HomeMy WebLinkAboutRES OB 2017 105 2017 0124 RESOLUTION NO. OB-2017-105
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF MOORPARK APPROVING
THE SUCCESSOR AGENCY'S EXECUTION AND
DELIVERY OF A BOND PROCEEDS FUNDING
AGREEMENT AND TAKING RELATED ACTIONS
WHEREAS, Section 34179(e) of the Health and Safety Code requires all actions
taken by the Oversight Board to the Successor Agency of the Redevelopment Agency
of the City of Moorpark be adopted by resolution; and
WHEREAS, before dissolution, the former Redevelopment Agency of the City of
Moorpark (the "Former Agency") issued the following bonds (collectively, the "Bonds"): (i)
its Moorpark Redevelopment Project, 1999 Tax Allocation Refunding Bonds, in the
principal amount of $9,860,000, (ii) its Moorpark Redevelopment Project, 2001 Tax
Allocation Bonds, in the principal amount of $11,625,000, and (iii) its Moorpark
Redevelopment Project, 2006 Tax Allocation Bonds, in the principal amount of
$11,695,000; and
WHEREAS, the Bonds were issued pursuant to and are governed by an
Indenture of Trust, dated as of May 1, 1999 (the "Master Indenture"), as supplemented
and amended by a First Supplemental Indenture of Trust, dated as of December 1,
2001 (the "First Supplemental Indenture"), and a Second Supplemental Indenture of
Trust, dated as of December 1, 2006 (the "Second Supplemental Indenture"), by and
between the Former Agency and The Bank of New York Trust Company, N.A., as
trustee (the "Trustee"); and
WHEREAS, the Bonds were issued and sold to finance and refinance projects of
benefit to a project area known as the Moorpark Redevelopment Project (the "Project
Area"); and
WHEREAS, pursuant to AB X1 26 (enacted in June 2011), as modified by the
California Supreme Court's decision in California Redevelopment Association, et al. v.
Ana Matosantos, et al., 53 Cal. 4th 231 (2011), the Former Agency was dissolved as of
February 1, 2012, the Successor Agency was constituted as the successor entity to the
Former Agency, and an oversight board of the Successor Agency (the "Oversight
Board") was established; and
WHEREAS, pursuant to Section 34175(b) of the California Health and Safety
Code ("HSC"), all assets, properties, contracts, books and records of the Former
Agency, including the unspent proceeds of the Bonds, transferred to the control of the
Successor Agency by operation of law; and
Resolution No. OB-2017-105
Page 2
WHEREAS, pursuant to HSC Section 34191.4, after the receipt by the Successor
Agency of a finding of completion (the "Finding of Completion") issued by the California
State Department of Finance (the "DOF") under HSC Section 34179.7, the unspent
proceeds of the Bonds shall be used for the purposes for which the Bonds were sold, in
a manner consistent with the bond covenants; and
WHEREAS, by DOF's letter, dated May 25, 2013, the DOF informed the
Successor Agency that the DOF has issued a Finding of Completion to the Successor
Agency; and
WHEREAS, the Successor Agency desires to use the remaining unspent
proceeds of the Bonds (the "Remaining Bond Proceeds") for the purpose of which-the
Bonds were sold, namely projects of benefit to the Project Area that are consistent with
the bond covenants (the "Projects"); and
WHEREAS, because of the limited staffing of the Successor Agency and the
City's traditional role and established procedures with respect to the awarding of public
works contracts, the Successor Agency and the City desire to enter into a Bond
Proceeds Funding Agreement, substantially in the form of Attachment 2 to Agenda Item
6.A. (the "Funding Agreement"); and
WHEREAS, the Funding Agreement will provide for the transfer of the Remaining
Proceeds to the City for the City to perform or cause to be performed the work required
for the Projects; and
WHEREAS, the Funding Agreement is in furtherance of the winding down of the
Former Agency's affairs, with respect to the expenditure of unspent bond proceeds as
permitted under HSC Section 34191.4; and
WHEREAS, on January 24, 2017 the Funding Agreement was submitted to the
Oversight Board for its review and consideration (Agenda Item 6.A.).
NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR
AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The above recitals are true and correct and are a substantive part
of this Resolution.
SECTION 2. This Oversight Board hereby approves the Successor Agency's
execution and delivery of the Bond Proceeds Funding Agreement, substantially in the
form of Attachment 2 of Agenda Item 6.A.
Resolution No. OB-2017-105
Page 3
SECTION 3. The members of the Oversight Board and officers and staff of the
Successor Agency are hereby authorized and directed, jointly and severally, to do any
and all things which they may deem necessary or advisable to effectuate this Resolution
and the Funding Agreement.
PASSED AND ADOPTED this 24th day of January, 2017.
Jee )(‘Oa6S-
ruce Hamous, Chairperson
ATTEST:
Maureen Benson, City Clerk
Resolution No. OB-2017-105
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, City Clerk of the City of Moorpark, California, do
hereby certify under penalty of perjury that the foregoing Resolution No. OB-
2017-105 was adopted by the Oversight Board to the Successor Agency of the
Redevelopment Agency of City of Moorpark at a special meeting held on the 24th
day of January, 2017, and that the same was adopted by the following vote:
AYES: Board Members Driscoll, Kasper, Melby, Parvin, Priestley
and Chairperson Hamous
NOES: None
ABSENT: Board Member Burgh
ABSTAIN: None
IN WITNESS THEREOF, I have set my hand this 24th day of January,
2017.
Maureen Benson, City Clerk
J