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HomeMy WebLinkAbout2003-01 CRARESOLUTION NO. 2003-01 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AUTHORIZING ISSUANCE OF NOT TO EXCEED $25,000,000 AGGREGATE PRINCIPAL AMOUNT OF SANTA ANA SOUTH MAIN STREET REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 2003A, AT AN INTEREST RATE NOT TO EXCEED 6~%, APPROVING AND AUTHORIZING AND DIRECTING EXECUTION OF FIRST SUPPLEMENT TO INDENTURE OF TRUST RELATING THERETO AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: Section 1. The Board of the Community Redevelopment Agency of the City of Santa Ana ("Agency") hereby finds, determines and declares as follows: A= The Agency is authorized pursuant to the Community Redevelopment Law, being Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California (the "Law") to issue its tax allocation bonds for the purpose of financing and refinancing redevelopment activities within and of benefit to its Santa Ana South Main Street Redevelopment Project (the "Redevelopment Project"). To finance and refinance redevelopment activities with respect to the Redevelopment Project, the Agency issued its $44,650,000 aggregate principal amount of Santa Ana South Main Street Redevelopment Project Tax Allocation Bonds, Series 1993D (the "Series 1993D Bonds") pursuant to an Indenture, dated as of August 1, 1993, by and between the Agency and Dai-Ichi Kangyo Bank of California (the "1993 Indenture"). The Agency now wishes to finance certair~ additional redevelopment activities (within the meaning of Section 33678 of the Law) with respect to the Project Area and, in implementation thereof, the Agency has determined to issue its $25,000,000 aggregate principal amount of Santa Ana South Main Street Redevelopment Project Tax Allocation Bonds, Series 2003A (the "Series 2003A Bonds") at an interest rate not to exceed 6 ¼ %, pursuant to the Law. The 1993 Indenture permits the issuance of Additional Bonds (within the meaning of the 1993 Indenture) on a parity with the Series 1993D Bonds, subject to certain conditions. The Series 2003A Bonds are being issued in compliance with all applicable conditions in order to be secured as Parity Debt by a pledge of and lien on Pledged Tax Revenues (within the meaning of the 1993 Indenture and as herein redefined) on a parity with the Series 1993D Bonds under the 1993 Indenture. The Bonds are proposed to be issued pursuant to an amendment and supplement to the 1993 Indenture as set forth in a First Supplement To Indenture of Trust (the "First Supplement") dated as of March 1, 2003, by and between the Agency and the Trustee. The Agency proposes to sell the Bonds to the Santa Ana Financing Authority (the "Authority") which will concurrently sell the Bonds to Salomon Smith Barney, as purchaser of the Bonds (the "Underwriter"), all as shall be provided in a purchase contract in customary form (the "Purchase Contract"). The Agency will cause to be prepared an Official Statement describing the Bonds (the "Official Statement"). The Agency, with the aid of its staff has reviewed the First Supplement and the Agency wishes at this time to approve the foregoing in the public interests of the Agency. Section 2. Issuance of Bonds; Approval of Third Supplement. The Agency hereby authorizes the issuance of the Bonds under and pursuant to the Law and the 1999 Bonds Indenture, as amended and supplemented by the First Supplement, in the aggregate principal amount of not to exceed $25,000,000 at an interest rate not to exceed 6 ¼ %. The Agency hereby approves the First Supplement in substantially the form thereof on file with the Secretary together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director, including, without limitation, the addition to the First Supplement of the final interest rates payable with respect to the Bonds and the final principal amount and annual maturities of the Bonds, as shall be contained in the Purchase Contact, and execution of the First Supplement shall be deemed conclusive evidence of the Agency's approval of such additions or changes. The Chairperson and Secretary of the Agency are hereby authorized and directed to execute, attest and affix the seal of the Agency to the First Supplement for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the First Supplement. Section 3. Submission of Purchase Contract and Official Statement. The Agency hereby authorizes and directs Agency staff to cause the preparation of the Purchase Contract for sale of the Bonds to the Underwriter and the Official Statement for submission to the Agency for approval. Section 4. Official Action. All actions heretofore taken by the officers and agents of the Agency with respect to the issuance of the Bonds are hereby approved, confirmed and ratified. The Chairperson, the Executive Director, Secretary, Assistant Secretary, the Treasurer, the Assistant Treasurer and the General Counsel of the Agency and any and all other officers of the Agency are hereby authorized and -2- directed, for and in the name and on behalf of the Agency, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions (including, but not limited to, requisitions for payment of costs of issuance of the Bonds), agreements (including, but not limited to, agreements in customary form providing for investment of the proceeds of the Bonds, as further provided in the Indenture), notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the sale, issuance and delivery of the Bonds to the Authority and Underwriter pursuant to the documents approved herein. Section 5. Effective Date. This resolution shall take effect from and after the date of approval and adoption thereof. ADOPTED this 6th day of January ,2003. APPROVED AS TO FORM: Joseph W. Fletcher, General Counsel A~sisU~ht Gendral Counsel AYES: NOES: ABSTAIN: NOT PRESENT: Miguel A. Pulido Chair Alvarez, Bist, Franklin, Boardmembers: Garcia, Solorio (5) Boa rd members: No ne ( 0 ) Board members: Pul i do ( 1 ) Boardmembers: Chri sty (1) -3- CERTIFICATION Of ATTESTATION AND ORIGINALITY I, JOHN P. REEKSTIN, Secretary of the Agency, do hereby attest to and certify the attached Resolution No. 2003-01 to be the original resolution adopted by the Community Redevelopment Agency of the City of Santa Aha on January 6, 2003 Date: January 7, 2003 Community Redevelopment Agency of the City of Santa Ana