HomeMy WebLinkAbout14-004 - Resolutions RESOLUTION NO. 14-004
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE
RANCHO CUCAMONGA REDEVELOPMENT AGENCY
REQUESTING DIRECTION TO UNDERTAKE PROCEEDINGS
FOR THE REFUNDING OF OUTSTANDING BONDS OF THE
RANCHO CUCAMONGA REDEVELOPMENT AGENCY AND
PROVIDING OTHER MATTERS RELATING THERETO
WHEREAS, pursuant to Section 34172(a)of the California Health and Safety Code
(all Section references hereinafter being to such Code), the Rancho Cucamonga Redevelopment
Agency (the "Former Agency") has been dissolved and no longer exists as a public body,
corporate and politic, and pursuant to Section 34173, the City of Rancho Cucamonga has become
the successor entity to the Agency (the "Successor Agency");
WHEREAS, prior to the dissolution of the Former Agency, the Former Agency
issued $165,680,000 Rancho Redevelopment Project 2004 Tax Allocation Bonds (the "2004
Bonds"), its $74,080,000 Rancho Redevelopment Project 2001 Tax Allocation Bonds (the "2001
Bonds") and its $54,945,000 Rancho Redevelopment Project 1999 Tax Allocation Refunding
Bonds (the 1999 Bonds," and together with the 2004 Bonds and the 2001 Bonds, the 'Prior
Bonds")for the purpose of financing and refinancing redevelopment activities;
WHEREAS, Section 34177.5 authorizes the Successor Agency to undertake
proceedings for the refunding of outstanding bonds and other obligations of the Former Agency,
subject to the conditions precedent contained in Section 34177.5;
WHEREAS, pursuant to Section 34179, an oversight board(the"Oversight Board")
has been established for the Successor Agency and representatives of the Successor Agency
and the Oversight Board have informally discussed the possibility of refunding the Prior Bonds;
WHEREAS, the Successor Agency has determined to refund the Prior Bonds to
achieve debt service savings that will accrue to the benefit of both the Successor Agency and the
applicable taxing entities as a result of the refunding; and
WHEREAS, the Successor Agency requests that the Oversight Board direct the
Successor Agency to undertake such refunding proceedings, it being understood that such
direction by the Oversight Board will enable the Successor Agency to recover its related costs in
connection with the refunding proceedings, as authorized by Section 34177.5(f);
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the
City Council of the City of Rancho Cucamonga, acting for and on behalf of the successor agency
to the dissolved Rancho Cucamonga Redevelopment Agency and in its capacity as the legislative
body of the Successor Agency, as follows:
Section 1. Determination to Refund Prior Bonds. The Successor Agency
hereby determines that it intends to refund the Prior Bonds in accordance with and pursuant to
Section 34177.5.
Section 2. Filing of Resolution. The Secretary of the Successor Agency is
hereby authorized and directed to file a certified copy of this Resolution with the Oversight Board,
Resolution No. 14-004 - Page 1 of 3
and, as provided in Section 341800) with the San Bernardino County Administrative Officer, the
San Bernardino County Auditor-Controller and the California Department of Finance.
Section 3. Request for Direction. The Oversight Board is hereby requested
to direct the Successor Agency to undertake the refunding of the Prior Bonds or all or any portion
of any series of the Prior Bonds.
Section 4. Preparation of Proceedings. Upon receipt of the direction of the
Oversight Board, the Successor Agency will cause the preparation of appropriate proceedings for
the issuance of bonds to refund the Prior Bonds, and will submit such proceedings to the
Oversight Board for approval in accordance with the provisions of Section 34177.5 and 34180.
Section 5. Appointments. Fieldman, Rolapp & Associates, as financial
advisor, Stifel, Nicolaus & Company, Incorporated, as underwriter, Best Best & Krieger LLP, as
bond counsel, and the law firm selected by the Successor Agency to act as disclosure counsel,
are hereby appointed to act on behalf of the Successor Agency for purposes of the proceedings
for the issuance of the refunding bonds. Richard Watson is General Counsel to the Successor
Agency and shall act as such on behalf of the Successor Agency with respect to the refunding
proceedings. Upon receipt of direction from the Oversight Board, the Successor Agency will
engage a fiscal consultant to undertake the preparation of the necessary report for the issuance
of the bonds to refund the Prior Bonds.
Section 6. Effective Date. This Resolution shall take effect immediately upon
its adoption.
Resolution No. 14-004 - Page 2 of 3
PASSED, APPROVED, AND ADOPTED this 15th day of January 2014.
AYES: Alexander, Michael, Spagnolo, Steinorth, Williams
NOES: None
ABSENT: None
ABSTAINED: None
J
L. Dennis Michael, Mayor
ATTEST:
�(jJ nice C. Reynolds, ity Clerk
"� I, JANICE C. REYNOLDS, 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 15'" day of January 2014.
Executed this 16'" day of January 2014, at Rancho Cucamonga, California.
(� -z—, U k
anice C. Reyno , City Clerk
Resolution No. 14-004 - Page 3 of 3