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HomeMy WebLinkAboutResolution 2005-153 N.C.S. 09/12/2005 Resolution No. 2005-153 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 $20,000,000 IN REFUNDING 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, Article 11 of Chapter 3 of Division 2 of Title 5 of the Government Code of the State of California authorizes and empowers the Commission to issue bonds to refund bonds (the ``Refunding Law"); and, WHEREAS, in order to refinance a portion of the Commission's Petaluma Community Development Project Tax Allocation Bonds, Series 2000A (the "Prior Bonds"), the Commission has indicated its intention to issue not to exceed $20,000,000 aggregate principal amount of Petaluma Community Development Project Refunding Tax Allocation Bonds, Series 2005A (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 and the costs related thereto, by means of the issuance of not to exceed $20,000,000 aggregate principal amount of the Bonds, Resolution No. 2005-I53 N.C.S. pursuant to the provisions and subject to the requirements of the Law and the Refunding Law. This approval is intended to satisfy the requirements of Health and Safety Code Section 33640. Under the power and authority conferred upon this Council by the Charter of said Gity. REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to Council of the City of Petaluma at a Regular meeting on the 12'~ day of September, form: 2005, by the following vote: City Attorney AYES: Canevaro, Vice Mayor Harris, Flealy, Nau ,O'Brien, Torliatt NOES: None ABSENT: None ABSTAIN: Mayor Glass - ATTEST: ~LG`~v ~-~J ~ ~ City Clerk Mayor Resolution No. 2005-153 N.C.S.