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HomeMy WebLinkAbout03-53 - Downtown Redevelopment Project 2003 Tax Allocation Refunding BondsRESOLUTION NO. 03-53 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, APPROVING THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF COSTA MESA OF ITS DOWNTOWN REDEVELOPMENT PROJECT 2003 TAX ALLOCATION REFUNDING BONDS AND MAKING CERTAIN DETERMINATIONS RELATING THERETO. e 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") is a redevelopment agency 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) and the powers of the Agency include the power to issue bonds for any of its corporate purposes; and WHEREAS, a Redevelopment Plan for a Redevelopment Project known as the "Downtown Project" has been adopted and approved by Ordinance No. 73-44, adopted by the City Council of the City of Costa Mesa (the "City") on December 24, 1973, 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: A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF COSTA MESA AUTHORIZING THE ISSUANCE AND SALE OF TAX ALLOCATION REFUNDING BONDS FOR THE DOWNTOWN .REDEVELOPMENT PROJECT, AND APPROVING THE FORM OF INDENTURE OF TRUST, OFFICIAL STATEMENT, BOND PURCHASE AGREEMENT, CONTINUING DISCLOSURE CERTIFICATE, ESCROW AGREEMENT AND RELATED DOCUMENTS AND AUTHORIZING CERTAIN OTHER ACTIONS. WHEREAS, under and pursuant to the above -referenced Resolution, the Agency has authorized the issuance of Redevelopment Agency of the City of Costa Mesa Downtown Redevelopment Project 2003 Tax Allocation Refunding Bonds (the "Bonds") y for the purpose of providing funds to refund its Downtown Redevelopment Project 1993 Tax Allocation Refunding Bonds (the "1993 Bonds") and to pay certain other costs related to the issuance of such bonds; and WHEREAS, the City Council has duly considered such transaction, including, Without limitation, the Escrow Agreement providing for the defeasance of the 1993 Bonds (the "Escrow Agreement") and wishes at this time to approve said transactions in the public interests of the City; and WHEREAS, this City Council has determined it to be in the public interest for the Agency to issue the Bonds. Mesa: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Costa Section 1. Approval of Issuance of Bonds. The City Council hereby approves the issuance of the Bonds to refund the 1993 Bonds in principal amount not to exceed $8,000,000, pursuant to the terms of the Agency resolution referenced in the recitals hereof and the accompanying Indenture of Trust. Section 2. Approval of Escrow Agreement. The City Council hereby approves the Escrow Agreement in substantially the form on file with the City Clerk, together with any additions thereto or changes therein deemed necessary or advisable by the Mayor or the City Manager, upon consultation with bond counsel, whose execution thereof shall be conclusive evidence of approval of any such additions and changes. Each of the Authorized Officers are hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest, the final form of the Escrow Agreement and in the name and on behalf of the City. The City Council hereby authorizes the delivery and 1 performance of the Escrow Agreement. Section 3. Official Action. All actions heretofore taken by the officers and agents of the City with respect to the issuance of the Bonds are hereby approved, confirmed and ratified. The Mayor, the City Manager, City Clerk, the City Treasurer, the City Attorney and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions which they, or any of them, may deem necessary or advisable in order to consummate the sale and delivery of the Bonds by the Agency to the Underwriter (or other purchaser identified in the Agency resolution ) pursuant to the Bond Purchase Agreement referenced in the Agency resolution. Section 4. Effective Date. This Resolution shall take effect upon adoption. PASSED AND ADOPTED this 2nd day of September, 2003. ATTEST: Deputy Ci Clerk of the City of Costa Mesa Mayor of t City of Costa Mesa APPROVED AS TO FORM 17 City Attorney STATE OF CALIFORNIA) COUNTY OF ORANGE ) ss CITY OF COSTA MESA ) I, JULIE FOLCIK, 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. o3-53 was duly and regularly passed and adopted by the said City Council at a regular meeting thereof held on the 2nd day of September, 2003, by the following roll call vote: AYES: Monahan,.Steel, Cowan, Mansoor, Scheafer NOES: None ABSENT: None IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Costa Mesa this 3rd day of September, 2003. , �y Deputy ity Clerk and ex -officio Clerk of the City Council of the City of Costa Mesa