HomeMy WebLinkAbout1988-11 CRA
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RESOLUTION NO. 88-11
RESOLUTION OF THE CITY OF SANTA ANA COMMUNITY
REDEVELOPMENT AGENCY FORMALIZING THE PROCEDURE RE
PAYMENTS OUT OF THE ESCROW FUND AS PROVIDED IN
SECTION 13 OF RESOLUTION NO. 85-61, AUTHORIZING
THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS OF
SAID AGENCY IN THE PRINCIPAL AMOUNT OF TWENTY
MILLION DOLLARS ($20,000,000) TO REFUND THE
CONTRACTUAL OBLIGATION OF THE DISTRICT (MAIN
PLACE PROJECT) AND AWARDING THE BONDS TO R. H.
MOULTON & COMPANY
WHEREAS, on December 28, 1985, the City of Santa Ana
Community Redevelopment Agency (the "Agency") issued
$20,000,000 of its City of Santa Ana Redevelopment Project Area
Tax Allocation Refunding Bonds, 1985 Series E pursuant to
Resolution No. 85-61, adopted on December 17, 1985; and
WHEREAS, pursuant to Section 13 C of Resolution No. 85-61
(the "Resolution"), the Bond proceeds were set aside in the
Escrow Fund established pursuant to said Resolution, to be paid
to the Developer to refund the Agency's obligation under a
certain Agreement annually on July 1 and each of the Fiscal
Years 1986/1987 to 1990/1991, inclusive upon receipt by the
Fiscal Agent of a certificate or opinion of an Independent
Financial Consultant that the Tax Revenues to be received by
the Agency during the Fiscal 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 the
Average Annual Debt Service on the Bonds less the Average
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Annual Debt Service on the aggregate principal amount of that
portion of the Bonds equal to the amount which will remain in
the Escrow Fund immediately folowing any such transfer (all
capitalized terms are defined in the Resolution); and
WHEREAS, the assessment roll is equalized on August 20th of
each year (Section 2052 of the Revenue and Taxation Code)
however, the Orange County Assessor has completed the local
roll on or prior to July 1 of each fiscal year (Section 616 of
the Revenue and Taxation Code) and that local roll is available
prior to August 20 of each fiscal year; and
WHEREAS, it was the intent of the Developer and the Agency
that "the most recent assessed valuation of taxable property in
the Redevelopment Project Area" as contemplated in said Section
13 C would be the assessed valuation of taxable property shown
on the assessment roll as of the preceding March 1;
NOW, THEREFORE, THE CITY OF SANTA ANA COMMUNITY
REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER
that it is the intent of the parties that the words set forth
in Section 13 C of the Resolution, "based upon the most recent
assessed valuation of taxable property in the Redevelopment
Project Area" means the local assessment roll reflecting the
valuation of the property as of the March 1 preceding each July
1 as shown on the assessment roll to be equalized the following
August 20th and that for the purpose of making the calculations
required in Section 13 C of the Resolution, the local
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ass~~ roll to be equalized on the follawin:¡ August 20th shall be
utilized as soon as the local asE'~~'1t roll is available in the office
of the 0ran:Je Assessor's office on or after each July 1.
AOOPI'ED AND APmO\TED this
by the follawin:¡ vote:
AYES
NOES
ABSENI'
ATI'EST :
~9~
Cynthia J. Nelséñ, Executive
DirectorjRecordin;J Secreta:ry
21
day of
June
, 1988,
MEMBERS: Griset, Hart, May, McGuigan, Pulido,
Young
MEMBERS: None
MEMBERS: Acosta
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C1Iab:man
APmO\TED AS ro FORM:
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