HomeMy WebLinkAboutRDA Min 1982-03-08
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Seal Beach, California
March 8, 1982
The Redevelopment Agency of the City of Seal Beach met in regular
adjourned session at 6:45 p.m. with Chairman Supple calling the
meeting to order with the Salute to the Flag.
ROLL CALL
Present:
Chairman Supple
Agency Members Kredell, Laszlo, Vanderstaay
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Absent:
Agency Member Seitz
Also present:
Mr. Parker, Executive Director
Mr. Parrington, Special Legal Counsel
Mrs. Yeo, Secretary
WAIVER OF FULL READING
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 given 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:
Kredell, Laszlo, Supple, Vanderstaay
. None
Seitz
Motion carried
RESOLUTION NUMBER 82-4 - APPROVING INVESTMENT AGREEMENT and FINAL
OFFICIAL STATEMENT ~ SB 99 MORTGAGE REVENUE BONDS - 1982
Resolution Number 82-4 was presented to the Agency entitled "A
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH
AUTHORIZING THE EXECUTION OF AND APPROVING INVESTMENT AGREEMENT
AND FINAL OFFICIAL STATEMENT FOR THE $18,200,000.00 PRINCIPAL
AMOUNT OF RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1982." By
unanimous consent, full reading of Resolution Number 82-4 was waived.
Mr. Parrington, Special Legal Counsel, explained that the Final
Official Statement before the Agency contained several minor and
technical changes from the previously approved Draft Statement in
order to conform to the structure of the bond sale, that the Final
Statement is dated March 16, 1982, the proposed closing date for
the bond sale, that interest on the bonds is first payable March I,
1983, that the Application of Bond Proceeds had been adjusted to
reflect the underwriters discount and that the Maturity Schedule
and interest rates have now been set forth in the Final Statement.
Mr. Parrington stated that pursuant to the Investment Agreement,
the proceeds from the bond sale being held by the Trustee, Security
Pacific National Bank, will be invested on behalf of the Agency with
Home Federal Savings and Loan Association of San Diego for approxi-
mately three years or until completion of the townhomes project at
a rate of fourteen and one quarter percent. Mr. Parrington reported
that the Certificates of Deposit will be in the amount of $16,139,140.
Mr. Parrington stated that certain documents would be available in
final form on Thursday of this week to be executed on behalf of the
Agency. Laszlo moved, second by Vanderstaay, to approve Resolution
Number 82-4 as amended authorizing the Chainman to execute the
Investment Agreement on behalf of the Agency and approve any subse-
quent changes as approved by the bond counsel, Jones, Hall, Hill and
White.
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AYES:
NOES:
ABSENT:
Kredell, Laszlo, Supple, Vanderstaay
None
Seitz
Motion carried
ORAL COMMUNICATIONS
Chairman Supple declared oral communications open. Agency Member
Kredell inquired about any monies payable to Mr. Dawson from the sale
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of the bonds for the condominium project. It was clarified that Mr.
Dawson will not realize any financial gain from the sale of the bonds,
only a percentage of any profits realized from the sale of the
condominium units pursuant to an agreement between Riverbeach Associates
and Mr. Dawson. There were no other oral communications; Chairman
Supple declared oral communications closed.
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ADJOURNMENT
Laszlo moved, second by Kredell, to adjourn to Friday, March 12, 1982
at 6:45 p.m. in the event it should be necessary to take further action
regarding the sale of the bonds.
AYES:
NOES:
ABSENT:
Kredel1, Laszlo, Supple, Vanderstaay
None
Seitz Motion carried
The meeting adjourned at 7:15 p.m.
~."f.'-1
Chairman
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