HomeMy WebLinkAboutResolution No. 94-P111019-12
(Redevelopment)
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AZUSA PUBLIC FINANCING AUTHORITY
RESOLUTION NO. 94 -PI
10/07/93
01/14/94
01/28/94
02/02/94
02/07/94
RESOLUTION AUTHORIZING THE PURCHASE AND SALE OF NOT TO
EXCEED $13,500,000 PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA, MERGED PROJECT AREA TAX ALLOCATION BONDS,
1994 SERIES A, UPON CERTAIN TERMS AND CONDITIONS, APPROVING
DISTRIBUTION OF OFFICIAL STATEMENT RELATING THERETO AND
PROVIDING OTHER MATTERS PROPERLY RELATING THERETO
WHEREAS, the City of Azusa (the "City') and the Redevelopment Agency of the
City of Azusa (the "Agency') have entered into a Joint Exercise of Powers Agreement,
dated as of January 2, 1990 (the "Agreement"), creating the Azusa Public Financing
Authority (the "Authority');
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the
Government Code of the State of California (the "Act') and the Agreement, the Authority
is authorized to purchase bonds issued by the Agency for financing and refinancing
public capital improvements, or projects whenever there are significant public benefits,
as determined by the Agency;
WHEREAS, pursuant to the Act and the Agreement the Authority is further
authorized to sell bonds so purchased to public or private purchasers at public or
negotiated sale; and
WHEREAS, the Authority desires to purchase from the Agency its not to exceed
$13,500,000 aggregate principal amount of Redevelopment Agency of the City of Azusa,
Merged Project Area Tax Allocation Bonds, 1994 Series A (the "Bonds'), solely from the
proceeds received from the Authority's concurrent sale of the Bonds to Rauscher Pierce
Refsnes, Inc.(the "Underwriter');
NOW, THEREFORE, BE IT RESOLVED by the Azusa Public Financing Authority, as
follows:
Section I. Recitals True and Correct. The foregoing recitals are true and correct
and this Authority so finds and determines.
Section 2. Purchase and Sale of Bonds. The proposed form of bond purchase
agreement (the "Purchase Contract'), by and among the Agency, the Authority and the
Underwriter on file with the Secretary of the Authority is hereby approved. The
Chairman, the Executive Director or the Treasurer of the Authority is hereby authorized
and directed, for and in the name and on behalf of the Authority, to purchase the Bonds
from the Agency and to accept the offer of the Underwriter with such additions thereto
or changes therein as recommended or approved by such officers to purchase the Bonds
from the Authority, subject to the terms and conditions of the Purchase Contract, and to
execute and deliver the Purchase Contract to the Agency and the Underwriter; provided,
however, that the stated average interest rate payable with respect to the Bonds shall not
exceed 6.5% per annum and the purchase price paid by the Underwriter for the purchase
of the Bonds shall be not less than 98% of the par amount thereof, excluding any original
issue discount on the Bonds. The approval of any additions or changes in such form shall
be conclusively evidenced by such execution and delivery of the Purchase Contract.
Section 3. Effective Date. This Resolution shall take effect immediately upon its
adoption.
Section 4. Certification. The Secretary shall certify the adoption of this resolution.
PASSED, APPROVED AND ADOPTED this 7th day of February, 1994.
HAI MAN
I HEREBY CERTIFY that the foregoing Resolution No. 94-P1 was duly adopted by
the Azusa Public Financing Authority, at a regular meeting thereof, held on the 7th day
of February, 1994, by the following vote of the Authority:
AYES: AUTHORITY MEMBERS: DANGLEIS, MADRID, NARANJO, ALEXANDER,
MOSES
NOES: AUTHORITY MEMBERS: NONE
ABSENT: AUTHORITY MEMBERS: NONE
SECRETARY
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