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HomeMy WebLinkAboutPCDC Resolution 91-06B 12/16/1991Reso. 91-06 B RESOLUTION OF THE PETALUMA COMMUNITY DEVELOPMENT COMMISSION AUTHORIZING THE ISSUANCE OF ITS PETALUMA COMMUNITY DEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 1992A; APPROVING A FORM OF INDENTURE AND A FORM OF ESCROW AGREEMENT; MAKING CERTAIN DETERMINATIONS RELATING THERETO; AND AUTHORIZING CERTAIN OTHER ACTIONS 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 determined to issue not to exceed $5,000,000 aggregate principal amount of its Petaluma Community Development Project Tax Allocation Bonds, Series 1992A (the "Bonds"),for the purposes if (i) financing certain improvements, (collectively, the "Project"), (ii) refinancing certain outstanding obligations of the Commission 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 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 even , 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 aform of Indenture providing for the issuance of the Bonds and a form of Escrow Agreement to be executed in connection with the refinancing of certain outstanding Commission obligations; and NOW, THEREFORE, BE IT RESOLVED., DETERMINED AND ORDERED BY THE PETALUMA COMMUNITY DEVELOPMENT COMMISSION AS FOLLOWS:. SECTION 1. Approval of Issuance of Bonds. The issuance of not to exceed $5,000,000 aggregate principal amount of Petaluma Community Development Commission Community Development Project Tax Allocation Reso. 91-06 B Bonds, Series 1992A (the "Bonds"), in order to finance and refinance 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 anal 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. Approval of Indenture. The form of Indenture, dated as of January 1, 1992, by and between the Commission and Bank of America National Trust and Savings Association, as trustee (the "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 delivery the 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 Indenture as finally executed. SECTION 3. Approval of Escrow Agreement. The form of Escrow Agreement, dated as of January 1, 1992, by and between the Commission and the party named therein as escrow agent (the "Escrow Agreement"), 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 Escrow Agreement 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. SECTION 4. Reimbursement of City Advances. In the event that the City advances any funds to acquire, rehabilitate or construct any portion of the Project, the Commission will reimburse the City the funds so advanced from the proceeds of the Bonds. SECTION 5. Other Acts. The officers and staff of the Commission are hereby authorized and directed, jointly and severally, to do any and all things, to execute and deliver any and all documents, which in consultation with Orrick, Herrington & Sutcliffe, the Commission's bond counsel, they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds, or otherwise effectuate the purposes of this Resolution, and any and all such actions previously taken by such officers or staff members are hereby ratified and confirmed. Reso. 91-06 B_ a 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 SECTION 6. Effective Date. This Resolution shall take effect upon adopted. ADOPTED this ~ G day of ~E~~~- , 19 ~, by the following vote: Commissioner Nelson Sobel Davis Cavanagh Read Vice Chair Woolsey Chairman Hilligoss ATTEST Recording Secretary, Patricia Bern~frd Ave No Absent (x) O O ~) ~) ~~ ~) ~) ~) ~) ~) ~~ ~) ~) ~) ~) ~) ~~ (X) ~) ~) ~ Chairman M. Patricia Hillig s Reso. 91-06 B