HomeMy WebLinkAboutMinutes - June 1, 1992 - RA0 0
CITY OF AZUSA
MINUTES OF THE REDEVELOPMENT AGENCY
REGULAR MEETING
JUNE 1, 1992 - 8:07 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. Call to order
ROLL CALL Roll Call
PRESENT: DIRECTORS: DANGLEIS, MADRID, NARANJO, MOSES
ABSENT : DIRECTORS: ALEXANDER
ALSO PRESENT Also Present
General Counsel Wadden, Executive Director Garcia,
Redevelopment Director Steel, City Department Heads,
Deputy Secretary Toscano, Administrative Clerk Sifuentes.
THE CITY COUNCIL CONVENED JOINTLY WITH TEE REDEVELOPMENT Cncl/Cra
AGENCY AT 8:00 P.M. convene
During March 1992, the Agency refunded the 1979 Mortgage 1979 Revenue
Revenue Bond Issue and obtained $760,000 in cash, mortgages, Bond Issue
and real estate. A key consideration in the refunding was refunding
.the possibility of a subsequent taxable refunding to secure
additional funds. A taxable refunding of $10,000,000 tax-
exempt issue may generate an additional $500,000 to the
Agency given current interest rates. The following
resolutions were adopted:
Councilman Dangleis offered a Resolution entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
Res. 92-C61
APPROVING THE ISSUANCE AND SALE OF NOT TO EXCEED $11,000,000
Appvg issu-
AGGREGATE PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE
ance and
CITY OF AZUSA TAXABLE COLLATERALIZED REFUNDING BONDS, SERIES
sale of
1992.
refund bonds
Moved by Councilman Dangleis, seconded by Councilman
Naranjo to waive further reading and adopt. Resolution
passed and adopted by the following vote of the Council:
AYES: COUNCILMEMBERS: DANGLEIS, MADRID, NARANJO, MOSES
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: ALEXANDER
Director Dangleis offered a Resolution entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
Res. 92-R31
AZUSA APPROVING THE ISSUANCE AND SALE OF ITS NOT TO EXCEED
Appvg issu-
$11,000,000 TAXABLE COLLATERALIZED REFUNDING BONDS, SERIES
ance and sale
1992; APPROVING INDENTURE, A PRELIMINARY OFFICIAL STATEMENT
refunding
AND A PURCHASE CONTRACT RELATING TO THE BONDS; APPROVING AN
bonds oth
ESCROW AGREEMENT; APPOINTING A TRUSTEE FOR THE BONDS;
related
RETAINING BOND COUNSEL; AND AUTHORIZING CERTAIN OTHER
matters
ACTIONS.
Moved by Director Dangleis, seconded by Director Naranjo
to waive further reading and adopt. Resolution passed and
adopted by the following vote of the Agency:
AYES: DIRECTORS: DANGLEIS, MADRID, NARANJO, MOSES,
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: ALEXANDER
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THE CITY COUNCIL RECESSED AND THE REDEVELOPMENT AGENCY Cncl recess
CONTINUED AT 8:07 P.M.
PUBLIC PARTICIPATION Pub Prtc
Mr. Walter Harville addressed the Board requesting an update W. Harville
on the proposed Senior Citizen Housing on the former Casden comments
Property.
Redevelopment Director Steel responded that the Boardmembers
recently took action to cancel that project.
Director Naranjo responded to the issue clarifying that the
proposed senior housing at the former Casden Site has been
cancelled, but because of the vacancy factor with the two
existing senior housing sites, staff was directed to seek
possible alternative funding support for the sites, such
as subsidized housing grants and that another senior housing
site would only hinder the two sites.
Mr. Art Morales addressed the issue expressing his views
regarding senior housing in the City.
Steel
response
Naranjo
response
A. Morales
comments
The CONSENT CALENDAR consisting of Items I -2a through I -2d, Cons Cal
was approved by motion of Director Dangleis, seconded by appvd
Director Madrid, and unanimously* carried by roll call
vote.
a. The Minutes of the regular meeting of May 18, 1992, Min appvd
were approved as written.
b. The Agency recently closed the 1992 Tax Allocation Bond
issue, releasing approximately $5.4 million for
restricted low -to -moderate income housing and capital
improvement projects. These bond proceeds are subject
to arbitrage rebate requirements as dictated by the
Internal Revenue Service. As a result, any investment
interest earned from these funds must be carefully
accounted for. After examining various investment
options, the Agency Treasurer and staff are recommending
investment in the Los Angeles County Treasury Pool
Investment Fund. This fund offers liquidity and safety,
and all investments are fully collateralized. The
following resolution was adopted:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA AUTHORIZING THE INVESTMENT OF EXCESS FUNDS IN THE
LOS ANGELES COUNTY TREASURY POOL.
Res 92-R32
Invest L.A.
Treas Pool
C. The Agency Treasurer's report showing a balance of Tress Stmt
$4,099,193.21, as of April 30, 1992, was received and
filed.
d. Resolution authorizing payment of warrants by the Agency
was adopted and entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF Res. 92-R33
AZUSA ALLOWING CERTAIN CLAIMS AND DEMANDS TO BE PAID OUT Warrants
OF REDEVELOPMENT AGENCY FUNDS.
SCHEDULED ITEMS Sched. Items
None None
SPECIAL CALL ITEMS Spec Call
It was consensus of the Boardmembers to recess to the and of
the City Council meeting.
06/01/92 PAGE TWO
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TIME OF RECESS: 8:14 P.M.
THE CITY COUNCIL CONVENED JOINTLY WITH THE REDEVELOPMENT CRA convened
AGENCY AT 8:42 P.M. w/Cncl
Councilman/Director Naranjo offered a Resolution entitled:
A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA Res. #92-R34
AND THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF Closed Seas
THE CITY OF AZUSA TO RECESS TO CLOSED SESSION ON JUNE 11
1992.
Moved by Councilman/Director Naranjo, seconded by
Councilman/Director Dangleis to waive further reading and
adopt. Resolution passed and adopted by the following vote
of the Council/Agency:
AYES: COUNCILMEMBERS/DIRECTORS: DANGLEIS, MADRID,
NARANJO, MOSES
NOES: COUNCILMEMBERS/DIRECTORS: NONE
ABSENT: COUNCILMEMBERS/DIRECTORS: ALEXANDER
TIME OF RECESS TO CLOSED SESSION: 8:43 P.M.
THE CITY COUNCIL AND THE REDEVELOPMENT AGENCY RECONVENED AT
9:54 P.M.
Moved by Councilman/Director Dangleis, seconded by
Councilman/Director Naranjo and unanimously* carried by roll
call to adjourn the meeting to Monday, June 8, 1992, in the
Library Auditorium for a Budget Workshop Meeting.
TIME OF ADJOURNMENT: 9:58 P.M.
NEXT RESOLUTION NO. 92-R35
NEXT ORDINANCE NO. 92-RO2
06/01/92 PAGE THREE
Recess
Reconvened
Adjourn
to 6/8/92
Lib Aud
Budget
Workshop