HomeMy WebLinkAboutPCDC Resolution 99-09A 05/17/1999 RESOLUTION NO. 00-09A
A RESOLUTION OF THE PETALUflAA COIV'IMUNITY DE~/ELOPflflENT COMMISSION
DIRECTING STAFF TO PROCEED WITH PREPARATION OF BOND DOCUMENTS,
PUBLICATION OF A NOTICE OF INTENTION TO SELL BONDS
WHEREAS, the Petaluma Community Development Commission (the "Commission")
previously issued its Petaluma Community Development Project Tax Allocation Bonds, Series
1992A (the "Prior Bonds"), the unmatured portion of which remains outstanding; and
WHEREAS, the Commission now desires to refinance the Prior Bonds to take
advantage of lower interest rates; and
WHEREAS, in addition to such refinancing, the Commission desires to borrow
additional funds for the purpose of financing the cost of certain flood control improvements for
the Petaluma Community Development Project, which financing must be accomplished by
June 30, 1999; and
WHEREAS, to accomplish such refinancing and additional borrowing, the Commission
desires to issue its Petaluma Community Development Project Tax Allocation Bonds, Series
1999 in an amount not presently anticipated to exceed $18,000,000 (the "Bonds"); and
WHEREAS, a notice of intention to sell bonds must be published at least 15 days prior
to the sale date pursuant to the California Government Code; and
WHEREAS, the Commission desires to direct staff to cause such a notice to be
published prior to the final approval of the documentation for the Bonds in order to allow the
Bonds to be sold and issued prior to June 30, 1999;
NOW, THEREFORE, be it resolved by the Petaluma Community Development
Commission, as follows:
Section 1. The foregoing recitals are true and correct and the Commission
hereby so finds and determines.
Section 2. The Executive Director and Finance Officer of the Commission are
hereby authorized and directed as follows:
(a) To cause to be prepared the necessary documentation for issuance and
sale of the Bonds and bring such documentation back to the Commission for consideration at
the June 7, 1999 meeting of the Commission;
Reso. 00-09A Page 1of 2
(b) To cause to be published in The Bond Buyer a notice of intention to sell
bonds in the time, form and manner required by law for a specified sale date not later than
June 17, 1999; and
(c) To begin discussions with the bond rating agencies and/or bond insurers
concerning the proposed Bonds.
Section 3. This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED by the Petaluma Community Development Commission this
17th day of Nlay, 1999 by the following vote, to wit:
AYES: Healy, Cader-Thompson, Maguire, Hamilton, Torliatt, Chair Thompson
NOES: Vice Chair Keller
ABSENT: None
ABSTAIN: None
Chair
ATTEST: [SEAL]
Secretary
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