HomeMy WebLinkAboutResolution No. 08-C1060 0
RESOLUTION NO. 08-C 106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA, CALIFORNIA, APPROVING THE FINANCING OF
AMENDED AND RESTATED MERGED CENTRAL
BUSINESS DISTRICT AND WEST END REDEVELOPMENT
PROJECT AREA BY THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA AND OTHER MATTERS RELATING
THERETO
WHEREAS, the Redevelopment Agency of the City of Azusa (the "Agency") is
authorized pursuant to Part 1 of Division 24 of the California Health and Safety Code (the "Act')
to issue bonds for any of its corporate purposes; and
WHEREAS, the Agency, in connection with its Amended and Restated Merged Central
Business District and West End Redevelopment Project Area (the "Project Area"), has indicated
its intention to issue Redevelopment Agency of the City of Azusa 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 in an
aggregate principal amount not to exceed $14,000,000 (the "Series B Bonds," collectively with
the Series A Bonds, the "Bonds"), the proceeds of which will be used to finance redevelopment
activities within the Project Area; and
WHEREAS, Section 33640 of the Act requires the Agency to obtain the approval of the
City Council of the City of Azusa prior to issuance of the Bonds; and
WHEREAS, the City Council approves of the issuance of the Bonds as being in the
public interests of the City of Azusa and of the Agency.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. Approval of Financing. This City Council hereby approves the financing
redevelopment activities within the Project Area by means of the issuance of the Bonds in an
amount not to exceed $16,000,000 for the Series A Bonds, and $14,000,000 for the Series B
Bonds pursuant to provisions of the Act, all subject to the requirements of the Act.
Section 2. Pumose. The proceeds of the Series A Bonds shall be used to finance
redevelopment activities within the Project Area. Proceeds from the Series B Bonds will be used
to fund low and moderate income housing activities within the Project Area.
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Section 3. Effective Date. This Resolution shall take effect immediately upon
adoption.
PASSED, APPROVED and ADOPTED this 3rd day of November, 2008.
7 seph R. Rocha, Mayor
ATTE T:
Vera Mendoza, City ClerVJ
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
I, Vera Mendoza,. City Clerk of the City of Azusa, DO HEREBY CERTIFY that the
foregoing Resolution No. 08-C106 was duly passed, approved, and adopted by the City Council,
at a regular meeting of said City held on the 3`d day of November, 2008, by the following vote
of the Council:
AYES: COUNCILMEMBERS: GONZALES, CARRILLO, MACIAS, HANKS, ROCHA
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
Vera Mendoza, City ClerV
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