ARA1997-04RESOLUTION NO. ARA97-4
A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY
IN AN AMOUNT NOT TO
EXCEED $33,000,000 RELATING TO
REDEVELOPMENT PROJECT ALPHA TO REFINANCE PRIOR
OBLIGATIONS OF THE AGENCY, AUTHORIZING
A RELATED LOAN AGREEMENT AND APPROVING SALE OF
BONDS BY THE ANAHEIM PUBLIC FINANCING AUTHORITY
WHEREAS, the CiW of Anaheim (the "Ciw") and the ,Anaheim Redevelopment Agency (the
"Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the
Anaheim Public Financing Authohty (the "Authority") for the purpose, among others. of issuing the
Authorw'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 Alp/~ 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 imfial principal amount of $49,380,000 (the "1986 Bonds") and its Anaheim
Redevelopment Project Alpha, 1995 Taxable Tax Allocation Bonds (Housing) (the "1995 Bonds") m
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 pr/ncipal amount of $i34,433,052 80 (the
"1992 Loan"); and
WHEREAS, the Agency has previously determined that due to prevailing financial market
condit/ons 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 Authorit' 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") rander
the provisions of Article 4 (conunencing with Section 6584) of Chapter 5 ofDi,,4sion 7 of Title i of the
Govenunent Code of the State of California (the "Act"), designated as the Anaheim Public Financing
Authority.' 1997 Tax Allocation Revenue Refunding Bonds (Redevelopment ProJect Alpha); ,and
~rklEREAS, by its Resolution No. ARA 97-1, adopted March 18, 1997, the Agency has
previously approved the issuance of the Bonds and applicatmn of the proceeds of the Bonds to make a
loan (the "Loan") to the Agency pursuant to a Loan Agreement dated as of Febru,~ 1, 1997 (the
"Loan Agreement"), the proposed form of wNch has been approved by the Agency Board; and
WHEREAS, the Agency is advised it will be more cost effective to apply existing resources of
the Agency to the early retirement of a portion of the 1995 Bonds, and to borro,,; a like amount not to
exceed $3,000,000 payable from Housing Tax Revenues to finance authorized housing activities of the
Agency, the net effect being to achieve the repayment of the 1995 Bonds and the issuance of a like
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