HomeMy WebLinkAboutMinutes - January 2, 1990 - RA0 0
CITY OF AZUSA
MINUTES OF THE REDEVELOPMENT AGENCY
REGULAR MEETING
JANUARY 2, 1990 - 8:39 P.M.
The Redevelopment Agency of the City of Azusa met in
regular session at the above date and time in the Civic
Auditorium.
Chairman Moses called the meeting to order.
ROLL CALL
PRESENT: DIRECTORS: AVILA, STEMRICH, NARANJO, LATTA, MOSES
ABSENT : DIRECTORS: NONE
ALSO PRESENT
General Counsel Thorson, Interim Executive Director Diaz,
City Department Heads, Director of Redevelopment Steel,
Secretary Solis, Administrative Clerk Toscano.
THE CITY COUNCIL CONVENED JOINTLY WITH THE REDEVELOPMENT
AGENCY AT 8:14 P.M.
CREATION OF CITY OF AZUSA PUBLIC FINANCING AUTHORITY AND
BOND ISSUE OF 1990, SERIES A.
Director of Finance addressed this item stating that in
order to undertake a series of large capital improvements in
the water and sewer systems, and to refinance the Senior
Center and City Hall improvements at a lower interest rate,
the City Council and the Redevelopment Agency should create
the Azusa Public Financing Authority and direct it to sell
$11,625,000 in bonds.
Call to order
Roll Call
Also Present
Convene
w/CRA
Creation
Auth.
Comments
G. Craig
Mr. Ken Caresio, bond underwriter, of Chilton & O'Connor, Comments
Inc. addressed Council/Directors summarizing procedures K. Caresio
regarding these bonds.
Director Latta offered a Resolution entitled:
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT Res. #673
AGENCY OF THE CITY OF AZUSA AUTHORIZING FORMATION OF A JOINT Auth. Forma -
POWERS AUTHORITY WITH THE CITY OF AZUSA AND AUTHORIZING AND tion Public
DIRECTING THE APPOINTMENT OF UNDERWRITER AND BOND COUNSEL Financing
FOR PURPOSES OF CERTAIN FINANCINGS PROPOSED TO BE UNDERTAKEN Authority
BY THE JOINT POWERS AUTHORITY.
Moved by Director Latta, seconded by Director Stemrich
to waive further reading and adopt. Resolution passed and
adopted by the following vote of the Agency:
AYES: DIRECTORS: AVILA, STEMRICH, NARANJO, LATTA, MOSES
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
Councilmember Avila offered a Resolution entitled:
A RESOLUTION
OF THE CITY COUNCIL OF THE CITY OF AZUSA
Res. #8783
AUTHORIZING FORMATION OF A JOINT
POWERS AUTHORITY WITH THE
Auth. forma -
REDEVELOPMENT
AGENCY OF THE CITY
OF AZUSA AND AUTHORIZING
tion Public
AND DIRECTING THE APPOINTMENT
OF UNDERWRITER AND BOND
Financing
COUNSEL FOR
PURPOSES OF CERTAIN
FINANCINGS PROPOSED TO BE
Authority
UNDERTAKEN BY
THE AUTHORITY.
0 •
Moved by Councilwoman Avila, seconded by Councilman Latta
to waive further reading and adopt. Resolution passed and
adopted by the following vote of the Council:
AYES: COUNCILMEMBERS: AVILA, STEMRICH, NARANJO, LATTA,
MOSES
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
Councilman Stemrich offered a Resolution entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA, Res. #8784
CALIFORNIA APPROVING THE ISSUANCE, SALE AND DELIVERY OF THE
Approving
LOCAL AGENCY REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT
issuance,
OF NOT TO EXCEED $13,000,000, OF THE AZUSA PUBLIC FINANCING
sale &
AUTHORITY (A JOINT POWERS AGENCY); FOR THE PURPOSE OF
delivery of
PROVIDING LOANS TO REFINANCE CERTAIN INDEBTEDNESS PREVIOUSLY
Bonds
AUTHORIZED BY THE CITY OF AZUSA AND TO PAY THE COST OF
CERTAIN CAPITAL IMPROVEMENT PROJECTS FOR THE BENEFIT OF THE
CITY, AUTHORIZING AND APPROVING CERTAIN DOCUMENTS IN
CONNECTION THEREWITH; AUTHORIZING THE BORROWING OF FUNDS BY
THE CITY FROM THE AUTHORITY AND AUTHORIZING CERTAIN OTHER
ACTIONS RELATED THERETO.
Moved by Councilman Stemrich, seconded by Councilman Latta
to waive further reading and adopt. Resolution passed and
adopted by the following vote of the Council:
AYES: COUNCILMEMBERS: AVILA, STEMRICH, NARANJO, LATTA
MOSES
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
THE CITY COUNCIL AND THE REDEVELOPMENT AGENCY RECESSED AND Cnol/Cra
THE AZUSA PUBLIC FINANCING AUTHORITY CONTINUED AT 8:31 P.M. recess
AZUSA PUBLIC FINANCING AUTHORITY ADJOURNED AND THE PF Auth.
REDEVELOPMENT AGENCY RECONVENED AT 8:38 P.M. Adjourned
CRA reconvene
PUBLIC PARTICIPATION Pub Prtc
Mr. Ronald Legault addressed Directors with his concerns Comments
regarding the Edgewood Center alley way behind the center. Legault
Director of Commununity Development Bruckner addressed this
issue stating that the City is currently in negotiations
with the property owner to clean up the property.
The Minutes of the regular meeting of December 21, 1989, Min appvd
were approved as written.
Director Latta offered a resolution authorizing payment of
warrants by the Agency entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF Res. #674
AZUSA ALLOWING CERTAIN CLAIMS AND DEMANDS TO BE PAID OUT OF Warrants
REDEVELOPMENT AGENCY FUNDS.
Moved by Director Latta, seconded by Director Naranjo to
waive further reading and adopt. Resolutions passed and
adopted by the following vote of the Agency:
AYES: DIRECTORS: AVILA, STEMRICH, NARANJO, LATTA, MOSES
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
01/02/90 PAGE TWO
Moved by Director Latta, seconded by Director Naranjo and Adjourn
unanimously carried by roll call to adjourn.
0lbiTCAP J
NEXT RESOLUTION NO. 675
01/02/90 PAGE THREE