HomeMy WebLinkAboutResolutions 88-352 N.C.S. 10/24/1988~ ~~~~a ~~~~ ~eso(utior~ No. 8s-352 NC.S.
°' ~~f the Citti~ cif Pc,t~~lum~. Califori~i~~
RESOLUTION OF THE CITY COUNCIL OF THE. CITY OF PETALUMA, CALIFORNIA,
APPROVING THE ISSUANCE BY THE PETALUMA COMMUNITY DEVELOPMENT
COMMISSION OF ITS PETALUMA COMMUNITY DEVELOPMENT PROJECT,
TAX ALLOCATION NOTES, SERIES 1988, IN AN AGGREGATE PRINCIPAL
AMOUNT APPROXIMATELY EQUAL TO $4,195,000, AND
MAKING CERTAIN DETERMINATIONS RELATING THERETO
WHEREAS, the Petaluma Community Development Commission (the
"Commission"), is a redevelopment agency (a public body, corporate
and politic) duly created, established and authorized to transact
business and exercise its powers, all under and pursuant to the
Community Redevelopment Law (Part 1. of Division 24 (commencing with
Section 33000) of the Health and Safety Code of the State of
California) (the "Law") and the powers of the Commission include the
power to issue notes for any of its corporate purposes; and
WHEREAS, a Redevelopment Plan known as the "Redevelopment Plan for
the Petaluma Community Development Project" has been adopted and
approved by the second reading of Ordinance No. 1725 N.C.S. of the
City of Petaluma, California (the "City"), which became effective on
August 17, 1988, and all requirements of law for and precedent to
the adoption and approval of said Redevelopment Plan have been duly
complied with; and
Page 1 of 4
88-352.
Res. No........_ ..................... V.C.S.
WHEREAS, the Commission has adopted its Resolution entitled:
RESOLUTION OF THE PETALUMA COMMUNITY DEVELOPMENT
COMMISSION AUTHORIZING THE ISSUANCE OF AN
AGGREGATE PRINCIPAL AMOUNT APPROXIMATELY EQUAL TO
$4,195,000 OF TAX ALLOCATION NOTES OF SAID
COMMISSION TO FINANCE A PORTION OF THE COST OF A
REDEVELOPMENT PROJECT KNOWN AS PETALUMA COMMUNITY
DEVELOPMENT PROJECT
(the "Resolution of Issuance"); and
WHEREAS, under and pursuant to the above Resolution, the Commission
has authorized the issuance of the Petaluma Community Development
Commission, Petaluma Community Development Project, Tax Allocation
Notes, Series 1988, in an aggregate principal amount approximately
equal to $4,195,000 (the "Notes"); and
WHEREAS, the Commission has authorized the sale of said Notes by
negotiated .sale in accordance with the Law and as permitted by
Government Code Section 5903(b); and
WHEREAS, in connection with the issuance of the Notes the Commission
desires to lend periodically certain funds to the revolving fund in
connect-ion with the Petaluma Community Development Project (the
"Revolving Fund") commencing in the 1988-89 fiscal year from any
source of legally available funds of the Commission; and
Page 2 of 4
88-352
WHEREAS, the Commission intends to repay such loans to the Revolving
Fund from certain tax increment revenues which may become available
to the Commission from the Petaluma Community Development Project
(the "Project") by adoption of an appropriate Resolution; and
WHEREAS, such loans from the Commission to the Revolving Fund will
enable the Commission to meet its obligations pursuant to the terms
of the Resolution of Issuance; and
WHEREAS, it is the intent of the Commission that such loans shall
not be and shall not be deemed to be the creation of any debt or
other obligation within the meaning of any constitutional or
statutory debt limitation or restriction; and
WHEREAS, it is appropriate at this time that the City Council of the
City of Petaluma, California (the "City Council°') determine that the
interest payable on the Notes to be issued by the Commission will be
.subject to federal income tazation under the law in existence on the
date of issuance or pending on the date of issuance with an
effective date preceding the date of issuance pursuant to Government
Code Section 5903, all as further provided in the Resolution of
Issuance.
NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF
PETALUMA, CALIFORNIA, AS FOLLOWS:
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88-352
Section 1. Approval of Issuance of Notes. The issuance and sale
of a principal amount approximately equal to $4,195,000 of "Petaluma
Community Development Commission, Petaluma Community Development
Project, Tax Allocation Notes, Series 1988", for the corporate
purposes of the Commission aiding in~the financing of the Petaluma
Community Development Project, and for other purposes related
thereto, all of which constitute a "redevelopment activity", as such
term is defined in Health and Safety Code Section 33678, is hereby
authorized and approved, pursuant to Health and Safety Code
Section 33640. The City Council hereby acknowledges and determines
that the interest payable on the Notes to be issued by the
Commission will be subject to federal income taxation in accordance
with Government Code Section 5903.
Section 2. Subordination. It is hereby acknowledged, agreed and
stipulated by the City that any loans or advances heretofore or
hereafter made by the City to the Commission shall at all times be
subordinate to the Notes.
Effective Date, This Resolution shall take effect
upon adoption.
PET00005-15/0325P
Under the power and authority conferred upon this Council by th,e Charter of said City.
REFERENCE: I ~m~' ~rtifY ~ foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (Adjourned) (S meeting form.
24 .October , 19„ °8b the
on the »....._.._»...»...... day of ...._....»»....»....» ............. ...».. Y
following vote: ..... .......................................
City Attorney
AYES: Cavanagh. Tencer, Woolsey, Balshaw, Vice Mayor Davis
NOES: None
ABSENT: S bel a ~ r Hilligoss
Page 4 of 4
ATTEST : ........................................:...........................»..............
ity Clerk
oouacil Ftla....._.._ .......................
Res. Na ......:..... .... .... v.C,S.
88-352
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