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Home My WebLink AboutRES RD 1999 80 1999 0421RESOLUTION NO. 99 -80 A RESOLUTION OF THE CITY OF MOORPARK REDEVELOPMENT AGENCY, CALIFORNIA, AUTHORIZING THE ISSUANCE AND SALE OF TAX ALLOCATION BONDS TO REFUND THE AGENCY'S OUTSTANDING MOORPARK REDEVELOPMENT PROJECT 1993 TAX ALLOCATION, AND APPROVING RELATED DOCUMENTS AND ACTIONS WHEREAS, the Agency is undertaking the redevelopment of the Moorpark Redevelopment Project (the "Redevelopment Project ") pursuant to the Community Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the California Health and Safety Code; and WHEREAS, the Agency has determined at this time, due to prevailing interest rates in the municipal bond market, to issue its Redevelopment Agency of the City of Moorpark, Redevelopment Project 1999 Tax Allocation Refunding Bonds (the "Bonds "), under the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53570 of said Code (the "Bond Law "), the principal of and interest on which will be payable from the tax increment revenues from the Redevelopment Project, to finance redevelopment activities within or of benefit to the Redevelopment Project and specifically to refund its Moorpark Redevelopment Project 1993 Tax Allocation Bonds issued pursuant to an indenture of trust, dated as of June 1, 1993, in the aggregate principal amount of $10,000,000, of which $8,910,000 remains outstanding (the "1993 Bonds "); and WHEREAS, the Agency has duly considered such transactions and wishes at this time to authorize proceedings for the issuance and sale of the Bonds. NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE CITY OF MOORPARK REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Authorization. The Agency hereby authorizes the issuance of the Bonds for the purpose of refunding the 1993 Bonds. SECTION 2. Issuance of the Bonds; Approval of the Indenture. The Bonds shall be issued pursuant to the Bond Law and pursuant to an Indenture of Trust, dated as of May 1, 1999, by and between the Agency and BNY Western Trust Company, as trustee (the "Indenture "). The Agency hereby approves the Indenture in substantially the form on file with the Secretary, together with such additions thereto and changes therein as the Chairman, the Vice - Chairman, the Executive Director or the Treasurer shall deem Resolution No. 99 -80 Page 2 necessary, desirable or appropriate, and the execution thereof by the Chairman, the Vice - Chairman, the Executive Director or the Treasurer shall be conclusive evidence of the approval of any such additions and changes. The Chairman, the Vice Chairman, the Executive Director or the Treasurer is hereby authorized and directed to execute, and the Secretary is hereby authorized and directed to attest and affix the seal of the Agency to, the final form of the Indenture for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Indenture. SECTION 3. Refunding of the 1993 Bonds. A portion of the proceeds of the Bonds shall be applied to refund the 1993 Bonds pursuant to an escrow deposit and trust Agreement, dated the date of issuance of the Bonds, by and between the Agency and BNY Western Trust Company, as escrow bank (the "Escrow Agreement ") . The Agency hereby approves the Escrow Agreement in substantially the form on file with the Secretary, together with such additions thereto and changes therein as the Chairman, the Vice Chairman, the Executive Director or the Treasurer shall deem necessary, desirable or appropriate, and the execution thereof by the Chairman, the Vice Chairman, the Executive Director or the Treasurer shall be conclusive evidence of the approval of any such additions and changes. The Chairman, the Vice Chairman, the Executive Director or the Treasurer is hereby authorized and directed to execute, and the Secretary is hereby authorized and directed to attest and affix the seal of the Agency to, the final form of the Escrow Agreement for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Escrow Agreement. SECTION 4. Sale of the Bonds. The Agency hereby approves the bond purchase agreement, by and between Miller & Schroeder Financial Inc., as underwriter (the "Underwriter ") and the Agency, in substantially the form on file with the Secretary (the "Bond Purchase Agreement "), together with such additions thereto and changes therein as the Chairman, the Vice Chairman, the Executive Director or the Treasurer shall deem necessary, desirable or appropriate, and the execution thereof by the Chairman, the Vice Chairman, the Executive Director or the Treasurer shall be conclusive evidence of the approval of any such additions and changes. The Chairman, the Vice Chairman, the Executive Director or the Treasurer is hereby authorized and directed to execute the final form of the Bond Purchase Agreement for and in the name and on behalf of the Agency. The Agency hereby approves the negotiated sale of the Bonds to the Underwriter pursuant to the Bond Purchase Agreement so long as Resolution No. 99 -80 Page 3 the Underwriter's discount, excluding original issue discount which does not constitute compensation to the Underwriter, with respect to the Bonds does not exceed 1.50. SECTION 5. Official Statement. The Agency hereby approves and deems final within the meaning of Rule 15c2 -12 of the Securities Exchange Act of 1934 except for permitted omissions, a preliminary form of Official Statement describing the Bonds in the form on file with the Secretary. Distribution of such preliminary Official Statement by the Underwriter to prospective purchasers of the Bonds is hereby approved. The Chairman, the Vice Chairman, the Executive Director or the Treasurer is hereby authorized to execute the final form of the Official Statement, including as it may be modified by such additions thereto and changes therein as the Chairman, the Vice Chairman, the Executive Director or the Treasurer shall deem necessary, desirable or appropriate, and the execution of the final Official Statement by the Chairman, the Vice Chairman, the Executive Director or the Treasurer shall be conclusive evidence of the approval of any such additions and changes. The Agency hereby authorizes the distribution of the final Official Statement by the Underwriter. The final Official Statement shall be executed in the name and on behalf of the Agency by the Chairman, the Vice - Chairman, the Executive Director or the Treasurer. SECTION 6. Official Actions. The Chairman, the Vice Chairman, the Executive Director, the Treasurer and the Secretary of the Agency, and any and all other officers of the Agency, are hereby authorized and directed, for and in the name and on behalf of the Agency, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds as described herein. Whenever in this Resolution any officer of the Agency is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable. SECTION 7. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. SECTION 8. The Agency Secretary shall certify to the adoption of this Resolution and shall cause a certified Resolution to be filed in the book of original Resolutions. Resolution No. 99 -80 Page 4 PASSED AND ADOPTED this 21St day ATTEST: Deborah S. Traffenstedt, Agency Secretary 1 ,1 1999. atric] er, Chairman .c,,O MENr ESTABLISHED * MARC,, 18, 1987 Resolution No. 99 -80 Page 5 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Deborah S. Traffenstedt, Secretary of the Redevelopment Agency of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 99 -80 was adopted by the Redevelopment Agency of the City of Moorpark at a meeting held on the 21st day of April, 1999, and that the same was adopted by the following vote: AYES: Agency Members Chairman Hunter NOES: None ABSENT: None ABSTAIN: None Evans, Harper, Rodgers, Wozniak and WITNESS my hand and the official seal of said City this 28th day of April, 1999. Deborah S. Traffenst (Ydt, Age,��oP �ENTQCary seal) *( ESTABLISHED !* t MARCH 18. 1987 ! Al