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HomeMy WebLinkAbout2012-002 SA3/29/12 LES SUCCESSOR AGENCY RESOLUTION NO. 2012 -002 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA ACTING AS SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY APPROVING THE AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) AND CERTAIN OTHER ACTIONS PURSUANT TO PART 1.85 OF THE DISSOLUTION ACT BE IT RESOLVED BY THE MEMBERS OF THE SUCCESSOR AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: Section 1. The City Council of Santa Ana, acting as Successor Agency, hereby finds, determines and declares as follows: A. The California Supreme Court's decision in the recent Califomia Redevelopment Agency v. Matosantos case upheld ABX1 26 which will now control the dissolution and winding down of every California redevelopment agency. ABX1 26 prohibits agencies from taking numerous actions, requires all agencies to wind down their affairs effective immediately, and provides that agencies are deemed to be dissolved as of February 1, 2012. B. On January 9, 2012, pursuant to section 34173 of the California Health & Safety Code, the City of Santa Ana ( "City ") elected to serve as the Successor Agency for the former Community Redevelopment Agency ( "Agency ") of the City of Santa Ana and the Housing Authority of the City of Santa Ana as "Successor Housing Agency ". C. The City will perform its functions as the Successor Agency under the Dissolution Act to administer the enforceable obligations of the Agency and otherwise unwind the Agency's affairs, all subject to the review and approval of a seven member Oversight Board. D. Prior to its dissolution and pursuant to Part 1.8, the Agency prepared the original Recognized Obligation Payment Schedule ( "ROPS ") by March 1, 2012, which was received and filed by the Successor Agency on March 19, 2012. E. As the result of a recent discussion with the State Department of Finance, certain items on the ROPS have been revised (see Exhibit A, attached hereto and incorporated herein by this reference). Following action by the Successor Agency, the ROPS is required to be presented to the Oversight Board for its approval, then submitted to both the State Controller's Office and the State Department of Finance. F. Health and Safety Code Section 34173(e) provides that "the liability of any successor agency, acting pursuant to the powers granted under the act adding this part, shall be limited to the extent of the total sum of property tax revenues it receives pursuant to this part and the value of assets transferred to it as a successor agency for a dissolved redevelopment agency." Thus, the City's obligations as Successor Agency Resolution No. 2012 -002 Page 1 of 3 are limited by the amount of property taxes and the value of assets it receives in its role as the Successor Agency. Section 2. The attached Amended Recognized Obligation Payment Schedule (Exhibit A) establishes those obligations which the Community Redevelopment Agency of the City of Santa Ana has binding commitments that it has entered into and includes legal commitments that it is obligated to perform, to meet the pre - existing commitments of contracts and obligations that were established prior to the effective date of ABX1 26. Section 3. The City Manager, or his /her designee ( "City Manager"), is directed to file this Amended Recognized Obligation Payment Schedule in the manner required by law. Section 4. The City Manager and /or the Director of Finance, or their respective designees, as delegated officials of the City acting as Successor Agency, are authorized to make any augmentations, modifications, additions, or revisions as may be necessary to the Amended ROPS, and as may be amended from time to time, based upon review by the State Department of Finance or the independent auditor selected by the County of Orange. Section 5. This Resolution shall take effect immediately upon its adoption by the City Council acting as the Successor Agency, and the Clerk of the Council shall attest to and certify the vote adopting this Resolution. Resolution No. 2012 -002 Page 2 of 3 3/29/12 LES ADOPTED this 2nd day of April 2012. L Miguel A. Pulid Mayor APPROVED AS TO FORM: Joseph Straka, Interim City Attorney o Lisa E. Storck Assistant City Attorney YES: Councilmembers: Alvarez, Benavides, Bustamante, Martinez, Tinaiero, Sarmiento (6) NOES: Councilmembers: None (0 ABSTAIN: Councilmembers: None (0) NOT PRESENT: Councilmembers: Pulido (1) CERTIFICATION OF ATTESTATION AND ORIGINALITY I, Maria D. Huizar, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2012 -002 to be the original resolution adopted by the City Council acting as the Successor Agency on April 2, 2012. Date: 40- -19-1 M Maria D. Huizar, Clerk of the Cdjncil Resolution No. 2012 -002 Page 3 of 3 r a n t7 C O u N N Gi a m 0 v `o E z F W Q W N S O°" m m^ ^ m O O1 m m S O i0 m 0 14 ��yy N O, pp N O, 88 k O O' p S p 8 g S N S m r A m m, m V mi 0 0 ,p a h R S S at W N O n N Q a r N O N N (7 N N O m N O C! 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Smm $ $ mm a rn$V W d • 4' i BOND DEBT SERVICE Community Redevelopment Agency of the City of Santa Ana (Santa Ana Merged Project Area) Tax Allocation Bonds 2011 Series A Final Numbers - January 25, 2011 Dated Date 02/04/2011 Delivery Date 02/04/2011 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 09/01/2011 2,420,663.76 2,420,663.76 2,420,663.76 03/01/2012 2,104,925.00 2,104,925.00 09/01/2012 2,104,925.00 2,104,925.00 4,209,850.00 03/01/2013 2,104,925.00 2,104,925.00 _ 09/01/2013 2,104,925.00 2,104,925.00 4,209,850.00 03/01/2014 2,104,925.00 2,104,925.00 _09/01/2014 2,104,925.00 2,104,925.00 4,209,850.00 63/01/2015 2,104,925.00 2,104,925.00 09/01/2015 2,104,925.00 2,104,925.00 4,209,850.00 03/01/2016 2,104,925.00 2,104,925.00 09/01/2016 2,104,925.00 2,104,925.00 4,209,850.00 03/01/2017 2,104,925.00 2,104,925.00 09/01/2017 805,000 5.000% 2,104,925.00 2,909,925.00 5,014,850.00 03/01/2018 2,084,800.00 2,084,800.00 09/01/2018 1,145,000 5.000% 2,084,800.00 3,229,800.00 5,314,600.00 03/01/2019 2,056,175.00 2,056,175.00 09/01/2019 2,735,000 5.250% 2,056,175.00 4,791,175.00. 6,847,350.00 03/01/2020 1,984,381.25 1,984,381.25 _Q9/01/2020 5,475,000 ** 1,984,381.25 7,459,381.25 9,443,762.50 03/01/2021 1,825,443.75 1,825,443.75 OWO1 /2021_ .. 6,105,000 6.000% 1,825,443.75 7,930,443.75 9,755,887.50 ' 03/01/2022 1,642,293.75 1,642,293.75 _ 09/01/2022 6,810,000 6.000% 1,642,293.75 8,452,293.75 10,094,587.50 03/01/2023 1,437,993.75 1,437,993.75 09/01/2023 7,545,000 ** 1,437,993.75 8,982,993.75 10,420,987.50 03/01/2024 1,201,075.00 1,201,075.00 -09LO112024 8,360,000 ** 1,201,075.00. 9,561,075.00 10,762,150.00 03/01/2025 938,587.50 938,587.50 09/Q!/2%25 6.750% 938,587.50 10,168,587.50 11,107,175.00 03/01/2026 627,075.00 627,075.00 09/01/2026. _ _ _10,820,00.0. 6,750% 627,075.00 11,447,075.00 12,074,150.00 03/01/2027 261,900.00 261,900.00 — 091OW227._ 4,055,000 6.750% 261,900.00 4,316,900.00 4,578,800.00 03/01/2028 125,043.75 125,043.75 09101/2028 3,705,000 6.750% 125,043.75 3,830,043.75 3,955,087.50 66,790,000 56,049,301.26 122,839,301.26 122,839,301.26 W Jan 25, 2011 1;52 pm Prepared by Stone & Youngberg LLC (SPB) (Finance 6.019) Page 6 1 1A am Prepared by Citigroup l Markets Inc. page 11 BOND DEBT SERVICE Community RDA of the City of Santa Ana New Money TAB- Serie4;20.03 `A "'`';1 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/03/2003 03/01/2004 601,267.31 _601,267:31 TT970TPf0� -- -475;000 -- -� TOU °�- a §�3F22 878,836.25 1,480,103.56 03/01/2005 401,223.75 401,223.75 09/0112005 480,000 1.250% 401,223.75 881,223.75 1,282,447.50 t� 03/01/2006 398,223.75 398,223.75 `07311iS0�0 QifO- 1':5Q0 %�- 3$13,213.7 878,223.75 1,276,447.50 1\ 03/01/2007 `1394,623.75 - 394,623.75 _ 01/2007 90,000 2.000% 394,623.75 884,623.75 1,279,247.50 0310112008. 389,723.75 389,723.75... •. 09101/2008 5001000 2.250 °0 389,723.75 889,723.75 _ '1,279,447.50 03101/2009 384,098.75 _ 384.098.75 tl 09/01/2009 510,000 2.750% 384,098.75 894,098.75 1,278,197.50 03/01/2010 377 086.25 377 086.25 0910112010 .525,000 3.000% 377,086.25 902,086.25 1,279,172.50 ✓ 03101/2011 369,211.25 369 211 25 09/01/2011 545,000 3.250% 369,211.25 914,211.25 1,283,422.50 03/01/2012 360,355.00 360,355.00 09/01/2012 560,000 3.375% 360,355.00 920,355.00 1,280,710.00 03/01/2013 350 905.00 350,905.00 09/0112013 580,000 3.500% 350,905.00 930,905.00 1,281,810.00 03/01/2014 340 755 00 340 755 00 09/01/2014 605,000 3.600% 340,755.00 945,755.00 1,286,510.00 03101/2015 329 865.00 329,865.00 09/01/2015 625,000 3.700% 329,865.00 954,865.00 1,284,730.00 03/01/2016 318 302.50 '318,302.50 09101/2016 650,000 3.800% 318,302.50 968,302.50 1,286,605.00 03/01/2017 305,952.50 305,952.60 09101/2017 675,000 4.000% 305,952.50 980,952.50 • 1,286,905.00 03101/2018 292 452.50 292 452.50 09/01/2018 700,000 4.000% 292,452.50 992,452.50 1,284,905.00 03/01/2019 -78-452.50 278,452.50 09/01/2019 730,000 4.100% 278,452.50 1,008,452.50 1,286,905.00 03101/2020 263 487.50 263,487.50 09/01/2020 760,000 4.200% 263,487.50 1,023,487.50 1,286,975.00 03101/2021 'd7,527.50 247,527.50 09/01/2021 795,000 4.300% 247,527.50 1,042,527.50 1,290,055.00 03/01/2022 230 435.00 230 435.00 09/01/2022 830,000 4.400% 230,435.00 1,060,435.00 1,290,870.00 03/01/2023 21- 2,175.00 212,175.00 09/01/2023 870,000 4.500% 212,175.00 1,082,175.00 1,294,350.00 3 0 /2 0024 192 600.00 192,600.00 09/01/2024 910,000 4.500% 192,600.00 1,102,600.00 1,295,200.00 03/0112025 172,125.00 172,125.00 09/01/2025 950,000 4.500% _ 172,128.00 1,122,125.00 1,294,250,00 03101/2026 150,750.00 150,750.00 09/01/2026 5,0 9900 4.500% 150,750.00 1,145,750.00 1,296,500.00 03101/2027 128,362.50 128,362.50 09/01/2027 1,040,000 _ 4.500% 128,362.50 _ 1,168,362.50 1,296,725.00 03/01/2028 104,962.50 104,962.50, 09/01/2028 1,090,000 4.500% .104,962.50 1,194,962.50 1,299,925.00. 03/01/2029 80,437.50 80,437.50 09/01/2029 1,140,000 4.500% 80,437.50 1,220,437.50 1,300,875.00 r_0U%2.000 54 787.50 54.787.50 09101/2030 , . 1,190,000 4.500% 54,787.50 1,244,787.50 1,299,575.00 -.Q3/1 UzQa1 9R n19 rn 9a ni,) in 09/01/2031 1,245,000 4.500% 28,012.50 1,273,012.50 1,301,025.00 20,945,000 15,318,891.06 36,263,891.06 36,263,891.06 Jun 11, 2003 11:46 am Prepared by Ciligroup Global Markets Inc. Pa9e 12 BOND DEBT SERVICE Community RDA of the City of Santa .AnRzs4i 7 ,, Tax Allocation Ref, Bonds - Series 2003 B Period Annual Ending Principal Coupon Interest Debt Service • Debt Service 06/03/2003 / 524,000.00 524,000.00 • 09/01/2003 1,820,000 2.000% 357,622.22 2,177,622.22 2,177,622.22 03/01/2004 713,300.00 713,300.00 `-09701/2004 1,485,000 2.500% 13,300.00- -2--,I98,3'd0.00 2,911,600.00'- 03/01/2005 03/01/2013 694,737.50 694,737.50 427,000.00 09/01/2005 1,520,000 2.500% 694,737,50 2,214,737.50 2,909,475.00 03/Q1/2006 03/01/2014 _ 675,737.50 675,737.50__ 374,875.00 09/01/2006 1,560,000 2.500 %�- 675,737.50 2,235,737.50 2,911,475.00 " 03/01/2007 _ ' 656,237.60 - 656,237:50 ~ 319,875.00 09/01/2007 1,600000 3.000% 656,237.50 2,256,237.502 912,475.00 03101/2008 03/01/2016 632,237.50 632,237.50 262,125.00 09101/2008 1,660,000 4.250% 632,237.60 29'11 .5d- 2,924,4 00 03/01/2009 2,954,250.00 03/01/2017 596,962.50 596,962.50 201,375.00 09/01/2009 1,730,000 4.250% 596,962.50-------2-,326,962.50 5.000% 2,923,925.00 03/01/2010 2,952,750.00 03/01/2018 560.200.00 560200.00 137,625.00 03(01/2011 524,000.00 524,000.00 • 09101 20 1 1,890,000 5.0 °° 524,000.00 03/01/2012 476,750.00 476,750.00 09/01/2012 1,990,000 5.000% 476,750.00 2,466,760.00 2,943,500.00 03/01/2013 427,000.00 427,000.00 09/01/2013 2,085,000 5,000% 427,000.00 2,512,000.00 2,939,000.00 03/01/2014 374,875.00 374,875.00 09/01/2014 2,200,000 5.000% 374,875.00 2,574,875.00 2,949,750.00 03/01/2015 319,875.00 319,875.00 09/01/2015 2,310,000 5.000% 319,875.00 2,629,875.00 2,949,750.00 03/01/2016 262,125.00 262,125.00 09/01/2016 2,430,000 5.000% 262,125.00 2,692,125.00 2,954,250.00 03/01/2017 201,375.00 201,375.00 09/01/2017 2,550,000 5.000% 201,375.00 2,751,375.00 2,952,750.00 03/01/2018 137,625.00 137,625.00 09/01/2018 2,685,000 5.000% 137,625.00 2,822,625.00 2,960,250.00 03/01/2019 70,500.00 70,500.00 09/01/2019 2,820,000 5.000% 70,500.00 2,890,500.00 2,961,000.00 34,145,000 15,004,697.22 49,149,697.22 49,149,697.22 LEASE PAYMENT SCHEDULE Following is the schedule of Lease Payments due with respect to the Certificates. Lease Payment .Principal Interest Date Component Component .Annual Total 06/01/03 $ 1,420,000 $ 68,084.65 $ 1,488,084.65 12/01/03 304,756.25 06101104 1,210,000 304,756.25 1,819,512.50 12/01/04 289,631.25 06101105 1,270,000 289,631.25 1,849,262.50 12/01/05 273,756.25 06/01/06 1,340,000 273,756.25 1,887,512.50 12/01/06 253,656.25 06/01/07 1,425,000 253,656.25 1,932,312.50 12/01/07 232,281.25 06/01/08 835,000 232,281.25 1,299,562.50 12/01/08 219,756.25 06/01/09 805,000 219,756.25 1,244,512.50 12/01/09 203,656.25 06/01/10 925,000 203,656.25 1,332,312.50 12/01/10 180,531.25 06101111 1,060,000 180,531.25_ 12421,062.50 12/01/11 159,331.25 06/01/12 1215 000 _159 331.25 1533,662.50 12/01/12 128,956.25 _06/01/13 _ 1,405,000 wLL 128x956.25 �. � 1,6662 91250 12/01/13 99,100.00 06/01/14 _ 1,62.5,000 992_10000 .u� ,W 1,823,200.00 12/01/14 58,475.00 06101115 1895,000 5_8,475.00 2 011 950.00_ 12/01/15 11,100.00 06101116 555,000 11,100.00 577,200.00 Total 16,985,000 4.898,059.65 $21,883,059.65 SECURITY AND SOURCES OF PAYMENT FOR THE CERTIFICATES Nature of the Certificates Each Certificate evidences and represents a direct, undivided fractional interest in the principal component of the Lease Payments due under the Lease Agreement on the payment date or prepayment date of such Certificate, and the interest component of all Lease Payments (based on the stated interest rate with respect to such Certificate) to accrue from its date of delivery to its payment date or prepayment date, as the case may be. The Agency, pursuant to the Assignment Agreement, has assigned to-the Trustee for the benefit of the Owners of the Certificates, substantially all of the Agency's right, title and interest in and to the Lease