HomeMy WebLinkAbout2003-03 CRARESOLUTION NO. 2003-03
RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AUTHORIZING
DELIVERY AND SALE OF CERTIFICATES OF PARTICIPATION
IN THE MAXIMUM PRINCIPAL AMOUNT OF $20,000,000 TO
REFUND 1993 CERTIFICATES OF PARTICIPATION, AND
APPROVING RELATED DOCUMENTS AND ACTIONS
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 Aha hereby finds, determines and declares as follows:
A. The City of Santa Ana (the "City") is currently obligated to pay lease
payments with respect to the following outstanding certificates of participation:
(1) Certificates of Participation (Parking Facilities Refunding
Project), Series 1993A executed and delivered in the aggregate
principal amount of $16,875,000 (the "1993 Series A Certificates"),
which evidence lease payments payable by the City under an
Amended and Restated Lease/Purchase Agreement dated as of
February 1, 1993 (the "1993 Series A Lease Agreement"), between
the Community Redevelopment Agency of the City of Santa Ana
("Agency") and the City;
(2) Certificates of Participation (Commercial Facilities Refunding
Project), Series 1993B executed and delivered in the aggregate
principal amount of $1,945,000 (the "1993 Series B Certificates"),
which evidence lease payments payable by the City under an
Amended and Restated Lease/Purchase Agreement dated as of
March 1, 1993 (the "1993 Series B Lease Agreement"), between the
Agency and the City; and
(3) Certificates of Participation (Mass Commuting Facility
Refunding Project), Series 1993C executed and delivered in the
aggregate principal amount of $5,005,000 (the "1993 Series C
Certificates" and together with the 1993 Series A Certificates and the
1993 Series B Certificates, the "1993 Certificates"), which evidence
lease payments payable by the City under an Amended and
Restated Lease/Purchase Agreement dated as of February 1, 1993
(the "1993 Series C Lease Agreement" and together with the 1993
Series A Lease Agreement and the 1993 Series B Lease Agreement,
the "1993 Lease Agreements"), between the Agency and the City.
B. In order to take advantage of favorable interest rates prevailing in the
municipal bond market, the City wishes at this time to provide for the refinancing
of the outstanding 1993 Certificates from the proceeds of Refunding Certificates
of Participation 2003 Series A to be issued in the maximum principal amount of
$20,000,000 (the "Refunding Certificates").
C. The Agency wishes at this time to authorize and approve all proceedings
for the refinancing of the City's obligations with respect to the 1993 Certificates,
the delivery and sale of the Refunding Certificates for that purpose and all
related documents and actions, in furtherance of the public purposes of Agency;
Section 2. Approval of Refinancing Plan and Related Documents. The Agency
hereby approves the refinancing plan outlined above. To that end, the Agency
hereby approves each of the following documents in substantially the respective
forms on file with the Secretary together with any changes therein or additions
thereto deemed advisable by the Executive Director, the execution and delivery
thereof shall be conclusive evidence of such approval:
A. First Amended and Restated Site Lease between the City, as
lessor, and the Agency, as lessee, which amends and restates the
1993 Site Leases relating to the 1993 Certificates in order to
implement the refinancing plan.
B. Lease Agreement between the Agency, as lessor, and the City,
as lessee, which amends and restates the 1993 Lease Agreements
in order to implement the refinancing plan.
C. Trust Agreement among the City, the Agency and the Trustee,
under which the Trustee agrees to execute and deliver the
Refunding Certificates, and which specifies the detailed terms and
provisions relating to the Refunding Certificates.
D. Purchase Agreement among the City, the Agency and Salomon
Smith Barney Inc. with respect to the purchase and sale of the
Refunding Certificates (the "Purchase Agreement").
The Executive Director and Treasurer of the Agency (the "Designated Officers"),
and each of the, are hereby authorized and directed for and in the name and on
behalf of the Agency to execute, and the Secretary is hereby authorized and
directed to attest, if necessary, to the final form of each of the foregoing
documents. The schedule of lease payments attached to the Lease Agreement
shall correspond to the payments of principal and interest represented by the
Refunding Certificates, to be determined upon the sale thereof as set forth in
Section 2 of this Resolution.
Section 3. Sale of Refunding Certificates. The Agency hereby approves the sale
of the Refunding Certificates pursuant to and in accordance with the provisions
of the Pumhase Agreement.
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Section 4. Official Actions. The Designated Officer and all other officers of the
Agency are each authorized and directed in the name and on behalf of the
Agency to make any and all assignments, certificates, requisitions, agreements,
notices, consents, leases and other instruments of conveyance, warrants and
other documents, which they or any of them might deem necessary or
appropriate in order to consummate any of the transactions contemplated by the
agreements and documents approved under this Resolution. Whenever in this
resolution any officer of the Agency is authorized to execute or countersign any
document or take any action, such execution, countersigning or action may be
taken on behalf of such officer by any person designated by such officer to act
on his or her behalf in the case such officer is absent or unavailable.
Section 5. Effective Date. This Resolution shall take effect from and after the
date of its passage and adoption.
ADOPTED this
17thday of March
,2003.
APPROVED AS TO FORM:
Joseph W. Fletc~,ef, Ge~r~eral Counsel
~~ 'sffa n~ ~!rU~e~ % o u n se,
AYES:
NOES:
ABSTAIN:
NOT PRESENT:
Boardmembers:
Boardmembers:
Boardmembers:
Boardmembers:
Franklin, Garcia, Pulido
Solorio (4)
None (0)
None
Alvarez~ B!st~ Christy
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CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, JOHN P. REEKSTIN, Secretary of the Agency, do hereby attest to and certify
the attached Resolution No. 2003-03 to be the original resolution adopted by the
Community Redevelopment Agency of the City of Santa Ana on
March 17, 2003
ec~,~clin g Secretary
Corffmunity Redevelopment Agency
City of Santa Ana