HomeMy WebLinkAboutSA Res SA20-01 2020-06-22RESOLUTION SA 20-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO SEAL BEACH REDEVELOPMENT
AGENCY APPROVING THE USE OF BOND FUNDS TO EFFECT
A REDEMPTION OF OUTSTANDING TAX ALLOCATION BONDS
AND TAKING RELATED ACTIONS
RECITALS:
A. The Redevelopment Agency of the City of Seal Beach (the "Former
Agency") issued its Tax Allocation Refunding Bonds, 2000 Series A (Riverfront
Redevelopment Project) (the "2000A Bonds"), pursuant to an Indenture, dated
as of December 1, 2000 (the "Indenture"), by and between the Former Agency
and BNY Western Trust Company (who is now The Bank of New York Mellon
Trust Company, N.A.), as trustee (the "Trustee").
B. Pursuant to AB X1 26 (enacted in June 2011) and the California
Supreme Court's decision in California Redevelopment Association, et al. v. Ana
Matosantos, et al., 53 Cal, 4th 231 (2011), the Former Agency was dissolved as
of February 1, 2012, the Successor Agency to the Seal Beach Redevelopment
Agency (the "Successor Agency") was constituted.
C. All assets and contracts of the Former Agency transferred to the
control of the Successor Agency by operation of law, and the Successor Agency
is required to continue to make payments due for enforceable obligations.
D. The Successor Agency has continued to pay principal and interest
payments and other expenses related to the 2000A Bonds.
E. The scheduled final maturity date of the 2000A Bonds is September
1, 2023, provided, pursuant to the Indenture, the 2000A Bonds are currently
subject to redemption (i.e., early retirement) on any date, at the option of the
Successor Agency, after required notices to the Trustee and the bondholders.
F. When the 2000A Bonds were issued, a portion of the proceeds of
the 2000A Bonds was deposited into a Reserve Account (the "Reserve
Account") established and held by the Trustee under the Indenture.
G. Pursuant to the Indenture, moneys in the Reserve Account (by
themselves or together with any other available moneys) may be used for the
retirement of all of the outstanding 2000A Bonds.
H. As of the date of this Resolution, the outstanding principal amount
of the 2000A Bonds is $685,000.
I. There is sufficient money in the Reserve Account to effect a full
redemption of all of the 2000A Bonds.
Resolution SA 20-01
J. The redemption of the 2000A Bonds will be in furtherance of the
Successor Agency's task to wind -down the Former Agency's affairs and will
result in savings of interest payments.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY,
HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. The above recitals are true and correct and are a
substantive part of this Resolution.
Section 2. The use of the moneys in the Reserve Account (and any
other moneys held by the Trustee under the Indenture) to effect a full redemption
of the outstanding 2000A Bonds pursuant to the terms of the Indenture during
fiscal year 2020-21, or anytime thereafter, is hereby authorized.
Section 3. The officers and the other Staff members of the Successor
Agency are hereby authorized and directed, jointly and severally, to do any and
all things, including the execution of any instruments, which they may deem
necessary or advisable to effectuate this Resolution and the redemption of the
2000A Bonds.
PASSED, APPROVED and ADOPTED by the Successor Agency to the Seal
Beach Redevelopment Agency at a regular meeting held on the 22"d day of June,
2020 by the following vote:
AYES: Sustarsic, Kalmick Varipapa Moore Massa-Lavitt
NOES: None
ABSENT: gone
ABSTAIN: None
FM .+. - - -
►,�
Schelly Sustarsic, Chair
E
Resolution SA 20-01
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Gloria Harper, Secretary of the Successor Agency to the Seal Beach
Redevelopment Agency, do hereby certify that the foregoing resolution is the
original copy of Resolution SA 20-01 on file in the office of the City Clerk of the
City of Seal Beach, passed, approved, and adopted by the Successor Agency to
the Seal Beach Redevelopment Agency at a regular meeting held on the 22nd
day of June, 2020.
oria D. H