HomeMy WebLinkAboutResolution No. 94-R90 0
11024-07 IHHW:BDQ:ncc 10/08/93
(Capital Improvements) 01/14/94
01/28/94
02/02/94
02/07/94
•W 17A I • , Ir •
RESOLUTION NO. 94-119
RESOLUTION APPROVING, AUTHORIZING AND DIRECTING EXECUTION
OF CERTAIN DOCUMENTS AND AUTHORIZING AND DIRECTING
CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the Redevelopment Agency of the City of Azusa (the "Agency"), as
follows:
WHEREAS, the City of Azusa, California (the "City"), working together with the
Azusa Public Financing Authority (the "Authority"), has heretofore entered into a City
Lease Loan Agreement, dated as of February 1, 1990 (the "Prior Agreement");
WHEREAS, payments of principal of, premium (if any) and interest on the Prior
Agreement, together with payments under two additional City obligations, are applied
to the payment of the Authority's $11,545,000 aggregate principal amount of 1990 Local
Agency Revenue Bonds, Series A (the "Prior Bonds'), of which $4,960,000 is allocable to the
Prior Agreement;
WHEREAS, a portion of the proceeds of the Prior Bonds were used to finance the
construction of certain capital improvements (the "Project');
WHEREAS, the City, working together with the Authority, proposes to refinance
the Project and has requested that the Agency agree to apply a portion of the tax
increment revenues accruing to the Agency's Merged Project Area (the "Project Area') to
the payment of a portion of the lease payments to be paid by the City under that certain
Lease Agreement, dated as of March 1, 1994, by and between the Authority and the City
(the "Lease Agreement');
WHEREAS, the documents below specified have been filed with the Agency, and
the members of the Agency, with the aid of its staff, have reviewed said documents;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The Chairman, Vice Chairman, Executive Director or Treasurer is hereby
authorized and directed to execute a reimbursement agreement, between the Citv and
the Agencv (the "Reimbursement Agreement'), relating to the application of a portion of
the tax increment revenues accruing to the Project Area to the payment of a portion of
the lease payments under the Lease Agreement, with such changes, insertions and
omissions as may be approved by such official, and the Secretary of the Agency is hereby
authorized and directed to attest to such official's signature:
Section 2. The Chairman, Vice Chairman, Executive Director, Treasurer, Secretary
and other officials of the Agency are hereby authorized and directed to execute such
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other agreements, documents and certificates as may be necessary to effect the purposes
of this resolution and the lease financing herein authorized.
Section 3. In accordance with the provisions of section 33445 of the California
Health and Safety Code and in furtherance of the delivery of the Certificates of
Participation (as such term is defined in the Lease Agreement), the Agency hereby
determines that (a) the buildings, facilities, structures and other improvements to be
financed through the Reimbursement Agreement are of benefit to the Project Area or the
immediate neighborhood in which the Project Area is located, and (ii) no other
reasonable means of financing such buildings, facilities, structures and other
improvements is available to the community.
Section 4. This Resolution shall take effect upon its adoption by this board.
Section 5. The Secretary shall certify the adoption of this resolution.
PASSED, APPROVED AND ADOPTED this 7th day of February, 1994.
CHAIRMAN—
I HEREBY CERTIFY that the foregoing Resolution No. 94-R9 was duly adopted by
the Redevelopment Agency of the City of Azusa, at a regular meeting thereof, held on the
7th day of February, 1994, by the following vote of the Agency:
AYES: AGENCY MEMBERS: DANGLEIS, MADRID, NARANJO, ALEXANDER,
MOSES
NOES: AGENCY MEMBERS: NONE
ABSENT: AGENCY MEMBERS: NONE
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