RA1986/10/31Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY
October 31, 1986, PM.
The Anaheim Redevelopment Agency of the City of Anaheim met in a
Special Meeting at 5:00 p.m.
PRESENT: AGENCY MEMBERS: Kaywood, Overholt, Bay, Pickler and Roth
ABSENT: AGENCY MEMBERS: None
PRESENT CITY MANAGER, William 0. Talley
FINANCE DIRECTOR, George Ferrone
ASSISTANT FINANCE DIRECTOR, Alan Murphy
DEVELOPMENT SERVICES MANAGER, John Buchanan
FISCAL MANAGER, COMMUNITY DEVELOPMENT, E. Earle Brewer
SECRETARY, Leonora N. Sohl
Chairman Roth called the special meeting of the Anaheim Redevelopment Agency
to order at 5:00 p.m., noting that written Notice of Special Meeting had been
authorized by him and delivered to news media via telegram and to all
Redevelopment Agency Members 24 hours in advance of this special meeting, in
accordance with Section 507 of the City Charter.
161/137: REDEVELOPMENT PROJECT ALPHA TAX ALLOCATION REFUNDING BONDS 1986
SERIES A, 55,000,000: Mr. George Ferrone, Finance Director, referred to his
memorandum dated October 30, 1986 which recommends that the Redevelopment
Agency authorize the issuance of not to exceed $55 million aggregate principal
amount of its Redevelopment Project Alpha Tax Allocation Refunding Bonds,
Series 1986 A. He noted that he is further recommending, due to the markedly
improved tax - exempt interest rate market, that the Agency rescind Resolution
ARA86 -13 and adopt a new resolution to increase the size of the issue from 45
to 55 million dollars in order to maximize Agency savings.
Mr. Ferrone explained that the action recommended would result in an annual
savings of $280,000 beginning in August of 1994, the gross amount of savings
would total approximately 2.5 million dollars.
In response to comments and questions from Agency Member Bay, Mr. Talley
explained that the Agency will actually be issuing new debt and placing that
amount in escrow for refund of existing debt, however, although this will
effectively allow the interest rate to drop, the overall debt amount will be
increased. He further explained that the Agency cannot retire the existing
bonds until 1994, and in the meantime the funds will be placed in an escrow
account.
Agency Member Pickler offered Resolution No. ARA86 -27 for adoption. Refer to
Resolution Book.
RESOLUTION NO. ARA86 -27: A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $55,000,000 AGGREGATE PRINCIPAL
AMOUNT OF ITS REDEVELOPMENT PROJECT ALPHA TAX ALLOCATION REFUNDING BONDS
(SUBORDINATE LIEN), SERIES 1986 A, APPROVING, AUTHORIZING AND DIRECTING
86 -62
,b
0
Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY
October 31, 1986,
EXECUTION OF A TRUST INDENTURE, AUTHORIZING AND DIRECTING EXECUTION OF A
PURCHASE AGREEMENT, APPROVING A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING
AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO.
Roll Call Vote:
AYES: AGENCY MEMBERS: Kaywood, Overholt, Bay, Pickler and Roth
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
The Chairman declared Resolution No. ARA86 -27 duly passed and adopted.
ADJOURNMENT: Agency Member Roth moved to adjourn. Agency Member Pickler
seconded the motion. Agency Member Bay was absent. MOTION CARRIED.
(5:20 p.m.)
LEONORA N. SOHL, SECRETARY
86 -63