HomeMy WebLinkAboutResolution No. 05-P10
RESOLUTION NO. OS_P1
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A RESOLUTION OF THE AZUSA PUBLIC FINANCING
AUTHORITY, APPROVING THE PURCHASE AND RESALE
OF BONDS OF THE REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA, APPROVING A FORM OF PURCHASE
AGREEMENT AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, the City of Azusa (the "City") and the Redevelopment Agency of the City
of Azusa (the "Agency") entered into a Joint Exercise of Powers Agreement (the "Agreement"),
creating the Azusa Public Financing Authority (the "Authority"); and
WHEREAS, pursuant to the Marks -Roos Local Bond Pooling Act of 1985 (the "Act")
Authority is authorized to purchase bonds issued by the Agency for financing and refinancing
public capital improvements; and
WHEREAS, pursuant to the Act and the Agreement the Authority is further authorized to
sell bonds to the public or private purchasers are at public or negotiated sale; and
WHEREAS, the Authority desires to purchase from the Agency its not to exceed
$10,000,000 aggregate principal amount of Redevelopment Agency of the City of Azusa
Amended and Restated Merged Central Business District and West End Redevelopment Project
Area Tax Allocation Bonds, 2005 Series A (the "Bonds"), solely from the proceeds received for
the Authority's concurrent sale of the Bonds to UBS Financial Services Inc. (the "Underwriter")
pursuant to the Purchase Agreement (the "Purchase Agreement") by and among the Agency, the
Authority and the Underwriter; and
WHEREAS, the Board of Directors, with the aid of its staff, has reviewed the Purchase
Agreement and wishes to approve and confirm the foregoing, as well as the other matters set
forth below, in the public interests of, and for significant public benefits to, the Agency and the
City;
NOW, THEREFORE, THE AZUSA PUBLIC FINANCING AUTHORITY DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The Board hereby authorizes the purchase of the Bonds by the Authority
from the Agency for concurrent resale by the Authority to the Underwriter pursuant to and in
accordance with the Purchase Agreement in substantially the form on file with the Secretary
together with any additions thereto or changes therein approved by the Executive Director,
including any modifications necessary to implement the private placement of all or a portion of
the bonds, and the execution thereof shall be conclusive evidence of such approval. The
Authority hereby delegates to the Executive Director (or his written designee) the authority to
accept an offer from the Underwriter to purchase the Bonds from the Authority; provided,
however, that the stated average annual interest rate payable with respect to the Bonds shall not
exceed six percent (6.00%) per annum, and the purchase price paid by the Underwriter for the
purchase of each series of the bonds shall be not less than ninety-nine and four tenths percent
RVPUBw4UM\686797.1 I
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(99.40%) of the par amount thereof, excluding any original issue discount on the applicable
series of the Bonds.
Section 2. The Chairperson, the Executive Director, the Treasurer, the Secretary and
the General Counsel of the Authority and any and all other officers of the Authority are hereby
authorized and directed, for and in the name and on behalf of the Authority, to do any and all
things and take any and all actions, including execution and delivery of any and all assignments,
certificates, requisition, agreements notices, consents, and other documents, which they, or any
of them, may deem necessary or advisable in order to consummate the sale, issuance and
delivery of the Bonds to the Underwriter pursuant to the Purchase Agreement. Any officer of the
Authority herein authorized or directed to take any action may designate another officer of the
Authority to take such action on his or her behalf, such designation to be approved or ratified in
writing with respect to the taking of the applicable action.
Section 4.
AYES:
NOES:
ABSTAIN:
ABSENT:
resolution shall take effect from and after its adoption.
this 7`h day of February, 2005.
BOARD MEMBERS HARDISON, STANFORD, CHAGNON, ROCHA, MADRID
BOARD MEMBERS NONE
BOARD MEMBERS NONE
BOARD MEMBERS NONE
ATTEST:
Vera Mendoza, Secretary
RVPUBWUW686797.1
STATE OF CALIFORNIA
ss.
COUNTY OF LOS ANGELES
•
I, Vera Mendoza, Secretary of of the Azusa Public Financing Authority, DO HEREBY
CERTIFY that the foregoing Resolution was duly passed, approved, and adopted by the Azusa
Public Financing Authority, at a regular meeting of said Public Financing Authority held on the
7"' day of February, 2005.
Executed this 7 th day of February 20 5 at Azusa, California.
Vera Mendoza, Secretary
RV PUBW UM\686797.1
0
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
0
I, Vera Mendoza, City Clerk of the City of Azusa, DO HEREBY CERTIFY that the
above and foregoing is true, correct and complete copy of Resolution No. 05-P1 adopted by the
City Council of the City of Azusa on February 7, 2005, that the same has not been amended,
modified or rescinded and is fully effective as of this date.
Dated: February 22, 2005
Vera Mendoza,
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City Clerk