HomeMy WebLinkAbout1987-24 CRA
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11-24-87 01,54PM 8SYC&R N,wp,,' S",' CA P10/"
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RBSOLtJ'l'ION NO, 87-l.!...
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OJ! SANTA ANA AMENDING
RESOLUTION NO, 85-56 (AtJ'l'HORIZING THE
ISSUANCE OJ! TAX ALLOCATION BONDS OF SAID
AGENCY (SOOTH MAIN S'l'REET REDEVELOPMENT
PROJECT» FOR THE PURPOSE OJ! CLARIFYING.
CBR'l'AIN PROVISIONS 'l'HEREOF
WHEREAS, on December 3. 1985. the community
Redevelopaent Agency of the City of Santa Ana (the "Agency")
adopted Resolution No, 85-56 (the "Resolution") authorizing the
i..uance of tax allocation refunding bond. of the Agency in the
principal amount of $13,000,000 (the "Bonds") to refund the
. contractual obligation of the Agency (Mainplace Project); and
WHEREAS, the Agency is authorized pursuant to Section
23 of the Resolution to adopt amendments to the Resolution to
clarify the provisions thereof, which amendments do not require
the consent of Bondholder.;
WHEREAS, the Agency has now determined to .amend the
Resolution in order to clarify certain provi.ions thereof;
NOW THEREFORE. THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF SANTA ANA does hereby resolve, determine and order
as follow.:
SECTION 1, Section llA(6) is hereby amended and restated
to read a. follows:
(6) The Special Term Bonds are subject to
mandatory redemption a. a whole or in part on December 15,
1986, December 15,1987, December 15.1988, and December
15,1989 in the event proceeds remaining in the Escrow Fund
cannot be invested in investments at a rate equal to or in
exce.s of the 7.5' per annum which would maintain the
rating on the Bonds and on December 15, 1990. from amounts
remaining in the Escrow Fund. after the calculation set
forth in Section 13C for release of such monies,
SECTION 2. Paragraph C, of Section 13 of the
Re.olution is hereby amended and restated to read as follows:
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11-24-87 01,S4PM .SVC~R ne",..'" B"," CA Pll'*'
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C, The moneys set aside in the Escrow Fund shall be
held by the Fiscal Aqent solely for the benefit of the
Bondholders until transferred to the Redevelopment Fund as
hereinafter provided and until so transferred shall not in
any way become or be treated as the property of the Aqency
and the Aqency shall have no interest in or riqht to claim
such moneys, The moneys in the Escrow Fund shall be
transferred to the Redevelopment Fund annually on December
15,1986, December 15,1981, December 15, 1988, December
15, 1989 and December 15, 1990 upon receipt by the Fiscal
Agent of (i) evidence satisfactory to it that the then
effective Initial Letter of Credit or Alternate Credit
Facility has been replaced by a new letter of credit issued
by the Bank or other financial institution with an equal
investment grade ratinq in an amount equal to the then'
stated amount of the then effective Initial Letter of
Credit or Alternate Credit Facility plus the amount to be
disbursed less any increase in the Debt Service Reserve
Account; (ii) written evidence from Moody's Investors
Service. Inc. if Moody's Investors Service. Inc, rates the
Bonds or Standard & Poor's Corporation if Standard & Poor's
Corporation rates the Bonds satisfactory to the Fiscal
Aqent that the new letter of credit will not result in a
reduction or withdrawal of the ratinq with respect to the
Bonds; and (iii) a certificate or opinion of an Independent
Financial Consultant that Tax Revenues to be received by
the Aqency during such Bond Year, based upon the most
recent assessed valuation of taxable property in the
Redevelopment Project Area, furnished by the appropriate
officer of the County of Orange, will be at least equal to
1,20 times debt service on the Bond, for the current Bond
Year, less debt service for the cutrent Bond Year on a
principal amount of Bonds equal to that portion of Bond
proceeds which will remain in the Escrow Fund following
such transfer, Any moneys not previously transferred and
thus remaining in the Escrow Fund on December 15, 1990
shall be transferred to the Redemption Fund and applied to
the redemption of Special Term Bonds on December 15, 1990
pursuant to Section l1A(6),
SECTION 3, The Chairman, Secretary and all other
officers of the Agency are authorized to execute any and all
documents and agreements necessary to carry out the intent of
this Resolution,
SECTION" .
adoption.
This Resolution shall take effect upon its
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11-24-87 Ül,SSPM 8SVC&R N,w,," "",to CA PI2"*
ADOPTED JUm APPROVED this ~ day of December, 1987,
(SEAL)
ATTEST:
APPROVED AS TO FORM:
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ty
of the City
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SANTA ANA
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)ss.
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SECRETARY'S CERTIFICATE
RE ADOPTION OF RESOLUTION
I, Cynthia J, Nelson, Secretary of the Community
Redevelopment Agency of the City of Santa Ana , DO HEREBY CERTIFY
that the foregoing Resolution was duly adopted by the Agency at a
regular meeting of the Agency held on the 2.!...- day of December
1987, and that the same was passed and adopted by the following
vote:
AYES:
Members Young, McGuigan, Acosta, Griset,
May, Pulido
NOES:
Members
ABSENT :
ABSTAIN:
Members Hart
Members
secre~9c~mm~
Redevelopment Agency of the City
of Santa Ana
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(SEAL)
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SANTA ANA
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)ss.
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SECRETARY'S CERTIFICATE
OF AUTHENTICATION
I, Cynthia J, Nelson, Secretary of the Community
Redevelopment Agency of the City of Santa Ana, DO HEREBY CERTIFY
that the above and foregoing is a full, true and correct copy of
Resolution No. 87-21 of the Agency and that the Resolution was
adopted at the time and by the vote stated on the above
certificate, and has not been amended or repealed.
..cr~f(~
Redevelopment Agency of the City
of Santa Ana
(SEAL)
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