HomeMy WebLinkAboutResolution No. 07-P3 (2)I IS =11 RIMS [IM&NOXIMIX�
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") the
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 at public or negotiated sale; and
WHEREAS, the Authority desires to purchase from the Agency its Redevelopment
Agency of the City of Azusa Amended and Restated Merged Central Business District and West
End Redevelopment Project Area Taxable Tax Allocation Bonds (Subordinate Lien), 2007 Series
A (the "Series A Bonds") in an aggregate principal amount not to exceed $18,000,000 and its
Tax Allocation Bonds (Second Subordinate Lien) 2007 Series B Bonds in an aggregate principal
amount not to exceed $6,000,000 (the "Series B Bonds," collectively with the Series A Bonds,
the "Bonds"), solely from the proceeds received for the Authority's concurrent sale of the Bonds
to De La Rosa& Co. (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 (a) the maximum yield payable with respect to the Series A Bonds shall not exceed
six and five tenths percent (6.5%) per annum, and the purchase price paid by the Underwriter for
the purchase of the Series A Bonds of the Bonds shall be not less than ninety-nine and three
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hundredths and twenty-fifth tenths percent (99.325%) of the par amount thereof, excluding any
original issue discount on the applicable Series A Bonds of the Bonds and (b) the maximum
yield payable with respect to the Series B Bonds shall not exceed five and five tenths percent
(5.5%) per annum, and the purchase price paid by the Underwriter for the purchase of the Series
B Bonds shall be not less than ninety eight and eight tenths percent (98.8%) 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. This resolution shall take effect from and after its adoption.
PASSED, APPROVED, and ADOPTED this 2nd day of July, 2007.
/losepfi R. Rocha, Chairman
I HEREBY CERTIFY that the foregoing resolution No. 07-P3 was duly adopted by the
Board of Directors of Azusa Public Financing Authority of the City of Azusa at a regular
meeting held on the 2nd day of July, 2007, by the following vote of the Board:
AYES: AGENCY MEMBERS: GONZALES, CARRILLO, MACIAS, HANKS, ROCHA
NOES: AGENCY MEMBERS: NONE
ABSTAIN: AGENCY MEMBERS: NONE
ABSENT: AGENCY MEMBERS: NONE
Vera Mendoza, Secretary
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