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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 I 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- I 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 I Resolution Number86-1'.a, I 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: I 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 I 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. I 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 I "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 I I 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...... I 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 I "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. ," I Resolution NumberB.6-I.2 I 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. I I 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. I I I