HomeMy WebLinkAbout87-69 - Approving Redevelopment Agency Bonds Issuance, 1987�ff.c
RESOLUTION NO. 87-69
A RESOLUTION CF THE CITY COUNCIL OF THE CITY
OF QDSMk MESA, CALIFORNIA, APPROVING THE
ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE
CITY OF COSTA MESA OF ITS DOWNTaM REDEVELOP-
MENT PROJECT, 1987 TAX ALLOCATION REFUNDING
BONES, IN A PRINCIPAL AMOUNT NOT TO EXCEED
$9,250,000.00.
WHEREAS, the Redevelopment Agency of the City of Costa Mesa, Cali-
fornia (hereinafter referred to as "Agency"), is a redevelopment agency
duly created, established arra authorized to transact business arra exercise
its powers, all under and prusuant to the Community Redevelopment Law (Part
1 of Division 24 (conmencing with Section 33000) of the Health and Safety
Code of the State of California) and the powers of the Agency include the
power to issue notes for any of its corporate purposes; arra
WHEREAS, the Agency proposes to issue Tax Allocation Refunding Bonds
in a principal amount not to exceed $9,250,000.00 (hereinafter referred to
as "Bonds") to refund Agency's outstanding $4,715,000.00 Downtown Redevel-
opment Project Tax Allocation Bonds, Series 1984, arra not to exceed
$5,000,000.00 principal amount of the Agency's Note to the City of Costa
Mesa; and
WHEREAS, a public hearing has been called, noticed and held by this
City Council on the question of the issuance of the Bonds, as provided in
Section 147(f) of the Internal Revenue Code of 1986, as anended .
NOW, THEREFORE, 13E rr RESOLVED, DETERMINED AND ORDERED by the City
Council of the City of Costa Mesa, State of California, as follows:
SECTION 1. Approval of Issuance of Bonds. The issuance of an aggre-
gate principal amount not to exceed $9,250,000.00 of "Redevelopment Agency
of the City of Costa Mesa, Downtown Redevelopment Project, 1987 Tax Alloca-
tion Refundir-gBonds" ( the "1987 Bonds") , is approved in order to refund
the Agency's outstanding Downtown Redevelopment Project, Tax Allocation
Bonds, Series 1984 arra to refund not to exceed $5,000,000.00 principal
amount of the Agency's Note to the City of Costa Mesa. The Bonds may be
issued by the Agency, as provided in Health and Safety Code Section 33640.
SECTION 2. Effective Date. This Resolution shall take effect upon
adoption.
PASSED AND ADOPTED this 6th day of July, 1987.
M the City of Costa Mesa
ATTEST:
City Clerk of the City of Costa Me
STATE CF CALIFORNIA)
COUNTY OF ORANGE ) ss
CITY OF QDSTA MESA )
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. 87-69 was duly arra regularly passed and adopted by
the said City Council at a regular meeting thereof, held on the 6th day of
July, 1987, arra that the same was passed and adopted by the fbllowinxg vote:
AYES: OOUNCIL MEMBERS: Hall, Amburgey, Wheeler, Hornbuckle, Buffa
NOES: OOUNCIL MEMBERS: None
ABSENT: OOUNCIL 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 July, 1987.
61!
C y Clerk and ex -officio Clerk -44!i�o he
City Council of the City of Cost esa
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