HomeMy WebLinkAboutResolution No. 2015-R21RESOLUTION NO. 2015-R21
RESOLUTION OF THE SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA AMENDING,
SUBSTITUTING EACH REFERENCE TO WELLS FARGO SHALL BE
DEEMED TO AND SHALL REFER TO WILMINGTON TRUST,
NATIONAL ASSOCIATION AS THE DULY APPOINTED TRUSTEE
TO THE BONDS LISTED IN EXHIBIT A
WHEREAS, pursuant to the Community Redevelopment Law (Part 1 of Division 24 of
the Health and Safety Code of the State of California and referred to herein as the "Law"), the
City Council of the City of Azusa (the "City") created the former Redevelopment Agency of the
City of Azusa (the "Former Agency");
WHEREAS, the Former Agency was a redevelopment agency, a public body, corporate
and politic duly created, established and authorized to transact business and exercise its powers,
all under and pursuant to the Law, and the powers of such agency included the power to issue
bonds for any of its corporate purposes;
WHEREAS, the City agreed to serve as the successor agency (referred to herein as the
"Successor Agency") to the RDA commencing upon the dissolution of the Former Agency on
February 1, 2012 pursuant to Assembly Bill X1 26 ("AB X1 26");
WHEREAS, prior to its dissolution, the Former Agency appointed Wells Fargo Bank,
National Association ("Wells Fargo") as the trustee to its tax allocation bonds and, after its
dissolution, the Successor Agency appointed Wells Fargo as the trustee to its 2014 tax allocation
bonds.
WHEREAS, the Successor Agency is requested to approve the substitution and
appointment of Wilmington Trust, National Association ("Wilmington"), as trustee in place of
Wells Fargo of the existing bonds listed in Exhibit A.
NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA DOES HEREBY RESOLVE
AS FOLLOWS:
Section 1. The foregoing recitals are true and correct, and this Successor Agency, so
finds and determines.
Section 2. For its existing bonds listed in Exhibit A, it is hereby amended such that
each reference to Wells Fargo shall be deemed to and shall refer to Wilmington as the duly
appointed trustee (the "Trustee").
Section 3. Each officer and/or appropriate staff of the Successor Agency is hereby
authorized and directed to do any and all things which he or she may deem necessary or
advisable in order to effectuate the purposes of this Resolution, including, but not limited to,
executing such documents, instruments and agreements (including the tri -party agreement among
the Successor Agency, the Trustee and Wells Fargo) necessary to evidence the appointment of
Wilmington, as Trustee.
Section 4. The Successor Agency hereby approves and ratifies each and every action
taken by its officers, agents, members and employees prior to the date hereof in furtherance of
the purposes of this Resolution and, to the extent not inconsistent herewith.
Section 5. This Resolution shall take effect immediately from and after its adoption.
PASSED APPROVED and ADOPTED at a regular meeting of the Successor Agency to
the former Redevelopment Agency of the City of Azusa on the 2151 day of September, 2015.
/lam
oseph Romero Rocha
Chairman
ATTEST:
CERTIFICATION
I, Jeffrey Lawrence Comejo Jr., City Clerk of the City of Azusa, do hereby certify that
Resolution No. 2015-R21 was duly adopted by the City Council of the City of Azusa, serving as
the Successor Agency to the Former Redevelopment Agency, at a regular meeting held on the
2151 day of September 2015, by the following vote of the Agency:
AYES: AGENCY MEMBERS: GONZALES, CARRILLO, MACIAS, ALVAREZ, ROCHA
NOES: AGENCY MEMBERS: NONE
ABSENT: AGENCY MEMBERS: NONE
191_ ! .I
r -F
APPROVED AS TO FORM:
4
City Attmey
Best Best & Krieger, LP
SECRETARY'S CERTIFICATE
I, the undersigned Secretary of the Successor Agency of City of Azusa, hereby certify
that the foregoing is a full, true and correct copy of Resolution No. 2015-R21 duly adopted at a
special meeting of the Successor Agency of said City held on September 21, 2015, of which
meeting all of the members of said Board had due notice and at which a majority thereof were
present; and that at said special meeting said resolution was adopted by the following vote:
AYES: AGENCY MEMBERS: GONZALES, CARRILLO, MACIAS, ALVAREZ, ROCHA
NOES: AGENCY MEMBERS: NONE
ABSENT: AGENCY MEMBERS: NONE
I further certify that I have carefully compared the same with the original minutes of said
meeting on file and of record in my office; that the foregoing resolution is a full, true and correct
copy of the original resolution adopted at said meeting and entered in said minutes; and that said
resolution has not been amended, modified or rescinded since the date of its adoption, and the
same is now in full force and effect.
Dated: September 21, 2015
J f La ce Cornejo, i
Secretary of the Successor Agency
EXHIBIT A
$9,022,800 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 under a Fifth Supplement to Trust Indentures dated as of
February 1, 2005 by and between the Successor Agency and Prior Trustee [$9,022,800 aggregate
amount authenticated and $11,410,000 outstanding];
$15,780,000 principal amount of 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 under a Trust Indenture dated as of July
1, 2007 by and between the Successor Agency and Prior Trustee [$15,780,000 aggregate amount
authenticated and $12,415,000 outstanding];
$4,790,000 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 (Second Subordinate Lien) 2007 Series B under a Trust Indenture dated as of
July 1, 2007 by and between the Successor Agency and Prior Trustee [$4,790,000 aggregate
amount authenticated and $ 4,040,000 outstanding];
$11,580,000 principal amount of Redevelopment Agency of the City of Azusa Amended and
Restated Merged Central Business District and West End Redevelopment Project Area Housing
Tax Allocation Bonds 2008 Series B under a Trust Indenture dated as of November 1, 2008 by
and between the Successor Agency and Prior Trustee [$11,580,000 aggregate amount
authenticated and $10,410,000 outstanding]; and
$10,470,000 principal amount of Successor Agency to the Redevelopment Agency of the City of
Azusa Amended and Restated Merged Central Business District and West End Redevelopment
Project Area Subordinate Tax Allocation Refunding Bonds, 2014 Series A under an Indenture of
Trust dated as of October 1, 2014 by and between the Successor Agency and Prior Trustee
[$10,470,000 aggregated amount authenticated and $ 9,715,000 outstanding].
11