FA - 2010-02 - Authorizing the Execution and Delivery of a Purchase Contract by and Among the CDC, Finance Authority and underwriter Named thereinRESOLUTION NO. FA2010-02
A RESOLUTION OF THE ROSEMEAD FINANCING AUTHORITY
AUTHORIZING THE EXECUTION AND DELIVERY OF A
PURCHASE CONTRACT BY AND AMONG THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION, THE ROSEMEAD
FINANCING AUTHORITY AND THE UNDERWRITER NAMED
THEREIN AND ACTION RELATED THERETO
WHEREAS, the Rosemead Community Development Commission (the "Commission")
has determined to issue its Rosemead Community Development Commission, Merged
Redevelopment Project Area Tax Allocation Bonds, Series 2010A, in the aggregate principal
amount of not to exceed $12,000,000 (the "Bonds");
WHEREAS, the Rosemead Financing Authority (the "Authority"), pursuant to the
Marks-Roos Local Bond Pooling Act of 1985 (Article 4, Chapter 5, Division 7, Title 1 of the
California Government Code) has the authority to purchase and resell the Bonds; and
NOW, THEREFORE, BE IT RESOLVED by the Governing Board of the Rosemead
Financing Authority, as follows:
Section 1. Execution of Purchase Contract. The Chairman, Vice-Chairman,
Treasurer, the Executive Director and Secretary of the Authority (each an "Authorized Officer")
are each authorized acting alone to execute and deliver the Purchase Contract (the "Purchase
Contract'), by and among the Authority, the Commission and E.J De La Rosa & Co., Inc.,
as underwriter, in substantially the form presented to this meeting and on file with the Secretary
of the Authority.
Section 2. Other Actions. The Authorized Officers are hereby authorized and
directed, jointly and severally, to do any and all things and to execute and deliver any and all
documents which they may deem necessary or advisable in order to consummate the issuance,
sale and delivery of the Bonds as contemplated in the Purchase Contract, and any such actions
previously taken by the aforementioned officers are hereby ratified, confirmed and approved in
all respects.
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Section 3. Effective Date. This resolution shall take effect from and after
its adoption.
I, Gloria Molleda, Secretary of the Rosemead Financing Authority, hereby certify that the
foregoing resolution was duly and regularly introduced and adopted at a regular meeting of said
Commission held on June 22, 2010, by the following vote, to wit:
AYES: ARMENTA, CLARK, LOW, LY
NOES: TAYLOR
ABSENT:
Gary lor, /Chair
ATTEST:
16i 1 l~'j JtC9L41-
Gloria Molleda, Secretary
APPROVED AS TO FORM:
JosepW . M nt ; Agen y Attorney
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SECRETARY'S CERTIFICATE
I, Gloria Molleda, Secretary of the Rosemead Financing Authority, do hereby certify as
follows:
The foregoing resolution is a full, true and correct copy of a resolution duly adopted by a
vote of a majority of the members of the Rosemead Financing Authority at a regular meeting of
said Authority duly and regularly and legally held at the City of Rosemead, California, on June
22, 2010, of which all of such members had due notice, as follows:
AYES: ARMENTA, CLARK, LOWLY
NOES: TAYLOR
ABSENT
An agenda of said meeting was posted at least 72 hours before said meeting at 8838 E.
Valley Boulevard, Rosemead, California, a location freely accessible to members of the public,-
and a brief description of said resolution appeared on said agenda.
I have carefully compared the foregoing with the original minutes of said meeting on file
and of record'in my office, and the foregoing is a full, true and correct copy of the original
resolution adopted at said meeting and entered in said minutes.
Said resolution has not been amended, modified or rescinded since the date of its
adoption and the same is now in full force and effect.
Dated: Lrl , 2010.
ha W. 0""
Secretary of the Rosemead Financing
Authority
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Attachment H
ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
Rating Upgrade Analysis
Par Amount of Bonds
Estimated All-In Interest Rate*
Total Debt Service
$10,870,000 $10,870,000
5.60% 5.30%
$15,483,030 $15,217,278
0.30%
$265,752
Average Annual Debt Service $1,171,478 $1,151,370 $20,107
Present Value of Debt Service** $10,969,763. $10,774,251 $195,512
* Based on interest rates as of June 14, 2010
Based on discount rate of 5.25%
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
I, Gloria Molleda, Commission Secretary of the City of Rosemead, do hereby certify that the
foregoing Resolution No. 2010.02 being:
A RESOLUTION OF THE CITY OF ROSEMEAD FINANCE AUTHORITY AUTHORIZING
THE EXECUTION AND DELIVERY OF A PURCHASE CONTRACT BY AND AMONG
THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION, THE ROSEMEAD
FINANCING AUTHORITY AND THE UNDERWRITER NAMED THEREIN AND ACTION
RELATED THERETO
was duly and regularly approved and adopted by the Rosemead Finance Authority on the 22nd of
June, 201010, by the following vote to wit:
Yes: Armenta, Clark, Low, Ly,
No: Taylor
Abstain: None
Absent: None
Gloria Molleda
Commission Secretary