Loading...
HomeMy WebLinkAboutRES RD 1993 17 1993 0421RESOLUTION NO. 93- 1 i A RESOLUTIO\ OF THI•: REDIA FLOPNILNT AGENCY OF THE CITY OF MOORPAIZK ; \L T11"RIZ.ING TFIE ISSUANCE, SALT? AND DELIVERY OF ITS N10ORPARK IZEDEVELOPMENT PROJECT, 1993 TAX ALLOCA'T'ION BONDS IN A PRINCIPAL AMOUNT OF TEN MILLION EIGHT HUNDRED THOUSAND DOLLARS ($10,800,000); AU'T'HORIZING 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 BOLDS. WHEREAS, the Redevelopmei,t Agency of the City of Moorpark (the "Agency "), is a redevelopment agency and public body, corporate and politic, duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law (Part 1 of Division 24, commencing with Section 33000 of the California Health and Safety Code) (the "Redevelopment Law "), and the power, of' the Agency include the power to issue bonds for any of its corporate purposes tnd WHEREAS, a redevelopment pl•ul for a redevelopment project known and designated as the "Moorpark Redevelopment Project" has been passed and adopted by Ordinance No. 110 of the City of Roorpark, California (the "City "), on July 5, 1989 (the "Redevelopment Plan "). and a: rcyuirements of law for and precedent to the adoption and approval of the Pcdc\� prncnt Plan have been duly complied with; and WHEREAS, the Agency hcich.\ d, and determines that the issuance of its bonds, designated "Moorpark Rcdc\c1,winci.t Project, 1993 Tax Allocation Bonds," (the "Bonds "), in the principal amount 1(,,800.000, the proceeds of which will be used, together with interest earl ii ��, to t inarlcc a portion of the costs of implementing the Redevelop new P1,111. co,,ts in connection with the issuance of the Bonds, to provide for a . ld tuul to make certain other deposits as required by an Indenture of Trust , w 'vlaN 1, 1993 (the "Indenture "), by and between the Agency arid. l-'ir,t ,t� Bunk of California, as trustee (the "Trustee "), is in the best interest, u! ti?: \'" "'- % and the public and is authorized by and in accordance with the I.;,\: .ind did: Redevelopment Plan; and WHEREAS, the Agency r,•t tin Bond Counsel, Disclosure Counsel, a financial advisor and an tlndcI\•,;i'ci : &:,c ;Tic AVcnc�- in connection with the issuance, sale and delivery Of the lima i,, to prepare all documents in connection therewith, and to otherwise accompliil -I `;c ,mI'ul ;tnd expeditious issuance, sale and delivery of the Bonds; WI- 11"RFAS,putiu,tn' To R��,O . i( r N�). 1)? acloptcdApril _, 19Q1), the City Council of the (.'it} �h,c tllc .s-,iiance and sale of' the Bonds is of benefit to the City, and appi-mcd the .�su,:nce ,old sale Of the Bonds as required by Section 33640 of the Redevelopnlew Lm, U110 WHEREAS, pursuant to its RemhUtuln No. 93- , adopted April 21, 1993, the Moorpark Public Financinc Authority (the "Authority "), authorized the Authority's purchase of the Bonds from the Agency and the immediate resale by the Authority of the Bonds to Miller & Scllioeder Financial, Inc. (the "Underwriter "), pursuant to a Bond Purchase Contract (the "Bond Purchase Contract "), by and among the Underwriter, the Agency and the ,Vitllority-, .:ind WHEREAS, the Underwriter, h,,, suhinitted an offer to purchase the Bonds in accordance with the Bond PUrcll�ISe ( ontlact, and has caused to be prepared, in conjunction with Richards, Watson & (;ershon ( "Disclosure Counsel ") and Urban Futures, Inc. (the "Financial Advisor "), a Preliminary Official Statement (the"Preli mi nary Official Statement "), ,,nd an Official Statement (the "Official Statement ") describing the Bondi: NOW, THEREFORE, Tl IF, REDLVELOPM ENT AGENCY OF THE CITY OF MOORPARK, DOES HERFBY RFSOLVE. DETERMINE AND DECLARE THAT: Section 1. Issuance, Sale and Delivery Authorized. The issuance, sale and delivery of the Bonds in the principal amount of $10,500,000 is hereby authorized for certain lawful and public purposes, inr:t din,. without limitation, the purposes set forth in the foregoing recitals. Section 2. Retention of Bond _ Counsel, Disclosure Counsel, Financial Advisor and Underwriter. In colll]ectloli 1ViLll the IttwfUl issuance, sale and delivery of the Bonds, the Agency hereh% rCt,ti , (r,) Bu; kc. Williams, Sorensen & Gaar, Los Angeles, California. as Bond ('our:,el. pursuant to the terms of that certain agreement dated April 21. 101)3. mi mile ,, d-, the Cit\ Clerk; (h) Richards, Watson & Gershon, A Professional Corpomtior, l.0 1n,�eles, California, as Disclosure Counsel, pursuant to the terms of that cet t,tin le:t, r agrec;llc]]t dated February 16, 1993, on file with the City Clerk; (c) 1 rh,::] I'utt., s. inc.. I tillcrton, California, as Financial Advisor, pursuant to the tenw, a :flat kc t,:i ] iett •] proposal and agreement dated March 2, 1993, un file• ,pith ;I,c ( its C . 1:id d 11111cr & Schroeder Financial. Inc., Solana Beach, California, as Underwriter. The Chairman or Executive Director is hereby authorized to execute the aforementioned letter agreements in substantially the forms on file with the City Clerk. Section 3. Author izatlon to Proceed. Ali actions heretofore taken by the officers and agents of tic i \gency with respect to the issuance of the Bonds are hereby approved, confirmed and ratified. The Agency hereby authorizes and directs Bond Counsel, Agency Counsel, Disclosure Counsel, Financial Advisor and the Underwriter to prepare all other documents in connection with the issuance, sale and delivery of the Bonds; to advise the Agency in connection therewith; and to otherwise accomplish the lawful and expeditious issuance, sale and delivery of the Bonds. Agency officials and staff are hereby authorized and directed to assist and cooperate in connection therewith and to take any and all actions which they, or any of them, may deem necessary or advisable in order to consummate the transactions described herein, including but not limited to, the execution and delivery of any and all agreements, certificates, instruments and other documents. Section 4. Sale of Bonds. The Agency hereby approves the sale of the Bonds to the 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 Secretary together with any changes therein or additions thereto approved by the Chairman or Executive Director and subject to Bond Counsel approval. The Chairman or Executive Director shall execute and deliver the Bond Purchase Contract in the name and on behalf of the Agency and whose execution thereof shall be conclusive evidence of approval of any such additions and changes. The Bond Purchase Contract is hereby approved, provided the interest rate on the Bonds is the most favorable market rata Section 5. Indenture of'I'rust. The Agency hereby approves the Indenture in substantially the form on file with the Secretary, together with any changes therein or additions thereto approved by the Chairman or Executive Director and subject to Bond Counsel approval. The Chairman or Executive Director shall execute and deliver the Indenture, anti the Secretary .hall attest to such signatures, in the name and on behalf of' the Aoenc� and whose execution and attestation thereof shall he conclusive evidence o; ;,pproval of any mi, h changes and additions. Section 6. Official Statement. The Agency hereby approves the Preliminary Official Statement describing the Bonds. in substantially the form submitted by the Underwriter in conjunction with the Disclosure Counsel and the Financial Advisor and on file with the Secretary. Distribution of the Preliminary Official Statement by the Underwriter is herch\ approved. 'The 'agency hereby authorizes the distribution of the final Official Stuiu n cnt by the t'nctcr-writer. The Executive Director is herebv authorized and dircct,'d o approve any ch'inges in or additions to a final form of said Official Statement h.\ the Ch.,irnurn. whose execution thereof shall be conclusive evidence of approval of any such changes and additions. The final Official Statement shall be executed in the name and on behalf of the Agency by the Chairman or the Executive Director, who is herehv authorized and directed to execute the final OfficNd Statement (in !),-half of the Apencv. Section 7, Tl+i, l:em+lutiun sl .l, take eftc'ct upun its adoption. PASSED, APPROVED AND ADOPTED this 21st day of April, 1993. ATTEST: Secretary 48607.5 REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK Chairman STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Lillian E. Hare, Secretary of the Redevelopment Agency of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 93 -17 was adopted by the Redevelopment Agency of the City of Moorpark at a meeting held on the 21st day of APRIL 1993, and that the same was adopted by the following vote: AYES: AGENCY MEMBERS HUNTER, MONTGOMERY, PERFZ, WOZNIAK AND CHAIRMAN LAWRASON NOES: N-0\E ARgFNT: NONE ABSTAIN: WITNESS my hand and tho off i c i a 1 seal of said City this 23r (4 day of _ APR] 1, - 1993.