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HomeMy WebLinkAboutRDA Res 91-2 1991-10-07 I I .1. REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH RESOLUTION NO. t?/-,2, RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH AUTHORIZING THE SALE OF NOT TO EXCEED $5,500,000 REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH (RIVERFRONT REDEVELOPMENT PROJECT) 1991 SUBORDINATE LIEN TAX ALLOCATION BONDS, SERIES A, APPROVING THE FORM OF A NOTICE OF INTENTION TO SELL BONDS, AN OFFICIAL NOTICE OF SALE, AN OFFICIAL BID FORM AND A PRELIMINARY OFFICIAL STATEMENT, AUTHORIZING EXECUTION OF AN INDENTURE OF TRUST AND AUTHORIZING OTHER OFFICIAL ACTIONS RESOLVED, by the Redevelopment Agency of the City of Seal Beach (the "Agency"), as follows: WHEREAS, the Agency is a public body, corporate and politic, duly established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California (the "Law"), Including the power to issue bonds for any of its corporate purposes; and , WHEREAS, a Redevelopment Plan for the Riverfront Redevelopment Project (the "Project"), in the City of Seal Beach, California (the "City"), has been adopted In compliance with all requirements of the Law; and WHEREAS, the Agency has heretofore issued its $4,000,000 Riverfront Redevelopment Project Tax Allocation Bonds, Issue of 1978, of which $2,775,000 aggregate principal amount is currently outstanding (the "1978 Bonds"); WHEREAS, the 1978 Bonds were issued to provide financing for redevelopment purposes with respect to the Project; WH EREAS, the Agency has determined to provide for the defeasance of the 1978 Bonds; and WHEREAS, the Agency Is proceeding at this time to issue its Riverfront Redevelopment Project 1991 Subordinate Lien Tax Allocation Bonds, Series A, in the aggregate principal amount of not to exceed $5,500,000 (the "Bonds"), to provide funds to 00 used by the Agency" In connection with the financing of the Project, including the refunding of the 1978 Bonds; and WHEREAS, in connection with the competitive sale of the Bonds, bond counsel to the Agency has prepared a notice of intention to sell the Bonds (the "Notice of Intention"), an official notice of sale of the Bonds, calling for the receipt of bids to purchase the Bonds on October 21, 1991 (the "Official Notice of Sale"), and an official bid form (the "Official Bid Form"); and WHEREAS, in connection with the competitive sale of the Bonds, Kelling, Northcross & Nobriga, Inc., as financial advisors to the Agency (the "Financial Advisor"I, has caused to be prepared a preliminary official statement relating to the Bonds (the "Preliminary Official Statement"); and . WHEREAS, it is appropriate at this time for the Agency to approve all necessary proceedings for the sale of the Bonds; NOW, THEREFORE, it is hereby DETERMINED and ORDERED as follows: Section 1. Issuance and Sale of Bonds. The Agency hereby authorizes the Issuance of the Bonds pursl,ant to and in accordance with the Indenture (as hereinafter defined) and directs the sale of the Bonds pursuant to competitive bid. Bids for the Bonds shall be received on October 21, 19~1, at 10:00 a.m. (Pacific Time) and/or on such later date or dates and time or times as set forth In the Official Notice of Sale, at the offices of the Financial Advisor In San Francisco, California. The Bonds shall be awarded to the bidder who submits the bid for the Bonds which results in the lowest net interest cost to the Agency and which Is otherwise acceptable to the Executive Director of the Agency, or his designee, all to be determined In accordance with the Official Notice of Sale. The Executive Director of the Agency or his designee is hereby authorized to award the Bonds to the bidder as so determined; provided that the average interest rate on the Bonds does not exceed 8%, the discount on purchase of the Bonds Is not In excess of 2% of the principal amount thereof, the principal amount of the 'Bonds is not in excess of $5,500,000, and the maturity of the Bonds does not exceed the year 2013. In the event two or . "'-'more bids setting forth identical interest rates and premium, if any, are received, the Executive D.irector of the Agency, or his designee, may exercise his own discretion and judgment In making Resolution Number 9/ -:t the award and may award the Bonds as he shall determine. The Executive Director of the , Agency, or his designee, may, In his discretion, reject any and all bids and waive any Irregularity or informality in any bid. The Executive Director of the Agency, or his designee, shall award the Bonds or reject all bids not later than 26 hours after the expiration of the time prescribed for the receipt of proposals unless such time of award is waived by the successful bidder. Section 2. Publication of Notices. The Agency hereby authorizes the publication In accordance with the requirements of section 53692 of the California Government Code, of the Notice of Intention in The Bond Buyer, in substantially the form attached hereto as Exhibit A and I by this reference incorporated herein, and hereby authorizes the publication, in accordance with the requirements of section 33646 of the Califorma Health and Safety Code, of the Official Notice. of Sale in the The Seal Beach Journal, in substantially the form attached hereto as Exhibit Band by this reference incorporated herein, each a newspaper of general circulation published in the community or in Orange County. Section 3. AODroval of Official Notice of Sale. Official Bid Form and Preliminarv Official Statement. The Agency hereby approves the Official Notice of Sale, in substantially the form attached hereto as Exhibit C, as the official notice of sale governing the terms and conditions for the sale of the Bonds by the Agency. The Agency hereby approves the Official Bid Form, in substantially the form attached hereto as Exhibit D, as the official bid form for receipt of bids for the sale of the Bonds by the Agency. A form of the Preliminary Official Statement having been submitted by the Financial Advisors, the Agency hereby approves said Preliminary Official Statement In the form submitted, together with changes therein deemed advisable by the Executive Director of the Agency, or his designee, upon advice of counsel. The Executive Director of the Agency, or his designee, is authorized to approve corrections and additions to the Preliminary Official Statement by supplement or amendment thereto, or otherwise as appropriate, provided that any such corrections or additions shall be necessary to cause the information contained therein to conform with facts material to the Bonds. or to the proceedings of the Agency or such corrections or additions are in form rather than In substance. The Agency authorizes and directs the Executive Director of the Agency, or his designee, on behalf of the A~ency, to deem "final" pursuant to Rule 1502-12 under the Securities Exchan~e Act of 1934 (the Rule") the Preliminary Official Statement prior to its distribution in connection with the offering and sale of the Bonds. The Executive Director of the Agency, or his designee, is authorized and directed to cause I the Preliminary Official Statement to be brought into the form of a final official statement (the "Final Official Statement") and to execute said Final Official Statement, dated as of the date of the sale of the Bonds, and the Executive Director of the Agency, or his designee, Is authorized and directed to execute a statement that the facts contained in the Final Official Statement, and any supplement or amendment thereto (which shall be deemed an original part thereof for the purpose of such statement) were, at the time of sale of the Bonds, true and correct in all material respects and that the Final Official Statement did not, on the date of sale of the Bonds, and does not, as of the date of delivery of the Bonds, contain any untrue statement of a material fact with respect to the Agency or omit to state material facts with respect to the Agency required to be stated where necessary to make any statement made therein not misleading in the light of the circumstances under which it was made. The Executive Director of the Agency, or his designee, shall take such further actions prior to the signing of the Final Official Statement as are deemed necessary or appropriate to verify the accuracy thereof. The Final Official Statement, when prepared, Is approved for distribution in connection with the offering and sale of the Bonds. Section 4. Call for Bids. The Secretary of the Agency is authorized and directed to execute the Official Notice of Sale on behalf of the Agency and fa call for bids for the sale of the Bonds. The Financial Advisors, on behalf of the Agency, are authorized and directed to cause the Preliminary Official Statement, the Official Notice 01 Sale and the Official Bid Form to be distributed to such municipal bond broker-dealers, to such banking institutions and to such other persons as may be interested in purchasing the Bonds therein offered for sale. Section 5. Aporoval of Indenture of Trust. The proposed form of the Indenture of Trust I (the "Indenture"), by and between the Agency and Bank of America National Trust and Savings Association, as trustee (the "Trustee"), in substantially the form presented to this meetin~, is hereby approved. The Chairman or the Executive Director of the Agency, or a duly authOrized designee, IS hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Indenture, and the Secretary of the Agency, or a duly authOrized designee, is hereby authorized and directed, for and in the name and on behalf of the Agency, to attest such officer's signature, with such additions thereto or changes therein as are recommended or approved by such officers upon consultation with counsel to the Agency and bond counsel to the Agency. I I I Resolution Number~-.;t Section 8. Aporoval of 1978 Escrow Aareement. The proposed form of the 1978 Escrow Deposit and Trust Agreement (the "1978 Escrow Agreement"), by and between the Agency and Bank of America National Trust and Savings Association, as escrow bank (the "t978 Escrow Bank"), In substantially the form presented to this meeting, Is hereby approved. The Chairman or the Executive Director of the Agency, or a duly authorized designee, is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the 1978 Escrow Agreement, and the Secretary of the Agency, or a duly authorized designee, is hereby authorized and directed, for and in the name and on behalf of the Agency. to attest such officer's signature, with such additions thereto or changes therein as are recommended or approved by such officers upon consultation with counsel to the Agency and bond counsel to the Agency. Section 7. Official Actions. The Chairman, Executive Director, Deputy Executive Director, Redevelopment Director, Treasurer, Secretary and the Agency Counsel, or any of them or their appointed and authorized designees acting in such capacities, are further authorized and directed to make, execute and deliver all certificates, agreements and documents required in connection with the sale of the Bonds. Section 8. Benefit Findings. In accordance with the provisions of section 33445 of the California Health and Safety Code and in furtherance of the issuance of the Bonds, the Agency hereby finds and determines that (a) the Project is of benefit to the Riverfront Redevelopment Projects, and (b) no other reasonable means of financing the Project is available to the Agency. Section 9. Effective Date. This Resolution shall take effect immediately. ***....*** I, the undersigned Secretary of the Redevelopment Agency of the City of Seal Beach, hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted by the . Agency at a meeting thereof on the 7th day of October, 1991, by the following vote of the members thereof: AYES, and in favor thereof: Agency MemberS~~,m~k..,~.1 NOES: Agency Members ~ ABSENT: Agency Member~ . STATE OF CALIFORNIA I COUNTY OF ORANGE l SS CITY OF SEAL BEACH l I, Joanne M. Yeo, City Clerk of the City of Seal Beach, California, do hereby certify that the forego~g ~esolution . is a copy of the original Resolution Number ~ on file in the office of the City Clerk, passed, approved and adopted by the City Council ;~~e City of se~Bealh at a mee>4vg thereof held on the _ day of lJI~ ,~ ,19~. Resolution Number Ci/~.z PROOF OF PUBLICATION (2015.5 C.C.P.) STATE OF CALIFORNIA, County of Orange I am a citizen of the United States and a resident of the County afore- said; I am over the age of eighteen years, and not a party to or inter- ested In the above-entitled matter. \ am the princIpal clerk of the printer of the SEAL BEACH JOURNAL. a newspaper of general circulation, printed and published weeklv in the City of Seal Beach. County of Orange and which newspaper has been adjudged a newspaper of general circulation by the Superior Court of the County of Orange, State of California, under the date of 2/24/75. Case Number A62563; that the notice of which the annexed is a printed copy (set in type not smaller than nonpareil), has been published in each regular and entire issue of said newspaper and not In any supplement thereof on the following dates, to-wit: <)x :1.Jf.e.'/ldJ.Clt. 1'1 ..,} &-' (.. I all in the year 19JU.... I certify (or declare) under penalty of perjury thaI' the.foregoing is true and correct. Dated at Seal Beach, California, this 0;& daYOf~' 19...2,L (ltrdJwi ~""":;::, Signature PUBLICATION PROCESSED BY: THE JOURNAL NEWSPAPERS 216 Main Street P.O. Box 755 Seal BBach, CA 90740 (213)430-7555 This space for for the County Clerk's Filing Stamp I Proof of Publication of PUBLIC NOTICE/Public Hearing J)~.().O;~~ ,~, e.dJ..V.~~/ll,bi,:I:. (}1.Mt~d'. 'l5on4 NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that on Monday. Oclober 7, 1991, al the hour ot 7:00 p.m. in the City Council Chambers. Cil)' HaD, 211. 8111 sne~ Seal Beach, CalWOlllie, the City CouncB of the City 01 Seal Beach (1he "City') win hold a public- hearing in eccordance with HC- lIons 33679 of the California Health and Salety Code on the issuance by the Redavelopment Agency of !he City of Seal Beech (the 'Agency") of approximately $7.500,000 of lis RIverfront Rede- velopment Project 1991 Tex ADo- calIon Bonds, SerIes A. ID provide lInds ID be ueed by !he IvJencf In connection with Ihe financing of Ihe Averfron1 Redevelopment Pr0- ject (!he .Projecl'1, such bonds ID be SllCInd by and payable tom a pIedga oIlalC IncI8ment r_ 01 !he Agency allrlbulable 1D Ihe Projact, all pursuenllo end II more lulIt desCItbed ., Ihe form of documenlS and a IUIMI8IY report rela1lng therelo which ere on file wl1I1!he SecI81a/y of the Agency and are available for inspeclIon by any In_led peraon requesting Ole same at1he oflIce of !he Agen- cy al 211-81h SlreeI, Seal Beach, CalifornIa 90140, telephone (21$) 431-2527, belWaen the hours of 8:00 am. and 5:00 p.m., Monday Ilroogh Friday, except holidays. If you challange lhe proposed 8cIIons in court, you mey be 1mIt- ed 1D raising only 1hoee Issuee you or someone else raised at Ihe pub- Ic heerlng described In this notice, or In wtItlon conespondence deIN. ered to the Secretaly 01 the Rede- velopment Agency of the CIty of Seal Beach at or priof to Ihe publiC hearing. DATED THIS 16th day of SepIem- beI,1991. Joanne M. Yeo, City Clerlt CIty of Seal Beach SeplBmber 19, 26, 1991, f'Wlshed n hl Seal Beach Journal I I