ARA1986-023RESOLUTION ARA 86- 23
A RESOLUTION OF THE ANAHEIM REDEVELOPMENT
AGENCY ADOPTING A STATEMENT OF EXISTING
OBLIGATIONS AND MAKING CERTAIN FINDINGS WITH
RESPECT THERETO.
WHEREAS, the Anaheim Redevelopment Agency (the "Agency ") is engaged in
activities necessary and appropriate to carry out the Redevelopment Plan for
Redevelopment Project Alpha (the "Project "); and
WHEREAS, Section 33334.6(c) of the California Community Redevelopment Law
(the "Law ") requires that not less than 20 percent of the the taxes allocated to the
Agency pursuant to Section 33670 from the Project for fiscal year 1985 -86 shall be
deposited into the Low and '_Moderate Income Housing Fund established pursuant to
Section 33334.3 and used for the purposes set forth in Section 33334.2 of the Law; and
WHEREAS, the Agency has heretofore sent to the California Department of
Housing and Community Development a proposed "Statement of Existing Obligations"
which describes the principal of, and interest on, loans, moneys advanced to. or
indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the
Agency to finance or refinance, in whole or in part, the Project; and
WHEREAS, Section 33334.6(d) of the law permits the Agency to deposit into the
Low and _Moderate Income Housing Fund less than the amount required by subdivision
(c) of said Section, provided the Statement of Existing Obligations is first adopted at a
noticed public hearing and certain findings are first made with respect thereto; and
WHEREAS, a duly noticed public hearing was held on the proposed Statement of
Existing Obligations by the Agency on August 19, 1986, at which time all persons were
given an opportunity to be heard.
NOW, THEREFORE, BE IT RESOLVED by the Anaheim Redevelop_ ment Agency
as follows:
1. The Agency hereby adopts the Statement of Existing Obligations attached
hereto as Exhibit "A ".
2. The Agency hereby finds that the difference between the amount deposited
into the Low and Moderate Income Housing Fund for fiscal year 1985 -1986 and the
amount required to be deoosited therein Pursuant to subdivision (c) of Section 33334.6
of the Law is necessary to make the payments shown on the Statement of Existing
Obli
3. The Executive Director (or his designee) is hereby authorized and directed
to submit a copy of this Resolution and a copy of the Statement of Existing
Obli to the California Department of Housing and Community Development.
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THE FOREGOING RESOLUTION is approved and adopted by the Anaheim
Redevelopment Agency this 19th day of August , 1986.
Chairman
Anaheim Redevelopment Agency
ATTEST:
Secretary
Anaheim Redevelopment Agency
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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. ARA86 -23 was passed and adopted at a
regular meeting of the Anaheim Redevelopment Agency held on the 19th day of
August, 1986, by the following vote of the members thereof:
AYES: AGENCY MEMBERS: Kaywood, Overholt, Bay, Pickler and Roth
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
AND I FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment Agency
signed said Resolution on the 19th day of August, 1986.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 19th day of
August, 1986.
SECRETARY OF THE ANAHEIM REDEVELOP NT AGENCY
(SEAL)
EXHIBIT $1A i/
STATEMENT OF EXISTING OBLIGATIONS
WHEREAS, the Anaheim Redevelopment Agency, City of Anaheim, California
(the 'Agency') is engaged in activities necessary and appropriate to carry out
the Redevelopment Plan for Redevelopment Project Alpha; and
WHEREAS, in order to carry out the orderly completion of the
Redevelopment Plan, the Agency has heretofore approved certain specific public
and private projects as hereinafter described in various resolutions,
agreements and related documents which are legally binding obligations of the
Agency; and
WHEREAS, the Agency desires to deposit less than the tax increment
amount provided in Section 33334.6 of the California Community Redevelopment
Law into a Low and Moderate Income Housing Fund established for Redevelopment
Project Alpha, as a result of previous obligations incurred by the Agency in
implementing the Redevelopment Plan in order to provide for the orderly and
timely completion of Redevelopment Project Alpha; and
WHEREAS, the Agency desires to adopt a resolution approving this
Statement of Existing Obligations to set forth its present obligations
incurred in the implementation of Redevelopment Project Alpha prior to
January 1, 1986; and
WHEREAS, the Agency believes that the redevelopment pursuant to the
Redevelopment Plan continues to be and is in the best interests of the City of
Anaheim (the 'City') and the health, safety, morals and welfare of its
residents, and in accord with the public purposes and provisions of applicable
State and local law and requirements.
NOW, THEREFORE, the Anaheim Redevelopment Agency, City of Anaheim,
California declares the following obligations:
Section 1.
Bond Indebtedness
The Agency's bonded indebtedness is designated as the Series 'D' Tax
Allocation Refunding Bond Issue, issued in the principal amount of
$64,000,000.00 at the effective interest rate of 9.11 %.
The Agency's current total bonded indebtedness obligation, principal and
interest, is $132,665,855.00; the annual payment thereon being $1,125,000.00
in principal and $5,700,600.00 in interest, a total of $6,825,600.00
The Refunding Bond Issue was scheduled for 22 years, the Fiscal Year 1984/85
to 8/1/2005 in the F. Y. 2005/2006; 8/1/2005 being the date the bonded
indebtedness obligation will be discharged in full.
Section 2.
Agreement between Agency and Pl acentia Unified School District
The Agency entered into an agreement with the Placentia Unified School
District to provide for the construction of certain school facilities deemed
to be of benefit to Project Alpha. Under the terms of the original agreement
(effective 1/27/77) and the amended agreement (due to the impact of
Proposition 13, agreement amended 8/5/80), the Agency agreed to pay the school
district, annually through the F.Y. 1991/92, 9.65% of property tax revenues
received by the Agency.
Through the F.Y. 198 the Agency has paid the school district some
$7,843,000. It is projected that through the F.Y. 1991/92 the Agency will
have paid the district a total of $19,000,000. Accordingly, it can then be
said that the Agency's existing obligation (F.Y. 1986/87 through F.Y. 1991/92)
is $11,157,000.
EB:ka1
0340C
07/17/86