ARA88-010RESOLUTION NO. ARA 88-10
A RESOLUTION OF THE ANAHEIM REDEVELOPMENT
AGENCY REQUESTING REALLOCATIONS OF FUNDS FROM
THE LOCAL GOVERNMENT FINANCE AUTHORITY AND
AUTHORIZING AND DIRECTING CERTAIN ACTIONS
WITH RESPECT THERETO AND WITH RESPECT TO THE
SALE AND ISSUANCE OF TAX ALLOCATION BONDS OF
THE AGENCY
WHEREAS, the Community Redevelopment Law of the State
of California (the "Law") authorizes redevelopment agencies to
issue bonds to finance redevelopment activities;
WHEREAS, the Anaheim Redevelopment Agency (the
"Agency") plans to issue tax allocation bonds on or about
September 1, 1988 (the "Agency Bonds"), in order to provide
funds to carry out its redevelopment plan for the Redevelopment
Project Alpha (the "Project");
WHEREAS, the Local Government Finance Authority (the
"Authority") has previously issued twelve issues of its variable
Rate Demand Revenue Bonds (the "Authority Bonds"), and has
allocated the proceeds thereof to various local agencies (the
"Allocations") to acquire obligations of said local agencies
under and pursuant to Articles 1 through 4 of Chapter 5 of
Division 7 of Title 1 of the Government Code of the State of
California;
WHEREAS, the proceeds of the Authority Bonds are not
subject to certain provisions of the Internal Revenue Code of
1986 (the "New Code"), in that they were issued prior to the
effective date of the Tax Reform Act of 1986, such that the
proceeds of the Authority Bonds may be used in connection with
tax-exempt financing of activities that could not otherwise be
financed on a tax-exempt basis under the New Code;
WHEREAS, the Allocations initially made by the
Authority to the City of King City and the City of Tracy have
been relinquished by said Cities to the Authority and it is
expected that other local agencies initially granted Allocations
will relinquish all or a portion of their allocations to the
Authority;
WHEREAS, in order to implement its redevelopment plan
for the Project on terms favorable to the Agency and realize the
benefits of tax-exempt financing, the Agency desires to request
is that the Authority reallocate to the Agency the relinquished
Allocations of the Cities of Tracy and King City in an amount
equal to or greater than the expected principal amount of the
Agency Bonds; and
WHEREAS, in addition to the requesting said
reallocation, the Agency desires to authorize and direct the
Agency staff to take actions necessary and appropriate in
connection with the preparation of documents and other
4D procedures necessary to issue the Agency Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Anaheim
Redevelopment Agency as follows:
1. The foregoing recitals are true and correct.
2. The Agency hereby requests that the Authority
reallocate to the Agency the Allocations initially made to the
Cities of King City and Tracy provided that, in any event,
(a) said reallocation shall be in an aggregate amount not less
than $39,200,000, and (b) said reallocation shall occur as soon
as possible in order that the Agency staff may proceed in a
timely manner to structure, and prepare the documents necessary
in connection with, the issuance of the Agency Bonds.
3. The Agency hereby authorizes and directs the
Interim Executive Director and any other officers of the Agency
to transmit a certified copy of this Resolution to the Authority
and its members as soon as practicable, and to provide the
Authority and its members with any information regarding the
Agency, the Project or the Agency Bond program as it or they may
request.
4. The Agency hereby authorizes the Interim Executive
Director to execute such agreements and other documents for and
on behalf of the Agency, with the Authority and others, in order
to provide for the reallocations requested in Section 2 above.
The Agency hereby authorizes payment to the Authority, in
consideration of the reallocations, of such fees as the
Authority may reasonably require in connection with the
reallocations; provided that said fees shall not, in any event,
be greater than the portion of investment earnings on the unused
Authority Bond proceeds that is or will be allocable to the
Agency upon its use of Allocations reallocated to it by the
Authority pursuant to the foregoing request.
5. The Agency hereby authorizes and directs the
Interim Executive Director and other appropriate officers and
agents of the Agency to take such actions as are necessary or
appropriate, including the preparation of documents, to present
the matter of the sale and issuance of the Agency Bonds to this
board for its approval, so that the Agency Bonds may be issued
is on or about September 1, 1988. The sale and issuance of the
Agency Bonds shall be subject to the approval of the Agency at a
later meeting of the Agency and approval by the Agency of the
documents implementing the sale and issuance of the Agency
Bonds.
THE FOREGOING RESOLUTION is approved and adopted by the
Anaheim Redevelopment Agency this 7th day of June ,
1988.
Attest:
Secretary
LS•-BondReso
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Chairman
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ANAHEIM )
I, LEONORA N. SOHL, Secretary of the Anaheim Redevelopment Agency, do hereby
certify that the foregoing Resolution No. ARA88-10 was passed and adopted at a
regular meeting of the Anaheim Redevelopment Agency held on the 7th day of
June, 1988, by the following vote of the members thereof:
AYES: AGENCY MEMBERS: Ehrle, Hunter, Kaywood, Pickler and Bay
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
AND I FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment. AgPr,.cy
signed said Resolution on the 7th day of June, 1988.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 7th day of June,
1988.
SECRETARY OF THE ANAHEIM REDEVELOPMENT AGENCY
(SEAL)
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