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HomeMy WebLinkAboutResolution No. 2015-R14RESOLUTION NO. 2015-1114 RESOLUTION OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA APPROVING A FORM OF PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE SALE AND DELIVERY OF ITS TAX ALLOCATION REFUNDING BONDS; MAKING CERTAIN DETERMINATIONS RELATING THERETO; AND AUTHORIZING CERTAIN OTHER ACTION IN CONNECTION THEREWITH WHEREAS, pursuant to the Community Redevelopment Law (Part 1 of Division 24 of the Health and Safety Code of the State of California and referred to herein as the "Law"), the City Council of the City of Azusa (the "City") created the former Redevelopment Agency of the City of Azusa (the "Former Agency"); WHEREAS, the Former Agency was a redevelopment agency, a public body, corporate and politic duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Law, and the powers of such agency included the power to issue bonds for any of its corporate purposes; WHEREAS, the City agreed to serve as the successor agency (referred to herein as the "Successor Agency") to the RDA commencing upon the dissolution of the Former Agency on February 1, 2012 pursuant to Assembly Bill XI 26 ("AB X1 26"); WHEREAS, on June 27, 2012 as part of the Fiscal Year 2012-2013 State of California budget bill, the Governor signed into law Assembly Bill 1484 ("AB 1484"), which modified or added to some of the provisions of AB X1 26, including provisions related to the refunding of outstanding redevelopment agency bonds and the expenditure of remaining bond proceeds derived from redevelopment agency bonds issued on or before December 31, 2010; WHEREAS, Health & Safety Code Section 34177.5 authorizes successor agencies to refund outstanding bonds provided that (i) the total interest cost to maturity on the refunding bonds or other indebtedness plus the principal amount of the refunding bonds or other indebtedness shall not exceed the total remaining interest cost to maturity on the bonds or other indebtedness to be refunded plus the remaining principal of the bonds or other indebtedness to be refunded, and (ii) the principal amount of the refunding bonds or other indebtedness shall not exceed the amount required to defease the refunded bonds or other indebtedness, to establish customary debt service reserves, and to pay related costs of issuance; WHEREAS, the Successor Agency has determined, to the extent authorized by California Health and Safety Code Section 34177.5(a), to issue its Successor Agency to the Redevelopment Agency of the City of Azusa Amended and Restated Merged Central Business District and West End Redevelopment Project Area, Tax Allocation Refunding Bonds, in one or more series and with such other name and series designation as shall be deemed appropriate (the "Refunding Bonds"), for the purpose of (i) refunding all or a portion of the Outstanding Former Agency Bonds identified in Exhibit A attached hereto, (ii) paying the costs of issuing the 0HSUSA:762718228.1 Refunding Bonds, (iii) funding a reserve account and/or providing for a reserve policy or surety for deposit to the reserve account for the Refunding Bonds and (iv) if advisable, paying for the cost of municipal bond insurance and/or a surety to fund the reserve account for the Refunding Bonds in lieu of funding all or a portion of such reserve account with bond proceeds; and WHEREAS, a copy of a form of Official Statement in preliminary form, a final form of which will be executed by the Successor Agency executed in connection with the issuance, sale and delivery of the Refunding Bonds, is on file with the Secretary; NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Acknowledgement of Prior Approval of Issuance of Refunding Bonds. The City Council acting for the Successor Agency, acknowledges that it adopted a resolution on June 1, 2015, and through such resolution it approved the issuance of the Refunding Bonds and related financing documents. Section 2. Approval of Preliminary Official Statement. The form, terms and provisions of the Preliminary Official Statement on file with the Secretary are approved and the Successor Agency hereby approves the distribution of the Preliminary Official Statement to prospective purchasers of the Refunding Bonds. The Successor Agency Chairperson, the Successor Agency Executive Director, the Finance Director and the Successor Agency Secretary (each an "Authorized Officer," acting for the Successor Agency), each acting alone, is authorized to certify on behalf of the Successor Agency that the Preliminary Official Statement is deemed final as of its date, within the meaning of rule 15c2-12 promulgated under the Securities Exchange Act of 1934. Any Authorized Officer, acting alone, is authorized to execute, at the time of sale of the Bonds, said form of Preliminary Official Statement as revised to including pricing information in the form of a final Official Statement (the "Official Statement"), with such changes and insertions therein as may be necessary to cause the same to carry out the intent of this Resolution and as are approved by counsel to the Successor Agency, such approval to be conclusively evidenced by the delivery thereof. Section 3. Amendment to Resolution No. 2015-R8. That portion of Successor Agency Resolution No. 2015-R8 is hereby amended to delete reference to Wells Fargo Bank, National Association as the Trustee and instead, authorize the City Manager to select the Trustee for this bond issue in accordance with the City/Successor Agency Purchasing Regulations. Section 4. Other Acts. The officers and staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things, to execute and deliver any and all documents, including a refunding escrow agreement, which in consultation with Orrick, Herrington & Sutcliffe LLP, the Successor Agency's bond counsel, they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Refunding Bonds, or otherwise effectuate the purposes of this Resolution, and any and all such actions previously taken by such officers or staff members are hereby ratified and confirmed. Section 5. Effective Date. This Resolution shall take effect upon adoption. OHSUSA:762718228.1 -2- PASSED, APPROVED and ADOPTED this July 27, 2015. SUCCESSOR AGENCY TO THE REDEVELOPMLNT AGENCY OF THE CITY OF AZUSA J seph omero Rocha 1 Chairperson l ATTEST: E i , c J r aH ce Cornejo, Secretary STATE OF CALIFORNIA ) COUNTY OF LOS,ANGELES ) ss. CITY OF AZUSA ) I HEREBY CERTIFY that the foregoing Resolution No. 2015-R14 was duly adopted by the City Council of the City of Azusa at a special meeting thereof, held on the 27`h day of July, 2015, by the following vote of Council: . AYES: AGENCY MEMBERS: GONZALES, CARRILLO, MACIAS, iALVAREZ, ROCHA NOES: AGENCY MEMBERS: NONE ABSENT: AGENCY MEMBERS: NONE Jpf a ice Cornejo, Secretary f APPROVED AS TO FORM: Best Bet & Krieger, LIP City At 41mey i OHSUSA:762718228.1 -3- i The Canyon City—Gateway to the American Dream SECRETARY'S CERTIFICATE R ATiusA I, Jeffrey Lawrence Cornejo, Jr., Successor Agency Secretary to the Former Redevelopment Agency of the City of Azusa, do hereby certify as follows: The foregoing Resolution No. 2015-R14, is a full, true and correct copy of a resolution duly adopted at a special meeting of the Successor Agency duly held at the meeting place thereof on July 27, 2015, of which meeting all of the members of said Successor Agency had due notice and at which a majority thereof were present; and that at said special meeting said resolution was adopted by the following vote: AYES: BOARDMEMBERS: GONZALES, CARRILLO, MACIAS, ALVAREZ, ROCHA NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE I have carefully compared the foregoing with the original minutes of said meeting on file and of record in my office, and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. Said resolution has not been amended, modified or rescinded since the date of its adoption and the same is now in full force and effect. Dated: July 27, 2015. J Wra e Comejo, J ., Successor Agency Secretary OHSUSA:762718228. I