92-026 RESOLUTION NO. 92R-26
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM
APPROVING THE ISSUANCE OF BONDS BY THE ANAHEIM PUBLIC
FINANCING AUTItORITY, APPROVING THE BORROWING OF BOND
PROCEEDS BY THE ANAHEIM REDEVELOPMENT AGENCY AND THE
REFUNDING OF CERTAIN PRIOR OBLIGATIONS OF THE AGENCY
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 Financing Authority (the "Authority") for
the purpose, among others, of issuing its bonds to be used to provide financial assistance
to the Agency; and
WHEREAS, the Agency is undertaking to assist the redevelopment of
Redevelopment ProjecL Alpha in the City (the "Redevelopment Project"), and for sach
purpose the Agency has previously issued its Redevelopment Project Alpha Tax
Allocation Refunding Bonds, Series D in the aggregate initial principal amount of
$64,000,000, and its Redevelopment Project Alpha Tax Allocation Refunding Bonds
(Subordinate Lien), Series 1986 A, in the aggregate initial principal amount of
$49,380,000, and has entered into a Loan Agreement with the Local Government Finance
Authority and The Bank of New York pursuant to which a loan was made to the Agency
in the aggregate initial principal amount of $92,499,714.38 (collectively, the "Prior
Obligations"); 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 by
refunding a portion of the Prior Obligations, and the Agency has requested the Authority
to lend it funds in an amount sufficient for such purpose and also to provide additional
financing for the Redevelopment Project; and
WHEREAS, for the purpose of raising funds necessary to provide such financial
assistance to the the Agency, the Authority proposes to authorize the issuance of revenue
bonds (the "Bonds") under the provisions of Article 4 (commencing with Section 6584) of
Chapter 5 of Division 7 of Title I of the Government Code of the State of California,
designated as the Anaheim Public Financing Authority 1992 Tax Allocation Revenue
Bonds (Redevelopment Project Alpha); 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 Pebruary 1, 1992 (the "Loan
Agreement"); and
WHEREAS, the City Council approves of said transaction on the part of the Agency
as being in the public interest of the City, the Agency and the Authority.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the
City Council of the City of Anaheim, as follows: (1) the issuance of the Bonds by the
Authority, the entering into of the Loan Agreement by the Agency and the Loan made to
the Agency pursuant thereto, and the application of a portion of the proceeds of the Loan
to refund a portion of the Prior Obligations, be and are hereby approved, and (2) this
Resolution shall take effect from and after the date of its passage and adoption.
The FOREGOING RESOLUTION was approved and adopted by the City Council of
the City of Anaheim this 1 lthday of February, 1992, by the following vote:
By~ ~.
Attest: ~Y OR~Y O~~~M~ EIM
CITY CLERK OF THE CITY OF
ANAHEIM
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. $OHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 92R-26 was introduced and adopted at a regular
meeting provided by law, of the Anaheim City Council held on the 11th day of
February, 1992, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Simpson, Ehrle, Pickler, Daly and Hunter
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER certify that the Mayor of the City of Anaheim signed said
Resolution No. 92R-26 on the 12th day of February, 1992.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
City of Anaheim this 12th day of February, 1992.
CITY CLERK OF THE CITY OF ANAHEIM
(SEAL)
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 92R-26 duly passed and adopted
by the City Council of the City of Anaheim on February ll, 1992.
CITY CLERK OF THE CITY OF ANAHEIM