HomeMy WebLinkAboutResolution No. 91-R620 0
RESOLUTION NO. 91-x62
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA STATING ITS INTENT TO
ISSUE BONDS TO REIMBURSE CERTAIN GRANTS
WHEREAS, The Redevelopment Agency of the City of Azusa (the "Agency")
currently intends to proceed with the award of certain grants (the "Grants") to aid in the
development of and rehabilitation of affordable single family housing located within the
City; and
WHEREAS, such Grants may be paid or incurred by the Agency prior to the
time at which the Bonds intended to finance the Grant may be issued.
NOW THEREFORE, the Agency hereby sets forth its current intentions with
regard to the expenditure of funds to make the Grants and the ultimate financing
thereof:
SECTION 1: The Agency intends that it will, at an appropriate point in
time, participate in the issuance by the County of Los Angeles of bonds for the purpose
of financing a portion of the expenditures with respect to the Grants in an amount not
exceeding $1,000,000.
SECTION 2: Pending the issuance of Bonds, the Agency intends to
advance, on an interim basis, certain moneys from its Low and Moderate Fund for the
purpose of temporarily paying the Grants. 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 required to be set aside to improve low -and moderate
income housing.
SECTION 4: The Agency intends that this Statement of Intent with respect
to financing for the Grants 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 County of
Los Angeles of bonds with respect to the Grants. 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
I/ Chairhianw
7th. DAY OF October .1991
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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 7th • day of October 1991 by the following vote of the
Board:
AYES: COUNCILMEMBERS: DANGLEIS, STEMRICH, NARANJO, ALEXANDER, MOSES
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
Secretary/Depoy&W3/