HomeMy WebLinkAboutResolution No. 1863855H
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JHHW:ACH:ea 03/12/85
RESOLUTION NO. 186
A RESOLUTION OF THE AZUSA REDEVELOPMENT AGENCY
DIRECTING IMPLEMENTATION OF CERTIFICATE OF
PARTICIPATION PROCEEDINGS AND TAX ALLOCATION
NOTE PROCEEDINGS IN FURTHERANCE OF REDEVELOPMENT
RESOLVED, by the Azusa Redevelopment Agency (the "Agency"), as follows:
WHEREAS, the Agency is authorized pursuant to the Community Development
Law (Commencing with Section 33000 of the Health and Safety Code) to undertake
proceedings for the purpose of financing redevelopment;
WHEREAS, the Agency has under consideration a "Senior Citizen Center"
project and certain police and City Hall improvements and the financing
thereof pursuant to a lease thereof to the City of Azusa;
WHEREAS, the Agency, with the aid of its staff, has reviewed the
proposal of The Benchmark Group for the design, construction and furnishing of
the Senior Citizen Center project and the proposal of Miller & Schroeder
Municipals Inc. for the financing thereof and of the police and City Hall
improvements by the sale of certificates of participation in the lease
payments of the City of Azusa;
WHEREAS, the Agency desires to direct the Benchmark Group and Miller &
Schroeder Municipals, Inc. to implement the Senior Citizen Center project and
the financing thereof by the sale of certificates of participation;
WHEREAS, the Agency desires to direct its bond counsel, Jones Hall Hill
& White to prepare, in coordination with the Agency staff, The Benchmark Group
and Miller & Schroeder Municipals Inc., legal proceedings for the sale of the
certificates of participation;
WHEREAS, the Agency has
1984, authorized the issuance
and, pursuant to Resolution
validation of the issuance of
entered its judgment approvin(
judgment is now final; and
also, by Resolution No. 148, adopted August 13,
of not to exceed $5,000,000 tax allocation notes
No 149 adopted August 13, 1984, directing the
the tax allocation notes, the Superior Court has
the issuance of the tax allocation notes, which
WHEREAS, the Agency desires now to continue to implement the issuance,
sale and delivery of the tax allocation notes;
NOW, THEREFORE, IT IS HEREBY ORDERED, as follows:
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1. The Agency staff shall take such actions as deemed appropriate in
further implementation of the proposal of The Benchmark Group for the design,
construction and furnishing of the Senior Citizen Center project, including,
without limitation, coordinating the activities of The Benchmark Group, Miller
& Schroeder Municipals, Inc., and Jones Hall Hill & White in the preparation
of proceedings for the financing thereof and of the police and City Hall
improvements by the lease of the Senior Citizen Center project and the police
and City Hall improvements to the. City of Azusa and the sale of certificates
of participation in the lease payments of the City.
2. The Agency staff shall also take such actions as deemed appropriate
in further implementation of the issuance, sale and delivery of the tax
allocation notes heretofore authorized to be issued by the Agency pursuant to
said Resolution No. 148.
3. Jones Hall Hill & White shall prepare and present to the Agency for
consideration proceedings for the lease of the Senior Citizen Center project
and the police and City Hall improvements and the sale of certificates of
participation in the lease payments of the City, legal services in connection
therewith to be rendered in accordance with its agreement with the agency for
legal services relating to the tax allocation notes referred to herein,
compensation and expenses therefore to be paid as in said agreement provided,
except that the compensation to be paid shall equal 1% of the first $1,000,000
of certificates sold and 1/2% of the amount sold thereover;
4. Jones Hall Hill & White shall also prepare and present to the Agency
for consideration further proceedings for the issuance, sale and delivery of
tax allocation notes in accordance with its agreement with the Agency therefor
and said Resolution No. 148.
5. Miller & Schroeder Municipals, Inc. shall, upon completion of
proceedings for the sale of the certificates of participation, present to the
Agency for consideration its proposal for the purchase by it of the
certificates of participation and shall, pursuant to its agreement with the
agency for financial consulting services, prepare and distribute a preliminary
official statement for the sale of the tax allocation notes;
ADOPTED THIS 18th DAY OF MARCH, 1985, BY THE FOLLOWING VOTE:
AYES DIRECTORS: CRUZ, COOK, CAMARENA,ILATTA,`MOSES
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
ATTEST:
liT
SEC TARY
Char n of the Azusa Redevelopment
Agency
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