HomeMy WebLinkAboutResolutions 2011-039 N.C.S. 03/07/2011Resolution No. 2011 -039 N.C.S.
of the City of Petaluma, California
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PETALUMA
APPROVING ISSUANCE BY THE PETALUMA COMMUNITY DEVELOPMENT
COMMISSION REDEVELOPMENT PROJECT 2011 TAX ALLOCATION BONDS,
AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO
WHEREAS, the Petaluma Community Development Commission (the "Agency ") is
authorized pursuant to the Community Redevelopment Law, being Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of the State of California to
issue its tax allocation bonds for the purpose of financing and refinancing redevelopment
activities with respect to its Petaluma Community Development Commission project areas (the
"Project Areas "); and,
WHEREAS, for the purpose of financing redevelopment activities with respect to the
Project Areas, the Agency proposes, pursuant to and subject to the terms contained in a
resolution of the Agency adopted on the date hereof (the "Approving Resolution "), to issue its
not to exceed $15,000,000 aggregate principal amount of Petaluma Community Development
Commission Redevelopment Project 2011 Tax Allocation Bonds (the "Bonds "), as such term is
defined in the Approving Resolution, pursuant to the provisions of a First Supplemental
Indenture of Trust, dated as of March 1, 2011, between the Agency and U.S. Bank National
Association; and,
WHEREAS, Section 33640 of the Law requires the Agency to obtain the approval of the
City Council of the City of Petaluma prior to issuance of the Bonds; and,
WHEREAS, the City Council approves of the issuance of the Bonds as being in the
public interests of the City of Petaluma and of the Agency.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Petaluma
as follows:
Resolution No. 2011 -039 N.C.S. Page 1
Section 1. Approval of Issuance of Bonds The City Council of the City of Petaluma approves
the issuance of the Bonds by the Petaluma Community Development Commission as herein
above described.
Section 2. Effective Date This Resolution shall take effect from and after its adoption.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the A�s to
Council of the City of Petaluma at a Regular meeting on the 7` day of March, 2011,
o
by the following vote:
AYES: Albertson, Barrett, Mayor Glass, Harris, Vice Mayor Healy, Kearney, Renee
NOES: None
ABSENT: None
ABSTAIN:
ATTEST:
C ity
Resolution No. 2011-039 N.C.S. Page 2