HomeMy WebLinkAboutAG RPTS 1993 0421 RDA REGREDEVELOPMENT AGENCY
OF THE CITY OF MOORPARK
AGENDA
WEDNESDAY, APRIL 21, 1993
6 :45 P.M.
Moorpark Community Center 799 Moorpark Avenue
1. CALL TO ORDER:
2. ROLL CALL:
3. CONSENT CALENDAR (Roll Call Vote):
A. Warrant Register
Regular Warrants #156 & 157 $7,261.02
B. Consider a Resolution of the Redevelopment Agency of the
City of Moorpark Authorizing the Formation of a Joint
Powers Authority with the City of Moorpark. California.
Recommendation: Approval of Resolution 93-
C. Consider a Resolution of the Redevelopment Aaencv of the
City of Moorpark Authorizing the Issuance and Sale of Its
Moorpark Redevelopment Project, 1993 Tax Allocation Bonds
in Principal Amount of Ten Million Dollars Eight Hundred
Thousand Dollars ($10.800.000 ) ; Authorizing the Retention
of Bond Counsel, Disclosure Counsel. Financial Advisor
and Underwriter in Connection Therewith; Approving
Documents; and Authorizing Bond Counsel, Disclosure
Counsel, Financial Advisor, Underwriter and Other Parties
to take Certain Actions Necessary to Accomplish the
Issuance, Sale and Delivery of Such Bonds.
Recommendation: Approve Resolution 93-
4. ADJOURNMENT:
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Any member of the public may address the Redevelopment Agency
during the Public Comments portion of the Agenda, unless it is a
Public Hearing or Discussion /Action item. Speakers who wish to
address the Redevelopment Agency concerning a Public Hearing or
Discussion /Action item must do so during the Public Hearing or
Discussion /Action portion of the Agenda for that item. Speaker
Cards must be received by the Secretary of the Redevelopment Agency
prior to the Call to Order of the meeting. Speakers will be heard
in the order that their Speaker Cards are received. A limitation
of 3 minutes shall be imposed upon each speaker.
STEM
3. A.
WARRANT REGISTER
FOR THE 1992 -93 FISCAL YEAR
CITY COUNCIL MEETING OF APRIL 21, 1993
REDEVELOPMENT AGENCY
WARRANT 156 & 157 $ 79261.02
TOTAL $ 7,261.02
)OPPARK, CALIFORNIA
City C I Meeffng
of Z 199 3
ACTION: Qr
BRC ACCOUNTS PAYABLE
04/15/93 08:38:10
Report Selection:
CITY OF MOORPARK
Disbursements Journal GL050S- V02.03 COVERPAGE
GL540R
RUN GROUP... 42193 COMMENT... RDA WARRANTS 04/21/93MTG
DATA -JE -ID DATA COMMENT
-------- - - - - -- ------------------ - - - - --
H- 04211993 -467 RDA WARRANTS 04/21/93MTG
Run Instructions:
Jobq Banner Copies Form Printer Hold Space LP Lines CPi
J 03 P1 N S 6 066 10
BRC ACCOUNTS PAYABLE
04/15/93 08:38:18
WARRANT DATE VENDOR
BANK OF A. LEVY
156 04/21/93 BURKE, WILLIAMS & SO 25
156 04/21/93 BURKE, WILLIAMS & SO 25
156 04/21/93 BURKE, WILLIAMS & SO 25
156 04/21/93 BURKE, WILLIAMS & SO 25
156 04/21/93 BURKE, WILLIAMS & SO 25
157 04/21/93 UNIVERSAL REPROGRAPH
BANK OF A. LEVY
Disbursements Journal
DESCRIPTION AMOUNT CLAIM INVOICE
01/93 #1359- 029COMM R 121.50
01/93 #1359-049 VCC 2,237.69
01/93 #1359 -073 VCT 1,143.00
02/93 #1359 -049 VCC 2,613.92
02/93 #1359 -073 VCT 1,139.50
7,255.61
855 2 DOWNTOWN AERIAL PHOTO 5.41
TOTAL 7,261.0
006324 12984
006324 12984
006324 12984
006325 13352
006325 13352
*CHECK TOTAL
006326 246306 -"
CITY OF MOORPARK
GL540R- V02.03 PAGE 1
PO# F 9 S ACCOUNT
P N H 070.4.114.643
P N H 070.4.114.643
P N H 070.4.114.643
P N H 070.4.114.643
P N F+ 070.4.114.643
P N Ii 070.4.131.621
BRC ACCOUNTS PAYABLE CITY OF MOORPARK
04/15/93 08:38:18 Disbursements Journal GL540R- V02.03 PAGE 2
WARRANT DATE VENDOR DESCRIPTION AMOUNT CLAIM INVOICE P0# F 9 S ACCOUNT
REPORT TOTALS: 7,261.02
RECORDS PRINTED - 000006
BRC ACCOUNTS PAYABLE CITY OF MOORPARK
04/15/93 08:38:26 Disbursements Journal GL060S- V02.03 RECAPPAGE
GL540R
FUND RECAP:
FUND DESCRIPTION
- - -- ---------------------- - - - - --
070 REDEVELOPMENT AGENCY
TOTAL ALL FUNDS
BANK RECAP:
BANK NAME
- ----------------------------
BANK BANK OF A. LEVY
TOTAL ALL BANKS
DISBURSEMENTS
7,261.02
7,261.02
DISBURSEMENTS
7,261.02
7,261.02
Moorpark Redevelopment Agency
April 21, 1993
Consent
Consider Approval of Warrants Staff Recommendation: Approve
Warrants.
Consider Resolution No.93- of the Redevelopment Agency of the
City of Moorpark, California, Authorizing the Formation of the
Moorpark Public Financing Authority. Staff Recommendation:
Approve Resolution No.93-
Consider Resolution No. 93- , of the Redevelopment Agency of
the City of Moorpark, Authorizing the Issuance and Sale of its
Moorpark Redevelopment Project, 1993 Tax Allocation Bonds and a
Principal amount of Ten Million, Eight Hundred Thousand Dollars
($10,800,000): Authorizing the Retention Bond Counsel, Disclosure
Counsel, Financial Advisor and Underwriter in Connection
therewith; Approving_ Documents; and Authorizing Bond Counsel,
Disclosure Counsel, Financial Advisor, Underwriter and other
Parties to take Certain Actions Necessary to Accomplish the
Issuance, Sale and Delivery of such Bonds. Staff Recommendation:
Approve Resolution No. 93-
Financing Authority
April 21, 1993
Consent
Consider a Notice of Waiver and Consent to the Holding
of the First Meeting of the Board of Directors of the
Moorpark Public Financing Authority. Staff Recommendation:
Approve Notice of Waiver.
Consider Resolution 93- of the City Council of the City
of Moorpark, California, Authorizing the Formation of a
Joint Powers Authority with the Redevelopment Agency of the
City of Moorpark. Staff Recommendation: Approve Resolution
93-
Consider Resolution 93- of the Board of Directors of the
Moorpark Public Financing Authority fixing the Time and
Place for its Regular Meeting and Providing the Manner which
Special Meetings of the Authority may be called;
Establishing a Seal for the Authority; Directing the Filing
of a Notice of Formation with the Secretary of State;
Designating an Official Meeting Address; and Establishing
the Rules and Regulations of the Authority. Staff
Recommendation: Approve Resolution 93-
Consider Resolution 93- , of the Board of Directors of the
Moorpark Public Financing Authority Authorizing the Purchase
and Resale of the Redevelopment Agency of the City of
Moorpark, Moorpark Redevelopment Project, 1993 Tax
Allocation Bonds, in a Principal amount of Ten Million,
Eight Hundred Thousand Dollars ($10,800,000) Staff
Recommendation: Approve Resolution 93-
Please refer to Staff Report for Redevelopment Agency
Meeting Item B.
7
-)ORPA' `;A
AGENDA REPORT C'tycoL 3
City of Moorpark
'�710N:
TO: The Honorable City Council and
Redevelopment Agency Board Members
FROM: Richard Hare, Deputy City ManaOr/ ,tom
Agency Treasurer
DATE April 14, 1993 (CC.Mtg. 4/21/93)
SUBJECT: REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
MOORPARK REDEVELOPMENT PROJECT
1993 TAX ALLOCATION BONDS
$10,800,000
RESOLUTIONS FORMING THE MOORPARK PUBLIC FINANCING
AUTHORITY; AUTHORIZING THE ISSUANCE AND SALE OF TAX
ALLOCATION BONDS; APPROVAL OF DOCUMENTS; RETENTION
OF FINANCING TEAM
BACKGROUND
The City Council of the City of Moorpark adopted the Plan for the Moorpark
Redevelopment Project Area on July 5, 1989. Since then, economic growth in the Project
Area has occurred, such that the Agency is now in a position to access the debt market to
obtain the necessary funding for the Agency's projects and programs. The Agency's
anticipated net tax increment revenue for FY 1992 -93 is approximately $1,136,154 and is
projected to be $1,211,834 for FY 1993 -94.
FINANCING
The proposed Tax Allocation Bond issue will be in a principal amount of $10,800,000, and
will have fully amortized principal and interest payments until the maturity date of October
1, 2018. The annual payment of principal and interest is dependent upon the interest rate
at which the bonds are sold. With an estimated interest rate of 6% the annual debt service
payment would be $845,000. The estimated net proceeds to the Agency, after setting aside
an amount equal to the maximum annual debt service in a reserve account ($821,000), and
after paying all costs of issuance (including Underwriter's discount, Bond Counsel fees,
Financial Advisor fees, and other related costs) will be approximately $9,500,000. Of this
amount, approximately $1,900,000 will need to be set aside for projects benefitting Low and
Moderate Income Housing, pursuant to California Redevelopment Law.
The Agency has submitted the issue to the major bond insurance companies (AMBAC and
MBIA) for consideration of bond insurance which is essentially an insurance policy that
guarantees to the bondholders that the debt service on the bonds would continue to be paid
regardless of the Agency's financial status.
01.MP.0493- ,STFRPTI
If the issue is insurable, the bonds would carry a AAA rating and would have an expected
interest rate in the 6.00% - 6.15% range in today's market.
The Agency is concurrently pursuing a "stand- alone" (without insurance) rating with the
major rating agencies (Standard & Poors and Moody's), so in the event that the issue is not
approved for bond insurance, it is hoped that the Agency could achieve an investment grade
rating on its own which would result in about 50 -75 basis points (0.5% - 0.75 %) lower
interest rate than a non -rated issue. If the Agency is not successful in achieving an
investment grade rating, the Agency has the option of selling the bonds on a non -rated basis
which would carry an interest rate in the range of 7.00% - 7.15 %.
It should be noted that market interest rates are currently at their lowest levels in the past
eight years. Proceeds should be available to the Agency by about May 19, 1993.
FINANCING AUTHORITY
Under state law, the Agency must sell its bonds on a competitive bid basis at a public sale,
unless it deems it more beneficial to hold a negotiated, non - public sale with one or more
underwriting firms. In the latter case, in order to hold a negotiated sale, the Agency would
be required to exercise its joint powers authority under state law by forming a Public
Financing Authority with the City.
It is recommended that the Moorpark Public Financing Authority be created to take
advantage of the financing procedures permitted by the Marks -Roos Local Bond Pooling Act
of 1985. By involving the Financing Authority as a conduit between the Redevelopment
Agency and the Underwriter in the sale of the Bonds, the sale can be done on a negotiated
basis without the time and expense of a public sale.
In a negotiated sale, the Agency can take advantage of today's fluctuating market by pre -
marketing and changing its sale date to achieve the lowest possible interest rate. In a
competitive sale, the Agency is restricted to the date of sale advertised unless it rejects all
bids and re- advertises, which is both time consuming and expensive.
The Agency's Financial Advisor will conduct a comprehensive analysis and "fairness test ",
at the time of the pricing of the Bonds to ensure that the interest rate on the Bonds is
competitive in today's market.
RECOMMENDED ACTION
For the Redevelopment Agency Meeting,, adopt the following:
1. A Resolution of the Redevelopment Agency of the City of Moorpark Authorizing the
Formation of a Joint Powers Authority with the City of Moorpark, California; and
By adopting this Resolution, the Agency takes the following actions:
O1.MP.0493- SrFRPTI
a) Authorizes the officers and staff of the Agency to assist in the
organization of a joint exercise of Powers Authority between the City
and the Agency (Moorpark Public Financing Authority) and to execute
and attest the Joint Powers Agreement forming the Moorpark Public
Financing Authority.
b) Authorizes and directs the officers and staff of the Agency to take all
actions and do all things necessary or desirable with respect to the
efficient formation of the Authority.
2. A Resolution of the Redevelopment Agency of the City of Moorpark Authorizing the
Issuance and Sale of Its Moorpark Redevelopment Project, 1993 Tax Allocation
Bonds in a Principal Amount of Ten Million Eight Hundred Thousand Dollars
($10,800,000); Authorizing the Retention of Bond Counsel, Disclosure Counsel,
Financial Advisor and Underwriter in Connection Therewith; Approving Documents;
and Authorizing Bond Counsel, Disclosure Counsel, Financial Advisor, Underwriter
and Other Parties to take Certain Actions Necessary to Accomplish the Issuance,
Sale and Delivery of Such Bonds.
By adoption of this Resolution, the Agency takes the following actions:
a) Authorizes the issuance, sale and delivery of the Bonds in a principal
amount of $10,800,000.
b) In connection with this issuance, retains Burke, Williams, Sorensen &
Gaar as Bond Counsel; Richards, Watson & Gershon as Disclosure
Counsel; Urban Futures, Inc. as Financial Advisor; and Miller &
Schroeder Financial, Inc. as Underwriter (the "Financing Team ") and
authorizes the Chairman or Executive Director to execute the
aforementioned firms' letter agreement /proposals in substantially the
forms on file with the City Clerk.
c) Approves the sale of the Bonds to the Moorpark Public Financing
Authority and the immediate resale of the bonds from the Authority
to the Underwriter, pursuant to the Bond Purchase Contract, in
substantially the form on file with the Agency Secretary together with
any changes therein or additions thereto approved by the Chairman or
Executive Director and subject to Bond Counsel approval.
d) Approves the Bond Purchase Agreement provided the interest rate on
the Bonds is the most favorable market rate.
e) Approves the Indenture of Trust.
f) Approves the Preliminary Official Statement and the distribution of the
Preliminary Official Statement by the Underwriter, and authorizes the
execution of the Final Official Statement by the Chairman or Executive
O1.MP.0493- STFRPT1
Director on behalf of the Agency.
For the City Council Meeting adopt the following:
1. A Resolution of the City Council of the City of Moorpark, California, Authorizing
the Formation of a Joint Powers Authority With the Redevelopment Agency of the
City of Moorpark.
By adopting this Resolution, the City Council takes the following actions:
a) Authorizes the officers and staff of the City to assist in the
organization of a joint exercise of Powers Authority between the City
and the Agency (Moorpark Public Financing Authority) and to execute
and attest the Joint Powers Agreement forming the Moorpark Public
Financing Authority.
b) Authorizes and directs the officers and staff of the City to take all
actions and do all things necessary or desirable with respect to the
efficient formation of the Authority.
For the Financing Authority Meeting adopt the following:
1. A Resolution of the Board of Directors of the Moorpark Public Financing Authority
Electing Its Officers;
• By adoption of this Resolution, the Authority takes the following actions:
a) Appoints the Mayor as President, the Mayor Pro Tempore as Vice
President, the City Manager as Chief Administrative Officer and the
City Clerk as Secretary of the Authority.
b) Directs that all administrative activities of the Authority be performed
by City staff.
2. A Resolution of the Board of Directors of the Moorpark Public Financing Authority
Fixing the Time and Place for Its Regular Meetings and Providing the Manner in
Which Special Meetings of the Authority May Be Called; Establishing a Seal for the
Authority; Directing the Filing of a Notice of Formation with the Secretary of State;
Designating an Official Meeting Address; and Establishing the Rules and Regulations
of the Authority.
• By adoption of this Resolution, the Authority takes the following actions:
a) Establishes Regular Meetings of the Board of Directors of the
Authority to be held annually at 7:00 p.m. on the first Wednesday of
each April concurrently with the regular City Council and Agency
01.MP.0493- SFFRPT1
meetings, or other annual date as determined by the Board.
b) Authorizes Special meetings in accordance with state law.
c) Establishes official meeting place 799 Moorpark, Ave., an order of
business, Official Seal and office and mailing address (City Hall).
d) Adopts official Rules and Regulations (Exhibit A of Resolution) of the
Authority.
e) Directs Authority Secretary to file a notice of the ' formation of the
Authority with the Secretary of State (California).
3. A Resolution of the Board of Directors of the Moorpark Public Financing Authority
Authorizing the Purchase and Resale of the Redevelopment Agency of the City of
Moorpark, Moorpark Redevelopment Project, 1993 Tax Allocation Bonds, in a
Principal Amount of Ten Million Eight Hundred Thousand Dollars ($10,800,000).
• By adoption of this Resolution, the Authority takes the following actions:
a) Ratifies the actions of the Agency taken in connection with the
issuance and sale of the Bonds by the Agency and the retention of
Miller & Schroeder Financial, Inc. as Underwriter adopted by
Resolution of the Agency.
b) Approves the purchase of the Bonds from the Agency and the
immediate resale of the Bonds to the Underwriter pursuant to the
Bond Purchase Contract.
c) Approves the Bond Purchase Agreement provided the interest rate for
the Bonds is the most favorable market rate.
Attachments: Resolution Nos. , ,
01. W.0493- STFRP'rl