HomeMy WebLinkAboutRDA Min 1984-02-13
2-13-84
Seal Beach, California
February 13, 1984
The Redevelopment Agency of the City of Seal Beach met
in regular adjourned session at 6:45 p.m. with Chairman
Laszlo calling the meeting to order with the Salute to
the Flag.
ROLL CALL
Present:
Chairman Laszlo
Agency Members Brownell, Grgas, Risner,
Vanderstaay
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Absent: None
Also present: Mr. Parker, Executive Director
Mr. Strausz, Assistant City Attorney
WAIVER OF FULL READING
Risner moved, second by Grgas, 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:
Brownell, Grgas, Laszlo, Risner, Vanderstaay
None Motion carried
RESOLUTION NUMBER 84-2 - MORTGAGE REVENUE BONDS - ISSUE
OF 1984 - RIVERBEACH TOWNHOMES
Resolution Number 84-2 was presented to the Agency entitled
"A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SEAL BEACH AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$17,000,000 PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF
THE CITY OF SEAL BEACH SINGLE FAMILY MORTGAGE REVENUE BONDS,
ISSUE OF 1984 AND REDEVELOPMENT AGENCY OF THE CITY OF SEAL
BEACH SINGLE FAMILY SUBORDINATED MORTGAGE REVENUE BONDS
SUCH BONDS TO BE ISSUED PURSUANT TO A TRUST INDENTURE,
AUTHORIZING THE SALE OF SUCH BONDS AND AUTHORIZING THE
EXECUTION OF AND APPROVING IMPLEMENTING AGREEMENTS,
DOCUMENTS AND ACTIONS." By unanimous consent, full reading
of Resolution Number 84-2 was waived. Mr. Philip Lee,
Jones, Hill, Hall & White, San Francisco, bond counsel
to the Agency, reviewed the documents before the Agency
for consideration, which are necessary in order to complete
the bond transaction. Mr. Lee stated the amount of the
sale will be $15,655,760 and $450,000 Subordinated Mortgage
Bonds. Agency Member Brownell pointed out that the Agency
and the City have no financial responsibility or liability
for payment of these Bonds. Assistant City Attorney Strausz
reminded the Council that their firm does not participate
in any matter relating to this project, however, verified
that under 5B99 statutes, the Bonds do not pose a liabilIty
to the Agency or the City. Mr. Lee clarified that the
Bonds are solely to benefit those persons purchasing the
condominiums and not used for any other purpose. It was
noted that the interest rate of the Bonds is anticipated
to be 10.85 percent for thirty year fixed mortgages. Mr.
Lee reported that the closing date of the sale is expected
to be February 27th and 28th. Brownell moved, second by
Grgas, to adopt Resolution Number 84-2 as presented.
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AYES:
NOES:
Brownell, Grgas, Laszlo, Risner, Vanderstaay
None Motion carried
2-13-84
APPROVAL OF MINUTES
Risner moved, second by Vanderstaay, to approve the minutes
of the regular Redevelopment Agency meeting of January
23, 1984 as presented.
AYES:
NOES:
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Brownell, Grgas, Laszlo, Risner, Vanderstaay
None Motion carried
ORAL COMMUNICATIONS
There were no oral communications.
ADJOURNMENT
Risner moved,
at 6:56 p.m.
AYES:
NOES:
0......
Seer ary
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second by Vanderstaay, to adjourn the meeting
Brownell, Grgas, Laszlo, Risner, Vanderstaay
None Motion carried
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Chairman
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