HomeMy WebLinkAboutResolution 2007-049 N.C.S. 03/19/2007 Resolution No. 2007-049 N.C.S.
of the City of Petaluma, California
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PETALUMA
APPROVING THE ISSUANCE BY THE PETALUMA COMMUNITY DEVELOPMENT
COMMISSION OF NOT TO EXCEED $34,000,000 IN TAX ALLOCATION BONDS
FOR THE PURPOSE OF FINANCING AND
REFINANCING CERTAIN PUBLIC IMPROVEMENTS
WHEREAS, the Petaluma Community Development Commission (the
"Commission") is authorized pursuant to Part 1 of Division 24 (commencing with Section
33000) of the California Health and Safety Code (the "Law") to issue bonds for any of its
corporate purposes; and,
WHEREAS, in order to (i) refinance the Commission's Petaluma Central
Business District Project, Tax Allocation Refunding Bonds, Series 2000B (the "Prior Bonds"),
and (ii) finance certain public improvements (collectively, the "Projects") consistent with the
redevelopment plan (the "CBD Plan") for a redevelopment project area designated as "Petaluma
Central Business District Redevelopment Project" and the redevelopment plan (the "PCD Plan"
and, together with the CBD Plan, the "Plans") for a redevelopment project area designated as the
"Petaluma Community Development Project" (and together with the Petaluma Central Business
District, the "Project Areas"), the Commission has indicated its intention to issue not to exceed
$34,000,000 aggregate principal amount of Merged Project Area, Subordinate Tax Allocation
Bonds, Series 2007 (the "Bonds"); and,
WHEREAS, pursuant to the Law, the City Council also must authorize the
issuance of the Bonds by the Commission.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF PETALUMA AS FOLLOWS:
SECTION 1. Approval of Financing. This City Council hereby approves the
refinancing of the Prior Bonds, the financing of the Projects and the costs related thereto, by
means of the issuance of not to exceed $34,000,000 aggregate principal amount of the Bonds,
Resolution No. 2007-049 N.C.S. Page 1
pursuant to the provisions and subject to the requirements of the Law. This approval is intended
to satisfy the requirements of Health and Safety Code Section 33640.
SECTION 2. Effective Date. This Resolution shall take effect immediately upon
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 ov d as to
Council of the City of Petaluma at a Regular meeting on the 19`x' day of March, fo
2007, by the following vote: ,
Ci Attorney
AYES: Barrett, Freitas, Harris, Vice Mayor Nau, O'Brien, Rabbitt, Mayor Torliatt
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
City Clerk Mayor
Resolution No. 2007-049 N.C.S. Page 2
EXHIBIT A
Projects Funded by Series 2007 Bonds
Projects include financing certain private and/or public improvements consistent with the
redevelopment plan for the Petaluma Central Business District Redevelopment Project and the
redevelopment plan for the Petaluma Community Development Project, including, but not
limited to, general. street and road repair and improvements (including street lights),
improvements to underground utilities, landscaping, depot improvements, improvements related
to grant programs, improvements to governmental and safety structures, improvements for
private development, and related programs and improvements.
Resolution No. 2007-049 N.C.S. Page 3