HomeMy WebLinkAbout1987-22 CRA
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RESOLUTION NO. 87-~
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AMENDING
RESOLUTION,NO, 85-54 (AUTHORIZING THE
ISSUANCE OF TAX ALLOCATION BONDS OF SAID
AGENCY TO REFUND THE $13,500,000 1978 TAX
ALLOCATION! BONDS OF THE AGENCY AND TO
FINANCE A PORTION OF THE COST OF A
REDEVELOPMENT PROJECT KNOWN AS THE CITY OF
SANTA ANA REDEVELOPMENT PROJECT AREA) FOR
THE PURPOSE OF CLARIFYING CERTAIN PROVISIONS
THEREOF
WHEREAS, on December 3, 1985, the Community
Redevelopment Agency of the City of Santa Ana (the "Agency")
adopted Resolution No. 85-54 (the "Resolution") authorizing the
'issuance of the above-referenced tax allocation bonds of the
Agency in the principal amount of $63,850,000 (the "Bonds"); and
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WHEREAS, the Agency is authorized pursuant to Section
23 of the Resolution to adopt amendments to the Resolution to
clarify the provisions I thereof, which amendments do not require
the consent of Bondholders;
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WHEREAS, the Agency has now determined to amend the
Resolution in order to:c1arify certain provisions thereof;
NOW THEREFORE, THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF SANTA ANA does hereby resolve, determine and order
as follows:
SECTION 1. Section llA(6) is hereby amended and restated
to read as follows:
(6) The special Term Bonds are subject to
mandatory redemption as a whole or in part on December 15,
1986, December 15, 1987, December 15,1988, and December
15, 1989 and December 15, 1990 in the event proceeds
remaining in the Escrow Fund cannot be invested in
investments at a rate equal to or in excess 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 D. of Section 13 of the
Resolution is hereby amended and restated to read as follows:
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D~ The moneys set aside in the Escrow Fund shall be
held by the Fiscal Agent 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 Agency
and the Agency shall have no interest in or right to claim
such moneys, The moneys in the Escrow Fund shall be
transferred to the Redevelopment Fund annually on December
15, 1986, December 15,1987, 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 rating 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
Agent that the new letter of credit will not result in a
reduction or withdrawal of the rating with respect to the
Bonds; and (iii) a certificate or opinion of an Independent
Financial Consultant that Tax Revenues to be received by
the Agency 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 Bonás for the current Bond
Year, less debt service for the current 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 11A(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 4.
adoption.
This Resolution shall take effect upon its
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ADOPTED AND APPROVED this ~ day of December, 1987,
(SEAL)
ATTEST:
APPROVED AS TO FORM:
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SANTA ANA
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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 ~ day of DeC".F'mhF'r
1987, and that the same was passed and adopted by the following
vote:
AYES:
Members Younq, McGuigan
May, Pulido
AC".o"t-" r..r; "",t- ,
NOES: Members
ABSENT: Members Hart-
ABSTAIN: Members
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Secreta of th ommunity
Redevelopment Agency of the City
of Santa Ana
(SEAL)
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SANTA ANA
)
)ss.
)
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. 82=23- 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.
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Redevelopment Agency of the City
of Santa Ana
(SEAL)
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