HomeMy WebLinkAboutResolution No. 08-P40
RESOLUTION NO. 08-P4
46
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 Agency proposes to issue its Amended and Restated Merged Central
Business District and West End Redevelopment Project Area Tax Allocation Bonds (Subordinate
Lien), 2008 Series A (the "Series A Bonds") in an aggregate principal amount not to exceed
$16,000,000, and its Housing Tax Allocation Bonds 2008 Series B Bonds in an aggregate
principal amount not to exceed $14,000,000 (the "Series B Bonds," collectively with the Series
A Bonds, the "Bonds") and, solely from the proceeds received for the Authority's concurrent
sale of the Bonds to Chilton & Associates (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 wellas 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 interest rate payable with respect to any maturity of the Series A Bonds
shall not exceed eight percent (8.00%) per annum, and the Underwriter's discount for the
purchase of the Series A Bonds shall not be greater than 1.50% of the par amount thereof,
excluding any original issue discount on the applicable Series A Bonds and (b) the maximum
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interest rate payable with respect to any maturity of the Series B Bonds shall not exceed eight
percent (8.00%) per annum, and the Underwriter's discount for the purchase of the Series B
Bonds shall not be greater than 1.50% of the par amount thereof, excluding any original issue
discount on the Series B 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 3. This resolution shall take effect from and after its adoption.
PASSED, APPROVED, and ADOPTED this 3rd day of November, 2008.
ATTES,
Vera Mendoza, Secretary
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
//Ioseph'R. Rocha, Chairman
I, Vera Mendoza, Secretary of the Azusa Public Financing Authority, DO HEREBY
CERTIFY that the foregoing Resolution No. 08-P4 was duly passed, approved, and adopted by
the Azusa Public Financing Authority, at a regular meeting of said Public Financing Authority
held on the 3`d day of November, 2008, by the following vote of the Authority:
AYES: BOARDMEMBERS: GONZALES, CARRILLO, MACIAS, HANKS, ROCHA
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
Vera Mendoza, Secretary
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