ARA1997-01RESOLUTION NO. ARA97-1
A RESOLUTION OF THE ANAIIEIM REDEVELOPMENT AGENCY
AUTHORIZING THE BORROWING OF FUNDS FROM THE ANAHEIM
PUBLIC FINANCING AUTHORITY IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED $33,000,000 RELATING TO
REDEVELOPMENT PROJECT ALPHA TO REFINANCE PRIOR
OBLIGATIONS OF ~ AGENCY, ALrI~IORIZING AND
DIRECTING EXECUTION OF A RELATED LOAN AGREEMENT,
APPROVING SALE OF BONDS BY THE AUTHORITY AND AUTHORIZING
OFFICIAL ACTIONS
WHEREAS, the City of Anaheim (the "City") and the Anaheim Redevelopment Agency
(the ~Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the
Anaheim Public Fitlancing Authority (the 'Authority") for the purpose, among others, of issuing
the Authority's bonds to be used to provide financial assistance to the Agency; and
WHEREAS, the Agency is undertaking to assist the redevelopment of Anaheim
Redevelopment Project Alpha in the City (the "Redevelopment Project'), and for such purpose the
Agency has previously issued indebtedness, of which there is currently outstanding its Anaheim
Redevelopment Project Alpha Tax Allocation Refunding Bonds (Subordinate Lien ), Series 1986 A,
in the aggregate initial principal amount of $49,380,000 (the "1986 BondsD and its Anaheim
Redevelopment Project Alpha, 1995 Taxable Tax Allocation Bonds (Housing) (the ' 1995 Bonds')
in the aggregate initial principal amount of $2,700,000 (collectively, the 1986 Bonds and the 1995
Bonds are referred to herein as the 'Prior Obligations"), and a Loan Agreement with the Anaheim
Public Financing Authority evidencing a loan in the aggregate initial principal amount of
$134,433,052.80 (the '1992 Loan"); and
WHEREAS, the Agency has determined that due to prevailing financial market conditions it
is in the best interests of the Agency to realize interest rate savings and other valid public purposes
of the Agency by refunding the Prior Obligations which remain outstanding, and the Agency has
requested the Authority to lend it funds in an amount sufficient for such purpose, including
payment of associated costs; and
WHEREAS, for the purpose of raising funds necessary to provide such financial assistance
to the Agency, the Authority proposes to authorize the issuance of its revenue bonds (the "Bonds')
under the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of
Title 1 of the Government Code of the State of California (the "Act'), designated as the Anaheim
Public Financing Authority 1997 Tax Allocation Revenue Refunding Bonds (Redevelopment
Project Alpha) which Bonds may be issued in more than one distinctly designated series, one of
which may provide for taxable bonds to the extent necessary, in the opinion of bond counsel, to
effectuate the refunding of the 1995 Bonds; and
WHEREAS, the proceeds of the Bonds will be applied to make a loan (the "Loan") to the
Agency pursuant to a Loan Agreement dated as of February l, 1997 (the "Loan Agreement"), the
proposed form of which has been presented to the Agency Board; and
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