ARA88-013RESOLUTION NO. ARA 88-13
A RESOLUTION OF THE ANAHEIM REDEVELOPMENT
AGENCY AUTHORIZING LOAN OF $92,500,000
PRINCIPAL AMOUNT FROM THE LOCAL GOVERNMENT
FINANCE AUTHORITY AND APPROVING, AUTHORIZING
AND DIRECTING EXECUTION OF AN ASSOCIATE
MEMBERSHIP AGREEMENT AND A LOAN AGREEMENT,
APPROVING A PRELIMINARY REOFFERING CIRCULAR
AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS
WITH RESPECT THERETO.
WHEREAS, the Anaheim Redevelopment Agency (the "Agency")
is a redevelopment agency, a public body, corporate and politic,
duly created, established and authorized to transact business and
exercise powers under and pursuant to the provisions of the
Community Redevelopment Law of the State of California, including
the power to obtain loans for any of its corporate purposes; and
WHEREAS, a redevelopment plan for Redevelopment Project
Alpha has been adopted in compliance with all requirements of law;
and
WHEREAS, the Local Government Finance Authority (the
"Authority") has previously issued its $92,500,000 Local
Government Finance Joint Powers Authority Variable Rate Demand
Revenue Bonds (California Local Agency - City of Beverly Hills),
1986 Issue A (the 111986 Bonds"), which currently bear interest at
a variable rate of interest, for the purpose of providing funds to
acquire obligations of local agencies within the State of
California; and
WHEREAS, the Agency wishes at this time to utilize the
proceeds of the 1986 Bonds, in an aggregate principal amount of
$92,500,000, for the purpose of financing certain redevelopment
activities of the Agency in the Redevelopment Project Alpha; and
WHEREAS, the Agency has heretofore adopted its Resolution
No. ARA88-10 requesting an allocation of funds from the proceeds
of other bond issues of the Authority for such purpose, and the
Agency now desires to rescind such resolution and, instead,
acknowledge its designation by the Authority as the "Local Agency"
under and as defined in the indenture authorizing the 1986 Bonds
(the "Authority Indenture"); and
WHEREAS, in order to accomplish such financing, the
Agency proposes to borrow certain proceeds of the 1986 Bonds from
the Authority (the "Loan") pursuant to a Loan Agreement, dated as
of September 1, 1988 (the "Loan Agreement"), by and among the
Agency, the Authority and The Bank of New York (or such other
trustee as the Agency and the Authority shall agree upon), as
trustee (the "Trustee"), and to secure its obligations thereunder
with a subordinate pledge of the tax increment revenues of the
Agency as set forth therein; and
0
WHEREAS, the obligations of the Agency under the Loan
Agreement will bear interest at a fixed rate, to be determined upon
the remarketing the 1986 Bonds under the Authority Indenture and
pursuant to a Remarketing Agreement, dated as of August 28, 1986
(the "Remarketing Agreement"), between the Authority and Goldman,
Sachs $ Co.; and
WHEREAS, in connection with said remarketing, Goldman,
Sachs & Co. has prepared and presented to the Agency a form of
preliminary reoffering circular containing information material to
the reoffering of the 1986 Bonds (the "Preliminary Offering
Circular"); and
WHEREAS, in order for the Agency to be eligible for the
loan, it is necessary and desirable that the Agency become an
associate member of the Authority; and
WHEREAS, the documents below specified have been filed
with the Agency and the members of the Agency, with the aid of
their staff, have reviewed said documents and it is desirable at
this time to authorize the Loan and provide for all necessary
actions in connection therewith.
follows: NOW, THEREFORE, it is hereby ordered and determined as
SECTION 1. RESCISSION OF PRIOR RESOLUTION; ACKNOWLEDG-
MENT OF DESIGNATION. Resolution No. ARA88-10 is hereby rescinded
and shall have no force and effect. The Agency hereby acknowledges
and accepts the designation by the Authority of the Agency as the
"Local Agency" under the Authority Indenture.
SECTION 2. APPROVAL OF LOAN AGREEMENT. The Agency hereby
approves the borrowing of $92,500,000 from the proceeds of the 1986
Bonds pursuant to the Loan Agreement in substantially the form on
file with the Secretary together with any changes therein or
additions thereto deemed advisable by the Director of the Community
Development Department, upon consultation with the Finance Director
of the City of Anaheim and bond counsel to the Agency for the
transaction. The Agency hereby authorizes and directs the Chairman
to execute, and the Secretary to attest and affix the seal of the
Agency to, the final form of the Loan Agreement for and in the name
of the Agency. Execution of the final form of Loan Agreement by
the Chairman and Secretary shall be conclusive evidence of the
approval by the Director of the Community Development Department of
all changes therein or additions thereto.
SECTION 3. APPROVAL OF REMARKETING AGREEMENT. The Agency
hereby approves the Remarketing Agreement in substantially the form
on file with the Secretary.
SECTION 4. REOFFERING CIRCULAR. The Agency hereby
approves the Preliminary Reoffering Circular on file with the
Secretary, and approves, ratifies and authorizes the preparation
-2-
0
n
U
and distribution thereof by the Remarketing Agent in connection
with the reoffering of the 1986 Bonds. The Director of the
Community Development Department is hereby authorized to approve
any changes therein or additions thereto deemed advisable to put
the Preliminary Reoffering Circular in final form, and the
Remarketing Agency is hereby authorized to distribute such final
form of the Preliminary Reoffering Circular. The Director of the
Community Development Department is hereby authorized and directed
to execute such final form of the Preliminary Reoffering Circular
on behalf of the Agency. Execution of the final form of
Preliminary Reoffering Circular shall be conclusive evidence of the
approval by the Director of the Community Development Department of
all changes therein or additions thereto.
SECTION S. APPROVAL OF ASSOCIATE MEMBERSHIP AGREEMENT.
The Agency hereby approves the Associate Membership Agreement in
substantially the form on file with the Secretary. The Agency
hereby authorizes and directs the Chairman to execute, and the
Secretary to attest and affix the seal of the Agency to, said form
of the Associate Membership Agreement for and in the name of the
Agency.
SECTION 6. OFFICIAL ACTIONS. The Chairman, the Vice
Chairman, the Director of the Community Development Department, the
Treasurer, the Secretary and all other officers of the Agency are
each authorized and directed in the name and on behalf- of they
Agency to make any and all assignments, certificates, requisi-tions,
agreements, notices, consents, instruments of conveyance, warrants
and other documents, which they or any of them might deem necessary
or appropriate in order to consummate any of the transactions
contemplated by the documents approved pursuant to this Resolution.
SECTION 7. EFFECTIVE DATE. This Resolution shall take
effect from and after the date of its passage and adoption.
THE FOREGOING RESOLUTION
Anaheim Redevelopment Agency this
ATTEST:
SECRETARY
ANAHEIM REDEVELOPMENT AGENCY
MES: fm
2655L
080188
-3-
is approved and adopted by the
9th day 0—f August, 1988.
CHAIRMAN
ANAHEIM REDEVELOPMENT AGENCY
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ANAHEIM )
I, LEONORA N. SOHL, Secretary of the Anaheim Redevelopment Agency, do hereby
certify that the foregoing Resolution No. ARA88-13 was passed and adopted at a
regular meeting of the Anaheim Redevelopment Agency held on the 9th day of
August, 1988, by the following vote of the members thereof:
AYES: AGENCY MEMBERS: Ehrle, Kaywood, Pickler and Bay
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: Hunter
AND 1 FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment Agency
signed said Resolution on the 9th day of August, 1988.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 9th day of
August, 1988.
(SEAL)
n
U