CC - 1987-28 - Issuance to the Agency of its project Are no 1 tax allocation notes, series 1987ROSO0006-12/0086R/ak
07/20/87
RESOLUTION NO. 87-28
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROSEMEAD, CALIFORNIA, APPROVING THE ISSUANCE BY
THE ROSEMEAD REDEVELOPMENT AGENCY OF ITS PROJECT
AREA NO. 1, TAX ALLOCATION NOTES, SERIES 1987, IN
AN AGGREGATE PRINCIPAL AMOUNT APPROXIMATELY EQUAL
TO $14,335,000, AND MAKING CERTAIN DETERMINATIONS
RELATING THERETO
WHEREAS, the Rosemead Redevelopment Agency (the "Agency"),
is a redevelopment agency (a public body, corporate and politic)
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 (commencing with
Section 33000) of the Health and Safety Code of the State of
California) (the "Law") and the powers of the Agency include the
power to issue notes for any of its corporate purposes; and
WHEREAS, a Redevelopment Plan known as the "Redevelopment
Plan for the Project Area No. 1" has been adopted and approved by
Ordinance No. 340 of the City of Rosemead, California (the "City"),
which became effective on July 27, 1972, as amended by Ordinance
No. 592, which became effective on January 8, 1987, and all
requirements of law for and precedent to the adoption and approval
of said Redevelopment Plan have been duly complied with; and
WHEREAS, the Agency has adopted its Resolution entitled:
RESOLUTION OF THE ROSEMEAD REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF AN AGGREGATE
PRINCIPAL AMOUNT APPROXIMATELY EQUAL TO
$14,335,000 OF TAX ALLOCATION NOTES OF SAID
AGENCY TO FINANCE A PORTION OF THE COST OF A
REDEVELOPMENT PROJECT KNOWN AS PROJECT AREA NO. 1
(the "Resolution of Issuance"); and
WHEREAS, under and pursuant to the above Resolution, the
Agency has authorized the issuance of the Rosemead Redevelopment
Agency, Project Area No. 1, Tax Allocation Notes, Series 1987, in an
aggregate principal amount approximately equal to $14,335,000 (the
"Notes"); and
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WHEREAS, the Agency has authorized the sale of said Notes
by public sale in accordance with the Law and as permitted by
Government Code Section 5903(b); and
WHEREAS, it` is appropriate at this time that the City
Council determine that the interest payable on the Notes to be
issued by the Agency will be subject to federal income taxation
under the law in existence on the date of issuance or pending on the
date of issuance with an effective date preceding the date of
issuance pursuant to Government Code Section 5903, all as further
provided in the Resolution of Issuance.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE CITY COUNCIL OF THE CITY OF ROSEMEAD, CALIFORNIA, AS FOLLOWS:
Section 1. Approval of Issuance of Notes. The issuance
and sale of a principal amount approximately equal to $14,335,000 of
"Rosemead Redevelopment Agency, Project Area No. 1, Tax Allocation
Notes, Series 1987", for the corporate purposes of the Agency aiding
in the financing of Project Area No. 1, and for other purposes
related thereto, all of which constitute a "redevelopment activity",
as such term is defined in Health and Safety Code Section 33678, is
hereby authorized and approved pursuant to Health and Safety Code
Section 33640. The City Council hereby acknowledges and determines
that the interest payable on the Notes to be issued by the Agency
will be subject to federal income taxation in accordance with
Government Code Section 5903.
Section 2. Effective Date. This Resolution shall take
effect upon adoption.
1987.
(SEAL)
ATTEST:-
City Clerk of the City of
Rosemead, California
PASSED, APPROVED AND ADOPTED this 28th day of
July
Mayor of the City of Rosemead,
California
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0
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )ss
CITY OF ROSEMEAD )
•
CITY CLERK'S CERTIFICATE
RE ADOPTION OF RESOLUTION
I, Ellen Poochigian , City Clerk of the City of Rosemead,
DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by
the City Council of said City at a regular meeting of said City
Council held on the 28th day of July 1987, and that the
same was passed and adopted by the following vote to wit:
AYES: Councilmembers Bruesch, Imperial, McDonald, Taylor
Mavor Cleveland
NOES: Councilmembers None
ABSENT: Councilmembers
ABSTAIN: Councilmembers None
City Clerk of t e City of
Rosemead, California
(SEAL)
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF ROSEMEAD
CITY CLERK'S CERTIFICATE
)ss. OF AUTHENTICATION
I, Ellen Poochigian , City Clerk of the City of Rosemead,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No`. 87-28 of the City Council of said
City and that said Resolution was adopted at the time and by the
vote stated on the above certificate, and has not been amended or
repealed.
(SEAL)
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City Clerk of the City of
Rosemead, California