HomeMy WebLinkAboutRDA Min 1982-02-25
2-25-82
Seal Beach, California
February 25, 1982
The Seal Beach Redevelopment Agency and the Seal Beach City Council
met in regular adjourned concurrent session at 7:00 o'clock p.m. with
Agency Chairman Supple and Mayor Laszlo calling the meetings to order
with the Salute to the Flag.
ROLL CALL -
Present:
REDEVELOPMENT AGENCY
Chairman Supple
Agency Members Laszlo,
Seitz, Vanderstaay
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Absent:
Agency Member Kredell
ROLL CALL
Present:
- CITY COUNCIL
Mayor Laszlo
Councilmembers
Seitz, Supple, Vanderstaay
Absent:
Councilmember Kredell
Also present:
Mr. Parker, City Manager and Executive Director
Mr. Parrington, Special Legal Counsel
Mrs. Yeo, City Clerk and Secretary
WAIVER OF FULL READING - REDEVELOPMENT AGENCY
Laszlo moved, second by Vanderstaay, to waive the reading in full of
all resolutions, and that consent to the waiver of reading shall be
deemed to be grven by all Agency Members after reading of the title
unless specific request is made at that time for the reading of such
resolution.
AYES:
NOES:
ABSENT:
Laszlo, Seitz, Supple, Vanderstaay
None
Kredell Motion carried
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WAIVER OF FULL READING - CITY COUNCIL
Supple moved, second by Vanderstaay, to waive the reading in full of
all ordinances and resolutions, and that consent to the waiver of
reading shall be deemed to be given by all Council Members after reading
of the title unless specific request is made at that time for the
reading of such ordinance or resolution.
AYES:
NOES:
ABSENT:
Laszlo, Seitz, Supple, Vanderstaay
None
Kredell Motion carried
RESOLUTION NUMBER 82-2 - SELLING RESIDENTIAL MORTGAGE REVENUE BONDS -
ISSUE OF 1982
Resolution Number 82-2 as amended was presented to the Agency entitled
"A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH
SELLING $18,200,000.00 PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH RESIDENTIAL MORTGAGE REVENUE BONDS ISSUE OF 1982
AND AUTHORIZING THE EXECUTION OF AND APPROVING THE RESOLUTION, BOND
PURCHASE AGREEMENT, ORIGINATION AND SERVICING AGREEMENT, DEVELOPER
AGREEMENT, RULES AND REGULATIONS, LETTER OF CREDIT AGREEMENT, DRAFT
OFFICIAL STATEMENT AND RELATING DOCUMENTS, AND CERTAIN ACTIONS WITH
RESPECT THERETO." By unanimous consent, full reading of Resolution
Number 82-2 was waived. Mr. Parrington, Special Legal Counsel,
informed the Agency/Council that the bonds had been sold, explained
that there is no liability of the Agency or City except to make
payments from the mortgage loans and from reserves established by the
bond issue and that the bond proceeds will not be used to make a
construction loan to the developer, but used only as loans for the
purchase of the completed condominium units by qualified buyers. Mr.
Parrington expla'ined the role of each of the parties to the bond
issue, First Interstate Bank as the Mortgage Lender, Riverbeach
Associates, the developer of the eighty unit townhouse project,
Security Pacific National Bank as the Trustee who will retain and
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2-25-82
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invest the proceeds from the sale of the bonds, and Miller & Schroeder
Municipals, Inc. and First Interstate Bank, the underwriters. Mr.
Parrington provided amended pages II, 24 and 25 to Resolution 82-3
and stated that Resolution Number 82-2 is hereby amended deleting the
words "Investment Agreement" and is changing "Final" to "Draft
Official Statement" in the title of Resolution Number 82-2, that
Section 6 "Investment Agreement" is to be deleted and that the subsequent
sections be renumbered. Mr. Parrington explained the Investment Agree-
ment and the Final Official Statement will be presented for consideration
on March 8th. Mr. parrington and Mr. Lee of Jones, Hall, Hill & White
of San Francisco, bond counsel, responded to several questions relating
to qualification standards and procedures to obtain the low interest
mortgage loans, the owner occupancy requirement under State law,
procedures and security in the event of a loan default, investment of
funds pending completion of construction, exemption of interest income
from federal income taxes and personal income taxes imposed by State,
municipal and other political subdivisions, prepayment of a mortgage
loan and resulting penalties. Laszlo moved, second by Vanderstaay,
to adopt Resolution Number 82-2 as amended by Legal Counsel.
AYES:
NOES:
ABSENT:
Laszlo, Seitz, Supple, Vanderstaay
None
Kredell Motion carried
It is hereby noted that Redevelopment Agency Resolution Number 82-3
entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF RESIDENTIAL MORTGAGE
REVENUE BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH,
ISSUE OF 1982" was adopted pursuant to approval of Resolution Number
82-2.
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ADJOURNMENT OF REDEVELOPMENT AGENCY MEETING
Seitz moved, second by Vanderstaay, to adjourn the Redevelopment Agency
meeting to Monday, March 8, 1982 at 6:45 p.m.
AYES:
NOES:
ABSENT:
Laszlo, Seitz, Supple, Vanderstaay
None
Kredell Motion carried
The meeting adjourned at 7:48 p.m.
RESOLUTION NUMBER 3136 - APPROVING ISSUANCE - RESIDENTIAL MORTGAGE
REVENUE BONDS - ISSUE OF 1982
Resolution Number 3136 was presented to the Council entitled "A
RESOLUTION APPROVING THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH OF RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF
1982 IN A PRINCIPAL AMOUNT OF $18,200,000." By unanimous consent,
full reading of Resolution Number 3136 was waived. Supple moved,
second by Vanderstaay, to adopt Resolution Number 3136 as presented.
AYES:
NOES:
ABSENT:
Laszlo, Seitz, Supple, Vanderstaay
None
Kredell Motion carried
ORAL COMMUNICATIONS
There were no oral communications.
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ADJOURNMENT
Seitz moved, second by Vanderstaay, to adjourn the meeting at 7:52 p.m.
AYES:
NOES:
ABSENT:
Laszlo, Seitz, Supple, Vanderstaay
None
Kredell Motion carried