CC - 2006-04 - Tax Allocation Bond Series 2006ARESOLUTION NO. 2006-04
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD
APPROVING THE ISSUANCE AND SALE OF NOT TO EXCEED
$16,000,000 AGGREGATE PRINCIPAL AMOUNT OF ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION REDEVELOPMENT
PROJECT NO. 1, TAX ALLOCATION BONDS, SERIES 2006A
WHEREAS, the Rosemead Community Development Commission (the "Commission''),
has authorized the issuance and sale of not to exceed $16,000,000 aggregate principal amount of
its Redevelopment Project No. 1, Tax Allocation Bonds, Series 2006A (the "Series 2006A
Bonds"), for the purpose of providing funds to aid in financing and/or refinancing redevelopment
activities in co niection with the Conunission's Redevelopment Project No. 1, including the -
refunding of certain outstanding bonds, pursuant to an Indenture, by and between the
Commission and U.S. Bank National Association (the "Trustee'), as successor trustee, as
amended and supplemented by a First Supplement to Indenture, between the Commission and
the Trustee (collectively, the "Indenture"
WHEREAS, the Commission proposes to sell the Series 2006A Bonds to the Rosemead
Financing Authority (the "Authority"), which will in turn sell the Series 2006A Bonds to Piper
Jaffray; 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
Govermnent Code; and
WHEREAS, the City hereby finds that the use of the Act to assist the Commission in
financing and/or refinancing the 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;
NONN7 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.
Section 2. The issuance and sale of not to exceed $16,000,000 aggregate principal
amount of the Series 2006A Bonds by the Commission; in accordance with the terms and
conditions set forth in the Indenture. is hereby approved.
nOCSLA I i093 398?
41555-5
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Section 3. This resolution shall take effect from and after its adoption and approval.
I, Ntina Castruita, 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 February 14, 2006, by the following vote, to wit:
AYES:
NOES:
ABSENT:
6:500 aftr~j rfi~kuh~i )
City Clerk of the City of Rosemead
ATTEST:
City Clerk
CITY OF ROSEMEAD.
Bv:
Mayor
DOCSL.41:509398.2
41555-8
E
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
s
I, Nina Castruita, City Clerk of the City of Rosemead, do hereby certify that the
foregoing Resolution No. 2006-04 being:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD
APPROVING THE ISSUANCE AND SALE OF THE NOT TO EXCEED $16,000,000
AGGREGATE, PRINCIPAL AMOUNT OF ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION AND REDEVELOPMENT PROJECT NO. 1, TAX
ALLOCATION BONDS, SERIES 2006A
was duly and regularly approved and adopted by the Rosemead City Council on
the 14th of February 2006, by the following vote to wit:
Yes: CLARK, IMPERIAL, NUNEZ, TAYLOR, TRAN
No: NONE
Absent: NONE
Abstain: NONE
l J4 <Yl U1.UtJ,
Nina Castruita
City Clerk