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Home My WebLink AboutRDA Res 75-12 1975-09-08 I -J . 11 I I r' . I' , . ....62,(1\12-2 SEAL BEACH r RESOLUTION NO. 11S~ tv RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH AMENDING RESOLUTION NO. 75-10 AND APPROVING OFFICIAL STATE~~NT THE REDEVELOPl1ENT AGENCY OF 'l'HE CITY OF SEAL BEACH DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Section 1. Resolution No. 75-10, heretofore adopted by this Agency is hereby amended to read as shown on the following Exhibit A, attached hereto and made a part hereof. Section 2. The Agency hereby approves, to be furnished to prospective bidders for the Bonds, and to the successful bidder, a certain official Statement, substantially in the form attached hereto as Exhibit 3. The Financial Consultant and Bond Counsel are hereby authorized and directed, prior to final printing, to fill in blanks and to make such changes as are necessary or desirable to correct errors or clarify the meaning of parts thereof. . r?tL ~, PASSED, APPBOVED AND ADDPTED th<s 12:.:: day of . . ~#H-JbJ , 1975. ~6'~ ChaJ.rman ATTEST: I SEAL} ~ ~~f~ Secretary of the Redevelopment Agency of the City of Seal Beach AA-16 8/26/75 I, '. ". I I . , r, " , ' , ' 8I1l6/75 RESOLUTION NO. 75-10 (As Amended) RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH AUTHORIZING THE ISSUANCE OF $3,250,000 PRINCIPAL AMOUNT OF TAX ALLOCA- TION NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1975, OF SAID AGENCY TO AID IN THE FINANCING OF A REDEVELOPMENT PROJECT KNOWN AS THE RIVERFRONT REDEVELOPMENT PROJECT. 6ll,00lI-2-7 I, '. '. I I '. . . "'r , ' , ' TABLE OF CONTENTS Recitals Resolving Clause Section: 1. Dellnitions . 2. Amount, Issuance and Purpose of Notes. 3. Nature of Notes 4. Description of Notes 5. Interest 6. Place of Payment . .. 7. Forms of Notes, Temporary Notes 8. Executinn of Notes .. . 9. Types of Notes, Registration and Exchange 10. Note Register ... . .. .. . . .. . . . . 11. Redemption of Notes Prior to Maturity A Terms of Redemption. .. .. . B. Call for Redemption.. ..... .. .. .. . C. Notice of Redemption . . . . . . . . . . . . D. Redemption Fund .. ..... . E. Partial Redemption of Fully Registered Notes F. Effect of Redemption . . . . . . 12. Funds ...... 13. Sale of Notes, Disposition of Note Proceeds; Redevelopment Fund 14. Tax Revenues . . . .. .............. 15. Special Fund . . 16. Deposit and Investment of Moneys in Funds 17. Issuance of Parity Notes 18. Covenants of the Agency 1. Complete Redevelopment Project; Amendment to Redevelopment Plan .. ... . . . . . . . . 2. Use of Proceeds of Notes; Management and Operation of Properties 3. No Priority . . .. . . . . . . . . . . . . . 4. Punctual Payment .... . ............ .. .... . 5. Payment of Taxes and Other Charges ...... . . . . . . . . . 6. Books and Accounts; Financial Statements 7. Eminent Domain Proceeds..... . . . 8. Disposition of Property . . . . .. . 9. Protection of Security and Rights of Noteholders; No Arhitrage. 62,002-2-7 i ", 8/26/75 l'qe 1 1 1 2 2 3 3 4 4 4 c 4 5 5 5 5 5 6 6 7 7 7 8 9 9 10 10 11 11 11 11 11 11 .. 12 12 12 I. . , . ' . ' .-,. ". 8/116/75 Page 19. Taxation of Leased Property 12 20. Fiscal Agent and Paying Agents 13 ". 21. Lost, Destroyed or Mutilated Notes 13 22. Cancellation of Notes 14 .. 23. Amendments 14 A. Calling Noteholders' Meeting 14 B. Notice of Meeting 14 C. Voting Qualillcations 15 D. Issuer-Owned Notes. 15 E. Quorum and Procedure 15 F. Vote Required 15 24. Proceedings Constitute Contract ... .. ..... .. 15 I 25. Consolidation Agreement and Resolution No. 74-4 16 26. Severability .. ....... 16 27. EHective Date 17 Exhibit A (Form of Bearer Note) ........ 19 Exhibit B (Form of Fully Registered Note) 22 I 6ll,00ll-2-7 ii I, -. I I '. , ' ',. , . , . 8100/75 RESOLUTION NO. 75-10 (As Amended) RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH AUTHORIZING THE ISSUANCE OF $3,250,000 PRINCIPAL AMOUNT OF TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1975, OF SAID AGENCY TO AID IN THE FINANCING OF A REDEVELOPMENT PROJECT KNOWN AS THE mVERFRONT REDE- VELOPMENT PROJECT. WHEBEAS, the Redevelopment Agency of the City of Seal Beach ("Agency") is a redevelopment agency (a public body, corporate and politic) duly created, established and authorized to transact business and exerci.e its powers, all under and pursuant to the Community Redevelopment Law [Part 1 of Division 24 (commencing with Section 330(0) of the Health and Safety Code of the State of California] and the powers of such Agency include the power to issue notes for any of it. corporate purposes; and WHEREAS, a Redevelopment Plan for a redevelopment project known and designated as the "Riverfront Redevelopment Project" has been adopted and approved and all requirements of law for and precedent to the adoption and approval of said Redevelopment Plan have been duly complied with; and WHEREAS, the issuance of notes at this time is necessary to enable the Agency to accomplish the purposes of the Redevelopment Plan; NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Definitions. As used in this Resolution the following terms shall have the following meanings, unless the context otherwise requires: (a) "City" means the City of Seal Beach, California. (b) "Fiscal Agent" means the Ilscal agent appointed by the Agency pursuant to Section 20 hereof, its successors and assigns, and any other corporation or association which may at any time be substituted in its place, as provided in this Resolution. (c) "Fiscal Year" means the year period beginning on July 1st and ending on the next following June 30th. (d) "Independent Financial Consultant" and "Independent Engineer" mean any Ilnancial consultant or engineer or Ilrm of such consultants or engineers appointed by the Agency, and who, or each of whom has a favorable reputation in the Ileld in which his opinion or certillcatc will be given, and: (1) is in fact independent and not under domination of the Agency; and (2) does not have any substantial interest, direct or indirect, with the Agency; and (3) is not connected with the Agency as an officer or employee of the Agency, but who may be regularly retained to make reports to the Agency. (e) "Law" or "Redevelopment Law" means the Community Redevelopment Law of the State of California as cited in the recitals hereof. 62,00ll-2-7 I I, .' , . '.. ". 8/116/75 ". (f) "Notes" means the $3,250.000 principal amount of tax allocation negotiable promissory notes authorized by this Resolution. (g) "Noteholder" or "Holder of Notes", or any similar term, means any person who shall be the holder of any outstanding Note: (i) payable to bearer, or (ii) the registered owner or his duly authorized attorney, trustee, representative, or assigns of any outstanding Note which shall at the time be registered so as to be payable other than to bearer. For the purpose of Note- holders' voting rights or consents, Notes owned by or held for the account of the Agency, or the City, directly or indirectly, shall not be counted. (h) "Parity Notes" means any additional tax allocation notes (including, without limitation, bonds, notes, interim certificates, debentures or other obligations) issued by the Agency as permitted by Section 17 of this Resolution. (i) "Paying Agent" means any paying agent provided by the Agency pursuant to this Resolution. (j) "Redevelopment Agency" or "Agency" meanS the Redevelopment Agency of the City of Seal Beach. I (k) "Redevelopment Plan" means the "Redevelopment Plan for the Riverfront Redevel- opment Project" approved and adopted by the City by Ordinance No. 780, and includes any amendment of said Redevelopment Plan heretofore or hereafter made pursuant to law. (I) "Redevelopment Project" means the Riverfront Redevelopment Project of the Agency. (m) "Redevelopment Project Area" means the project area described and dellned in said Redevelopment Plan. (n) "Tax Revenues" means that portion of taxes levied upon taxable property in the Redevelopment Project Area and received by the Agency on or after April 2, 1969, which is allocated to and paid into a special fund (as in this Resolution created) of the Agency pursuant to Article 6 of Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the State of California, all as more particularly set forth hereafter in this Resolution. (0) "Treasurer" or "Treasurer of the Agency" means the officer who is then performing functions of Treasurer of the Agency. Section 2. Amount, Issuance and Purpose of Notes. Under and pursuant to said Law and under and pursuant to this Resolution, Notes of the Agent:y in the principal amount of $3,250,000 shall be issued by the Agency for the corporate purposes of the Agency aiding in thc Ilnancing of the Redevelopment Project and for other purposes related thereto as hereinafter provided, and such issue nf Notes is hereby created. I Section 3. Nature of Notes. The Notes shall be and are special obligations of the Agency and are secured by an irrevocable pledge of, and are payable as to principal, intercst and premiums, if any, from Tax Revenues and other funds as hereinafter provided. Said Notes, interest and premiums, if any, are not a debt of the City of Seal Beach, the State of California or any of its political subdivisions and neither said City, said State, nor any of it., political subdivisions is liable on them, nor in any event shall said Notes, interest and premiums, if any, be payable out of any funds or properties other than those nf the Agency as in this Resolution set forth. Said Notes do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the members of the Agency nor any persons executing the Notes are liable personally on the Notes by reason of their issuance. 62,00lI-2-7 2 -I I I ., '" " , ' ", 8/116/75 Said Notes shall be and are equally secured by an irrevocable pledge of Tax Revenues and other funds as hereinafter provided, without priority for number, date of sale, date of execution, or date of delivery, except as expressly provided herein. The validity of said Notes is not and shall not be dependent upon the completion of the Redevelop- ment Project or upon the performance by anyone of his obligation relative to the Redevelopment Project. Nothing in this Resolution shall preclude: (a) the payment of said Notes from the proceeds of refunding notes, bonds or other obligations issued pursuant to law; or (b) the payment of said Notes from any legally available funds of the Agency. Nothing in this Resolution shall prevent the Agency from making advances of its own funds howsoever derived to any of the uscs and purposes mentioned in this Resolution. If the Agency shall payor cause to be paid, or shall have made provision to pay upon maturity or upon redemption prior to maturity to the Holders of the Notes, the principal and interest to become due thereon, together with any applicable premium, through setting aside trust funds or setting apart in a reserve fund or special trust account created pursuant to this Resolution or otherwise, or through the irrevocable segregation for that purpose in some sinking fund or other fund or trust account with a fiscal agent or otherwise moneys sufficient therefor, including, but not limited to, interest earned or to be earned on direct obligations of the United States of America or bonds or other obligations for which the full faith and credit of the United States is pledged, for the payment of principal and interest, then the lien of this Resolution, including, without limitation, the pledge of the Tax Revenues, and all other rights granted hereb)', shall thereupon cease, terminate and become void and be discharged and satisfied, and the Notes and interest increments thereon and any applicable premium on such Notes shall no longer be deemed to be outstanding and unpaid. In such event, the Fiscal Agent shall cause an accounting for such period or periods as shall be requested by the Agency to be prepared and filed with the Agency, and the Fiscal Agent, upon the request of the Agency, shall release this Resolution and execute and deliver to the Agency all such instruments as may be desirable to evidence such release, discharge and satisfaction, and the Fiscal Agent shall pay over or deliver to the Agency all moneys or securities held by it pursuant to this Resolution, which are not required for the payment or redemption of Notes not theretofore surrendered for such payment or redemption. Section 4. Description of Notes. The Notes shall be issued in the principal amount of $3,250,000 and shall be designated REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH, RIVER- FRONT REDEVELOPMENT PROJECT, TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1975. The Notes may be initially issued in the form of Bearer Notes in the denomination of $5,000 each, or in the form of Fully Registered Notes, in denominations of $5,000 each or any multiple thereof. The Bearer Notes shall be dated as of September 1, 1975, and shall be numbered from I to 650. The Notes shall be term Notes maturing on September I, 1978. Section 5. Interest. Said Notes shall bear interest at a rate to be hereafter fixed by resolution, but not to exceed eight percent (8%) per annum, payable semiannually on March 1 and September I of each year. Each such Note shall bear interest until the principal sum thereof has been paid; provided, however, that if funds are available for the payment thereof in full accordance with the terms of this Resolution, said Note shall then cease to bear interest. Interest coupons attached to the Bearer Notes shall be numbered in consecutive numerical order from one (I) upwards in the order of their respective maturities. The Fully Registered Notes shall be numbered by the Fiscal Agent as the Fiscal Agent shall determine and shall be dated as of the date of authentication thereof, except that Fully Registered Notes issued upon exchanges and transfers of Fully Registered Notes and upon exchanges of Bearer Notes for Fully Registered Notes shall be dated so that no gain or loss of interest shall result from 6ll,00l!-2-7 3 I " '" ", 8/00/75 such exchange or transfer. Each Fully Registered Note shall bear interest from the interest payment date next preceding the date thereof unless it is dated prior to the Ilrst interest payment date, in which event it shall bear interest from the date of the Bearer Notes. Interest on Fully Registered Notes shall be paid by the Fiscal Agent (out of the appropriate funds) by check or draft mailed to the registered owner at his address as it appears on the register kept by the Fiscal Agent at the close of business on the Ilfteenth day preceding the interest payment date. Section 6. Place of Payment. The Notes, the interest thereon and any premiums upon the redemp- tion thereof prior to maturity shall be payable in lawful money of the United States of America and (except for interest on Fully Registered Notes which is payable by check or draft as stated above) shall be payable at the Corporate Agency Division of Bank of America National Trust and Savings Association, Fis~.aJ Agent of the Agency, in Los Angeles, California, or, at the option of the holder, at the office of any Paying Agent of the Agency in New York, New York, or Chicago, Illinois. I Section 7. Forms of Notes, Temporary Notes. The Bearer Notes and the interest coupons pertain- ing thereto shall be negotiable and shall be substantially in the form annexed hereto and made a part hereof, marked "Exhibit A" (Bearer Note), and the Fully Registered Notes shall be substantially in the form annexed hereto and made a part hereof, marked "Exhibit B" (Fully Registered Note). Such forms are hereby approved and adopted as the forms of such Notes, and of the coupons and redemption, exchange, registration and assignment provisions pertaining thereto, with necessary or appropriate variations, omissions and insertions, as permitted or required by this Resolution. Any Notes issued under this Resolution may be initially issued in temporary form exchangeable for definitive Notes when the same are ready for delivery. The temporary Notes may be printed, litho- graphed or typewritten, shall be of such denominations as may be determined by the Agency, shall be without coupons and may contain such reference to any of the provisions of this Resolution as may be appropriate. Every temporary Note shall be execnted by the Agency and be issued by the Fiscal Agent upon the same conditions and in substantially the same form and manner as the definitive Fully Registered Notes. If the Agency issues temporary Notes, it will execute and furnish dellnitive Notes without delay, and, thereupon, the temporary Notes may be surrendered for cancellation at the Corporate Agency Division of the Bank of America National Trust and Savings Association, Fiscal Agent for the Agency, in Los Angeles, California, and the Fiscal Agent shall deliver in exchange for such temporary Notes an equal aggregate principal amount of definitive Bearer Notes or dellnitive Fully Registered Notes without coupons of authorized denominations of this same issue. Until so exchanged, the temporary Notes shall be entitled to the same benellts under this Resolution as dellnitive Notes of this same issue delivered hereunder. I Section 8. Execution of Notes. The Notes shall be signed on behalf of the Agency by its Chairman by his facsimile signature and by its Secretary by his manual signature, and the seal of the Agency shall be impressed, imprinted or reproduced thereon. The interest coupons on said Notes shall be signed by said Secretary by his facsimile signature. The foregoing officers are hereby authorized and directed to sign said Notes and coupons in accordance with this section. If any Agency member or officer whose manual or facsimile signature appears on said Notes or coupons ceases to be such member or officer before delivery of said Notes, his signature is as effective as if he had remained in office. Section 9. Types of Notes, Registration and Exchange. To facilitate registration of the Notes, two forms of Notes have been provided: (I) those which shall be initially issued and which are in negotiable form, payable to bearer with negotiable coupons (herein sometimes referred to as "Bearer Notes"), and (2) those which are issued to fuilitate registration and so are issued as non-negotiable Fully Registered Notes payable to the registered owner (herein sometimes referred to as "Fully Regis- tered Notes"). The Bearer Notes are not registrable by endorsement, but may be exchanged for Fully 62,002-2-7 4 I " . ' .., ". 8/26/75 -. Registered Notes as provided herein. A Bearer Note or Bearer Notes may be registered by exchanging the same for a Fully Registered Note or Fully Registered Notes, as the case may be. A Bearer Note or Bearer Notes and a Fully Registered Note or Fully Registered Notes may be exchanged for a Fully Registered Note or Fully Registered Notes. A Fully Registered Note may be exchanged in whole for Bearer Notes or in part for such Bearer Notes and the balance for Fully Registered Notes. Transfer of ownership of a Fully Registered Note or Fully Registered Notes shall be made by exchang- ing the same for a new Fully Registered Note or Fully Registered Notes. All of such exchanges shall be made in such manner and upon such reasonable terms and conditions as may from time to time be determined and prescribed by the Agency; provided, however, no suci. exchange shall be made between the fifteenth day preceding any interest payment date and such interest payment date. Such exchanges shall be free of any costs or charges to the person, Ilrm or corporation requesting such exchange, except for any tax or governmental charge that may be imposed in connection with such exchange. Each Bearer Note issued pursuant to this Resolution shall be of the denomination of $5,000. Each Fully Reg- istered Note issued pursuant to this Resolution shall be of a denomination which is $5,000 or a multiple thereof, shall be of the same issue, and may be of one or more interest rates and maturities. I Section 10. Note Register. The Fiscal Agent will keep or cause to be kept at its principal office in the City of Los Angeles, California, sufficient books for the registration and transfer of the Notes, which shall at all times be open to inspection by the Agency; and, upon presentation for such purpose, the Fiscal Agent shall, under such reasonable regulations as it may prescribe, register or transfer or cause to be registered or transferred, on said register, said Notes as hereinbefore provided. Section II. Redemption of Notes Prior to Maturity. A. Terms of Redemption. The outstanding Notes, or any of them, may be called before maturity and redeemed at the option of the Agency, from any source of funds, on March 1, 1976, or on any interest payment date thereafter prior to maturity. If less than all of the Notes outstanding are to be redeemed at anyone time, the Notes to be redeemed shall be determined by lot. The interest payment date on which Notes are to be presented for redemption is herein sometimes called the "redemption date". Notes called for redemption shall be redeemed at a redemption price for each redeemed Note equal to the principal amount thereof, plus the following premium (percentage of par value) If redeemed on the following redemption dates: PREMIUMS AND REDEMPTION DATES RedemptIOn Date Premiwn March I, 1976 ... September 1, 1976 .. March I, 1977 September 1, 1977 .. March I, 1978 . 1 % 1 % '\(&% '\(&% 1,2% I B. caU for Redemption. The Agency may (and, if required by Section 15 hereof, shall) by resolution direct the call and redemption prior to maturity of Notes (which are hy their terms then callable for redemption) by the Fiscal Agent in such amounts as funds are available to redeem at least $25,000 thereof and shall give notice to the Fiscal Agent of such redemption at least sixty (60) days prior to the redemption date. C. Notice of Redemption. Notice of redemption prior to maturity (except as provided below) shall be given by publication at least once prior to the redemption date in a Ilnancial newspaper or 6ll,OOll-2-7 5 I I I , . ", .' " 8/<JR.175 journal, printed in the English language and customarily published on each business day, of general circulation in the City of New York, New York, such publication to be not less than thirty (30) nor more than sixty (60) days before such redemption date. If any Note called for redemption is a Fully Registered Note, notice of redemption thereof shall also be mailed, not less than thirty (30) nor more than sixty (60) days prior to the redemption date, to each registered owner of such Note, but neither failure to mail such notice nor any defect in any notice so mailed shall affect the sufficiency of the proceedings for the redemption of any of the Notes. The notice of redemption shall (a) state the redemption date; (b) state the redemption price; (c) state the numbers and date of maturity of the Notes to be redeemed; provided, however, that whenever any call includes all of the outstanding Notes of any maturity, the numbers of the Notes need not be stated; (d) require that Bearer Notes be surrendered with all interest coupons maturing subsequent to the redemption date at the place or places of redemption; (e) state, as to any Fully Registered Notes redeemed in part only, the regis- tered note numbers and the principal portion thereof to be redeemed; and (f) state that interest on the principal portion of the Notes so desiguated for redemption shall cease to accrue from and after such redemption date and that on said date there will become due and payable on each of said Notes the principal amount thereof to be redeemed, interest acerued thereon to the redemption date and the premium thereon, if any (such premium to be specified). If, at the time of giving notice of redemption, no Notes are outstanding except Fully Registered Notes, publication of such notice shall be deemed to have been waived if such notice shall have been mailed by registered or certified mail to each registered owner of such Notes at his address as it appears on the registration books or at such address as he may have Illed with the FisL'll1 Agent for that purpose. The actual receipt by the Holder nf any Note of notice of such redemption shall not be a condition precedent to redemption, and failure to receive such notice shall not affect the validity of the proceedings for the redemption of such Notes or the cessation of interest on the redemption date. Notice of redemption of Notes shall be given by the Fiscal Agent for and on behalf of the Agency at the expense of the Agency. A certificate by the Fiscal Agent that notice of redemption has been given as herein provided shall be conclusive as against all parties, and no Noteholder whose Bearer Note or Fully Registered Note is called for redemption may object thereto or object to the cessation of interest on the redemption date fixed by any claim or showing that be failed to actually receive such notice of call and redemption. D. Redemption Fund. Prior to the publication as above required, the Fiscal Agent shall establish, maintain and hold in trust a separate fund which is hereby created for the purpose of this Resolution entitled "Riverfront Redevelopment Project, Ta.x Allocation Negotiable Promissory Notes, Issue of 1975, Redemption Fund" (hereinafter referred to as "Redemption Fund"); and there shalI be set aside in the Redemption Fund moneys for the purpose and sufficient to redeem, at the premiums, if any, payable as provided in this Resolution, the Notes designated in such notice of redemption. Said moneys must be set aside in said Fund solely for that purpose and shall be applied on or after the redemption date to the payment (principal and premium, if any) of the Notes to be redeemed upon presentation and surrender of such Notes and (except as to Fully Registered Notes) all interest coupons maturing after the redemption date. Any interest coupon due on or prior to the redemption date shall be paid from the Special Fund upon presentation and surrender thereof. Any interest due on or prior to the redemption date upon Fully Registered Notes shall be paid from said Special Fund. Each Bearer Note presented must have attached thereto or presented therewith all interest coupons maturing after the redemption date. E. Partial Redemption at Fully Registered Notes. Upon surrender nf any Fully Registered Note redeemed in part only, the Agency shall execute and the Fiscal Agent shall authenticate and deliver to the registered owner thereof, at the expense of the Agency, a new Note or Notes of authorized denominations equal in aggregate principal amowlt to the unredeemed portion of the Fully Registered 6ll,002-2-7 6 I " ,', " 8/116175 Note surrendered and of the same interest rate and same maturity or maturities, wbich new Note or Notes may be, at the optinn of the registered owner, either a Bearer Note or Bearer Notes with all matured coupons appertaining thereto or a lo'ully Registered Note or Fully Rebristered Notes or in part a Bearer Note or Bearer Notes and the balance a Fully Registered Note or Fully Registered Notes. The registered owner of any Fully Registered Note may, in lieu of surrendering such Note for a new Note, endorse on the reverse of such Fully Registered Note a notation of such partial redemption, in such form as may be satisfactory to the Agency and the Fiscal Agent and under such conditions as the Fiscal Agent may approve. Such partial redemption shall be valid upon payment of the amount thereby required to be paid to such registered owner, and the Agency and the Fiscal Agent shall be released and discharged from all liability to the extent of such payment, irrespective of whether such endorsement shall or shall not bave been made upon the reverse of such Fully Registered Note by such registered owner and irrespective of any error or omission in such endorsement. I F. Effect of Redemption. Notice of Redemption having been duly given as aforesaid, and moneys for payment of the principal of and interest and premiums, if any, payable upon redemption of the Notes being set aside in the Redemption Fund, the Notes, or parts thereof, as the case may be, so called for redemption shall, on the redemption date, become due and payable at the redemption price specilled in such notice, interest on the Notes, or parts thereof, as the case may be, so called for redemption shall cease to accme, the coupons for interest thereon maturing subsequent to the redemption date shall be void, and said Notes, or parts thereof, as the case may be, shall cease to be entitled to any lien, benefit or security under this Resolution, and the Holders of said Notes shall have no rights in respect thereof except to receive payment of the redemption price thereof, and, in the case of partial redemption of Fully Registered Notes, to also receive a new Note or Notes for the un- redeemed balance as aforesaid. All unpaid interest installments represented by coupons which shall have matured on or prior to the date of redemption designated in such notice shall continue to be payable to the respective Holders thereof but without interest thereon. All Notes, or parts thereof, as the case may be, redeemed pursuant to the provisions of this Section and the appurtenant coupons, if any, shall be cancelled upon surrender thereof and delivered to, or upon the order of, the Agency. Section 12. Funds. There is bereby created with the Treasurer a special trust fund called the "Riverfront Redevelopment Project, Redevelopment Fund" (hereinafter sometimes called the "Redevel- opment Fund"). There is hereby created with the Fiscal Agent a special trust fund called the "River- front Redevelopment Project, Special Fund" (hereinafter sometimes called the "Special Fund"). There is hereby established in the Special Fund a special trust acconnt called the "Note Interest Reserve Account". So long as any of the Notes herein authorized, or any interest thereon, remain unpaid, the moneys in the foregoing Funds and AccoWlts shall be used for no purpose other than those required or per- mitted by this Resolution, any resolution providing for the issuance of Parity Notes and the Law. I Section 13. Sale of Notes, Disposition of Note Proceeds; Redevelopment Fund. The Agency may provide by resolution for the sale of the Notes in the manner provided by the Law. The proceeds from the sale of the Notes shall be placed in the Redevelopment Fund, except that: (i) accmed interest and premium, if any, paid by the purchasers of the Notes, and (Ii) a sum, equal to two (2) years' interest from the date of the Notes, shall be transferred to the Fiscal Agent and placed in the Special Fund. The sum referred to above (equal to accrued interest and premium, if any, and two (2) years' interest from the date of the Notes) shall be placed in a special account 6ll,00ll-2-7 7 I ", ". .' 8/26/75 I called the Note Interest Reserve Account and shall be a reserve for the payment of interest on the Notes and Parity Notes, and shall be so used to the extent that the Tax Revenues are insufficient therefor, and any portion not so used shall be transferred to the Redevelopment Fund. The moneys set aside and placed in the Redevelopment Fund shall remain therein until from time to time expended solely for the purpose of Ilnancing a portion of the cost of the Redevelopment Project and other costs related thereto, and also including in such costs: (a) The payment, in any year during which the Agency owns property in the Redevelop- ment Project Area, to any city, county, city and county, district or other public corporation which would have levied a tax upon such property had it not been exempt, all amount of money in lieu of taxes, as authorized by Section 33401 of the Law; (b) The cost of any lawful purpose in connection with the Project, including, without limita- tion, Section 33445 of the Law; and (c) The necessary expenses in connection with the issuance and sale of the Notes and fees of the Fiscal Agent and Paying Agents. If any sum remains in the Redevelopment Fund after the full accomplishment of the object~ and purposes for which said Notes were issued, said sum shall be transferred to the Special Fund. I Section 14. Tax Revenues. As provided in the Redevelopment Plan pursuant to Article 6 of Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the State of California, taxes levied upon taxable property in the Redevelopment Project Area each year by or for the benefit of the State of California, any city, county, city and county, district, or other public corporation (hereinafter sometimes called "taxing agencies") after the effective date of the Ordinance approving the Redevelopment Plan (being Ordinance No. 780 of the City of Seal Beach, which Ordinance became effective on April 2, 1969) shall be divided as follows: (1) That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of said taxing agencies upon the total sum of the assessed value of the taxable property in the Redevelopment Project Area as shown upon the assessment roll used in connection with the taxation of such property by such taxing agency last equalized prior to April 2, 1969 (being the effective date of the Ordinance above referred to) shall be allocated to and when collected shall be paid into the funds of the respective taxing agencies as taxes by or for said taxing agencies on all other property are paid; and (2) That portion of said levied taxes each year in excess of such amount shall be allocated to and when collected shall be paid into the Special Fund of the Agency. The foregoing provisions of this section are a portion of the provisions of said Article 6 as applied to the Notes and shall be interpreted in accordance with said Article 6, and the further provisions and definitions contained in said Article 6 are hereby incorporated herein by reference and shall apply. The Tax Revenues (except that portion which the Agency lDay use pursuant to Sections 15 and 25 hereof for any purpose authorized in said Article 6) are hereby allocated and pledged in their entirety to the payment of the principal of and interest on, and premium if any, said Notes (including aU Parity Notes) as in this Resolution provided, and until all of said Notes (including all Parity Notes), and all interest thereon, have been paid (or until moneys for that purpose have been irrevocably set aside) the Tax Revenues (subject to the eXL'Cption set forth above) shall be applied solely to the payment of said Notes (including all Parity Notes) and the interest thereon as in thi~ Resolution provided. Such allocation and pledge is for the exclusive benefit of the Holders of the Notes herein authorized and shall be irrevocable. ue,002-2-7 8 I- - . ~. .' , . . . 8/116/75 Section 15. Special Fund. All Tax Revenues sball be deposited in the Special Fund, except that prior to such deposit, certain payments shall be made from such Tax Revenues by the Agency pursuant to: (i) that certain Consolidation Agreement dated May 10, 1972 (hereinafter referred to as .Consolidation Agreement"), and (ii) Resolution No. 74-4 of the Agency. The interest on the Notes and Parity Notes for the first four interest payment dates shall be paid by the Fiscal Agent from the Note Interest Reserve Account, and thereafter the interest on the Notes and Parity Notes until maturity shall be paid by the Fiscal Agent from the Special Fund. At the maturity of any Notes and any Parity Notes, and, after all interest then due on the Notes and Parity Notes then outstanding bas been paid or provided for, moneys in the Special Fund shall be applied to the payment of the principal of any of such Notes and Parity Notes. The Fiscal Agent, on July 1st and January 1st of each year, commencing January 1, 1976, shall ascertain the balance in the Special Fund, and that portion of said balance (excluding any amounts in the Note Interest Reserve Account) which is in excess of the amount of interest and principal to become due on the then outstanding Notes and Parity Notes on the next two (2) interest payment dates may be used and applied by the Fiscal Agent to purchase outstanding Notes and Parity Notes in the manner hereinafter provided, and any remainder of said moneys so available to purchase Notes and Parity Notes but which is not used to purchase Notes and Parity Notes may (and, if sufficient to redeem at least $25,000 principal amount of outstanding Notes and Parity Notes, shall) be used and applied by the Fiscal Agent, if any of the Notes and Parity Notes are then callable, to call and redeem the largest principal amount of outstanding Notes and Parity Notes which can be called (including the payment of the applicable premium thereon) with the moneys available therefor. Any such call and redemption shall be made in accordance with the provisions of Section II hereof. Purchases of outstanding Notes may be made by the Fiscal Agent at public or private sale as and when and at such prices as the Fiscal Agent may in its discretipn determine but only at prices (including brokerage or other expenses) not more than par plus acciU.ed interest plus the premium applicable at the next following call date allCOrding to the schedules applicable thereto, and any accmed interest payable upon the purchase of Notes may be paid from the amounts reserved in the Special Fund for the payment of interest on the next following interest date. Any Notes so purchased together with all unpaid interest coupons pertaining thereto shall be cancelled by the Fiscal Agent forthwith and surrendered to the Agency and shall not be reissued. . , The previous provisions nf this section for the determination on July I and January 1 of each year of the amount of moneys in the Special Fund available for purchase or redemption of Notes shall not prevent the Fiscal Agent from purchasing Notes with moneys in the Special Fund in the manner hereinbefore provided at any other time or times during any year but any such purchases (except for accrued interest) shall be made only with the portion of the balance in said fund (excluding any amounts in the Note Interest Reserve Account) whicb is in excess of the amount of interest to become due on the then outstanding Notes and Parity Notes on the next two (2) interest payment dates. Section 16. Deposit and Investment of Moneys in Funds. Subject to the provisions of Covenant 9 of Section 18 hereof, all moneys held by the Agency in the Redevelopment Fund and by the Fiscal Agent in the Special Fund, except such moneys which are at the time invested, shall be held in time or demand deposits in any bank or trust company authorized to accept deposits of public funds (including the banking department of the Fiscal Agent) and shall be secured at all times by bonds or other obligations which are authorized by law as security for public deposits, of a market value at least equal to the amount reqnired by law. Moneys in the Redevelopment Fund may from time to time be invested by the Agency, and moneys in the Special Fund may, and upon written request of the Agency shal~ be invested by the Fiscal Agent as provided by the Law, subject to the following restrictions: 62,00lI-2-8 9 I " \, ,,' 8/26/75 I (a) Moneys in the Redevelopment Fund shall be invested only in obligations which will by their terms mature not later than six (6) months after the date the Agency estimates the moneys represented by the particular investment will be needed for withdrawal from such fund. (b) Moneys in the Special Fund shall be invested only in obligations which will by their terms mature on such dates as to insure that before each interest payment date there will be in such fund, from matured obligations and other moneys already in such fund, cash equal to the interest and principal payable on such date. Obligations purchased as an investment of moneys in either of said funds shall be deemed at all times to be a part of such fund and the interest accming thereon and any gain realized from such investment shall be credited to such fund and any loss resulting from any such authorized investment shall be charged to such fund without liability to the Agency or the members and officers thereof or to the Fiscal Agent. The Agency or the Fiscal Agent, as the case may be, shall sell at the best price obtainable or present for redemption any obligation so purchased whenever it shall be necessary to do so in order to provide moneys to meet any payment of transfer from such fnnd as required by this Resolution. For the purpose of determining at any given time the balance in any such fund, any such investment constituting a part of such fund shall be valued at the then estimated or appraised market value of such investment. Section 17. Issuance of Parity Notes. A. If at any time the Agency determines that it will not have sufficient moneys available from the sale of the Notes and other sources to pay the costs of the Redevelopment Project, the Agency may provide for the issuance of and sell Parity Notes in such principal amount as it estimates will be needed for such purpose. The issuance and sale of any Parity Notes shall be subject to the following conditions precedent: (a) The Agency shall be in compliance with all covenants set forth in this Resolution. (b) The Parity Notes shall be on such terms and conditions as may be set forth in a Supple- mental Resolution. (c) The issuance of such Parity Notes shall have been recommended by an opinion of an Independent Financial Consultant. B. The Agency shall use its best efforts to sell its tax allocation bonds in snch time prior to the maturity date of the Notes, so as to pay the same at maturity. The form of the resolutions providing for the issuance of such bonds is expected to be substantially similar to the resolutions previously adopted. C. Should the Agenc,y's efforts to sell SUcll bonds be unsuccessful, a new issue of tax allocation negotiable promissory notes shall be issued and sold to retire the Notes. I D. Nothing in this Resolution shall preclude: (a) the payment of said Notes from the proceeds of refunding notes, bonds or other obligations issued pursuant to law; or (b) the payment of said Notes from any legally available funds of the Agency. Nothing in this Resolution shall prevent the Agency from making advances of its own funds howsoever derived to any of the uses and purposes mentioned in this Resolutinn. Section 18. Covenants of the Agency. As long as the Notes are outstanding and unpaid, the Agency will (through its proper members, officers, agents or employees) faithfully perform and abide by all of the covenants, undertakings and provisions contained in this Resolution or in any Note issued herewlder, including the following Covenants and agreements for the benefit of the Noteholders which 6ll,00lI-2-7 10 I I I .. \, I. " " 8/116175 are necessary, convenient and desirable to secure the Notes and will tend to make them more marketable; provided, however, that said covenants do not require the Agency to expend any funds other than the Tax Revenues: Covenant I. Complete Redevelopment Pro;ect; Amendment to Redevelopment Plan. The Agency covenants and agrees that it will diligently carry out and continue to completion, with all practicable dispatch, the Redevelopment Project in accordance with its duty so to do under and in accordance with the Law and the Redevelopment Plan and in a sound and economical manner. The Redevelopment Plan may be further amended but no such further amendment shall be made which would substantially impair the security of the Notes or the rights of the Noteholders, as shown by the certificate or opinion of an Independent Financial Consultant. Covenant 2. Use of Proceeds of Notes; Maoogement and Operation of Properties. The Agency covenants and agrees that the proceeds of the sale of said Notes will be deposited and used as provided in this Resolution and that it will manage and operate all properties owned by it and comprising any part of the Redevelopment Project in a sound and businesslike manner. Covenant 3. No Priority. The Agcncy covcnants and agrces that it will not issue any obliga- tions payable, principal or interest, from the Tax Revenues which have, or purport to have, any lien upon the Tax Revenues prior or superior to the lien of the Notes herein authorized and the interest coupons pertaining thereto. Except as permitted in Section 17 hereof, it will not issue any obligations payable, principal or interest, from the Tax Revenues, which have, or purport to have, any lien upon the Tax Revenues on a parity with the Notes herein authorized and the interest coupons pertaining thereto; provided, however, that nothing in this Resolution shall prevent the Agency (i) from issuing and selling pursuant to law refunding notes, bonds or other refunding obligations payable from and having any lawful lien upon the Tax Revenues, if such refunding notes, bonds or other refunding obligations are issued for the purpose of, and are sufficient for the purpose of, refunding all of the Notes authorized by this Resolution and then outstanding, or (il) from issuing and selling notes, bonds or other obligations which have, or purport to have, any lien upon the Tax Revenues which in each year is junior to the Notes herein authorized and the interest coupons pertaining thereto, or (iii) from issuing and selling notes, bonds or other obligations which are payable in whole or in part from sources other than the Tax Revenues. Covenant 4. Punctual Payment. The Akcncy L'Ovenants and agrees that it will duly and punctually payor cause to be paid the principaJ. of and interest on each of the Notes issued here- under on the date, at the place and in the manner provided in said Notes and the interest coupons pertaining thereto. ! 1 Covenant 5. Payment of Taxes and Other Charges. The Agency covenants and agrees that it will from time to time pay and discharge, or cause to be paid and discharged, all payments in lieu of taxes, service charges, assessments or olher governmental charges which may lawfully be imposed upon the Agency or any of the properties then owned by it in the Redevelopment Project Area, or upon the revenues and income therefrom and will pay all lawful claims for labor, material and supplies which if unpaid might become a lien or charge upon any of said properties, revenues or income or which might impair the security of the Notes or the use of Tax Revenues or other legally available funds to pay the principal of and interest thereon, all to the end that the priority and security of said Notes shall be preserved; provided that nothing in this Covenant shall require the Agency to make any such payment so long as the Agency in good faith shall contest the validity thereof. Covenant 6. Books and Accounts; Fioofl<,;al Statements. The Agency covenants and agrees that it will at all times keep, or cause to be kept:. proper and current books and accounts (separate 611,00lI-2-7 II I " \, I, 8/116/75 from all other records and accounts) in which (.'omplete aud accurate entries shall be made of all transactions relating to the Redevelopment Project and the Tax Revenues and other funds relating to said Project, and will prepare within 120 days after the close of each of its Fiscal Years a complete Ilnancial statement or statements for such year in reasonable detail covering such Redevelopment Project, Tax Revenues and other funds, certilled by a certilled public accountant or Ilrm of certilled public accountants selected by the Agency, and will furnish a copy of such state- ment or statements to any Noteholder upon written request. -. Covenant 7. Eminent Domain Proceeds. The Agency covenants and agrees that if all or any part of the Redevelopment Project Area should be taken from it by eminent domain proceedings or other proceedings authorized by law, for any public or other use under which the property will be tax exempt, the net proceeds realized by the Agency therefrom will be deposited in the Special Fund and used and applied for the purpose of paying principal of and interest on said Notes as in this Resolution provided. I Covenant 8. Disposition of Property. The Agen(:y covenants and agrees that it will not dispose of property in the Redevelopment Project Area (except property shown in the Redevelop- ment Plan in effect on the date this Resolution is adopted as planned for public use, or property to be used for public streets, public off-street parking, sewage facilities, parks, easements or rights of way for public utilities, or other similar uses) to public bodies or other persons or entities whose property is tax exempt, if, in the opinion of an Independent Financial Consultant, as a result of such disposition, the security of the Notes or the rights of Noteholders would be substantially impaired. I Covenant 9. Protection of Security and Rights of Noteholders; No Arbitrage. The Agency covenants and agrees to preserve and protect the security of the Notes and the rights of the Noteholders and defend their rights under all claims and demands of all persons. The Agency covenants and agrees to contest by court adion or otherwise any assertion by the United States of America or any department or agency thereof that the interest received by the Noteholders is taxable under federal income tax laws. The Agency covenants and agrees to take no action which, in the opinion of counsel, would result iu the interest received by the Noteholders becoming taxable under federal income tax laws. Any opinion of such counsel may be based upon, insofar as it relates to factual matters, information which is in the possession of the Agency as shown by a certificate or opinion of, or representation,by, an officer or officers of the Agency, unless such counsel knows, or in the exercise of reasonable care should have known, that the certificate or opinion or representation with respect to the matters upon which his opinion may be based, as aforesaid, is erroneous. As used herein "opinion of counsel" means a written opinion of an attomey or Ilrm of attorneys of favorable reputation in the Ileld of municipal bond law. The Agency hereby covenants to the purchasers of the Notes that it will make no use of the proceeds of the Notes at any time during the term thereof which, if such use had been reasonably expected at the date the Notes are issued, would have caused such Notes to be "arbitrage bonds" within the meaning of Section 103(d) of the United States Internal Revenue Code of 1954, as amended, and applicable regulations adopted thereunder by the Internal Revenue Service, and the Agency hereby assumes the obligation to comply with such Section 103 (d) and such regulations throughout the term of the Notes. Section 19. Taxation of Leased Property. Whenever any property in the Redevelopment Project Area has been redeveloped and thereafter is leased by the Agency to any person or persons (other than a public agency) or whenever the Agency leases real property in the Redevelopment Project Area to any person or persons (other than a public ageuCY.) for redevelopment, the property shall be assessed and taxed in the same manner as privately owned property, as required by Section 33673 of the Law, 6ll,00ll-2-7 ]~ ) .' ,. '. 8/26/75 and the lease or contract shall provide (a) that the lessee shall pay taxes upon the assessed value of the entire property and not merely upon the assessed value of his or its leasehold interest, and (b) that if for any reason the taxes levied on such property in any year during the term of the lease are less than the taxes wbich would have been levied if the entire property had been assessed and taxed in the same manner as privately owned property, the lessee shall pay such difference to the Agency within thirty (30) days after the taxes for such year become payable to the laxing agencies and in no event later than the delinquency date of such taxes established by law. All such payments shall be treated as Tax Revenues, and when received by the Agency shall be deposited in the Special Fund. 1 Section 20. Fiscal Agent and Paying Agents. The Agency hereby appoints the Bank of America National Trust and Savings Association as Fiscal Agent to act as the agent and depositary of the Agency for the purpose of receiving Tax Revenues and other funds as provided in this Resolution, to hold, allocate, use and apply such Tax Revenues and other funds a.o provided in this Resolution, and to perform such other duties and powers of the Fiscal Agent as are prescribed in this Resolution. The Agency may remove the Fiscal Agent initially appointed or any successor thereto and in such case shall forthwith appoint a successor thereto but any successor shall be a bank or trust company doing bnsiness and having an office in the City of Los Angeles, having a combined capital and surplus of at least $50,000,000. The Fiscal Agent so appointed or any substituted Fiscal Agent may at any time resign as such by writing filed with the Agency, in which event the Age\l('y shall forthwith appoint a substitute Fiscal Agent and the resignation shall become effective upon such appointment. In the event that the Fiscal Agent or allY successor becomes incapable of acting as such, the Agency shall forth,vith appoint a substitute Fiscal Agent. Any bank or trust company into which the Fiscal Agent may be merged or with which it may be L,(lDsolidated shall become the Fiscal Agent without action of the Agency. A Fiscal Agent may become the owner of any of the Notes authorized by this Resolution or any of the coupons appurtenant thereto with the same rights it would have had if it were not the Fiscal Agent. The Fiscal Agent shall have no duty or obligation whatsoever to enforL'C the collection of or to exercise diligence in the enforcement of the collection of funds assigned to it hereunder, or as to the correctness of any amounts received, but its Iiahility shall be limited to the proper accounting for such funds as it shall actually receive. The recitals of fact and all pro~ises, covenants and agreements herein and in the Notes shall he taken as statements, promises, covenants and agreements of the Agency, and the Fiscal Agent assumes no responsibility for the correctness of the same, and makes no representations as to the validity or sufficiency of this Resolution or of the Notes or coupons, and shall incur no responsibility in respect thereof, other than in connection with the duties or obligations herein or in the Notes assigned to or imposed upon the Fiscal Agent. The Fiscal Agent shall not be liable in connection with the performance of its duties hereunder, except for its own negligence or default. The Agency shall, during the life of the Notes, provide for Paying Agents, at least one in Chk-ago, Illinois, and at least one in New York, New York, at the office of which the Notes and coupons are payable at the option of the Holder. I Section 21. Lost, Destroyed or Mutilated Notes. In the event that any Note or any interest coupon pertaining thereto is lost, stolen, destroyed or mutilated, the Agency will cause to be issued a new Note or coupon similar to the original to replace the same in such manner and upon such reasonable terms and conditions, including the payment of costs and the posting of a surety bond if the Agency deems such surety bond necessary, as may from time to time be determined and prescribed by resolution. The Agency may authorize such new Note or coupon or coupons to be signed and authcnticated in such manner as it determines in said resolution. 62,00ll-2.7 13 I .. \. " 8/26/75 Section 22. Cancellation of Notes. All Notes and coupons surrendered to the Fiscal Agent or any Paying Agent for payment shall upon payment therefor be cancelled immediately and forthwith transmitted to the Treasurer. All of the cancelled Notes and interest coupons shall remain in the custody of the Treasurer until destroyed pursuant to due authorization. I Sedion 23. Amendments. This Resolution, and the rights and obligations of the Agency and of the Holders of the Notes and coupons issued hereunder, may be modilled or amended at any time by supplemental resolution adopted by the Agency: (a) without the consent of Noteholders, if such modification or amendment is for the purpose of curing any ambiguities, defe~ts or inconsistent provi- sions in this Resolution or to insert such provisions clarifying matters or questions arising under this Resolution as arc necessary and desirable to aceomplish the same, provided that such modifications or amendments do not adversely affect the right.. of the Noteholders, and/or (b) with the consent of Noteholders holding sixty per cent (60%) in aggregate principal amount of the outstanding Notes, exclusive of Notes, if any, owned by the Agency or the City, and obtained as hereinafter set forth; provided, however, that no such modillcation or amendment shall, without the express consent of the Holder or registered owner of the Note affected, reduce the principal amount of any Note, reduce the interest rate payable thereon, extend its maturity or the times for paying interest thereon or change the monetary medium in which principal and interest are payable, or reduce the percentage of consent required for amendment or modillcation. Any act done pursuant to a modillcation or amendment so consented to shall be binding upon the Holders of all of the Notes and interest coupons, whether such coupons be attached to Notes or detached therefrom, and shall not be deemed an infringement of any of the provisions of this Resolution or of said Law, whatever thc character of such act may be, and may be done and perfonned as fully and freely as if expressly permitted by the terms of this Resolution, and, after such consent relating to such specilled matters has been given, no Noteholder or holder of any interest coupon, whether attached to a Note or detached therefrom, shall have any right or interest to object to such action or in any manner to question the propriety thereof or to enjoin or restrain the Agency or any officer thereof from taking any a~tion pursuant thereto. A. Calling Noteholclers' Meeting. If the Agency shall desire to obtain any such consent, it shall duly adopt a resolution calling a meeting of Noteholders for the purpose of considering the action, the consent to which is desired. I B. Notice of Meeting. Notice spccifying the purpose, place, dale and hour of such meeting shall be published once in a Ilnancial newspaper or journal of national circulation published in the City of New York, New York, such publication to be not less than sixty (60) days and not more than ninety (90) days prior to the dale Ilxed for the meeting. Such notice shall set forth the nature of the proposed action, consent to which is desired. If any of the Notes shall be so registered as to be payable otherwise than to bearer, the Agency shall, on or before the publication of such notice, cause to be mailed a similar notice, postage prepaid, to the respective registered owners thereof at their address appearing on the Note registry books in the hands of the Fiscal Agent. The place, date and hour of holding such meeting and the date or dates of publishing and mailing such notice shall be determined by the Agency in its discretion. The actual receipt by any Noteholder of notice of any such meeting shall not be a condition precedent to the holding of such meeting, and failure to receive such notice shall not affect the validity of the proceedings thereat. A certificate by the Secretary of the Agency approved by resolution of the Agency that the meeting has been called and that notice thereof has been given as herein provided shall be conclusive as against all parties and it shall not be open to any Noteholder to show that he failed to receive actual notice of such meeting. 6ll,002-2-7 14 I I I " .. I, .. 8/116/75 C. Voting Qualifications. Noteholders may, prior to such meeting, deliver their Notes to the Fiscal Agent and shall thereupon be entitled to receive an appropriate receipt for the Notes so deposited, calling for the redelivery of such Notes at any time after the meeting. The Fiscal Agent shall prepare and deliver to the chairman of the meeting a list of the names and addresses of the registered owners of Notes, with a statement of the maturities and serial numbers of the Notes held and deposited by each of such Noteholders, and no Noteholders shall be entitled to vote at such meeting unless their names appear upon such list or unless they shall present their Notes at the meeting or a certillcate of deposit thereof, satisfactory to the Agency, executed by a bank or trust company. No Noteholders shall be permitted to vote with respect to a largcr aggregate principal amount of Notes than is set against their names on such list, unless they shall produce the Notes upon which they desire to vote, or a certillcate of deposit thereof as above provided. D. Issuer-Owned Notes. The Agency L'Ovenants that it will present at the meeting a certillcate, signed and verified by one member thereof and by the Treasurer stating the maturities and serial numbers of all Notes owned by, or held for account of, the Agency or the City, directly or indirectly. No person shall be permitted at the meeting to vote or consent with respect to any Note appearing upon such certificate, or any Note which it shall be established at or prior to the meeting is owned by the Agency or the City, directly or indirectly, and no such Note (in this Resolution referred to as "issuer- owned Note") shall be counted in determining whether a quorum is present at the meeting. E. Quorum and Procedure. A representation of at least sixty per cent (60%) in aggregate principal amount of the Notes then outstanding (exclusive of issuer-owned Notes, if any) shall be necessary to constitute a quorum at any meeting of Noteholders, but less than a quorum may adjourn the meeting from time to time, and the meeting may be held as so adjourned without further notice, whether such adjournment shall have been had by a quorum or by less than a quorum. The Agency shall, by an instrument in writing, appoint a temporary chairman of the meeting, and the meeting shall be organized by the election of a permanent chairman and secretary. At any meeting each Noteholder shall be entitled to one vote for every $5,000 principal amount of Notes with respect to which he shall be entitled to vote as aforesaid, and such vote may be given in person or by proxy duly appointed by an instrument in writing presented at the meeting. The Agency, by its duly authorized representative, may attend any meeting of the Noteholders, but shall not be rcquired to do so. F. Vote Required. At any such meeting held as aforesaid there shall be submitted for the consideration and action of the Noteholders a statement of the proposed action, consent to which is desired, and if such action shall he consented to and approved by Noteholders holding at least sixty per cent (60%) in aggregate amount of the Notes then outstanding (exclusive of issuer-owned Notes) the chairman and secretary of the meeting shall so certify in writing to the Agency, and such certificate shall constitute complete evidence of consent of Noteholders under the provisions of this Resolution. A certificate signed and verilled by the chairman and the secretary of any such meeting shall be conclusive evidence and the only competent evidence of matters stated in such certificate relating to proceedings taken at such meeting. Section 24. Proceedings Constitute Contract. TIle provisions of this Resolution, of the resolutions providing for the sale of the Notes and awarding the Notes and Ilxing the interest rate thereon, and of any other resolution supplementing or amending this Resolution, shall constitute a contract between the Agency and the Noteholders and the provisions thereof shall be enforceable by any Noteholder for the equal benefit and protcction of all Noteholders similarly situated by mandamus, accounting, mandatory injunction or any other suit, action or proceeding at law or in equity that is now or may hereafter be authorized under the laws of thc State of California in any court of competent jurisdiction. Said contract is made under and is to be construed in accordance with the laws of the State of California, 6ll,002-2-7 15 I. I I " \, " " , , 8/116/75 No remedy conferred hereby upon any Noteholder is intended to be exclusive of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by the Redevelopment Law or any other law of the State of California. No waiver of any default or breach of duty or contract by any Noteholder shall affect any subsequent default or breach of duty or contract or shall impair any rights or remedies on said subsequent default or breach. No delay or omission of any Noteholder to exer(:ise any right or power accruing upon any default shall impair any such right or power or shall be construed as a waiver of any such default or acquiescence therein. Every substantive right and every remedy conferred upon the Noteholders may be cnforced and exercised as often as may be deemed expedient. In case any suit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and should said suit, action or proceeding be abandoned, or be determined adversely to the Noteholders, then, and in every such case, the Agency and the Noteholders shall be restored to their former positions, rights and remedies as if such suit, action or proceeding had not been brought or taken. After the issuance and delivery of the Notes, this Resolution and supplementary resolutions thereto shall be irrepealable, but shall be subject to modillcation or amendment to the extent and in the manner provided in this Resolution, but to no greater extent and in no other manner. CUSIP identillcation numbers may be imprinted on the Notes, but such numbers shall not constitute a part of the contract evidenced by the Notes and no liability shall hereafter attach to the Agency or any of the officers or agents thereof because of or on aL'COunt of said numbers. Any error or omission with respect to said numbers shall not constitute cause for refusal by the successful bidder to accept delivery of and pay for the Notes. Section 25. Consolidation Agreement and Resolution No. 74-4. The Agency has entered into a certain Consolidation Agreement with Sanitation Distrkt Nos. Three and Four of Orange County and the City of Seal Beach, and bas also adopted Resolution No. 74-4. Said Consolidation Agreement and Resolution No. 74-4 both provide for certain payments. Nothing in this Resolution shall prevent the Agency from Ilrst making the payments provided by said Consolidation Agreement and Resolution No. 74-4. Other than the payments provided for in the Consolidation Agreement and Resolution No. 74-4, which have a first lien upon the Tax Revenues, the Agency has no other obligations out- standing which are payable from the Tax Revenues. Sec.'tion 26. Severability. It any covenant, agreement or provision, or any portion thereof, con- tained in this Resolution, or the application thereof to any person or circumstances, i. 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 persOIL. or circumstances, shall be deemed severable and shall not be alfeL'ted, and this Resolution and the Notes issued pursuant hereto shall remain valid and the Noteholders shall retain all valid rights and benellts accorded to them under this Resolution and the Constitution and laws of the State of California. If the provisions relating to the appointment and duties of a Fiscal Agent are held to be unconstitutional, invalid or unenforceable, said duties shall be performed by the Treasurer. 611,00ll-2-7 16 I, " " \ , I, 8/26/75 Section 27. This Resolution shall take effect upon adoption. {J~L ADOPTED AND APPROVED the 11th day of August and amended the II - day of September, 1975. ATTEST !~U~4 Secretary of the Redevelopment Agency of the City of Seal Beach I [SEAL] I 6ll,002-i-7 i~ B j4~ Chairman of the Redevelopment Agency of the City of Seal Beach 17 I I I '. . , I. " 8/116/75 STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF SEAL BEACH 1 J ss. SECRETARY'S CERTIFICATE RE ADOPTION OF RESOLUTION Ift;AJ/~atl.lllfl(lfl!l!lI(j;ecretary of the Redevelopment Agency of the City of Seal Beach, California, DO HEREBY CERTIFY that the foregoing Resolution w~~ amended by the said Agency at a regular meeting of said Agency held on the Sf!- day of , " 1975, and that the same was passed and adopted by the following vote, to wit: '&dov1 &AC,t;'fIA'~j ~C'c Members: /ltJ~~ I ~1'.tJO'-' Members: M,ve- J Members: ~jd.;'2- _ I' (tJe~L~~ Secretary of the Redevelopment Agency of the City of Seal Beach, California AYES: NOES: ABSENT: v [SEAL] } ss. STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF SEAL BEACH ~.o/.sO~~cretary of the Redevelopment Agency of the City of Seal Beach, California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 75-10 (as amended) of said Agency and that said Resolution was adopted at the time and by the vote stated on the above certillcate, and has not been amended or repealed. (~~M4 SECRETARY'S CERTIFICATE OF AUTHENTICATION Secretary of the Redevelopment Agency of the City of Seal Beach, California J [SEAL] 6ll,00ll4-7 18 I- I I " '. , I, 8/116/75 EmmIT A [FORM OF BEARER NOTE] UNITED STATES OF AMEmCA STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF SEAL BEACH REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH RIVERFRONT REDEVELOPMENT PROJECT TAX ALLOCATION NEGOTIABLE PROMISSORY NOTE Issue of 1975 No. $5,000 The REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH (hereinafter sometimes called "the Agency"), a public body, corporate and politic, duly organized and existing under the laws of the State of California, for value reL'Cived, hereby promises to pay (but solely from the funds herein- after mentioned) to the bearer or, if this Note be registered, to the registered owner hereof, on September I, 19 ,upon presentation and surrender of this Note, the sum of FIVE THOUSAND DOLLARS ($5,000), with illterest thereon (payable solely from said funds) from the date bereof at the rate of % per annum, interest payable semiannually on March 1 and September I of each and every year until this Note is paid, upon presentation and surrender of the respective interest coupons hereto attached; provided, however, that if at the maturity date of this Note, funds are available for payment thereof, as provided in the Resolution hereinafter mentioned, this Note shall then cease to bear interest. Both principal and interest are payable in lawful money of the United States of America at the Corporate Agency Division of Bank of America National Trust and Savings Association, Fiscal Agent for the Agency, in Los Angeles, California, or, at the option of the Holder hereof, at the office of any Paying Agent of the Agency ill New York, New York, or Chicago, Illinois. . This Note, the interest bereon and any premium due upon the redemption of this Note prior to maturity are not a debt of the City of Seal Beach, the State of California or any of its poIitiool sub- divisions and neither said City, said State nor any of its political subdivisions is liable hereon, nor in any event shall this Note, said interest or said premium be payable out of any funds or properties other than the funds of the Agency as set forth in the Resolution hereinafter mentioned. This Note does not constitute an indebtedness within the meaning of any con..titutional or statutory debt limitation or restriction. Neither the members of the Agency nor any persons executing this Note are liable per- sonally on this Note by reason of its issuance. This Note is one of a duly authorized issue of Notes of the Agency designated "Redevelopment Agency of the City of Seal Beach, Riverfront Redevelopment Project, Tax Allocation Negotiable Promissory Notes, Issue of 1975" (hereinafter called "the Notes") in aggregate principal amount of $3,250,000, all of like tenor (except for note numbers) and all of which have been issued pursuant to and in full conformity with the Constitution and laws of the State of California and particularly the Community Redevelopment Law (Part 1 of Division 24 of the Health and Safety Code of the State of California) for the corporate purposes of the Agency aiding in the Ilnancing of the Redevelopment Proj- ect above designated, and are authorized by and issued pursuant to Resolution No. , adopted by the Agency on (said Resolution No. being hereinafter referred to as "Resolution"). All of the Notes are equally secured in accordance with the terms of the Resolution, reference to which is hereby made for a specific description of the security therein provided for said Notes, for the nature, extent and manner of enforcement of such security, for the covenants and agree- ments made for the benellt of the Noteholders, and for a statement of the rights of the Noteholders, 6ll,Ollll-2-7 19 I. " , , I, 8/26/75 I and by the acceptance of this Note the Holder hereof and of the L'Oupons attached hereto assents to all of the terms, conditions and provisions of said Resolution. In the manner provided in the Resolution, said Resolution and the rights and obligations of the Agency and of the Holders of said Notes and coupons, may (with certain eXL'Cptions as stated in said Resolution) be modilled or amended with the consent of the Holders of sixty percent (60%) ill aggregate principal amount of outstanding Notes, exclusive of issuer-owned Notes, unless the modillcation or amendment is for the purpose of curing ambiguities, defects, etc., in which case no Noteholder's consent is required. The principal of this Note and the interest hereon are seL'Ured by an irrevocable pledge of, and are payable solely from, the Ta.x Revenues (as such tcrm is dellned in said Resolution) and certain other funds, all as more particularly set forth in the Resolution. Said Resolution is adopted under and this Note is issued under and is to be con.trued in aL'cordance with the laws of the State of California. The outstanding Notes, or any of them, may be called before maturity and redeemed at the option of the Agency, from any sourL'C of funds, on March 1, 1976, or on any interest payment date thereafter prior to maturity ("redemption date"). If Jess than all of the Notes outstanding are to be redeemed at anyone time, the Notes to be redeemed shall be determined by lot. Notes called for redemption shall be redeemed at a redemption priL'C for each redeemed Note equal to the principal amount thereof, plus the following premium (percentage of par value) if re- deemed on the following redemption dates: PREMIUMS AND REDEMPTION DATES Redemption Date Premium March 1, 1976 September I, 1976 March I, 1977 September 1, 1977 " March I, 1978 ,,'. 1 % 1 % %% %% 'h% Notice of call and redemption prior to maturity shall be given as provided in the Resolution. I This Note and the coupons hereto attached are negotiable instruments and shall be negotiable by delivery. This Note (issued in the form of a bearer note and herein sometimes referred to as "Bearer Note-) is not registrable by endorsement, but may be exchanged for a Fully Registered Note as provided in the Resolution. Fully Registered Notes may be exchanged for a like aggregate principal amount of Bearer Notes of the same issue, bearing all unmatured coupons, or for a like aggregate principal amount of Fully Registered Notes of other authorized denominations, or in part for Bearer Notes and the balance for Fully Registered Notes of the same issue, and Bearer Notes bearing all unmatured coupons may be exchanged for a like aggregate principal amount of Fully Registered Notes of authorized denominations of the same issue, all as more fully set forth in the Resolution; provided, however, no such exchange shall be made between the Ilfteenth day preceding any interest payment date and such interest payment date. Such exchange shall be free of any costs or charges to the person, firm or corporation requesting such exchange, except for any !as or governmental charges that may be imposed in connection with such exchange. It is hereby recited, certilled and declared that any and all facts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this Note exist, have happened and have been performed in due time, form and manner as required by the Constitution and laws of the State of California. 6ll,00lI-2-7 20 I" . I I ". " " , I. 8/116/75 IN WITNESS WHEREOF, the Redevelopment Agency of the City of Seal Beach has caused this Note to be signed on its behalf by its Chairman by his facsimile signature and by its Secretary by his manual signature, and the seal of said Agency to be imprinted hereon, and the interest coupons hereto attached to be signed by said Secretary by his facsimile signature and this Note to be dated as of the Ilrst day of September, 1975. Chairman of the Redevelopment Agency of the City of Seal Beach [SEAL] Secretary of the Redevelopment Agency of the City of Seal Beach [COUPON FORM] On the Ilrst day of the REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH will pay to bearer, at the Corporate Agency Division of Bank of America National Trost and Savings Association, Fiscal Agent for the Agenc:y in Los Angeles, California, or at the option of the Holder hereof, at the office of any Paying Agent of the Agency in New York, New York, or Chicago, Illinois, solely out of the funds mentioned in the Note to which this coupon is attached. the sum shown hereon in lawful money of the United States of America, being the interest then due on its RIVERFRONT REDEVELOPMENT PROJECT, TA..'{ ALLOCATION NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1975, dated September 1, 1975. ,19 Coupon No. . , $ No. ., ,.", . Secretary of the Redevelopment Agency of the City of Seal Bcach [REVERSE OF COUPON] If the Note to which this coupon is attached is redeemable and is duly called for redemption on a date prior to the maturity date of this t'Oupon, this coupon will be void. 6ll,00ll-2-7 21 I', . I I '. " '. , \ , 8/26/75 EXHIBIT B [FORM OF FULLY REGISTERED NOTE] UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF SEAL BEACH REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH mVERFRONT REDEVELOPMENT PROJECT TAX ALLOCATION NEGOTIABLE PROMISSORY NOTE ISSUE OF 1975 Fully Registered Note No. R .., The REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH (hereinafter sometimes called "the Agem:y"), a public body, corporate and politic, duly organized and existing under the laws of the State of California, for value received, hereby promises to pay (but solely from the funds hereinafter mentioned) to or registered assigns (herein sometimes referred to as "registered owner"), subject to the right of prior redemption hereinafter mentioned, the principal sum of Dollars ($ ), being Notes maturing as follows: Maturity Date Amount Interest Rate and to pay such registered owner by check or draft mailed thereto at his address as it appears on the register kept by the Fiscal Agent at the close of business on the Ilfteenth day preceding the interest payment date, interest on such principal sum from the interest payment date next preceding the date hereof (unless the date hereof is prior to March 1, 1976, in which event from March I, 1976) until the principal hereof shall have been paid or provided for in accordance with the Resolution hereinafter referred to, at the rate or rates above indicated, payable semiannually on March 1 and September 1 in each year. Both principal and interest and any premium upon the redemption prior to maturity of all or part hereof are payable in lawful money of the United States of America, and (except for interest which is payable by check or dI'llft as stated above) are payable at the Corporate Agency Division of Bank of America National Trust and Savings Association, Fi.cal Agent for the Agency, in Los Angeles, California, or, at the option of the Holder hereof, at the office of any Paying Agent of the Agency in New York, New York, or Chicago, Illinois. This Note, the interest hereon and any premium due upon the redemption of this Note prior to maturity are not a debt of the City of Seal Bcach, the State of California or any of its political sub- divisions and neither said City, said State nor any of its political subdivisions is liable hereon, nor in any event shall this Note, said interest or said premium bc payable out of any funds or properties other than 611,002-2-7 22 I' " '. , I, 8/26/75 6 the funds of the Agency as set forth in the Resolution hereinafter mentioned. This Note does not constitute an indebtedness within the meaning of any constitutional or stautory debt limitation or restriction. Neither the members of the Agt.'Ilcy nor any persons executing this Note are liable personally on this Note by reason of its issuanL'C. This Note is one of a duly authorized issue of Notes of the Agency designated "Redevelopment Agency of thc City of Seal Beach, Riverfront Redevelopment Project, Tax Allocation Negotiable Promissory Notes, Issue of 1975" (hereinafter called "the Notes) in aggregate principal amount of $3,250,000, all of like tenor (except for note numbers) and all of which have been issued pursuant to and in full conformity with the Constitution and laws of the State of California and particularly the Community Redevelopment Law (Part 1 of Division 24 of thc Health and Safety Code of the State of Califomia) for the L'Orporate purposes of the Agency aiding in the Ilnancing of the Redevelopment Project above desiguated, and are authorized by and issued pursuant to Resolution No. , ,adopted by the Agency on ,(said Resolution No. being hereinafter referred to as "ResolutionH). All of the Notes are equally seL'Ilred in accordance with the terms of the Resolution, reference to which is hereby made for a specillc description of the security therein provided for said Notes, for the nature, extent and manner of enforcement of such security, for the covenants and agreements made for the benellt of the Noteholders, and for a statement of the rights of the Noteholders, and by the acceptance of this Note the registered owncr hereof assents to all of the terms, L'Onditions and provisions of said Resolution. In the manner provided in the Resolution, said Resolution and the rights and obligations of the Agency and of the Noteholders, may (with certain exceptions as stated in said Resolution) be modilled or amended with the L'Onsent of the Holders of sixty per cent (60%) in aggregate principal amount of outstanding Notes, exclnsive of issuer-owned Notes, unless the modification or amendment is for the purpose of curing ambiguities, defects, ctc., in which case no Noteholder's consent is required. The principal of this Note and the intcrest thereon are secured by an irrcvocable pledge of, and are payable solely from, the Tax Revenues (as such tem. is dellned in said Resolution) and certain other funds, all as more particularly set forth in the Resolution. Said Resolution is adopted under and this Note is issued under and is to be constmed in accordance with the laws of the State of California. The outstanding Notes, or any of them, may be called before maturity and redeemed at the option of the Agency, from any source of funds, on March 1, 1976, or on any interest payment date thereafter prior to maturity ("redemption date"). If less than all of the Noles outstanding are to be redeemed at anyone time, the Notes to be redeemed shall bc determincd by lot. Notes called for redemption shall be redeemed at a redemption price for each redeemed Note equal to the principal amount thereof, plus the following premium (percentage of par value) if redeemed on the following redemption dates: . I PREMIUMS AND UEDEMPTION DATES RedempUon Datu Premium I' March 1, 1976 .... .... . I % September I, 1976 ... ....., 1 % March 1, 1977 ' .... ....... % % September I, 1977." " %% March 1, 1978 1k% Notice of call and redemption prior to maturity shall be given as provided in the Resolution. This Note is issued in fully registered fornl (herein sometimes referred to as "Fully Registered Note") and is non-negotiable. This Note may be exchanged for a like aggregate principal amount of Bearer Notes of the same issue, bearing all unmatured coupons or for a like aggregate principal amount of Fully Registered Notes of other authorized denominations, or in part for Bearer Notes and the balance for Fully Registered Notes. of the same issue, and Bearer Notes bearing all unmatured 6ll,00lI-2-7 2,'1 I' I I . , .. '. , , . 8/26/75 coupons may be exchanged for a like aggregate principal amount of Fully Registered Notes of authorized denominations of the same issue, all as more fully set forth in the Resolution. This Note is transferable by the registered owner hereof, in person or by his attorney duly authorized in writing, at the principal office of the Fiscal Agent in the City of Los Angeles, California, but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution, upon surrender and cancellation of this Note. Upon such transfer a new registered Note of authorized denomination or denominations for the same aggregate principal amount of the same issue will be issued to the transferee in exchange therefor. No exchange for transfer shall be made hetween the Ilfteenth day preceding any intcrest paymcnt datc and such interest paymcnt datc. The Agency, the Fiscal Agent and any Paying Agent may treat the registered owner hereof as the absolute owner for all purposes, and the Agency, the Fiscal Agent and any Paying Agent shall not be affected by any notice to the contrary. This Note shall not be entitled to any benellt under the Resolution, or become valid or obligatory for any purpose, until the certificate of authentication hereon endorsed shall have been sigued by the Fiscal Agent. It is hereby recited, certified and declared that any and all acts, conditions and things required to exsit, to happen and to be performed precedent to and in the issuance of this Note exist, have happened and have been performed in due time, form and manner as required by the Constitution and laws of the State of California. IN WITNESS WHEREOF, the Redevelopment Agency of the City of Seal Beach has caused this Note to be signed on its bchalf by its Chairman by his facsimile signature and by its Secretary by his manual signature and the seal of said Agency to be imprinted hereon all as of the "day of , 19... Chairman of the Redevelopment Agency of the City of Seal Beach [SEAL] Secretary of the Redevelopment Agency of the City of Seal Beach [FORM OF CERTIFICATE OF AUTIlENTlCATlON ON FULLY REGISTERED NOTES] This is one of the Fully Registered Notes described in the within-mentioned Resolution. .. . .... ........................, Fiscal Agent By Authorized Officer 6ll,002-2-7 24 I ".," . . I I . " , , . , 8/116/75 [FORM OF ENDORSEMENT ON FULLY BECISTEBED NOTES] This Fully Registered Note (issued in fully rebristered form without coupons) is issued in lieu of or in exchange for Bearer Note(s) of this issue of the denomination of $5,000, each not contempo- r.1l1eously outstanding, aggregating the facc value hereof; and Bearer Notes of this same issue and of the denomination of $5,000 will be issued in exchange for this Note in the marmer, with the effect and under the terms and conditions stated on the face of the Note and ill the Resolution referred to therein. [FORM OF ASSIGNMENT OF FULLY REX:JSTEREI' NOTES] For value received , and transfers unto, ,.. .. , .. .., ... the within-mentioned Note and hereby irrevocably constitutes and appoints . . , , . . , . , .' " "" , , " ",.., , . " " , '. " , attorney, to transfer the same on the books of the FL.cal Agent with full power of substitution in the premises. hereby sells, assigns Dated: NOTE: The signature to this Assignment mllst correspond with the name as written on the face of the within Note in every particular, without alteration or enlargement or any change whatsoever. 62,00ll-2-7 25 .' . . I' :1 I , , : . . . . Probf of Allgust 30, 1975 Bowne of I.A. - (213) 74/1-9&51 GALLEY I - SEAL BEACH - 5800 OFFICIAL STATEMENT Redevelopment Agency of the City of Seal Beach CITY OF SEAL BEACH ORANGE COUNTY, CALIFORNIA $3,250,000 TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES ISSUE OF 1975 RIVERFRONT REDEVELOPMENT PROJECT .' I I I " Proof of Atlgust 30, 1975 The matcrial containcd in this Official Statcment was prcpared by Millcr & Schroedcr Municipals, Inc., as Financing Consultants to and undcr thc dircction of thc Agcncy. All of thc following summarics of thc Rcsolutions of Issuance, thc California Community Rcdevclop- mcnt Law, other applicable lcgislation, thc Rcdevel- opment Plan, agreements and othcr documcnts arc madc subjcct to the provisions of such documcnts rcspcctivcly, and do not purport to be complcle statements of any or all of such provisions. Referencc is hereby made to such documents on filc with the Agcncy for furthcr information in connection therc- with. The covcnants of the Agency are fully set : ' Bowne of lA. - (213) 748-9851 forth in the Resolution of Issuance, the text of which is sct forth in this Official Statcmenl. This Official Statement docs not constitutc a contract with pur- chascrs of Notcs. All information contained in this Official Statemcnt is gathered from sources believed to be reliablc but is not guaranteed. Any statcmcnts hcrein involving mattcrs of opinion or cstimatcs, whether or not so designated, arc to be construed as such rathcr than as actual facts. All legal mattcrs incident to thc authorization, issuancc and sale of thc notes by the Agency arc subjcct to the approval of thc Bond Counscl Firm of James Warren Bcebe, A Law Corporation, in Los Angeles, California. 1 I I " . Proof of Ahgust 30, 1975 CITY OF SEAL BEACH, CALIFORNIA City Council Thomas I. McKnew, Jr., Mayor Barbara E. Barton, Mayor Pro Tempore Thomas E. Blackman, Council Member Harold K. Holden, Council Member Franklin B. Sales, Council Member Dennis Courtcmarchc, City Manager Jerdys Weir, City Clerk D. Barry Morgan, City Treasurer Redevelopment Agency of the City of Seal Beach Franklin B. Sales, Chairman Thomas E. Blackman, Vice-Chairman BarbaraE. Barron, Mem~r Harold K. Holden, Member Thomas I. McKnew, Jr., Member Dennis Courtemarche, Executive Director-Secretary Planning Commission Merva Lanning, Chairman Edwin Rippcrdan, Vice-Chairman Robert Cook, Commissioner Charles Knapp, Commissioner James Schmitt, Commissioner Robert S. Neprud, Secretary : ' i Bowne of I.A. - (213) 748-9851 SPECIAL SERVICES Agency Legal Counsel Richards, Walson, Dreyfuss and Gershon, Los Angclcs, California Special COllnsel all/I Bond Counsel Jamcs Warren Bcche, A Law Corporation, Los Angeles, California Fiscal Agent Bank of Amcriea National Trust and Savings Association, Los Angeles, California Paying Agents Principal office of thc Fiscal Agent in Los Angeles, California, or at the office of any Paying Agent in New York, New York, or Chicago, Illinois Financial Consll/tanJ Miller & Schroeder Municipals, Inc. La Jolla, California I I I , , . Proof of A:ugust 30, 1975 Table of Contents Summary Statement " , , The Notes ." Authority for Issuance Description of the Notes ." Registration .. ,... Redemption Legal Opinion Tax Exempt Status Legality for Investment in California Creation of Funds, Use of Proceeds Special Fund .. .. .. ' Security ........, .. .... Issuance of Parity Notes, Refunding Bonds ' Deposit and Investmcnt of Moneys in Funds , ., ... Other Covenants ' . . , , . . ' Remedies .. .......... .......... Amendment of the Resolution , , ,. ,.. The Redevelopment Agency of the City of Seal Bcach " .., .., .....' List of Tables Table Number Title Page No. : . Bowne of I.A. - (213) 748-9851 I 2 2 2 2 2 2 3 3 3 3 3 The Agency Financing ", The Riverfront Redevelopment Project , , , Project Area " ",.' Existing Agency Projects Disposition of Note Proceeds Amendments to the Redevelopment Plan Coastal Zone Act .... .., .... Tax Revenues " , , , Taxes 4 Asses.~ed Valuations , The City ...... ......., Municipal Government Population and Growth Commcrce Industry " Transportation ., Utilities. , 4 S S 5 6 Education ' , , , . ' . Recreation and Community Facilities . . 1 2 3 4 S 6 Schedule of Assessed Valuation and Tax Revenue . ' . , , , , , Schedule of Tax Revenue Expenditures ", , , , ' , , , ' , Schedule of Debt Service Payments ,. '" . . , , , , , . , , . . , , , . Population Growth ....' .... ..... ...... .. . ... .. , City of Seal Beach Annexations .... ..... .... .............. , Building Permits, Valuations and Utility Connections , .' : Page No. 6 6 7 7 7 8 8 8 10 10 10 12 12 12 14 14 14 15 15 15 Page 10 11 11 12 13 13 Seal Beach - .5800 . I I I . . " Proof of Ahgllst 30. 1975 Summary Statement Thc City of Seal Bcach is locatcd in northwestcrn Orange County betwccn thc communities of Long Bcach and Huntington Beach, approximately 27 miles southeast of downtown Los Angclcs. Thc City presently has a population of approximately 28,500 and an assessed valuation of approximately $106 million, over six and one-half times its asscssed valuation of $16 million in 1960. Thc City is primarily rcsidential, housing many employccs of thc highly industrialized areas in northwcst Orangc County and southern Los Angclcs County. The City, through the Redcvclopmcnt Agency of thc City of Scal Beach, has undcrtaken the improvc- ment of arcas of the City suffering from inadequate streets, utilities, community facilities and other necessary improvements to stimulate devclopment. The existing trend had led to a detcrioration of these areas with a rcduction of property valucs and a loss of revenues to thc City and other taxing agencies. The California Community Rcdcvelopment Law authorizes the financing of rcdevelopmcnt projects through thC use of Tax Allocation Rcvenucs. This method provides that the assesscd valuation of thc property within the project arca at the effcctive date of the Redcvclopment Plan becomes thc base valua- tion, and the inClcase in assessed valuation in sub- sequcnt ycars ovcr the base becomes the tax incre- ment All taxes collccted each year thereaftcr upon the tax increment (the increase in assessed valuation above the base) is allocated to the Agency for the payment of debt and may be pledged to thc payment of the debt service on thc obligations issued to finance the Redevelopment Project. : . Bowne of LA. - (213) 748-9851 The Agency is issuing $3,250,000 principal amount of its Tax Allocation Ncgotiablc Promissory Notes, dated September I, 1975, and maturing on Scptcmber 1, 1978, for the purpose of financing the Agcncy's redevclopment activities. Thc procceds of the Notcs will be used for the corporate purposcs of the Agency rclating to and of bencfit to the Projcct Arca. Thc projects to be financed by the proceeds of the Notes includc, but arc not Iimitcd to. the construction of a library and community center building, construction of a new policc facility, renovation of thc public works maintcnance yard, the purchase of real property, complction of othcr Agcncy projects and for othcr corporatc purposcs of thc Agency rclating to and of bencfit to thc Project Area. It is anticipatcd that a portion of thc proceeds of the Notcs may be used to rcimburse thc City for a loan to thc Agency and ccrtain administrative services. From the Note proceeds a Note Interest Reserve Fund is established equal to two ycars' interest on the Notcs. Thc primary source of paymcnt of such interest howcvcr, is the Tax Rcvenue. It is not anticipatcd that thc Tax Revcnues will be sufficient to pay all of thc principal of the Notes at maturity. Sufficicnt Tax Revenues arc available, however, bascd on the 1975-76 assessment, to allow for the issuancc of refunding bonds or notes in a sufficient amount to pay the principal on all of the Notes at maturity. (See Table 11 J. ) I Seal Beach - 5800 I I I " .. Proof of A:ugust 30, 1975 The Notes Authority for Issuance The $3,250,000 Redevelopment Agency of the City of Seal Beach, Riverfront Redevelopment Proj- ect, Tax Allocation Negotiable Promissory Notes, Issue of 1975 (the "Notes"), currently being offered were authorized pursuant to Resolution No. 75-10 of the Redevelopment Agency of the City of Seal Beach adopted on August 11, 1975, as amended. Description of the Notes ISSUE: The $3,250,000 principal amount of Notes consists of 650 notes, numbered I to 650, inclusive, of the denomination of $5,000 each, dated September I, 1975. MATURITY: The Notes will mature on September 1, 1978. INTERESf: The Notes shall bear interest at a rate to be fixed upon the sale thereof but not to exceed eight percent (8%) per annum, pay- able semiannually on April 1 and September 1 in each year. PAYMENTS: The Notes and the interest thereon and any premiums upon the redemp- tion thereof prior to maturity are payable in lawful money of the United States of America and (except for interest on Fully Registered Notes, which is pay- able by check or draft) are payable at the Corporate Agency Division of Bank of America National Trust and Savings Association, Fiscal Agent of the Agency, in Los Angeles, California, or, at the option of the holder, at the office of any Paying Agent of the Agency in New York, New York, or Chicago, Illinois. Registration Two forms of notes have been provided: (1) those to be initially issued and which are in negoti- \ . .. . Bowne of I.A. - (213) 748-9851 able form, payable to bearer with negotiable coupons ("Bearer Notes"); and (2) non-negotiable Fully Registered Notes payable to the registered owner ("Fully Registered Notcs"), each in denominations of $5,000 or any multiple thereof. The Bearer Notes are not registrable by endorsement, but Bearer Notes and Fully Registered Notes may be exchanged as provided in the Resolution. All such exchanges shall be made in such a manner and upon such reasonable terms and conditions as may from timc to time be determined and prescribed by the Agency; provided, however, no such exchange shall be made between the fifteenth day preceding any interest payment date and such interest payment date. Such exchanges shall be provided free of costs except for any tax or governmental charge that may be imposed in connec- tion with such exchange. Redemption The outstanding Notes, or any of them, may be called before maturity and redeemed at the option of the Agency, from any source of funds, on March I, 1976, or on any interest payment date there- after prior to maturity. If less than all of the Notes outstanding are to be redeemed at anyone time, the Notes to be redeemed shall be determined by lot. Notes so called for redemption shall be redeemed at a redemption price for each redeemed Note equal to the principal amount thereof, plus the following pre- mium (percentage of par value) if redeemed on the following redemption dates. PREMIUMS AND REDEMPTION DATES Redemption Date Premium March 1, 1976 September 1, 1976 March 1. 1977 September I, 1977 March 1. 1978 . "." 1 % 1 % *% *% ~% Notice of call and redemption shall be given as pro- vided in the Resolution. Legal Opinion The unqualified legal opinion of the Bond Counsel firm of James Warren Beebe, A Law Corporation, Los Angeles, California, approving the validity of the Notes will be furnished the successful bidder at or prior to the time of delivery of the Notes, at the 2 Seal Beach - 5800 I I I ,. '.' Proof of A:ugust 30, 1975 expense of the Agency. A copy of such opinion, certified by an officer of the Agency by his facsimile signature, will be printed on the back of each Note. No charge will be made to the purchaser for such printing or certification. Tax Exempt Status In the opinion of Bond Counsel, interest on the Notes is exempt from present federal income taxes and from State of California personal income taxes under existing statutes, regulations and court de- cisions. Legality for Investment In California The Community Redevelopment Law provides that obligations authorized and issued under that Law shall be legal investments for all banks, trust companies and savings banks, insurance companies, and various other financial institutions, as well as for trust funds. The Notes are also authorized security for public deposits under the Law. The Superintendent of Banks of the State of Cali- fornia has previously ruled that obligations of a redevelopment agency are eligible for savings bank investment in California. Creation of Funds, Use of Proceeds The Resolution providing for the issuance of the Notes requires the establishment of certain funds and accounts which are described in more detail below. The proceeds of the sale of the Notes will be deposited in the Redevelopment Fund to be used to meet the costs of issuance of the Notes and the costs related to the Riverfront Redevelopment Project, (the "Project"), except for a sum equal to two (2) years' interest from the date of the Notes (and accrued interest and premium, if any, paid by the purchasers of the Notes), which will be deposited into the Note Interest Reserve Account. PROJECTED ESTIMATED ALLOCATION OF NOTE PROCEEDS Proceeds to the Agency , Capitalized Interest (2 Years) Reserve for Note DiBcount (5%) $2,567,500 520,000 t 62,500 $3,250,000 '1 I 1. Bowne of LA. - (213) 748-9851 Special Fund Tax Revenues accruing to the Agency shall be deposited into the Special Fund, except for those certain payments to be made from Tax Revenues prior to such deposit as provided in the Resolution and more fully described below. The interest on the Notes and Parity Notes until maturity shall be paid by the Fiscal Agent from the Special Fund, and, to the extent that the Tax Rev- enues may be insufficient, from the Note Interest Reserve Account in the Special Fund. At the maturity of any Notes and any Parity Notes, and, after all interest then due on the Notes and Parity Notes then outstanding has been paid or pro- vided for, moneys in the Special Fund shall be applied to the payment of the principal of any such Notes and Parity Notes. Security Under provisions of the California Constitution, the Community Redevelopment Law and the Reso- lution, taxes on all taxable property in the Project Area levied and collected by any taxing agency will be divided as follows: 1. An amount each year equal to the amount which would have been produced by that year's tax rates applied to the assessed valuation of such property within the Project Area last equalized prior to the effective date of the ordinance ap- proving thc Redevelopment Plan (the 1968-1969 assessment roll) will be paid into the funds of the respective taxing agencies; 2. Taxes received over and above that amount as a result of increases in assessed valuation (the "Tax Revenues"), will be deposited in the Special Fund of the Agency, except that prior to such deposit, certain payments shall be made from such tax revenues by the Agency pursuant to the Con- solidation Agreement dated May 1 0, 1972, and Resolution No. 74-4 of the Agency. (See Table 2) The Resolution provides for payments by the Agency in the amount of $75,225 on July 1 of 1976, 1977 and 1978 pursuant to the Consolidation Agree- ment dated May 10, 1972, by and among Sanitation District Numbers Three and Four of Orange County, the City of Seal Beach, and the Agency. The Resolution also provides for payments by the Agency in the amount of $108,981 from the Tax Revenues on November 26, 1976, and November 26, 3 Seal Beach - 5800 I- I I .. Proof of August 30, 1975 1977, pursuant to Resolution No. 74-4 of the Agency. Agency Resolution No. 74-4 authorized the execution of a Purchase Money Promissory Note secured by a Deed of Trost in connection with the purchase of a parcel of property containing approxi- mately six acres from Seal Pacific Company, Limited. Other than the payments provided for in the Con- solidation Agreement and Resolution No. 74-4, which have a first lien upon the Tax Revenues, the Agency has no other obligations outstanding which are pay- able from the Tax Revenues. The Notes are payable from any available funds of the Agency but are specifically secured only by a pledge of the Tax Revenues. All moneys, in the Special Fund are pledged to the payment of the Notes. The Agency has no power to levy and collect taxes, and any legislative property tax de-emphasis, or provision of additional sources of income to taxing agencies having the effect of reducing the property tax rate, must necessarily reduce the amount of Tax Revenues that would othelWise be available to pay the principal of, and interest on, the Notes. Likewise, broadened property tax exemptions could have a similar effect. Conversely, any increase in the tax rate or assessed valuation, or any reduction or elimination of, present exemptions would necessarily increase the amount of Tax Revenues that would be available to pay principal and interest on the Notes. The Notes are not a debt of the City of Seal Beach, the State of California, or any of its subdivisions, and neither said City, State nor any of its political subdivisions is liable therefor. The Notes do not constitute an indebtedness within the meaning of any constitutional or statutory limit or restriction. Issuance of Parity Notes, Refunding Bonds If at any time the Agency determines that it will not have sufficient moneys available from the sale of the Notes and other sources to pay the cost,s of the Redevelopment Project, the Agency may provide for the issuance of and sell Parity Notes in such principal amount as it estimates will be needed for such pur- pose. The issuance and sale of any Parity Notes shall be subject to the following conditions precedent: (a) The Agency shall be in compliance with all covenants set forth in the Resolution. " . Bowne of lA. - (213) 748-9851 (b) The Parity Notes shall be on such terms and conditions as may be set forth in a Supple- mental Resolution. (c) The issuance of such Parity Notes shall have been recommended by an opinion of an Indepcndcnt Financial Consultant. The Agency shall use its best efforts to sell its tax allocation refunding bonds ("Refunding Bonds") in such amounts and upon such terms and conditions as are then feasible in such time prior to the matur- ity date of the Notes so as to pay the same at maturity. Should the Agency's efforts to sell such bonds be unsuccessful, a new issue of tax allocation negotiable promissory notes may be issued and sold to retire the Notes. Tax Revenues presently available, derived as a re- sult of increases in assessed valuation, would be sufficient to allow for the issuance of a sufficient principal amount of Refunding Bonds at the maxi- mum interest rate permitted by law to pay the prin- cipal of the Notcs at maturity (see Table II and Tablc III). Deposit and Investment of Moneys in Funds Subject to the provisions of the Resolution all moneys held by the Agency in the Redevelopment Fund and by the Fiseal Agent in the Special Fund, except such moneys which are at the time invested, shall be held in time or demand deposits in any bank or trust company authorized to accept deposits of public funds (including the banking department of the Fiscal Agent) and shall be secured at all times by bonds or other obligations which are authorized by law as security for public deposits, of a market value at least equal to the amount required by law. Moneys in the Redevelopment Fund may from time to time be invested by the Agency, and moneys in the Special Fund may, and upon written request of the Agency shall, be invested by the Fiscal Agent as provided by the law. Obligations purchased as an investment of moneys in either of said funds shall be deemed at all times to be a part of such fund and the interest accruing thereon and any gain realized from such investment 4 Seal Beach - 5800 1 I I . . Proof of A:ugust 30, 1975 shall be credited to such fund and any loss resulting from any such authorized investment shall bc charged to such fund without liability to the Agency or the members and officers thereof or to the Fiscal Agent. Other Covenants Other covenants of the Agency under the ,Resolu- tion are summarized below: I. The Project will be completed with all prac- ticable dispatch in a sound and economical man- ner and in accordance with the Redevelopment Plan and the California Community Redevelop- ment Law. No amendment to the Redevelopment Plan will be made which could substantially impair the security of the Notes or the rights of the Noteholders. 2. The proceeds of thc sale of the Notes will be dcposited by the Agency and used as provided in the Resolution and the Agency will manage and opcrate all propcrties owned by it and com- prising any part of the Redevelopment Project in a sound and businesslike manner. 3. No other obligations payable from Tax Revenues will be issued having a lien upon the Tax Revenues supcrior to the Notes, or, unless in com- pliance with the restrictions in the Resolution, on a parity with the Notes. 4. The Agency will punctually pay, or cause to be paid, the principal and interest becoming due on the Notes. 5. The Agency will punctually pay, or causc to be paid, any lawful govcrnmental charges im- posed and all claims for labor, materials and supplies which, if unpaid, might becomc a lien or charge which might impair the security of the Notes. 6. The Agency will at all times keep, or causc to be kept, proper and current books and accounts (separate from other records and accounts) in which complete and accurate entries will be made of all transactions relating to the Project and the Tax Revenues, and will prepare within 120 days after the close of each fiscal year a complete finan- cial statement covering the Project and Tax Reve- nues, certified by a certified public accountant selected by the Agency, copies of which will be furnished to any Noteholder upon written request. ~ . Bowne of LA. - (213) 748-9851 7. The net proceeds realized by the Agency from any eminent domain proceedings will be deposited in the Special Fund for the purpose of paying principal and interest on the Notes. 8. The Agency will not dispose of any of the land area in thc Project Area to public bodies or other entities whose propcrty is tax excmpt (othcr than propcrty shown by the Rcdcvelopment Plan as planned for such ownership, such as parks, civic center sites, historical sites and schools, or propcrty to be used for public streets, off-street parking, sewage facilities, utility easements and the like) if as a result of such action the security of the Notes or thc rights of the Noteholders will bc substan- tially impaired. 9. The Agency will protect and defend the security of the Notcs and the rights of the Note- holders. It will contcst governmental assertions that thc interest on the Notes is taxable under federal income tax laws. It will take no action which, in the opinion of counsel, would result in the interest received by Noteholders becoming taxable under federal income tax laws, and will make no use of the proceeds of the Notes which would cause the same to be arbitrage bonds within the meaning of Section 103(d) of the United States Internal Revenue Code of 1954, as amend- cd, and applicable regulations adopted thereunder. Remedies Any Noteholder has the right of mandamus or other appropriate remedy to compel the performance by the Agency and its mcmbers of the duties imposed by the Resolution and by the Community Redevelop- ment Law. Amendment of the Resolution The Resolution may be modified or amended only with the consent of holders of 60% of all Notes then outstanding (exclusive of issuer-owned Notes), un- less the modification or amendment is for the purpose of curing ambiguities, defects, etc., in which case no Noteholders' consent is required. No modification or amendment will extend the maturity, reduce the in- terest rate or principal amount payable or reduce the percentage of consent required for amendment with- out the express consent of the Noteholders. 5 Seal Beach - 5800 1 I 1 .. . Proof of August 30, 1975 The Redevelopment Agency of the City of Seal Beach The Agency The Redevelopment Agency of the City of Seal Beach was established in 1967 by the City Council of the City of Seal Beach pursuant to the Community Redevelopment Law of California, codified as Divi- sion 24, Part I of the State of California, Health and Safety Code. The members of the City Council serve as the Board of Directors of the Agency and exercise all rights, powers, duties and privileges of the Agency. The Agency's present Chairman is Franklin B. Sales and Thomas E. Blackman serves as Vice- Chairman. Its members are Harold K. Holden, Barbara E. Barton and Thomas I. McKnew, Jr. The City Manager, Dennis Courtemarche, is the Executive Director-Secretary of the Agency and has served in his present capacity since November, 1971. He has served in various administrative capacities with the City for ten years and has been involved with the Agency and the Redevelopment Project since its inception. All powers of the Agency are vested in its five appointed members. The Agency exercises govern- mental functions and has authority to acquire, de- \ . : . Bowne of l.A. - (213) 748-9851 velop, administer and sell or lease property, includ- ing the right of eminent domain and the right to issue bonds and expend their proceeds. The Agency can cause streets and highways to be laid out and graded and pavements, sidewalks and public utilities to be constructed and installed and can develop as a building site any real property owned or acquired. The Agency may, out of any funds available to it for such purposes, pay for all or part of the value of land and the cost of buildings, facilities, structures or other improvements to be publicly owned and oper- ated, to the eJltent that such improvcments are of benefit to the Project Area. The Agency must sell or lease remaining property within the Project at fair market value for redevelopment in strict confonnity with the Redevelopment Plan, and may specify a period within which such redevelopment must begin and be completed. Financing Tax Rcvenues over and abovc those collected be- fore redevelopment provide suitable means for financing redevelopment projects. This is provided through the Community Redevelopment Law. The frozcn tax base (the base roll established just prior to redevelopment) multiplied by the tax rate applicable in any future fiscal year will produce the base levy which goes to the taxing bodies. All increased tax revenues (based on an increase in assessed valuation over the base roll) are allocated to the Agency and placed in its Special Fund. Re- dcvelopment agencies themselves have no authority to levy taxcs but must look to the allocation of Tax Revenues as indicated above. The issuance of tax allocation notes is authorized under the law, and their repayment is permitted from anyone or a combination of sources. The River- front Redevelopment Project, Tax Allocation Ne- gotiable Promissory Notes, Issue of 1975, are se- cured by the pledge of Tax Revenues to be paid into a Special Fund of the Agency administered by the Agency's Fiscal Agent, Bank of America National Trust and Savings Association. 6 Seal Beach - 5800 I I I .' ,.' " PI oaf of Augll~t 30, 19i'5 The Riverfront Redevelopment Project Project Area The Project Area, designated Rivcrfront Rede- velopment Projcct, is in need of and is suitable for r~de;'clopment pursuant to the Community Rede- velo;>ment Law. The Project Area has thc charac- teristics of a blighted area, constituting social and cconomic liabilities and requiring redevclopment in rhe interest of health, safety and general wclfare of the pcople of the City of Scal Beach and the State of California. Thc bulk of thc Project Area is lo- cated along thc northwestern boundary of the City. The Project Area also includes a narrow strip of approximately six acres which bisects the City. ... I" , , Bowne of LA. - (213) 74R-98::;1 Tho Project Area is charactcrized by unde,'eloped and unproductive vacant land, insufficient street sy!otcm. to servc the area with thc presence of land-locked parcels and other areas with restricted vehicular access, inadequatc .treet lighting, absence of water. gas, telephone and eleCllical utiliti~s, in- adequate fiood control facilities resulting in poor drainage, and a mixed character of uses not condu- cive to a safe and healthful enviroument. There is also a l.ek of community facilities to serve the area. The area has also suffered a loss in assessed valuations to the City and other taxing agencies by virtue of the relocation and removal of thc Los Angelcs Department of Water and Power Steam PlaIlt anq of the Dow Chemical Company Plant. The Project Area is presently zoned for residential, commercial. and commcrcial office uses. Exi's2ing Agency Projects The Agency has been involved in several projects, ind~"endently and jointly with other departments. The Consolidation Agreement betwcen the Agency and Sanitation Districts No. 3 and No. 4 and the ~"""'I)-' ....:;0.0: .....~r~~.~'--...".:...~,-"' .. -' - ,.,r /-:.-72'-.;1 .. --.-...:~.. '.. ...........-..... :",-_ ~'t\;:..:..~:-~..~.~) '~0-P ~~..'LONG.EEACt( ":.' '.;' .' .' .-' ;','" "\ . . ...~ .. .......,.,..." '.', ....-A" . .,~~' A ,_ ,',: ,.J. . 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J. . or. ~-. ~. '-". .-. 1 ,... __",:-. ( ,............,.~.. 'i.co_.J . ~..- ...._ .', ......,...... .'),...:::./.....~:I';;../:.....~~~ ".,: ':;/J~"" ." -..)-..~ .~. -. f, ':'/ ~""<'_ "_, -'-.r ""'.... _ j " of '.. -i:,.,:.... ;.:.:'.:::.- ", $.... .,," -' -_J ' . -... . ")..... ,....:,.... ,., ,~'" ......... : - Current .Projec~ Boundaries I ...... ~':':'1'-';:' <(;.... "-) '.. '=-":- I" . "" ;':~~.,~';' ...... J '. ?.. -... ~ . ~.' '. .... -t ..:'. . 'lo ...... .~, ,''''''' .... . . .. .........,,;. ", . ._. ........::. ........""'.......~~_..:'.'.. ......,:__.__~....A.'!;...r.......:M.__ __...__.;........:&-__.....:...........:.~...i , . .,. . 8 t " :< - Propo:ed Expand~~' . Cl;r.':..<J[l53 7 se..i Beach - 5800 I I ~I , . " . PrOof of August 30, 1975 City has solved a major sewage treatment problem. The Agency contributed $137,500 to the Seal Beach School District for the construction of a learning center. The Agency has built the Marina Com- munity Center and Park. A vacant narrow railroad right-of-way bisecting the community has been purchased by the Agency and is currently being developed as park space as part of the Agency's continuing effort to improve the environment of the City, offset depressed values and inspire future development. Disposition of Note Proceeds The proceeds of the Notes will be used for the corporate purposes of the Agency relating to and of benefit to the Project Area, including, but not limited to, the construction of a new police facility, construction of a library and community center building, renovation of the public works department maintenance yard, the purchase of real property and for other projects of the Agency that will benefit the Project Area. Amendments to the Redevelopment Plan Proceedings have been initiated by the Agency for the amendment of thc Redevelopment Plan to eolarge the Project Area. The areas proposed to be added to the Redevelopment Project Area consist of several parcels, totaling approximately eighty acres, and the majority of which is vacant, awaiting needed improvem,nts to support development. A mobile home park is situated on one of the parcels proposed to be added to the Project Area. The areas proposed to be added to thc Projcct Area are zoned primarily for commercial and rcsi- dential purposes, and portions of such areas are owned by other public agencies. If, following compliance with applicable statutory procedures (including a public hearing) for the amendment of a redevelopment plan, the City Coun- cil determines to amend the Redevelopment Plan to eolarge the Redevelopment Project Area, a portion of the Note proceeds may be used to pay costs asso- ciated with a possible relocation or rehabilitation of .. I I " , Bowne ofI.A. - (213) 748-9851 the trailcr park, or for other corporate purposes of thc Agency rclating and of benetit to thc Project as so cnlargcd. Coastal Zone Act The Rivedront Redevelopment Project is located within thc Coastal Zone created by the California Coastal Zone Conservation Act of 1972 (the "Act"). The Act was proposed as an initiative measure and was adopted by the voters at the general election on November 7, 1972. The purpose of the Act is to generate a state-wide plan which will strike a balance betwecn the interests which seek to exploit and devclop thc Coastal Zone and the need to con- servC and restore its natural resources and beauty. The Act seeks to protect the Coastal Zonc through a statc-wide master plan, the California Coastal Zone Conservation Plan (the "Coastal Zone Plan"), which is cllrrcntly in the IinaI stages of drafting. The Act requircs that the California Coastal Zone Conserva- tion Commission (the "Commission") adopt a Coastal Zone Plan and submit it to the legislature for its adoption and implemcntation no later than De- cember I, 1975. In order to protect the Coastal Zone during the interim period in which the Coastal Zone Plan is being formulated, the Act vests interim regulatory powers in six regional planning commissions. Any development commenced on or after February I, 1973, within the Coastal Zone, must be approved by the appropriate regional commission, subject to certain minor exclusions. At the present time, per- mits are granted or denicd by the regional com- missions, in this case the South Coast Regional Commission, on the basis of the general statements of policies and objectives which are found in the Act and in the statewide guidelines. Additionally, of course, the applicant must demonstrate that it has complied with all applicable requirements of local ordinances and that the appropriate local agency has approved the development. The Act creates both a Coastal Zone, which ex- teuds 10ug,11y fivc miles inland and three miles off- shore, and a Permit Arca, extending roughly 1,000 yards ioland from the mean high tide line of the sea. A permit must be obtained for any Development proposed within a Permit Area. Development is defined in the Act as follows: 8 Seal Beach - 5800 I' I I " .. " PrOof of August 30, 1975 "'Development' means, on land, in or undcr water, the placement or erection of any solid material or structure; discharge or disposal of any dredged material or of any gaseous, liquid, solid, or thermal waste; grading, removing, dredg- ing, mining, or extraction of any materials; change in the density or intensity of use of land, including, but not limited to, subdivision of land pursuant to the Subdivision Map Act and any other division of land, including lot splits; change in the inten- sity of use of water, ecology related thereto, or of access thereto; construction, reconstruction, demolition, or alteration of the size of any struc- ture, including any facility of any private, public, or munipical utility, and the removal or logging of major vegetation. As used in this section, "structure" includes, but is not limited to, any building, road, pipe, ftume, conduit, siphon, aque- duct, telephone line, and electrical power trans- mission and distribution linc." The cntire Project Area of the Riverfront Rede- velopment Project is within the "Coastal Zone" and "Permit Area." All projects proposed to be financed with the proceeds of the Notes will be "Developments" with- in the meaning of the Act and will require the issu- ance of a permit prior to the cxpenditure of Agency funds. If a permit is denied for any particular Agency project mentioned in this Official Statement, the Note proceeds will be used for other corporate pur- poses of the Agency relating to and of benefit to the Project Area. The Act provides that no permit shall be issued or any development activity commenced unless the regional commission has first found both of the fol- lowing: I. That the development will not have any substantial adverse environmental or ecological effect; and 2. That the developmcnt is consistcnt with the policy of thc Act and the objectives of the state- wide plan. In ffiing a permit application, the applicant has the burden of proof of compliance with the require- ments of the Act. The Act and statewide guidelines promulgated by the Commission specify in considerable detail the ," :. Bowne of LA. - (213) 748-9851 procedure for the permit application, hearings, action by the regional commission, and appeal procedures. The Act directs the regional commissions to im- pose "reasonable terms and conditions" upon aU permits granted in order to ensure that the Dcvel- opments satisfy certain criteria. The granting of a permit is, however, discrctionary with the Com- mission. At the present time, pending adoption of the Coastal Zonc Plan, permit applications are bcing reviewed on thc basis of the applicant's demonstrated compliance with broad policies and standards of the Act and the guidelincs. It may bc cxpected that once the Coastal Zone Plan is finally adopted, thcse policics and objectives will be implemented by con- sidcrably more specific standards and requirements. The dcnial of a pcrmit by a regional commission has the same effect as an injunction against the de- velopment, and as mcntioned above, the burden of proof rests with the applicant secking the permit. Thus, if there is any showing of substantial adverse cnvironmental or ecological effect, or if there is any showing of non-compliance with the policies or ob- jectives of the Act, thc pcrmit will be denicd by the regional commission. The Rivcrfront Redevelopment Project Area was created prior to the passage of the Act, and certain improvcmcnts within the Project Area were com- plctcd prior to thc enactment of the Act. Those proj- ects completcd prior to the adoption of the Act in November, 1972, are not directly affected by it unless thc owncrs thereof decide to undertake any work on thcir land or buildings othcr than repair or mainte- nance activitics which do not result in an addition to or enlargcment or expansion of the object or such repair or maintenance activities. All property within the Coastal Zone, and thus all property within the Project Area for the River- front Redevelopment Project, is subject to condem- lIation by the State. The long-range effect of the Act on Agency acti- vitics is unknown at this time. 9 Seal Beach - 5800 I I I .' I .,' Pro~f of A~gust 30, 1975 Tax Revenues Taxes Taxes derived each year from the levy and collec- tion of taxes on any increase in the assessed valuation of land, improvements, personal property and public utility property in the Project Area over and above the 1968-69 base roll for such property (Tax Rev- enues) are to be depositcd in the Special Fund administered by the Fiscal Agent and applied- to the maintenance of Reserves, payment of interest and principal on the Notes. , , " . Bowne of I.A. - (213) 748-9851 Assessed Valuations The Assessor of Orange County will assess all taxable property in the Project Area (at the rate of approximately 25 % of full value) except public utility property, which is prescntly assessed by the Stale Board of Equalization presently at 25 % of full valuc. The valuation of secured property is established as of. March 1 of each year, is subsequently equal- ized, and taxes first become payable the following December. Taxes arc due to be received by the Orange County Tax Collector on or before the delinquency dates of December 10 and April 10 for each installment of thc taxes levied. Penalties on delinquent taxes accrue at the rate of 6% per year. Tax Revenues will generally be transferred to the Agency within a month following their collection by the County. Table I SCHEDULE OF ASSESSED VALUATION AND TAX REVENUE Riverfront Redevelopment Project Assessed Valuation Base Year (1968-69) Increase in AsSCSllCd Valuation ' Tax Revenue .. . .. . .. .. Tax Rate (Per $100 AsllCSSCd Valuation) 1974-75(1) 1975-76(1) 1976-77(2) 1977-78(2) $3,65 J ,260 $3,820,230 $4,103,543 $4,389,838 633,790 633,790 633,790 633,790 3,017,490 3,186,440 3,469,753 3,756,048 304.513 325,972 354,955 384,243 $10.09 $10.23 $10.23 $10.23 (1) Source: Office of Auditor-Controller, County of Orange, California (2) Estimated - Source: Redevelopment Agency of the City of Soal Boach 10 SoaI Beach - 5800 1 I I .. ~ I ._ ~ Proof of August 30, 1975 Table II SCHEDULE OF TAX REVENUE EXPENDITURES(1) Riverfront Redevelopment Project Tax Revenue Disposition of Revenues Purcbase of Pacific Electric Right-of-Way Sewer Consolidation Agreement Deposit in Special Fund Total (I) Source: Redevelopment Agency of tbe City of Seal Beach (2) Estimated Table III SCHEDULE OF DEBT SERVICE PAYMENTS Riverfront Redevelopment Project Special Fund Balance Interest on Notes(2) Balance before principal payment Principal due on Notes Bowne of I.A. - (213) 748-9851 . \ ' 1975-76 1976-77(2) $325.668 $354,995 108.981 108,981 75,225 75,225 141,462 170,789 $325,668 $354,995 1977-78(2) $384.243 75,225 309,018 $384,243 1977-78 $ 621,269(3) 260,000 361,269 $3,250,OOO( 4) (1) Includes an amount equal to 2 years' interest on the Notes depoo;ited in the Note Interest Reserve Account from Note proceeds. (2) Assumes 8% maximum rate. (3) Estimated. (4) It is not anticipated that sufficient moneys will be available in the Special Fund to pay all principal on the Notes on the maturity date. However, based on the tax revenues for the fiscal year 1 974-7S, sufficient revenues would be available to allow the Agency to issue Refundinjt Bonds or RefundinJ;l Note~ in a sufficient amount to pay all principal due on the Notes at their maturity date. 1975-76 1976-77 $661,462( I) 260.000 $401,462 $572,25 J( 3) 260.000 $312,251 11 Seal Beach - 5800 . . " Pro;'f of A~gust 30, 1975 1 The City The City of Seal Beach occupies approximately 9.80 square miles in the northwestern Orange County coastal area. It is less than seven miles from the nearest commercial airport and marine terminal, Long Beach, and 27 miles southeast of central Los Angeles. Initial development in Seal Beach began in the early 1900's and was focused on its attractivcness as a seaside resort and recreation area. At the time of incorporation in 1915, the city encompassed 1.25 square miles and maintained this size until 1961, when developing areas adjacent to the city requested annexation as a mcans of obtaining needed municipal services. From 1961 to date, the city has anncxed about 5,466 acres in which all but a small fraction of recent residcntial development has been located. The effect of growth in Scal Bcach is evident from a comparison of population figurcs for 1960 and 1974. The 1960 Federal ccnsus indicated a popula- tion of 6,994. The 1970 Fedcral ccnsus showed a population of 24,441 and the most recent State esti- mate sets thc population at 27,401, an increasc from 1960 of about 292 %. During this SQmc period, the city's assessed valuation has grown from about $16 million in 1960 to over $106 million in 1975 - an increase of over 560%. At the prescnt time, Scal Beach is primarily a residential community housing many cmployccs of the highly industrialized areas in northwcst Orange County and southern Los Angeles County. Although residents of the city arc not depcndent on the existencc of local industry for thcir livelihood, two major defense and space technology installations that are located in Seal Beach cmploy approximately 2,700 persons. Thcsc arc: the Seal Beach Naval Weapons Station and Rockwell International Corpo- ration - Space Division. Freeway acccss from Seal Beach to all points in the Los Angeles-Orange County metropolitan area is excellent. The San Diego, Garden Grove, and San Gabriel Frecways meet at the northern cdge of thc city and connect with other segments of the extensive Southern California freeway network. In addition to the nearby Long Beach Airport, schcdulcd air transportation and air freight servicc is availablc at thc Orangc County Airport and Los Angeles International Airport. Seal Beach is situated at an elevation of 21 feet above sea level and enjoys a mild elimate the year- I I \ '.. l ~ Bowne of I.A. - (213) 748-9851 round. Avcragc tcmpcratures range from 52 degrecs in wintcr to 69 degrees in summer. Rainfall in the city is about 16 inches pcr year and generally occurs in the winter months. Municipal Government The City of Scal Beach was incorporated in 1915 and opcrates under its own charter, which was granted in 1964. The City is governed and ad- ministercd under a council-manager form of govern- ment. The charter provides for the election of a fivc membcr city council by district who serve four- ycar alternating tcrms. The mayor and mayor pro tempore are electcd by the council from among its members for one-year terms. Other elected officials are the city clcrk and city treasurer. The city at- torney and city manager arc appointed by and scrve at the pleasure of the city council. All other officers and employees of the City are appointed by and are responsible to thc city managcr. Seal Beach has a total of 166 full time employees, augmcnted by an additional 90 parttimc employces during the summer tourist months. PopUlation and Growth Sincc 1960, thc population and land area of Scal Bcach have increased by 292% and 678%, respec- tivcly. The city's current population is approximately 28,500. Projcctions prepared by thc Seal Bcach Planning Department in its population forecast for Seal Beach, indicate a population of about 31,000 by 1980. Population growth of the City and Orange County is shown in the tabulation bclow, based on U.S. Ccnsus data, qualified cstimates, and projections of future population. Table IV POPULATION GROWTH City of Seal Beach City of Year SeelBeach 1950 . . . . . . . . . . . 3,553 1960 ............ 6,994 1965 . . . . . . . . . . . 19,287 1970 ............ 24,441 1975 .... .. 28,500 1980 ............. 31,000 Orenge County 216,224 703,925 1,151,126 1,420,386 1,684,500 12 Seal Beach - 5800 I: I I . 1" l I '\ "1. I . . , Pro~f of A~gust 30, 1975 Bowne of LA. - (213) 748-9851 The increase in population that has taken place in Seal Beach during the past 15 years has been possible primarily because of annexations to the City totaling almost 5,466 acres. New residential con- struction since 1960 has, with fcw exceptions, been located in annexed territory. As previously stated, the growth of City area from the original 1.25 square miles to the present 9.8 square miles was accom- plished between 1960 and 1968. Table V CITY OF SEAL BEACH ANNEXATIONS Year Total Acres Square Miles Acres Annexed loDale loDate 805.7 1.25 3,247.5 4,053.2 6.32 1,082.4 5,135.6 8.01 888.0 6,023.6 9.41 145.2 6,168.8 9.64 58.6 6.227.4 9.73 44.0 6,271.4 9.80 1,387.0 7,658.4 11.97 1960 (unchanged since incorporalion) 1961 1962 1964 1965 1967 1968 1975. . Pending. Has received approval of Local Agency Formation Commission for Orange County and Seal Beach City Council. Further evidence of the continuous growth and development that has occurred in the City over the last five year period can be seen in the tabulation below: Table VI BUILDING PERMITS. VALUATIONS AND UTILITY CONNECTIONS No. BJdg. Year Permils Valualion Waler Meters Elec. Mlr. GasMlr. Telephones 1970 ......... ...... .... 981 $11,733,598 4,177 12,370 4,968 18,785 1971 .................. 1,310 9,224,201 4,462 12,658 5,254 19,070 1972 ....... 1,345 4,431,463 4.510 12,824 5,422 19,212 1973 ......... 1,070 5,221,769 4,552 12,986 5,574 19,326 1974 ..... .. ....... 895 5,507,459 4,637 13,088 5.676 19,422 13 Seal Beach - 5800 1 I I . ,. ~ I ,. , - Prciof ~f A;"glLot 30, 1975 Commerce As a community that has only recently experi- enced substantial growth in population and area, the commercial sector of the local economy is. for thc most part, newly formcd. With the exception of the established central business district, com- mercial facilitics in Seal Beach consist of thrcc shop- ping centers. Thc effect of thcsc additions to the community has produced a marked increasc in all taxable sales within the City. Between 1964 and 1967, the State Board of Equalization reports that total taxable sales in Seal Beach increased from $6,382,000 to more than $11,000,000 representing a three year growth exceeding 72 % . Taxable salcs in fiscal year 1974-75 approximated $35,000,000. In addition to a diversified selection of wholesale, retail, and service establishmcnts, Seal Beach is served by branch offices of the following major banking institutions: Bank of America, Crocker Citi- zens National Bank, Security Pacific National Bank, United California Bank, Great Wcstern Savings and Loan Association, Home Federal Savings and Loan Association, Mariner's Savings and Loan Associ- ation and Western Federal Savings and Loan Association. Industry Seal Beach is exceptionally well situated in rela- tion to major industrial centers in both northern Orange County and southern Los Angeles County. It is estimated that manufacturing firms in surround- ing industrial areas provide employment for more than 125,000 persons in a variety of categories. The principal manufacturing classifications include: electronics and electrical products, transportation cquipment (aircraft, automotive, and shipbuilding), space research and components, petroleum products. chemical products, food processing, paper products. and fabricated metal products and equipment. Lo- cated within a 20 mile radius of Seal Beach are approximately 300 industrial firms employing 100 or more persons. These major employers are im- portant sources of occupation to residents of the City because of the excellent highway access from Seal Beach and the highly diversified employment categories represented. The largest employers in Seal Beach are Rockwell International Corporation and the U.S. Naval Weapons Station. These installations employ ap- " 'i' t.. Bowne of I.A. - (213) 748-9851 proximately 2,700 persons. Petroleum production is also a significant industrial activity in Seal Beach. The City includes part of the Seal Beach Oil Field with approximately 100 producing wells inside the City limits. Annual production is currcntly in exccss of 4.6 million barrels. Thc sccond largest employer in Scal Beach, the U.S. Naval Weapons Station, currently employs 1,200 civilians and has a military complement of 250. The weapons station, which was established in 1942, covers 5,000 acrcs and maintains its own docking and vessel loading facilities in a protected deepwater harbor. The principal duties performed at the weapons station include storage, renovation and issuance of ordnance and weapons, and techni- cal ordnance material. Civilian employment at the Seal Bcach installation has more than doubled in the last 15 years, incrcasing from 537 in 1960 to thc present level. The weapons station is also the home of the Seal Beach National Wildlife Refuge, established by an Act of Congress in August, 1972. Transportation The availability of convenient transportation fa- cilities has been a significant factor in the recent growth and development of Seal Beach. The City is biscctcd by State Route I (Pacific Coast High- way), whilc the San Diego, San Gabricl and Gardcn Grove Freeways intersect within the City limits. Existing frccways providc cxcellent access to all north, south and castcrn points. Western Greyhound Lines providcs long distance passenger and package express service from Seal Beach. Local bus service is provided by the Southern California Rapid Transit District, Long Beach Public Transportation Company, and Orange Coun- ty Transit District. Bctwccn thc hours of 9 :00 a.m. and 5:00 p.m. the City provides free bus service within the community through a franchised operator. Regularly scheduled airline service is available at thc Long Beach Airport, Orange County Airport and Los Angeles International Airport, all of which are less than 45 minutes driving time from Seal Beach. Marine transportation is offered through the ex- tensive facilities of the Port of Long Beach and the Port of Los Angeles at San Pedro. Both of these installations are within 10 miles of the City 14 Seal Beach - 5800 I I I o' ,. "",. ,- , " .. .. Proof of August 30, 1975 and provide modem facilities for handling all types of waterborne cargoes. The ports are also a stopping point for trans-Pacific passenger lines. Utilities Electricity in the Oty is provided by Southern California Edison Company and natural gas by Southern California Gas Company. General Tele- phone Company serves the entire City. Sewage col- lection and treatment facilities are provided by Orange County Sanitation District No.3, and refuse collection is furnished by a contract operator. Water service is provided by the Oty. Education The City of Seal Beach is served by two high school and four elementary school districts. The Seal Beach School District operates two elementary schools within thc City limits. All other primary and secondary education facilities are located outside of the City. Most of Seal Beach is also within the Orange Coast Community College District. The district operates two colleges in Costa Mesa and Huntington Beach. The 122-acre Huntington Beach Campus (Golden West College) which started classes in the fall of 1966, is about eight miles from Seal Beach. In addi- tion to five junior colleges, there are eight institutions in the county granting degrees for four-year or grad- uate courses of study. The schools are: University of California at Irvine; California State University, Fullerton; Chapman College, Orange; Southern Cali- fornia College, Costa Mesa; West Coast University, Orange; Western State University, Anaheim; Orange University College of Law, Santa Ana; and Pepper- dine University, Santa Ana. A number of colleges and universities are also located in adjacent areas of southern Los Angeles County, including the Cali- fornia State University at Long Beach. The Orange County campus of the University of California at Irvine is located approximately 20 miles from Seal Beach on a 1,510 acre tract. The original 1,000 acres for the campus site was donated by the Irvine Company, owner of the surrounding 88,000- acre Irvine Ranch. Construction of the first eight buildings and ten residential units was completed at a cost exceeding $20,000,000. \ 1. I . Bowne of I.A. - (213~ 748-9851 Recreation and Community Facilities Seal Beach was originally establishcd because of its attractiveness as a seaside resort and recreation area. While the character of the City has undergone a change during the last decade from a resort com- munity to a stable residential community, recreation is still an important factor in the local economy. City officials estimate that more than 3,000,000 visitors are attracted to the one mile City owned ocean front recreation area in Seal Beach each year. For the convenience and accommodation of these visitors, the City maintains a 1,860 foot municipal pier for sport fishing and a beach park with picnic facilities. Swim- ming and surfboarding are extremely popular sports and are conducted under the supervision of municipal lifeguards. In 1967, the City lacked any municipal parks or recreation facilities except for its one mile stretch of beach. Since then, the City has acquired or leased and developed nearly 47 acres of parkland. The most recent is an eight acre abandoned railroad right of way, 100 feet wide by 3,600 feet long. The park virtually bisects the downtown portion of Seal Beach. The $ 1.2 million project is within the Riverfront Re- development Project of the Seal Beach Redevelop- ment Agency and is financed by Agency and gas tax funds. At the southerly end of Seal Beach, the Orange County Harbor District has developed the SUnset Aquatic Regional Park. The first phase of develop- ment was completed in August of 1968, and provides an eight lane launching ramp capable of accom- modating up to 500 boats per day, parking for 220 cars and boat trailers, and overnight space for 500 house trailers. Ultimately, it is planned that the aquatic park will provide public beach and picnic facilities for 2,800 people, public fishing floats, boat rentals and fueling docks, and berths for 1,000 to 3,500 boats of all types, depending on the availability of additional surplus Navy land. Most religious denominations, service clubs and fraternal organizations are represented in Seal Beach. Orange County maintains three branch libraries with- in the City. Newspaper coverage is provided by Los Angeles and Orange County dailies as well as by two local weekly papers, the Seal Beach Journal (the City's legal newspaper), and the Scal Beach News Enterprise. Overnight and longer term accommoda- IS Seal Beach - 5800 I I' I. r .~ . .,.. .- . l. i " Proof of August 30, 1975 tions for the numerous visitors to thc City are pro- vided at many motels, lodges and other rental facil- ities, principally in the western portion of the City closest to the beaches. Residents of Seal Beach have easy freeway access to all of the cultural and recreational facilities of "' " , ... '. .. Bowne of lA. - (213) 748-9851 southern California. Such well known attractions as Disneyland, Knotfs Berry Farm, Newport Beach, Anaheim Stadium (home of the California Angels Amcrican I..caguc baseball tcam), Marincland of the Pacific, and the Queen Mary, acquired by the City of Long Beach. are all within a short traveling distance of the City. 16 Seal Beach - 5800