HomeMy WebLinkAboutResolution No. 91-R67RESOLUTION NO. 91-R67
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA STATING ITS INTENT TO ISSUE
BONDS TO REIMBURSE CERTAIN ELIGIBLE EXPENSES
WHEREAS, The Redevelopment Agency of the City of Azusa (the "Agency") currently
intends to proceed with the development of projects (the 'Projects") located within the City
which qualify for tax exempt financing; and
WHEREAS, such expenses incurred to develop said projects may be paid or incurred
by the Agency prior to the time at which the Bonds intended to finance the Projects may be
issued.
NOW THEREFORE, the Agency hereby sets forth its current intentions with regard to
the expenditure of funds to initiate the Projects and the ultimate financing thereof:
SECTION l: The Agency intends that it will, at an appropriate point in time,
participate in the issuance of bonds for the purpose of financing a portion of the expenditures
with respect to the Projects in an amount not exceeding $7,000,000.
SECTION 2: Pending the issuance of Bonds, the Agency intends to advance, on
an interim basis, certain moneys from its Administrative and Capital Improvement Funds for
the purpose of temporarily paying expenses associated with the Projects. Such advances are
expected to be reimbursed from the proceeds of the Bonds.
SECTION 3: When issued, the Bonds are expected to be paid exclusively from
annual tax increments.
SECTION 4: The Agency intends that this Statement of Intent with respect to
financing for the Projects' expenses shall satisfy the requirements of Proposed Treasury
Regulation Section 1.103-17.
SECTION 5: The statements expressed herein solely constitute current statements
of intention on the part of the Agency and shall not constitute an irrevocable decision or
undertaking by the Agency to participate in the issuance by the Agency of bonds with respect
to the Projects' expenses. Further, any bonds issued shall be issued subject to the condition,
among others, that the Agency shall have agreed to acceptable terms for the Bonds and of the
sale and delivery thereof.
SECTION 6: This Statement of Intention shall take effect immediately upon its
adoption and shall remain in full force and effect thereafter; provided that, this Statement of
Intent shall cease to be effective at any time that the Agency shall rescind the same.
SECTION 7: The Agency Secretary shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED THIS 4th
Chairman
DAY OF NOVEMBER '1991
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 4th. day of NOVEMBER 1991 by the following vote of the Board:
AYES: BOARDMEMBERS: DANGLEIS, STEMRICH, NARANJO, ALEXANDER, MOSES
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEN4BERS: pdONE
Secretary
e:4agendaft ndreim.res