HomeMy WebLinkAboutRDA Min 1985-06-24
6-24-85
Seal Beach, California
June 24, 1985
The Redevelopment Agency of the City of Seal Beach met
in regular session at 6:45 p.m. with Chairman Brownell
calling the meeting to order with the Salute to the Flag.
ROLL CALL
Present:
Chairman Brownell
Agency Members Clift, Risner, Wilson
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Absent:
Agency Member Grgas
Mr. Grgas arrived at the meeting at 6:54 p.m.
Also present: Mr. parker, Executive Director
Mr. Stepanicich, City Attorney
Mrs. Yeo, Secretary
WAIVER OF FULL READING
Wilson moved, second by Risner, 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:
Brownell, Clift, Risner, Wilson
None
Grgas Motion carried
APPROVAL OF MINUTES
Risner moved, second by Clift, to approve the minutes of
the regular meeting of May 28, 1985.
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AYES:
NOES:
ABSENT:
Brownell, Clift, Risner, wilson
None
Grgas Motion carried
RESOLUTION NUMBER 85-1 - ADOPTING 1985/86 FISCAL YEAR BUDGET
Resolution Number 85-1 was presented to the Agency entitled
"A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SEAL BEACH, CALIFORNIA, ADOPTING A BUDGET FOR FISCAL YEAR
1985/86." By unanimous consent, full reading of Resolution
Number 85-1 was waived. In response to a request of Agency
Member Risner, the Executive Director explained that mortgage
revenue bonds were issued in 1982 for the Riverbeach
condominium project, that those bonds were not used, remained
in a bank account, accruing interest, therefore $350,000
of additional revenue was realized by the Agency during
1984/85. Based upon the Council's intent to establish
Zoeter School reserve fund with those surplus Agency funds,
Mr. Parker recommended the $350,000 expenditure be noted
in Account 8181, Contributions to Other Agencies, as a
transfer from the Agency to the City's General Fund. Mrs.
Risner clarified that these monies constitute a repayment
towards a loan from the City. The Executive Director
recommended that the Resolution be amended to reflect an
increase of expenditures from $720,000 to $1,070,000.
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Agency Member Grgas arrived at 6:54 p.m.
Mr. Parker also recommended that when the City budget is
considered, the Council can, by motion, place the $350,000
in a trust fund for Zoeter School property. Clift moved,
second by Wilson, to adopt Resolution Number 85-1 as amended.
6-24-85
AYES:
NOES:
Brownell, Clift, Grgas, Risner, Wilson
None Motion carried
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RESOLUTION NUMBER 85-2 - SINGLE FAMILY SUBORDINATED MORTGAGE
REVENUE BONDS - APPROVING FIRST SUPPLEMENT - TRUST INDENTURE
Resolution Number 85-2 was presented to the Agency entitled
"A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SEAL BEACH, CALIFORNIA, APPROVING THE FIRST SUPPLEMENT
TO TRUST INDENTURE." By unanimous consent, full reading
of Resolution Number 85-2 was waived. The Executive Director
reported receipt of a letter from Jones Hall Hill & White,
bond Counsel for the subject bonds, requesting an amendment
to the Trust Indenture for the Single Family Subordinated
Mortgage Revenue Bonds, enabling the transfer of the subject
bonds to multiple parties, with the Sophisticated Purchaser
Agreement attached as Exhibit "A" to the proposed Resolution.
Risner moved, second by Clift, to adopt Resolution Number
85-2 as presented. The Executive Director clarified that
amendment allows for the transfer of allocated bond amounts
to individual partners associated with the development.
AYES:
NOES:
Brownell, Clift, Grgas, Risner, Wilson
None Motion carried
ORAL COMMUNICATIONS
There were no oral communications.
ADJOURNMENT
Wilson moved, second by Risner, to adjourn the meeting
at 7:00 p.m.
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AYES:
NOES:
Brownell, Clift, Grgas, Risner, Wilson
None Motion carried
Q- A .--14 -.
Ch J.rman
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