Section 5. Issuance of Further Series. At any
time or times, as the Agency deems it necessary and
desirable, it may provide for the issuance of and sellon a
parity with the Bonds, all or part of the balance of the
principal amount of Bonds authorized in the Resolution of
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Issuance in one or more series in such principal amount as
it estimates will be needed. The issuance and sale of any
such balance of the Bonds authorized in the Resolution of
Issuance shall be subject to the provisions of Section l7 of
the Resolution of Issuance regarding the issuance of Parity
Bonds.
Section 6. Schedule of Minimum Sinking Fund
Payments. Commencing on August l, 200l, after the deposits
have been made pursuant to subparagraphs A and B of Section
l5 of the Resolution of Issuance, if the Tax Revenues are
sufficient therefor, deposits shall next be made into the
Term Bond Sinking Fund Account so that the balance in said
Account thirty (30) days prior to the date the moneys
therein are scheduled to be used for the call and redemption
of Bonds equals the then current Minimum Sinking Fund
Payment, shown below, on the then outstanding term Bonds and
term Parity Bonds.
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MINIMUM SINKING FUND PAYMENTS
~ Minimum Payment Year Minimum Payment
2002 $ 75,000 2008 110,000
2003 80,000 2009 115,000
2004 85,000 2010 l25,000
2005 90,000 2011 l35,000
2006 95,000 2012 l45,OOO
2007 lOO,OOO 2013 l55,000 I
Moneys in the Term Bond Sinking Account shall be
used and applied by the Fiscal Agent to call and redeem the
Resolution Number 86' -I.:L
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"Redevelopment Agency of the City of Seal Beach, Riverfront
Redevelopment Project, Tax Allocation Bonds, Issue of 1986".
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH HEREBY FINDS, DETERMINES, RESOLVES, AND
ORDERS AS FOLLOWS:
Section 1. Definitions. All terms which are
defined in Section 1 of the Resolution of Issuance shall
have the same meanings in this Resolution as such terms are
given in Section 1 of the Resolution of Issuance.
Section 2. Determination to Issue Bonds. The
Agency determines to issue at this time a Series of Bonds of
the Bonds authorized by the Resolution of Issuance and is
adopting this Resolution as a Supplemental Resolution
referred to in the Resolution of Issuance. The Bonds of
this Series shall be in the principal amount of two million
dollars ($2,000,000), and shall be designated "Redevelopment
Agency of the City of Seal Beach, Riverfront Redevelopment
Project, Tax Allocation Bonds, Issue of 1986." The Bonds
shall be dated as of October l, 1986.
The Bonds shall bear interest at a rate to be fixed
upon the sale thereof but not to exceed twelve percent (l2\)
per annum, payable semiannually on March lst and September
lst, commencing March l, 1987.
Section 3. Amount, Issuance and Purpose of
Bonds. Under and pursuant to the Redevelopment Law, other
laws of the State of California, the Resolution of Issuance
and this Resolution, Bonds of the Agency in the foregoing
principal amount shall be issued by the Agency for the
corporate purposes of the Agency to refinance a portion of
the cost of a redevelopment project and to aid in the
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860902 pf 0494WLS-3161
Reso 1 uti on Number 96 ~1'..2
financing of the redevelopment of the Project Area and for
other corporate purposes related thereto. The Agency may
provide by resolution for the sale of the Bonds. The Bonds
shall mature on September lst of each of the years and in
the amounts indicated as follows:
1987......$
1988......
1989......
1990......
1991......
1992......
1993......
1994......
1995......
1996......
1997......
1998......
1999......
2000......
2001......
2013......
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30,000
30,000
35,000
35,000
35,000
40,000
40,000
45,000
45,000
50,000
55,000
55,000
60,000
65,000
70,000
l,310,000
Bonds maturing on September l, 1987 through September l,
200l, are sometimes referred to as "Serial Bonds." Bonds
maturing on September l, 2013 are sometimes referred to as
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"Term Bonds."
The Fiscal Agent, on behalf of and as agent for the
Agency, shall receive the proceeds from the sale of the Bonds
upon the delivery of the Bonds to the original purchasers
thereof and shall dispose of such proceeds as follows:
A. Accrued interest and premium, if any, paid by the
original purchasers of the Bonds shall be placed in the Special
Fund in the Bond Interest Payment Account.
B. A sum equal to Maximum Annual Debt Service shall
be deposited into the Reserve Account.
C. After making the above transfers, the balance of
the proceeds from the sale of the Bonds shall be transferred to
the Redevelopment Fund.
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Resolution NumberB.6-I.2
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largest principal amount of outstanding term Bonds and term
Parity Bonds which can be called with the moneys available
therefor. After such use, if the Tax Revenues are
sufficient therefor, the Account shall be restored by
further deposits to the applicable required balance above
shown, plus any differences from prior years. Any such call
and redemption shall be made in accordance with the
provisions of Section 1l of the Resolution of Issuance. In
lieu or partially in lieu of such call and redemption,
moneys in the Term Bond Sinking Fund Account may be used to
purchase outstanding term Bonds and term Parity Bonds in
accordance with the provisions of Section l5.C of the
Resolution of Issuance.
Section 7. Severability. If any covenant, agree-
ment or provision, or any portion thereof, contained in this
Resolution, or the application thereof to any person or
circumstance, is held to be unconstitutional, invalid or
unenforceable, the remainder of this Resolution and the
application of any such covenant, agreement or provision, or
portion thereof, to other persons or circumstances, shall be
deemed severable and shall not be affected, and this
Resolution and the Bonds issued pursuant hereto shall remain
invalid and the Bondholders shall retain all valid rights
and benefits accorded to them under this Resolution and the
Constitution and laws of the State of California.
Section 8. Effective Date. This Resolution shall
take effect upon its adoption.
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Resolution Number ~"I'.2.
/-.J PASSED, APPROVED AND ADOPTED this ~ day
O~~~/" 1986,
AYES: Agency Members
NOES:' Agency Members
ABSENT: Agency Members
~~ '1..24tU1V
Chairman
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 t?b-/~ on file in
the office of the City Clerk, passed, proved and adopted
by the Seal Beach Redev~Ofment Age at a special meeting
t e f held on the Ci"-J day of tP. , 1986.
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