HomeMy WebLinkAbout84-17 - Approving $4,715,000 Downtown Redevelopment Bonds340
RESOLUTION NO. 84-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA,
CALIFORNIA, APPROVING THE ISSUANCE OF $4,715,000.00 DOMTOW
REDEVELOPMENT PROJECT 9AX ALLOCATION BONDS, SERIES 1984, BY
THE REDEVELOPMENT AGENCY OF THE CITY OF COSTA MESA, PURSUANT
TO SECTION 33640 OF THE HEALTH AND SAFETY CODE AND SUBORDIN-
ATING TO SAID BONDS ITS PROMISSORY NO'T'E SERIAL NO. 24.
WHEREAS, the Redevelopment Agency of the City of Costa Mesa (the
"Agency") intends to acquire certain property and to implement portions of
the Downtown Redevelopment Project Redevelopment Plan (the "Improvements")
within the Downtown Redevelopment Project Area (the "Project Area"); and
WHEREAS, the Agency wishes to issue and sell tax allocation bonds in
the principal amount of $4,715,000.00 to provide funds to finance the
Improvements; and
WHEREAS, pursuant to Section 33640 of the Health and Safety Code of
the State of California, the Agency, with the consent of the City Council,
may issue bonds; and
WHEREAS, the City holds a promissory note of the Agency in the amount
of $8,027,050.00, Serial No. 24, due and payable on June 30, 1984 (the
"Mote"); and
WHEREAS, this City Council has been presented with information regard-
ing the Improvements and the benefits to the Project Area and is fully
advised in the premises;
NOW, THEREFORE, the City Council of the City of Costa Mesa does hereby
find, determine, resolve, and order as follows:
SECTION 1. This City Council hereby finds and determines that such
improvements are of benefit to the Project Area.
SECTION 2. The issuance of tax allocation bonds by the Agency in the
principal amount of $4,715,000.00 will assist said Agency in accomplishing
the redevelopment of the Project Area to the overall betterment of the
cc munity and its residents.
SECTION 3. Pursuant to the provisions of Section 33640 of the Health
and Safety Code of the State of California, the issuance of such bonds in
said principal amount, which bonds will be designated, "Redevelopment
Agency of the City of Costa Mesa, Downtown Redevelopment Project Tax Allo-
cation Bonds, Series 1984", is approved.
SECTION 4. That pursuant to Section 14 of Resolution No. 51-84 of
the Agency, the Tax Revenues of the Agency as defined in said Resolution
shall be applied solely to the payment of the Bonds, plus any premium, and
the interest thereon. The City hereby agrees and acknowledges that the
payment of the Note and the interest thereon, and any renewal or extension
thereof, is subordinated to the payment of the Borns, the premium and the
interest thereon.
PASSED AND ADOPTED this 6th day of February, 1984.
ATTEST:
p
C' y Clerk of the City of Costa Mr
Mayor of the City of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
341
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 84-17 was duly and regularly passed and adopted by
said City Council at a regular meeting thereof, held on the 6th day of
February, 1984, by the following roll call vote:
AYES: COUNCIL MEMBERS: Hall, Johnson, Hertzog, McFarland, Schafer
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAINING: COUNCIL MEMBERS: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 7th day of February, 1984.
Cay Clerk and ex -officio Clerk the
City Council of the City of CoV Mesa