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SA-3 - RESO TAX ALLOCATION BOND
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SA-3 - RESO TAX ALLOCATION BOND
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Last modified
7/12/2018 5:35:37 PM
Creation date
7/12/2018 5:27:26 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
SA-3
Date
7/17/2018
Destruction Year
2023
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REQUEST FOR <br />SUCCESSOR AGENCY19� <br />ACTION -- <br />MEETING DATE: <br />JULY 17, 2018 <br />TITLE: <br />RESOLUTION AUTHORIZING THE <br />REFUNDING OF THE TAX ALLOCATION <br />BONDS, SERIES 2003 A & B, AND 2011A <br />{STRATEGIC PLAN NO. 4,2101) <br />CITY ER <br />RECOMMENDED ACTION <br />CLERK OF THE COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Implementing Resolution <br />❑ Other <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution authorizing the refunding of the former Community Redevelopment Agency <br />of the City of Santa Ana, South Main Street Redevelopment Project, Tax Allocation Bonds <br />Series 2003 A & B and the City of Santa Ana Tax Allocation Bonds (Merged Project Area) 2011 <br />A and approval of related bond documents: Indenture of Trust, Bond Purchase Agreement, <br />Continuing Disclosure Certificate and Escrow Agreement. <br />2. Receive and File the Savings Analysis provided by Urban Futures, Inc. as the Financial Advisor <br />in this transaction. <br />DISCUSSION <br />In 2003, the Community Redevelopment Agency of the City of Santa Ana (the "former RDA") issued <br />its South Main Street Redevelopment Project, Tax Allocation Bonds, Series 2003A in the amount <br />of $20,945,000 (the "2003A Bonds"), and its Tax Allocation Refunding Bonds, Series 2003B in the <br />amount of $34,145,000 (the "2003B Bonds", and collectively the "2003A & B Bonds'). The 2003A <br />Bonds were issued to fund redevelopment activities of benefit to the South Main Street <br />Redevelopment Project Area. Approximately $12.5 million of the 2003A Bonds and $2.8 million of <br />the 2003B Bonds will be currently outstanding as of September 2, 2018. The 2003A & B Bonds <br />consist of interest rates ranging from 4.5% to 5% with the longest maturity (9/1/2031). <br />In 2011, the former RDA issued its Tax Allocation Bonds, Merged Project Area, 2011 Series A <br />bonds (the "2011A Bonds') in the principal amount of $66,790,000, of which approximately $64.8 <br />million will be outstanding as of September 2, 2018. The interest rates on the 2011A Bonds range <br />from 5.00% to 6.75% for the longest maturity (9/1/2028). <br />Per Assembly Bill (AB) 26, the State of California ("State") dissolved existing redevelopment <br />agencies, which led to the formation of the Successor Agency to the Santa Ana Community <br />Redevelopment Agency (the "Successor Agency'). The Successor Agency inherited the <br />SA -3-1 <br />
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