RA1983/12/2083 -102
Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY
December 20, 1983, 9:30 A.M.
PRESENT: AGENCY MEMBERS: Kaywood, Bay, Overholt, Pickler and Roth
ABSENT: AGENCY MEMBERS: None
PRESENT: ASSISTANT CITY MANAGER: James D. Ruth
CITY ATTORNEY: William P. Hopkins
SECRETARY: Linda D. Roberts
EXECUTIVE DIRECTOR: Norman J. Priest
Chairman Roth called the regular meeting of the Anaheim Redevelopment Agency
to order at 9:55 a.m.
MINUTES: Agency Member Kaywood moved to approve the minutes of the regular
meeting held November 22, 1983. Agency Member Bay seconded the motion.
MOTION CARRIED.
FINANCIAL DEMANDS AGAINST THE ANAHEIM REDEVELOPMENT AGENCY in the amount of
15,946.35 and $13,704.08 for Series C Bonds, in accordance with the 1983 -84
Budget, were approved.
161.137: INTRODUCTORY COMMENTS - INVITATION FOR PROPOSALS - TAX ALLOCATION
REFUNDING BONDS, SERIES "D ": Mr. Norman Priest, Executive Director of
Community Development, referred to the documentation presented to the Agency
under his report dated December 13, 1983, recommending that they authorize the
invitation of proposals for the purchase of $64 million Tax Allocation
Refunding Bonds of the Anaheim Redevelopment Agency with attachments Exhibit
"A," Notice Inviting Bids, Exhibit "B," Notice of Intention to Sell Bonds, and
Exhibit "C," Proposed Resolution Authorizing the Issuance of $64 Million Tax
Allocation Refunding Bonds, Series "D" of the Redevelopment Agency to Finance
a Portion of the Cost of a Redevelopment Project Known as Redevelopment
Project Alpha (on file in the City Clerk's office). He explained that the
function of the bond issue was to refinance the Series " A " , "B" and "C" bond
issues. Because they could take advantage of interest rates and
reinvestments, they would be able to make a substantial savings by the
proposed bond sale. The savings and debt services requirements would be
$185,000 to $186,000 per year, which for the life of the issue, would amount
to in excess of a $4 million saving. Additionally, one of the functions of
refunding was to remove certain impound or reserve requirements. The actual
refunding was approximately $52 million and the actual issue $64 million. By
adding the $12 million in projects, primarily for storm drains, streets, land
acquisition and relocation, both in the Downtown and Northeast Industrial
area, they were able to save an additional cost of a future issue projected in
their long -range plan of some $175,000. On that basis, they believed they had
a very substantial reduction to bring before the Agency today.
Chairman Roth noted that Mr. Herb Leo, Chairman of the Redevelopment
Commission, was present in the Chambers audience. He asked Mr. Leo if he had
anything to add; Mr. Leo had nothing to add.
CONSENT CALENDAR ITEMS: On motion by Agency Member Kaywood, seconded by
Agency Member Pickler, the following actions were authorized in accordance
with the reports and recommendations furnished each Agency Member and as
listed on the Consent Calendar Agenda. Agency Member Kaywood offered
Resolution No. ARA83 -49 for adoption. Refer to Resolution Book.
83 -103
Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY
December 20, 1983, 9:30 A.M.
1. 161.137: RESOLUTION NO. ARA83 -49: RESOLUTION OF THE ANAHEIM
REDEVELOPMENT AGENCY AUTHORIZING THE INVITATION OF PROPOSALS FOR THE PURCHASE
OF $64,000,000 TAX ALLOCATION REFUNDING BONDS OF SAID AGENCY. (Series D, bids
to be opened January 10, 1984, 9:00 a.m.)
2. 161.123/137: Authorizing an agreement with Blyth Eastman Paine Webber for
financial consulting services in connection with the proposed $64 Million Tax
Allocation Refunding Bonds Issue, Series D.
3. 161.123/137: Authorizing an agreement with O'Melveny and Myers in an
amount not to exceed $42,000 to act as Bond Counsel in connection with
proposed $64 million Tax Allocation Refunding Bonds Issue, Series D.
Roll Call Vote:
AYES: AGENCY MEMBERS: Kaywood, Bay, Overholt, Pickler and Roth
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
MOTION CARRIED. The Chairman declared Resolution No. ARA83 -49 duly passed and
adopted.
ADJOURNMENT: Agency Member Overholt moved to adjourn. Agency Member Bay
seconded the motion. MOTION CARRIED. (10:00 a.m.)
LINDA D. ROBERTS, SECRETARY