HomeMy WebLinkAboutResolution No. 2015-R22RESOLUTION NO. 2015-R22
RESOLUTION OF THE SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA AMENDING
RESOLUTION NO. 2015-R8, SUBSTITUTING EACH REFERENCE TO
WELLS FARGO SHALL BE DEEMED TO AND SHALL REFER TO
WILMINGTON TRUST, NATIONAL ASSOCIATION AS THE DULY
APPOINTED TRUSTEE
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 X1 26 ("AB Xl 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, adopted Resolution No. 2015-R8 (the "Original
Resolution") at its regular meeting duly noticed and held on June 1, 2015, at which a quorum
was present which, among other things, authorized the issuance of the 2015 Bonds (the
"Bonds"), to be designated generally as the "2015 Successor Agency Bond Refunding," or such
other name or names as may be designated in the Indenture (as defined herein) approved in
accordance with the Original Resolution, in one or more series from time to time;
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WHEREAS, Wells Fargo Bank, National Association ("Wells Fargo") was to be
appointed as the trustee pursuant to the Original Resolution;
WHEREAS, the Successor Agency is requested to approve the substitution and
appointment of Wilmington Trust, National Association, as trustee under the Indenture in place
of Wells Fargo;
NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA DOES HEREBY RESOLVE
AS FOLLOWS:
Section 1. The foregoing recitals are true and correct, and this Successor Agency, so
finds and determines.
Section 2. The Original Resolution is hereby amended such that each reference to
Wells Fargo shall be deemed to and shall refer to Wilmington Trust, National Association as the
duly appointed trustee (the "Trustee").
Section 3. The Indenture relating to the Bonds (the "Indenture"), between the
Successor Agency and the Trustee is hereby approved in substantially the form on file with the
Successor Agency prior to this meeting, with such insertions, deletions or changes therein
(including, without limitation, insertions, deletions, or changes therein appropriate to reflect the
form of credit or liquidity enhancement for any series of Bonds and the designation of the
Trustee) as the officer(s) executing and/or delivering the same may require or approve, such
approval to be conclusively evidenced by execution and delivery thereof.
Section 4. Each officer and/or appropriate staff of the Successor Agency is hereby
authorized and directed to do any and all things which he or she may deem necessary or
advisable in order to effectuate the purposes of this Resolution, including, but not limited to,
executing such documents, instruments and agreements (including the tri -party agreement among
the Successor Agency, the Trustee and Wells Fargo and the Bond Purchase Agreement relating
to the Bonds, among the Successor Agency, and Stifel, Nicolaus & Company, as underwriter,
and approved by the Successor Agency necessary to evidence the appointment of Wilmington
Trust, National Association, as Trustee.
Section 5. The State Treasurer (or his designee) is hereby requested and authorized to
take any and all actions within his authority as agent for sale of the Bonds that he may deem
necessary or advisable in order to consummate the issuance, execution, sale and delivery of the
Bonds, and to otherwise effectuate the purposes of this Resolution.
Section 6. The provisions of the Original Resolution apply to the documents and
actions approved in this Resolution, which is incorporated herein by reference, to the extent not
inconsistent herewith.
Section 7. The Successor Agency hereby approves and ratifies each and every action
taken by its officers, agents, members and employees prior to the date hereof in furtherance of
the purposes of this Resolution and, to the extent not inconsistent herewith, the Original
Resolution
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Section 8. The Original Resolution, as originally adopted, is hereby ratified by the
Authority, and shall remain in full force and effect, except as amended hereby.
Section 9. This Resolution shall take effect immediately from and after its adoption.
PASSED APPROVED and ADOPTED at a regular meeting of the Successor Agency to
the former Redevelopment Agency of the City of Azusa on the 215` day of September, 2015.
oseph Romero Rocha
Chairman
ATTEST:
. i:I�e o -
Secretary
CERTIFICATION
I, Jeffrey Lawrence Cornejo Jr., City Clerk of the City of Azusa, do hereby certify that
Resolution No. 2015-R22 was duly adopted by the City Council of the City of Azusa, serving as
the Successor Agency to the Former Redevelopment Agency, at a regular meeting held on the
21" day of September 2015, by the following vote of the Agency:
AYES: AGENCY MEMBERS: GONZALES, CARRILLO, MACIAS, ALVAREZ, ROCHA
NOES: AGENCY MEMBERS: NONE
ABSENT: AGENCY MEMBERS: NONE
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APPROVED AS TO FORM:
Best B t & KriegcV, LLP
Legal Munsel
SECRETARY'S CERTIFICATE
I, the undersigned Secretary of the Successor Agency of City of Azusa, hereby certify
that the foregoing is a full, true and correct copy of Resolution No. 2015-R22 duly adopted at a
special meeting of the Successor Agency of said City held on September 21, 2015, of which
meeting all of the members of said Board 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: AGENCY MEMBERS: GONZALES, CARRILLO, MACIAS, ALVAREZ, ROCHA
NOES: AGENCY MEMBERS: NONE
ABSENT: AGENCY MEMBERS: NONE
I further certify that I have carefully compared the same with the original minutes of said
meeting on file and of record in my office; that the foregoing resolution is a full, true and correct
copy of the original resolution adopted at said meeting and entered in said minutes; and that 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: September 21, 2015
M
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nce Cornejo, r.
Secretary of the Successor Agency