HomeMy WebLinkAboutResolution No. 91-R800 0
RESOLUTION NO. 91-R70
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA APPROVING AN AGREEMENT
FOR INVESTMENT BANKING SERVICES
WHEREAS, the Redevelopment Agency of the City of Azusa (the "Agency") has
established the Central Business District Redevelopment Project Area; and
WHEREAS, the Agency desires to restructure its $38,350,000 Residential
Mortgage Revenue Bonds, 1979 Series A and $12,410,000 Redevelopment Agency of the
City of Azusa, Single Family Residential Mortgage Revenue Bonds (GNMA Mortgage -
Backed Securities Program), Series 1985, A (the "Program"); and
WHEREAS, the Agency requires assistance in structuring a financing plan to
implement the Program by taking into consideration sources of capital funds, cash flow
requirements, costs, the allocation of those costs, statutory restrictions, and alternate
methods of implementation, if applicable; and
WHEREAS, the Agency requires the services of a team of municipal Investment
Bankers experienced in housing matters, to underwrite the obligations of the
Redevelopment Agency and to assist in such financial planning and to purchase the
Agency's obligations at negotiated sale, and to coordinate the sale and distribution of the
Agency obligations; and
WHEREAS, the Agency has determined that the Investment Bankers are qualified
by training and experience to perform said services;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of the City of Azusa as follows:
SECTION 1. That certain Agreement by and between the Redevelopment Agency of
the City of Azusa and Miller and Schroeder dated as of November 18, 1991, is hereby
approved and the Chairman of the Agency is hereby authorized to sign and execute
said Agreement on behalf of the Agency in substantially the form as attached hereto and
incorporated herein by reference.
SECTION 2. The Secretary shall certify the adoption of this Resolution.
APPROVED AND ADOPTED this 18thday of November 1991.
t d ,
Eu ne F. Moses, Chairman
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Board
of Directors of the Redevelopment Agency of the City of Azusa at a regular meeting
thereof, held on the 18th. day of November 1991 by the following vote of
the Board:
AYES: BOARDMEMBERS:DANGLEIS,
NOES: BOARDMEMBERS:NONE
ABSENT: BOARDMEMBERS:NONE
Secretary /
e:\agendaVestruct.re s
STEMRICHi; NARANJO, ALEXANDER,_MOSE: