HomeMy WebLinkAboutResolution No. 1803682H
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RESOLUTION NO. 180
16JHHW:ACH:ea 02/08/85
A RESOLUTION OF THE
AZUSA REDEVELOPMENT AGENCY
AUTHORIZING IN REM VALIDATION PROCEEDINGS WITH
RESPECT TO THE AZUSA REDEVELOPMENT AGENCY
AZUSA WEST END REDEVELOPMENT PROJECT
TAX ALLOCATION BONDS
WHEREAS, this Agency proposes to issue bonds secured by tax allocation
funds received by the Agency, all pursuant to the Community Redevelopment Law,
being Part I, commencing with Section 33000 of Division 24 of the California
Health and Safety Code;
WHEREAS, on the date hereof, this Agency adopted its Resolution No. 180 ,
A Resolution of the Azusa Redevelopment Agency Authorizing the Issuance of
$3,000,000 Principal Amount of Azusa Redevelopment Agency West End
Redevelopment Project Tax Allocation Bonds; and
WHEREAS, Section 33501 of said Law provides that an action may be
brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of
Part 2 of the Code of Civil Procedure to determine the validity of bonds and
of all proceedings theretofore taken and proposed to be taken for the
authorization, issuance, sale and delivery of the bonds and for the payment of
the principal thereof and interest thereon;
NOW, THEREFORE, BE IT RESOLVED by the Azusa Redevelopment Agency that
the law firm of Jones Halt Hill & White, A Professional Law Corporation, Bond
Counsel to the Agency, is hereby authorized and directed to initiate and
prosecute to conclusion an action pursuant to Section 860 and following the
code of Civil Procedure of the State of California for the purpose of
establishing the validity of said Azusa Redevelopment Agency West End
Redevelopment Project Tax Allocation Bonds prior to their issuance.
ADOPTED THIS 19th DAY OF February , 1985, BY THE FOLLOWING VOTE:
AYES: DIRECTORS: CRUZ, COOK, CAMARENA, LATTA, MOSES
NOES: DIRECTORS: NONE
ABSENT DIRECTORS: NONE
Cha rm n of the Azusa Redevelopment
Agenc
(S E A L)
Attest:
/ � 1
`Secretary he Azusa RedeVelopment
Agency
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SECRETARY'S CERTIFICATE
I, Adolph A. Solis , Secretary of the Azusa Redevelopment Agency,
hereby certify that the foregoing is a full, true and correct copy of a
Resolution duly adopted a regular meeting of said Agency duly and regularly
held at the regular meeting place thereof on Feb. 19 1985, of which meeting
all the members of said Agency had due notice and at which a majority thereof
was present; and that at said meeting said Resolution was adopted by the
following vote:
AYES: DIRECTORS: CRUZ, COOK, CAMARENA, LATTA, MOSES
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
seal of said Agency on Feb. 19 , 1985. , n 1 n
Secretary
Agency
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he Azusa Redev
ficial
nt
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3681H
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AZUSA REDEVELOPMENT AGENCY
LOS ANGELES COUNTY
CALIFORNIA
RESOLUTION NO. 179
Adopted 2/19 , 1985
JHHW:ACH:ea 02/08/85
GENERAL RESOLUTION OF THE AZUSA REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE IN SERIES OF NOT TO EXCEED
$3,000,000 PRINCIPAL AMOUNT OF
AZUSA REDEVELOPMENT AGENCY
AZUSA WEST END REDEVELOPMENT PROJECT
TAX ALLOCATION NOTES
(GENERAL RESOLUTION)
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TABLE OF CONTENTS
ARTICLE I
AUTHORIZATION OF BONDS; DEFINITIONS
Page
Section 1.01. Authorization ......................................... 2
Section 1.02. Definitions ........................................... 2
Section 1.03. Equal Security ........................................ 10
ARTICLE II
THE BONDS
Section
2.01.
Authorization .........................................
11
Section
2.02.
Issuance of Series ....................................
11
Section
2.03.
Terms of Bonds ........................................
11
Section
2.04.
Redemption ............................................
12
Section
2.05.
Execution of Bonds ....................................
14
Section
2.06.
Transfer of Fully Registered Bonds ....................
14
Section
2.07.
Exchange of Bonds .....................................
14
Section
2.08.
Registration Books ....................................
15
Section
2.09.
Temporary Bonds .......................................
15
Section
2.10.
Bond Mutilated, Lost, Destroyed or Stolen .............
15
ARTICLE III
PROCEEDINGS FOR THE ISSUANCE OF SERIES OF BONDS:
ISSUE OF BONDS: ADDITIONAL BONDS
Section
3.01.
Pledge of Tax Revenues ................................
Issuance By Series Resolution .........................
16
Section
3.02.
20
Content of Series Resolution ..........................
16
Section
3.03.
Issuance and Delivery of Bonds ........................
17
Section
3.04.
4.04.
Conditions Precedent to Delivery of Bonds .............
17
Section
3.05.
Refunding Bonds .......................................
18
Section
3.06.
Validity of Bonds .....................................
19
Section
3.07.
Issuance of Additional Bonds ..........................
19
ARTICLE IV
THE TAX REVENUES; SPECIAL FUND AND ACCOUNTS
Section
4.01.
Pledge of Tax Revenues ................................
20
Section
4.02.
Special Fund ..........................................
20
Section
4.03.
Establishment and Maintenance of Accounts
for Revenues ..........................................
20
Section
4.04.
Purchase of Bonds ....................................
20
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ARTICLE V
OTHER COVENANTS OF THE AGENCY
Page
Section
5.01.
Amendments Permitted ..................................
Punctual Payment ......................................
21
Section
5.02.
30
Extension of Time for Payment .........................
21
Section
5.03.
Against Encumbrances ..................................
21
Section
5.04.
7.04.
Management and Operations of Properties ...............
21
Section
5.05.
Effect of Supplemental Resolution .....................
Payment of Claims .....................................
21
Section
5.06.
Books and Accounts; Financial Statement ...............
21
Section
5.07.
Section
Protection of Security and Rights of Bondholders......
22
Section
5.08.
Payments of Taxes and Other Charges ...................
22
Section
5.09.
Completion of Project .................................
22
Section
5.10.
Taxation of Leased Property ...........................
22
Section
5.11.
Amendment of Plan and Disposition of Property.........
23
Section
5.12.
Single Sum Payments in Lieu of Taxes ..................
24
Section
5.13.
Tax Revenues ..........................................
24
Section
5.14.
Eminent Domain ........................................
24
Section
5.15.
Further Assurances ....................................
24
ARTICLE VI
THE TRUSTEE AND THE AUTHENTICATING AGENT
Section
6.01.
Amendments Permitted ..................................
Appointment of Trustee ............. ..............
25
Section
6.02.
30
Appointment of Authenticating Agent ..................
25
Section
6.03.
Liability of Trustee and Authenticating Agent.......
26
Section
6.04.
7.04.
Notice to Trustee and Authenticating Agent..........
26
Section
6.05.
Effect of Supplemental Resolution .....................
Deposit and Investment of Moneys in Funds .............
27
Section
6.06.
Compensation, Indemnification ........................
29
ARTICLE VII
MODIFICATION OR AMENDMENT OF THE RESOLUTION
Section
7.01.
Amendments Permitted ..................................
30
Section
7.02.
Bondholders' Meeting ..................................
30
Section
7.03.
Procedure for Amendment with Written Consent of
Bondholders ...........................................
31
Section
7.04.
Disqualified Bonds ....................................
31
Section
7.05.
Effect of Supplemental Resolution .....................
32
Section
7.06.
Endorsement or Replacement of Bonds Issued After
Amendments ............................................
32
Section
7.07.
Amendatory Endorsement of Bonds .......................
32
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ARTICLE VIII
EVENTS OF DEFAULT AND REMEDIES OF BONDHOLDERS
Page
Section
8.01.
Events of Default and Acceleration of Maturities......
33
Section
8.02.
Application of Funds Upon Acceleration ................
34
Section
8.03.
Other Remedies of Bondholders .........................
35
Section
8.04.
Non -waiver ............................................
35
Section
8.05.
Actions by Trustee as Attorney-in-fact...........
35
Section
8.06.
Remedies Not Exclusive ................................
36
ARTICLE IX
MISCELLANEOUS
Section
9.01.
Benefits of Resolution Limited to Parties .............
37
Section
9.02.
Successor is Deemed Included in All References to
Predecessor ...........................................
37
Section
9.03.
Discharge of Resolution ...............................
37
Section
9.04.
Execution of Documents and Proof of Ownership by
Bondholders...........................................
38
Section
9.05.
Waiver of Personal Liability ..........................
39
Section
9.06.
Destruction of Cancelled Bonds ........................
39
Section
9.07.
Notices and Demands on Agency .........................
39
Section
9.08.
Partial Invalidity ....................................
39
Section
9.09.
Effective Date of Resolution, .........................
40