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Home My WebLink AboutCC Min 1982-02-25 2-22-82 / 2-25-82 the Redevelopment Agency. Seitz moved, second by Vanderstaay, to accept and agree to the SB 99 Bond Agreement as recommended. AYES: Laszlo, Seitz, Supple, Vanderstaay NOES: Krede11 Motion carried ORAL COMMUNICATIONS There were no oral communications. ADJOURNMENT Vanderstaay moved, second by Laszlo, to adjourn the meeting to Thursday, February 25th at 7:00 p.m. to consider the sale of the SB 99 Bonds. AYES: Kredell, Laszlo, Seitz, Supple, Vanderstaay NOES: Motion carried None The meeting adjourned at 10:24 p.m. clerk of the Approvot>f-....L ~ ~ Mayor Attest: 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 - REDEVELOPMENT AGENCY Present: Chairman Supple Agency Members Laszlo, Seitz, Vanderstaay Absent: Agency Member Kredell I I I 2-25-82 ROLL CALL - CITY COUNCIL Present: 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 I 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 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: Laszlo, Seitz, Supple, Vanderstaay NOES: None ABSENT: Krede11 Motion carried WAIVER OF FULL READING - CITY COUNCIL Supple moved, second by Vanderstaay, to waive the reading in full of I 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: Laszlo, Seitz, Supple, Vanderstaay NOES: None ABSENT: Krede11 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 I 1982 AND AUTHORIZING THE EXECUTION OF THE 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 2-25-82 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 explained 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 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 11, 24 and 25 to Resolution 82-3 and stated that Resolution Number 82-2 is hereby amended deleting the words "Investment Agreement" and 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 Agreement 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 qualifica- tion 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: Laszlo, Seitz, Supple, Vanderstaay NOES: None ABSENT: Kredell Motion carried It is hereby noted that Redevelopment Agency Resolution Number 82-3 entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF RESIDENTIAL MORTGAGE I I I 2-25-82 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. ADJOURNMENT OF REDEVELOPMENT AGENCY MEETING I Seitz moved, second by Vanderstaay, to adjourn the Redevelopment Agency meeting to Monday, March 8, 1982 at 6:45 p.m. AYES: Laszlo, Seitz, Supple, Vanderstaay NOES: None ABSENT: 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, I second by Vanderstaay, to adopt Resolution Number 3136 as presented. AYES: . Laszlo, Seitz, Supple, Vanderstaay NOES: None ABSENT: Krede11 Motion carried ORAL COMMUNICATIONS There were no oral communications. ADJOURNMENT Seitz moved, second by Vanderstaay, to adjourn the meeting at 7:52 p.m. AYES: Laszlo, Seitz, Supple, Vanderstaay NONE: None ABSENT: Kredell Motion carried I lerk and ex-offi Sea Beach City Counci ApproWdJ;;J 4p?- ~ ~~, ~~'d Ih ( Ci ty Clerk ~ Attest: