CC - 2010-44 - Issuance and Sale of not to Exceed $12,000,000 Aggregate Principal Amount of Rosemead CDC Merged Redevelopment Project, Tax allocations bonds, series 2010ARESOLUTION NO. 201044
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD
APPROVING THE ISSUANCE AND SALE OF NOT TO EXCEED
$12,000,000 AGGREGATE PRINCIPAL AMOUNT OF ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION MERGED
REDEVELOPMENT PROJECT, TAX ALLOCATION BONDS, SERIES
2010A
WHEREAS, the Rosemead Community Development Commission (the "Commission"),
has authorized the issuance and sale of not to exceed $12,000,000 aggregate principal amount of
its Merged Redevelopment Project, Tax Allocation Bonds, Series 2010A (the "Series 2010A
Bonds"), for the purpose of providing funds to aid in financing and refinancing redevelopment
activities in connection with the Commission's Merged Redevelopment Project, pursuant to an
Indenture, dated as of June 1, 2010, by and between the Commission and U.S. Bank National
Association (the "Trustee"), as trustee, ( the "Indenture");
WHEREAS, the Commission proposes to sell the Series 2010A Bonds to the Rosemead
Financing Authority (the "Authority"), which will in turn sell the Series 2010A Bonds to E.
J. be La Rosa & Co., Inc., as underwriter (the "Underwriter"), pursuant to a Purchase Contract (the
"Purchase Contract"), among the Commission, the Underwriter and the Authority and pursuant
to the Marks-Roos Local Bond Pooling Act of 1985, commencing with Section 6584 of the
California Government Code (the "Act"); and
WHEREAS, the Commission has previously executed a promissory note, dated
September 28, 2007 (the "Promissory Note") pursuant to which the Commission borrowed
$2,497,920 from the City of Rosemead (the "City") to finance Redevelopment activities in the
Project Area;
WHEREAS, the Commission has determined that it is in the best interests of the City
and the Commission for the Commission to repay the Promissory Note with proceeds of the
Series 2010A Bonds;
WHEREAS, the City hereby finds that the use of the Act to assist the Commission in
financing and refinancing the Commission's Merged Redevelopment Project will result in
significant public benefits in the form of demonstrable savings in effective interest rates, and the
more efficient delivery of local agency services;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City' of
Rosemead, as follows:
Section 1. The foregoing recitals are true and correct and the City Council hereby so
finds and determines.
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Section 2. The issuance and sale of not to exceed $12,000,000 aggregate principal
amount of the Series 2010A Bonds by the Commission, in accordance with the terms and
conditions set forth in the Indenture, is hereby approved.
Section 3. Amounts received by the City in connection with the repayment of the
Promissory Note will held, invested and spent in compliance with the Tax Certificate, as defined
in the Indenture.
Section 4. The officers, agents and employees of the City are hereby authorized and
directed, in the name and on behalf of the City, to take such actions, execute and deliver such
documents and certificates, including a tax certificate, and to do any and all things which they, or
any of them, deem necessary or desirable to accomplish the purposes of this Resolution.
Section 5. This resolution shall take effect from and after its adoption and approval.
I, Gloria Molleda, Clerk of the City of Rosemead, hereby certify that the foregoing
resolution was duly and regularly introduced and adopted at a regular meeting of the City
Council of the City of Rosemead held on June 22, 2010, by the following vote, to wit:
AYES: ARMENTA,.CLARK, LOW, LY
NOES: TAYLOR
ABSENT:
A~" a. a
Gary lor, Mayor
ATTEST:
Gloria Molleda, City Clerk
APPROVED AS TO FORM:
Jose . M. Montes ity Attorney
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CITY CLERK'S CERTIFICATE
I, Gloria Molleda, Clerk of the City of Rosemead, California hereby certify as follows:
The foregoing is a full, true and correct copy of a resolution duly adopted at a regular
meeting of the City Council of the City of Rosemead duly and legally held at the regular meeting
place thereof on June 22, 2010, of which meeting all of the members of said City Council had
due notice and at which a majority thereof were present.
At said meeting said resolution was adopted by the following vote:
AYES: ARMENTA, CLARK, LOW, LY
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 same 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: -k in 2~) ).GIC.
City Clerk of the City of Rosemead
[Seal]
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
I, Gloria Molleda, City Clerk of the City of Rosemead, do hereby certify that the foregoing
Resolution No. 2010.44 being:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD APPROVING
THE ISSUANCE AND SAL EOF NOT TO EXCEED $12,000,000 AGGREGATE
PRINCIPAL AMOUNT OF ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
MERGED REDEVELOPMENT PROJECT, TAX ALLOCATION BONDS, SERIES 2010A
was duly and regularly approved and adopted by the Rosemead City Council on the 22nd of June,
2010, by the following vote to wit:
Yes: Armenta, Clark, Low, Ly,
No: Taylor
Abstain: None
Absent: None
alt-, CA gt
Gloria Molleda
City Clerk