HomeMy WebLinkAboutAGENDA REPORT 1999 0421 CC REG ITEM 11DZ.
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CITY OF MOORPARK, CALTFORMA
City Council Meeting
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MOORPARK CITY COUNCIL J B ��� c G c r
AGENDA REPORT
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TO: Honorable City Council
FROM: John E. Nowak, Assistant City Manager
DATE: 07 April 1999 (Council meeting of 04- 21 -99)
SUBJECT: Consider Resolution No. 99- Approving the
Moorpark Redevelopment Agency's Issuance of Tax
Allocation Bonds to Refinance the Agency's 1993
Tax Allocation Bonds.
BACKGROUND: Please see the Redevelopment Agency staff
report on this subject for the April 21, 1999 meeting.
DISCUSSION: Part of the process for the refinancing of
the Moorpark Redevelopment Agency's 1993 Tax Allocation
Bonds, is for the City Council to adopt a resolution
authorizing the Moorpark Redevelopment Agency to refund the
bonds. The attached resolution would grant such authority.
RECOMMENDATION: Staff recommends that the City Council
adopt Resolution No. 99- approving the issuance by the
Redevelopment Agency of the City of Moorpark of Tax
Allocation Bonds to refund the Agency's outstanding
Moorpark Redevelopment Project 1993 Tax Allocation Bonds.
Attached: Resolution No. 99-
RESOLUTION NO. 99-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, APPROVING THE ISSUANCE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK OF TAX
ALLOCATION BONDS TO REFUND THE AGENCY'S OUTSTANDING
MOORPARK REDEVELOPMENT PROJECT 1993 TAX ALLOCATION
BONDS
WHEREAS, the Redevelopment Agency of the City of Moorpark
(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 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; and
WHEREAS, in accordance with the requirements of Section
33640 of the California Health and Safety Code, the Council
wishes at this time to approve the issuance and sale of the Bonds
by the Agency.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Approval of the Bonds. The issuance and sale of
the Bonds by the Agency for the purpose of refunding the 1993
Bonds is hereby approved.
SECTION 2. Effective Date. This Resolution shall take effect
from and after the date of its passage and adoption.
SECTION 3. The City Clerk shall certify to the adoption of
this Resolution and shall cause a certified Resolution to be
filed in the book of original Resolutions.
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Resolution No. 99-
Page 2
PASSED AND ADOPTED THIS 21" day of April, 1999.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
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