Housing - 2005-18 - Refinancing certain outstanding debt issued in connection with Redevelopment Project Area No. 10 0
RESOLUTION NO. 2005-18.
A RESOLUTION OF THE ROSEMEAD COMMUNITY
DEVELOPMENT COMLvIISSION APPROVING THE
REFINANCING OF CERTAIN OUTSTANDING DEBT
ISSUED IN CONNECTION WITH REDEVELOPI%ENT
PROJECT AREA NO. I
WHEREAS, the Community Development Commission (the "Agency") 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 (Part 1
of Division 24 of the Health and Safety Code of the State of California and referred to
herein as the "Lave") and the powers of such Agency include the power to issue bonds for
any of its corporate purposes; and
WHEREAS, a redevelopment plan, known as the Redevelopment Plan for
the Redevelopment Project Area No. 1 (the "Plan") has been adopted and approved in
accordance with the Law; and
WHEREAS, the Plan contemplates that the Agency will issue its bonds to
finance and refinance a portion of the cost of such redevelopment; and
WHEREAS, the Agency has heretofore issued its Tax Allocation Bonds,
Series 1993A (the "Series 1993 Bonds"), the proceeds of which were used by the Agency to
finance or refinance redevelopment activity in Redevelopment Project Area No. 1; and
WHEREAS, the Agency in now considering the issuance of Redevelopment
Project Tax No. 1 Tax Allocation Refunding Bonds, Series 2005A (the "Series 2005
Refunding Bonds") for the purpose of refinancing portions of the redevelopment project
through the prepayment of a portion of the Series 1993 Bonds; and
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE ROSEMEAD COMMUNITY DEVELOPMENT CONMESSION AS
FOLLOWS:
SECTION 1. Approval of Financing. The Agency hereby approves the
refinancing of a portion of the Series 1993 Bonds through the issuance of Series 2005
Refunding Bonds; provided that the savings which occur as a result of such refunding are
at least equal to 3%, on a net present value basis, of the Series 1993 Bonds being
refunded. The City Manager, the Assistant City Manager and the City Attorney, on
behalf of the Agency, and Orrick, Herrington & Sutcliffe LLP, as the Agency's Bond
Counsel and Public Financial Management, Inc., as the Agency's Financial Advisor, are
authorized to take such steps as may be necessary to accomplish such refinancing on such
terms, including the drafting of documents. The City Manager is authorized to engage a
fiscal consultant to prepare a report on the tax increment revenues generated in
Redevelopment Project Area No. 1.
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SECTION 2. Effective Date. This Resolution
immediately upon adoption.
APPROVED and ADOPTED this October . 2005.
shall take effect
CHAIRPERSON
ATTEST:
SECRETARY
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