OB - Agenda - 08-29-16 - SpecialPublic Comment from the Audience
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This agenda was posted 72 hours in
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8838 E. Valley Boulevard, Rosemead; the
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Rosemead
Oversight
Board
for the
Successor Agency to the
Rosemead Community
Development Commission
SPECIAL MEETING AGENDA
August 29, 2016
5:30 PM
City Hall Council Chamber
8838 E. Valley Boulevard
Rosemead, CA 91770
www.cityofrosemead.org
Pat Wallach, Chair
Dalila Sotelo, Vice -Chair
Marty Jones, Board Member
Bill R. Manis, Board Member
Irene Redondo - Churchward, Board Member
Joanne Russell - Chavez, Board Member
Richard Storti, Board Member
ROSEMEAD OVERSIGHT BOARD SPECIAL MEETING AGENDA
Auqust 29, 2016
Special Meeting Agenda
• CALL TO ORDER— 5:30 PM
• PLEDGE OF ALLEGIANCE —Board Member Jones
• ROLL CALL:
• Chair Wallach, Vice -Chair Sotelo, Board Members, Jones, Manis, Redondo - Churchward,
Russell- Chavez, Storti
1. PUBLIC COMMENTS FROM THE AUDIENCE
The Oversight Board will receive public comments on matters not listed on the agenda.
2. CONSENT CALENDAR
A. Approval of Minutes
Minutes of May 9, 2016
Recommendation: Approve the Minutes of May 9, 2016
3. MATTERS FROM STAFF OF THE ROSEMEAD SUCCESSOR AGENCY
I_
:1
Confirm Appointment of New Board Member
Diane Mandrafina, a former Oversight Board member, was appointed as an alternate
member by the Pasadena City College, until a permanent replacement was appointed. On
July 15, 2016 staff was notified by Dr. Rajen Vurdien Superintendent/President of the
Pasadena City College, that Dr. Richard Storti, Assistant Superintended/ Vice- President
Business and Administration Services, has been appointed as the new designee to the City
of Rosemead Oversight Board.
Recommendation: That the Oversight Board approve Resolution 2016 -008 OB.
Issuance of Refunding Bonds, Making Certain Determinations with Respect to the
Refunding Bonds, and Providing Other Matter Relating Thereto
In 2006, the Rosemead Community Development Commission (the "Former Agency ") issued
the following tax allocation bonds for the purpose of financing and refinancing certain
activities of the Former Agency:
$14,005,000 initial principal amount of Rosemead Community Development
Commission Redevelopment Project Area No. 1 Tax Allocation Bonds, Series 2006A
(the "Series 2006A Bonds "); and
$24,230,000 initial principal amount of Rosemead Community Development
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ROSEMEAD OVERSIGHT BOARD SPECIAL MEETING AGENDA
August 29, 2016
Commission Redevelopment Project Area No. 1 Tax Allocation Refunding Bonds,
Series 2006B
As of October 2, 2016, there will be $3,635,000 of principal amount outstanding of the Series
2006A Bonds and $23,205,000 of principal amount outstanding of the Series 2006B Bonds
(in aggregate, $26,840,000 outstanding).
The Successor Agency to the Rosemead Community Development Commission assumed
responsibility of all debt management with respect to the Former Agency in 2012 in
accordance with and pursuant to the Dissolution Act. Under California Health and Safety
Code Section 34177.5, the Successor Agency may refinance outstanding bonds with
approval from the Oversight Board and the California Department of Finance ( "DOF "),
provided that the total interest cost, principal amount, and final maturity on the refunding
bonds do not exceed that of the prior (outstanding) bonds. In other words, there must be
debt service savings created by the refinancing.
The Series 2006A Bonds and Series 20068 Bonds will be eligible to be refinanced (at the
option of the Successor Agency) on October 1, 2016, at interest rates considerably lower
than those at the time of original issuance. The 2006A and 2006B bonds will be refinanced
through a new Series 2016 bonds, which will be subordinate to the outstanding 2010 bonds
not included in this refinancing.
On July 12, 2016, the Successor Agency directed staff to move forward with refinancing the
Series 2006A Bonds and Series 2006B Bonds and approved the financing team as
recommended by staff. Since that time, the financing team, with assistance from staff, has
produced financing and legal documents which are subject for approval by the Successor
Agency. Now that the Successor Agency approved the refinancing, the refinancing will be
subject to approval by both the Oversight Board and the DOF (up to a 65 -day review process
starting shortly after Oversight Board approval).
On August 23, 2016, the Successor Agency approved Resolution No. 2016 -12 SA. By
approving such action, the Agency authorized the issuance of bonds in order to refund
certain outstanding bonds of the former Rosemead Community Development Commission,
approved the execution and delivery of an Indenture of Trust and Irrevocable Refunding
Instructions.
Recommendation: That the Oversight Board approve Resolution No, 2016 -009 OB
4. OLD BUSINESS
5. NEW BUSINESS
6. ADJOURNMENT
The next regular Rosemead Oversight Board meeting is scheduled to take place on Monday,
September 12, 2016 at 5:30 p.m.
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