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HomeMy WebLinkAboutPCDC Resolution 00-08 04/17/2000 a~ RESI~LUTI~N #00-08 PETALUMA C®MMUNITY I)EYEL®PMENT COMMISSI®N PETALUMA, CALIFORNIA RESOLUTION AUTHORIZING THE ISSUANCE AND DIRECTING THE SALE OF NOT TO EXCEED X18,000,000 PRINCIPAL AMOUNT OF PETALUMA COMMUNITY DEVELOPMENT COMMISSION COMMUNITY DEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 2000A; AUTHORIZING THE PUBLICATION OF NOTICE OF INTENTION TO SELL RELATING THERETO; AUTHORIZING THE APPOINTMENT OF A BOND TRUSTEE; APPROVING PREPARATION AND DISTRIBUTION OF THE NOTICE OF SALE AND OFFICIAL STATEMENT; AUTHORIZING THE SALE OF SUCH BONDS ON CERTAIN TERMS AND CONDITIONS; AND AUTHORIZING CERTAIN OTHER OFFICIAL ACTION IN CONNECTION THEREWITH WHEREAS, the Petaluma Community Development Commission (the "Commission") is a redevelopment agency duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law, being Section 33000 and following of the Health and Safety Code of the State of California (the "Law"), and the powers of the Commission include the power to issue bonds for any of its corporate purposes; and WHEREAS, a redevelopment plan, known as the Redevelopment Plan for the Petaluma Community Development Project (the "Plan"), has been adopted and approved in accordance with the Law; and WHEREAS, the Commission has previously issued its Petaluma Community Development Project Tax Allocation Bonds, Series 1992A pursuant to an indenture, dated as of January 1, 1992 (the "Indenture"); and WHEREAS, the indenture permits the issuance of Additional Bonds (as defined therein) pursuant to supplemental indentures, and provides for the appoint and substitution of the Trustee; and WHEREAS, the Commission has determined to issue not to exceed $18,000,000 aggregate principal amount of its Petaluma Community Development Project Tax Allocation Bonds, Series 2000A (the "Bonds"); for the purposes if (i) financing certain improvements, (collectively, the "Project"), (ii) funding a bond reserve fund and (iii) paying the costs of issuing the Bonds; and WHEREAS, the Plan provides that the Commission is specifically authorized to provide for certain public improvements, including those improvements constituting the Project; and Reso. 00-08 Page 1 of 4 WHEREAS, the Commission and the City of Petaluma (the "City") have agreed that the City may advance funds to acquire, rehabilitate and construct a portion of the Project, and that in such event, it is the intention of the City and the Commission. that the funds so advanced be reimbursed to the City out of the proceeds of the Bonds;. and WHEREAS, there has been presented at this meeting a form of First Supplemental Indenture providing for the issuance of the Bonds; and WHEREAS, the Commission has. determined to remove the current Trustee and appoint a substitute Trustee under the Indenture; and WHEREAS, the Commission has determined that it is desirable that-the Series 2000A Bonds be offered for public sale; NOW, THEREFORE, BE IT RESOLVED by the Petaluma Community Development Commission, as follows: Section 1. The issuance of not to exceed $18,000,000 aggregate principal amount of Petaluma Community Development Commission Community Development Project Tax Allocation Bonds, Series 2000A (the "Bonds"), in order to finance redevelopment activity pursuant to the Redevelopment Plan 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. The Bonds are authorized to be executed by the manual or facsimile signature of the chairman of the Commission and the seal of the Commission is authorized to be affixed or imprinted thereon and attested by the manual or facsimile signature of the Secretary of the Commission. The seal of the Commission may be produced in facsimile form. The Bonds, when so executed, are authorized to be delivered to the Trustee for authentication. Section 2. The form of First Supplemental Indenture, dated as of June 1, 2000, (the "First Supplemental Indenture"), presented at this meeting is hereby approved and the Chairman or Vice Chairman and the Secretary are hereby authorized and directed, for and in the name of and on behalf of the Commission, to execute, acknowledge and deliver the First Supplemental Indenture 'in substantially the form presented at this meeting with such changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. The date, maturity date or dates, interest rate or rates, interest payment dates, terms of redemption and other terms of the Bonds shall be as provided in the First Supplemental Indenture as finally executed. The Executive Director is hereby authorized and directed to remove the current Trustee under the indenture and appoint a successor Trustee meeting the qualifications set forth in the Indenture. The Executive Director shall select a successor Trustee based upon proposals submitted to the Executive Director in consultation with the Financial Advisor. Section 3. The office of the financial advisor of the Commission, Kelling, Northcross & Nobriga (the "Financial Advisor"), 1333 Broadway, Suite 100, Oakland, California 94612 is hereby fixed as the place, and the Executive Director of the Commission, in consultation with the Financial Advisor, shall fix a time, not later than ninety (90) days from the date of adoption of th~~ resolution (the "Sale Date"), at which bids wi l be received for the Reso. 00-08 Page 2 of 4 purchase of the Series 2000A Bonds, subject to the terms and conditions of the notice of sale hereinafter set forth. Section 4. The principal amount of Series 2000A Bonds to be sold shall be established by the Executive Director of the Commission, in consultation with the Financial Advisor, but shall not exceed $18,000,000. Section 5. The Secretary of the Commission is hereby authorized and directed to cause the Notice of Intention to Sell,. in substantially the form attached hereto as Exhibit A (the "Notice of Intention") to be published: (i) once, not later than fifteen days before the Sale Date, in The Bond Buyer and (ii) once, not later than five days before the Sale Date, in the Arg_us-Courier, a newspaper published and circulated in the City of Petaluma, and at such time(s) and in such other publication(s) as may be recommended by the Financial Advisor. Section 6. The Secretary of the Commission is hereby authorized and directed to cause a Notice of the Intention to Sell the Series 2000A Bonds to be published once, at least fifteen days prior to the Sale Date, in The Bond Buyer, a financial publication reasonably expected to be disseminated among prospective bidders for the Series 2000A Bonds. Such notice shall include the date, time and place of the sale and the amount of bonds to be sold. Section 7. The Commission authorizes an official statement and an official notice of sale of the Commission relating to the Series 2000A Bonds to be prepared by the Financial. Advisor and the Commission's disclosure counsel. Said official statement and official notice of sale shall be substantially in the forms presented to this meeting, with such changes, additions and completions therein as the Executive Director may approve with the advice of counsel. When the forms of said official statement and official. notice of sale have been approved by the Executive Director, the Executive Director may authorize the distribution thereof, including the mailing by the Financial Advisor to prospective bidders .for the Series 2000A Bonds of copies of said official statement and official notice of sale, including a bid form, the cost of printing and mailing said documents to be borne by the Commission but reimburseable from Bond proceeds. Section 8. The Executive Director is authorized to award the Series 2000A Bonds in the name and on behalf of the Commission under the terms and conditions stated in the official notice of sale to the bidder with the best bid therefor determined in accordance with said official notice of sale. Section 9. The Financial Advisor is hereby authorized and directed to open the bids at the time and place specified in said official notice of sale and to present the same to the Commission. The Financial Advisor is hereby authorized and directed to receive and record the receipt of all bids made pursuant to said official notice of sale, to cause said bids to be examined for compliance with said official notice of sale, to cause computations to be made as to which bidder has bid the lowest true interest cost to the Commission and to present such bids to the Commission, as provided in said official notice of sale, along with a report as to the foregoing and any other matters deemed pertinent to the award of the Series 2000A Bonds and proceedings for the issuance thereof. Reso. 00-08 Page 3 of 4 Section 10. The Chairman, the Executive Director, the Secretary and the Commission General Counsel are each hereby authorized and directed in the name and on behalf of the Commission to take any and all steps and to issue and deliver any and all certificates, requisitions, agreements, notices, consents, and other documents, which they are any of them might deem necessary or appropriate in order to obtain credit ratings for the Bonds, to obtain bond insurance for the Bonds if such insurance is deemed to be in the financial interest of the Commission as determined by the Executive Director in consultation with the Financial .Advisor, and to consummate the lawful issuance, sale and delivery of said Series ZOOOA Bonds. Section 1 L This resolution shall take effect from and after its passage and approval. ADOPTED this 17th day of April ~ 2000, by the following vote: Commissioner Ave No Absent Healy (K) O ( ) Caller-Thompson O ( ) Keller O ( ) Maguire O ( ) Hamilton O ( ) Vice Chairman Torliatt Chairman Thompson O ( ) C airman ATTEST: Approved as to Form: l _ ~ 1~.~~ . Reco i ~Secr tary ity ttorney Reso. 00-08 Page 4 of 4