HomeMy WebLinkAbout93-81 - Downtown Redevelopment Project 1993 Tax Allocation Refunding BondsRESOLUTION NO. 93-81
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING ISSUANCE BY
THE REDEVELOPMENT AGENCY OF THE CITY OF COSTA
MESA OF NOT TO EXCEED $11,000,000.00 AGGREGATE
PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF
THE CITY OF COSTA MESA DOWNTOWN REDEVELOP-
MENT PROJECT 1993 TAX ALLOCATION REFUNDING
BONDS.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE
AS FOLLOWS:
WHEREAS, the Redevelopment Agency of the City of Costa Mesa (the "Agency")
proposes to issue its not to exceed $11,000,000.00 aggregate principal amount of Redevelopment
Agency of the City of Costa Mesa 1993 Tax Allocation Refunding Bonds (the "Bonds"), under
and pursuant to the provisions of Part 1 of Division 24 (commencing with Section 33000) of the
Health and Safety Code of the State of California (the "Law") and other applicable laws, for the
purpose of financing and refinancing redevelopment activities within and of benefit to the
Agency's Downtown Redevelopment Project (the "Project"); and
WHEREAS, as required by Section 147(1) of the Internal Revenue Code of 1986, the
City Council of the City of Costa Mesa has heretofore called and conducted a public hearing on
the question of whether it should approve the issuance by the Agency of the Bonds for the
purpose, among other things, of providing funds to refund the Agency's Downtown
Redevelopment Project 1987 Tax Allocation Refunding Bonds on an advance basis; and
WHEREAS, Section 33640 of the Law requires the Agency to obtain the approval of the
City Council of the City of Costa Mesa prior to issuance of the Bonds; and
WHEREAS, the City Council approves of the issuance of the Bonds as being in the
public interests of the City of Costa Mesa and of the Agency;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Costa Mesa
as follows:
SECTION 1. Approval of Issuance of Bonds. The City Council of the City of Costa
Mesa approves the issuance of the Bonds by the Redevelopment Agency of the City of
Costa Mesa, as hereinabove described.
SECTION 2. City Advances. To finance certain costs of the Project, the City has
heretofore advanced certain moneys to the Agency, the repayment of which moneys by
the Agency is hereby confirmed to be subordinate to the obligation of the Agency to
repay the Bonds.
SECTION 3. Effective Date. This resolution shall take effect from and after its
adoption.
PASSED AND ADOPTED this 4th day of October, 1993.
ATTEST:
Deputy Ci[ Jerk of the City of Costa Mesa Mayor of the City of Costa Mesa
rt,
227
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council of
the City of Costa Mesa, hereby certify that the above and foregoing Resolution No. 93-81 was
duly and regularly passed and adopted by the said City Council at a regular meeting thereof held
on the 4th day of October, 1993, by the following roll call vote:
AYES: Genis, Humphrey, Hombuckle, Buffa, Erickson
NOES: None
ABSENT: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 5th day of October, 1993.
T.
Deputy Cit Clerk and ex -officio Clerk of
the City Council of the City of Costa Mesa