HomeMy WebLinkAbout90-096 - Resolutions RESOLUTION NO. 90-096
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, APPROVING THE FINANCING AND REFI-
NANCING OF A PORTION OF THE RANCHO REDEVELOPMENT PROJECT
BY THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY, AN ESCROW
AGREEMENT, A SUBORDINATION AGREEMENT AND OTHER MATTERS
RELATING THERETO
WHEREAS, the Rancho Cucamonga Redevelopment Agency (the "Agency") is
authorized pursuant to Chapter 8 (commencing with Section 33000) of Part I 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 has heretofore issued $32,345,000 aggregate
principal amount of its Rancho Redevelopment Project Tax Allocation Bonds,
1986 Series A; $9,300,000 aggregate principal amount of its Rancho Redevelop-
ment Project Refunding Tax Allocation Bonds, 1987 Series A; and the City of
Rancho Cucamonga (the "City") has heretofore issued its Certificates of
Participation in the aggregate principal amount of $9,500,000 pursuant to a
Trust Agreement dated as of June 1, 1988 between the City and Bank of America
National Trust and Savings Association, which Certificates of Participation
the Agency through arrangement with the City is obligated to repay (collec-
tively, the "Prior Bonds"); and
WHEREAS, the Agency is authorized pursuant to Section 53582 and
following of the Government Code of the State of California (the "Refunding
Law") to issue its bonds to refund the Prior Bonds; and
WHEREAS, the Agency, in connection with its Rancho Redevelopment
Project (the "Project"), has indicated its intention to issue not to exceed
$125,000,000 aggregate principal amount of its Rancho Redevelopment Project
1990 Tax Allocation Bonds (the "Bonds"), the proceeds of which will be used to
refund the Prior Bonds and finance a portion of the Project;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1: .A. pproval of Financin§. This City Council hereby approves
the refinancing and financing of a portion of the Project by means of the
issuance of not to exceed $125,000,000 principal amount of the Agency's Rancho
Redevelopment Project 1990 Tax Allocation Bonds pursuant to provisions of the
Act and the Refunding Law, all subject to the requirements of the Act and the
Refunding Law. This approval is intended to satisfy the requirements of
Health and Safety Code Section 33640.
SECTION 2: Escrow A¢)reement. The form of Escrow Deposit and Trust
Agreement (the "Escrow Agreement") dated March 1, 1990 among the City, the
Agency and Bank of America National Trust and Savings Association, as escrow
holder, relating to the City's $9,500,000 aggregate principal amount of
Certificates of Participation and the prepayment of such Certificates of
Participation from the proceeds of the Bonds is hereby approved and the Mayor
or any other councilmember and the City Clerk are hereby authorized and
Resolution No. 90-096
Page 2
directed, for and in the name of and on behalf of the City, to execute,
acknowledge and deliver said Escrow Agreement in substantially the form
presented at this meeting with such insubstantial changes therein as the
officers executing the same may approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
SECTION 3: Subordination Agreement. The form of Subordination
Agreement (the "Subordination Agreement") among the City, the Agency and the
Rancho Cucamonga Fire Protection District presented at this meeting is hereby
approved and the Mayor or any other councilmember and the City Clerk are
hereby authorized and directed, for and in the name of and on behalf of the
City, to execute, acknowledge and deliver said Subordination Agreement in
substantially the form presented at this meeting with such insubstantial
changes therein as the officers executing the same may approve, such approval
to be conclusively evidenced by the execution and delivery thereof.
SECTION 4: Effective Date. This Resolution shall take effect
immediately upon adoption.
PASSED, APPROVED, and ADOPTED this 21st day of February, 1990.
AYES: Alexander, Brown, Buquet, Stout, Wright
NO ES: No ne
ABSENT: None
ennis L. Stout, Mayor
ATT E ST:
-De'bra J. Adam~ City erk
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed,
approved, and adopted by the City Council of the City of Rancho Cucamonga,
California, at a regular meeting of said City Council held on the 21st day of
February, 1990.
Resolution No. 90-096
Page 3
Executed this 22nd day of February, 1990 at Rancho Cucamonga,
Cal i forn i a.
Debra J. Adanl~, City Clerk