ARA-2010-001RESOLUTION NO. ARA- 2010 -001
RESOLUTION OF THE GOVERNING BOARD OF THE
ANAHEIM REDEVELOPMENT AGENCY REGARDING ITS
INTENTION TO ISSUE TAX- EXEMPT OBLIGATIONS AND
TO REIMBURSE THE AGENCY AND CITY FROM
PROCEEDS OF SUCH OBLIGATIONS FOR COSTS
INCURRED PRIOR TO ISSUANCE (DOWNTOWN CAPITAL
IMPROVEMENTS)
WHEREAS, the Governing Board of the Anaheim Redevelopment Agency (the "Issuer ")
desires to finance the costs of certain facilities described in Exhibit A attached hereto and
incorporated herein (the "Project ") which are eligible for financing under the Recovery Zone
Economic Development Bond Program (for projects located within a Recovery Zone as designated
by the City of Anaheim (the "City ") by Resolution adopted December 8, 2009), and otherwise, which
facilities are proposed to be owned or operated by the City or the Agency; and
WHEREAS, the Issuer intends to finance the acquisition and construction of the Project or
portions of the Project with the proceeds of the sale of obligations the interest upon which is
excluded from gross income for federal income tax purposes or which comprise Recovery Zone
Economic Development Bonds (the "Obligations "); and
WHEREAS, prior to the issuance of the Obligations the Agency and City desire to incur
certain expenditures with respect to the Project from available monies of the City or Agency which
expenditures are desired to be reimbursed from a portion of the proceeds of the sale of the
Obligations;
NOW, THEREFORE, THE GOVERNING BOARD OF THE ANAHEIM
REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Issuer hereby states its intention and reasonably expects to reimburse
the City or the Agency for Project costs incurred prior to the issuance of the Obligations with
proceeds of the Obligations. Exhibit A describes either the general character, type, purpose, and
function of the Project, or the fund or account from which Project costs are to be paid and the general
functional purpose of the fund or account.
SECTION 2. The reasonably expected maximum principal amount of the Obligations is
$8,000,000, with respect to the Project described at Exhibit A.
SECTION 3. This Resolution is being adopted no later than sixty (60) days after the
date (the "Expenditures Date or Dates ") that the City or Agency will expend monies for the portion
of the Project costs to be reimbursed from proceeds of the Obligations.
SECTION 4. Except as described below, the expected date of issue of the Obligations
will be within eighteen months of the later of the Expenditure Date or Dates and the date the Project
is placed in service; provided, the reimbursement may not be made more than three years after the
original expenditure is paid.
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SECTION 5. Proceeds of the Obligations to be used to reimburse for Project costs are
not expected to be used, within one year of reimbursement, directly or indirectly to pay debt service
with respect to any obligation (other than to pay current debt service coming due within the next
succeeding one year period on any tax - exempt obligation of the Issuer (other than the Obligations))
or to be held as a reasonably required reserve or replacement fund with respect to an obligation of the
Issuer or any entity related in any manner to the Issuer, or to reimburse any expenditure that was
originally paid with the proceeds of any obligation, or to replace funds that are or will be used in
such manner.
SECTION 6. No monies from sources other than the Obligation issue are, or are
reasonably expected to be reserved, allocated on a long -term basis, or otherwise set aside by the
Issuer (or any related party) pursuant to its budget or financial policies with respect to the Project
costs. To the best of its knowledge, this Governing Board of the Anaheim Redevelopment Agency is
not aware of the previous adoption of official intents by the Issuer that have been made as a matter of
course for the purpose of reimbursing expenditures and for which tax - exempt obligations have not
been issued.
SECTION 7. The limitations described in Section 3 and Section 4 do not apply to (a)
costs of issuance of the Obligations, (b) an amount not in excess of the lesser of $100,000 or five
percent (5 %) of the proceeds of the Obligations, or (c) any preliminary expenditures, such as
architectural, engineering, surveying, soil testing, and similar costs other than land acquisition, site
preparation, and similar costs incident to commencement of construction, not in excess of twenty
percent (20 %) of the aggregate issue price of the Obligations that finances the Project for which the
preliminary expenditures were incurred.
SECTION 8. This Resolution is adopted as official action of the Issuer in order to
comply with Treasury Regulation § 1.150 -2 and any other regulations of the Internal Revenue
Service relatir to the qualification for reimbursement of Issuer expenditures incurred prior to the
date of issue of the Obligations, is part of the Issuer's official proceedings, and will be available for
inspection by the general public at the main administrative office of the Issuer.
SECTION 9. All the recitals in this Resolution are true and correct and this Governing
Board of the Anaheim Redevelopment Agency so finds, determines and represents.
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THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE
GOVERNING BOARD OF THE ANAHEIM REDEVELOPMENT AGENCY THIS TWENTY -
THIRD (23 DAY OF MARCH, 2010, BY THE FOLLOWING ROLL -CALL VOTE:
AYES: Mayor Pringle, Council Members Sidhu, Hernandez, Gallaway, Kring
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
AT
OTY CLERK
jv
APPROVED AS TO FORM:
STRADLING YOCCA CARLSON & RAUTH,
as Bond Counsel
By:
)V D AS TO FORM:
TINA` L. , LLEY, CITY ATTORNEY
Assistant City Attorney
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EXHIBIT A
DESCRIPTION OF PROJECT
Downtown Capital Improvements:
• Landscaping Improvements ($691,000) — landscaping improvements on east side of Olive
and south side of South Street
• Colony Park Public Park ($1,200,000) — Construction of new neighborhood park
• Interior Street Improvements Colony Park Phase II ($1,065,000)
• Interior Street Improvements Colony Park Phase III ($1,562,000)
• Santa Ana Street Improvements ($800,000)
• Sound Wall (Valencia to Water) ($200,000) and (Water to Santa Ana) ($370,000)
• Quiet Zone ($850,000) — Improvement to railroad crossings throughout Colony Park
Neighborhood
• Packing House Block and associated improvements ($1,000,000)
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