HomeMy WebLinkAbout14-098 - Resolutions RESOLUTION NO. 14-098
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE
RANCHO CUCAMONGA REDEVELOPMENT AGENCY
CONFIRMING THE ISSUANCE OF TAX ALLOCATION
REFUNDING BONDS PURSUANT TO A FIFTH
SUPPLEMENTAL INDENTURE, APPROVING PRELIMINARY
AND FINAL OFFICIAL STATEMENTS AND PROVIDING OTHER
MATTERS RELATING THERETO
WHEREAS, pursuant to Section 34172(a) of the California Health and Safety Code
(unless otherwise noted, 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 elected to serve as the successor entity to the Former Agency (the "Successor
Agency");
WHEREAS, prior to the dissolution of the Former Agency, the Former Agency issued its
Rancho Redevelopment Project 1999 Tax Allocation Bonds (the "1999 Bonds"), its Rancho
Redevelopment Project 2001 Tax Allocation Bonds (the "2001 Bonds") and its Rancho
Redevelopment Project 2004 Tax Allocation Bonds (the"2004 Bonds,"and together with the 1999
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 issue refunding bonds
pursuant to Article 11 (commencing with Section 53580) of Chapter 3 of Part 1 of Division 2 of
Title 5 of the Government Code (the 'Refunding Law") for the purpose of achieving debt service
savings within the parameters set forth in Section 34177.5(a)(1) (the "Savings Parameters");
WHEREAS, the Successor Agency, pursuant to Resolution No. 14-071 (the"Resolution"),
adopted on April 16, 2014, approved the issuance of Successor Agency to the Rancho
Cucamonga Redevelopment Agency Rancho Redevelopment Project Area 2014 Tax Allocation
Refunding Bonds, Series 2014 (the"Refunding Bonds"), subject to the Savings Parameters being
met, and requested that the Oversight Board for the Successor Agency (the "Oversight Board")
approve the issuance of the Refunding Bonds by the Successor Agency;
WHEREAS, the Oversight Board, by Resolution OB No. 14-08 (the "OB Resolution"),
adopted April 17, 2014, approved the issuance of the Refunding Bonds by the Successor Agency,
and the OB Resolution, together with additional materials, have been submitted to the California
Department of Finance for its approval of the OB Resolution and the issuance of the Refunding
Bonds;
WHEREAS, the Successor Agency, with the assistance of its disclosure counsel, Best
Best & Krieger LLP, has prepared a draft of the Official Statement for the Refunding Bonds (the
"Official Statement'), which contains information regarding the Refunding Bonds, the Former
Agency, the Successor Agency, and the Rancho Redevelopment Project Area, the preliminary
form of which is on file with the City Clerk;
Resolution No. 14-098 - Page 1 of 3
WHEREAS, the Successor Agency, with the aid of its staff, has reviewed the Official
Statement and wishes at this time to approve its use and distribution as in the public interests of
the Successor Agency and applicable taxing entities;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City
Council of the City of Rancho Cucamonga, acting in its capacity as the legislative body of the
successor agency to the dissolved Rancho Cucamonga Redevelopment Agency, as follows:
Section 1. Confirmation of Approval of Issuance of the Refunding Bonds.
The Successor Agency hereby confirms its actions in the Resolution authorizing and
approving the issuance and sale of the Refunding Bonds.
Section 2. Approval of Official Statement. The Successor Agency hereby
approves the preliminary Official Statement in substantially the form on file with the City
Clerk. Distribution of the preliminary Official Statement by the Successor Agency and its
underwriter (the "Underwriter") is hereby approved, and, prior to the distribution of the
preliminary Official Statement, the Mayor, as presiding officer of the legislative body of the
Successor Agency, or the City Manager of the City of Rancho Cucamonga, as the chief
administrative officer of the Successor Agency, each acting alone, are authorized and
directed, on behalf of the Successor Agency, to deem the preliminary Official Statement
"final" pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (the 'Rule').
The execution of the final Official Statement, which shall include such changes and
additions thereto deemed advisable by the Mayor, as the presiding officer of the legislative
body of the Successor Agency, or the City Manager, as the chief administrative officer of
the Successor Agency, and such information permitted to be excluded from the
preliminary Official Statement pursuant to the Rule, is hereby approved for delivery to the
purchasers of the Refunding Bonds, and the Mayor, as the presiding officer of the
legislative body of the Successor Agency, or the City Manager, as the chief administrative
officer of the Successor Agency, each acting alone, are authorized and directed to execute
and deliver the final Official Statement for and on behalf of the Successor Agency, to
deliver to the Underwriter a certificate with respect to the information set forth therein and
to deliver to the Underwriter a Continuing Disclosure Agreement substantially in the form
appended to the final Official Statement.
Section 3. Official Actions. The Mayor, the City Manager and any and all
other officers of The Successor Agency are hereby authorized and directed, for and in the
name and on behalf of the Successor Agency, to do any and all things and take any and
all actions, which they, or any of them, may deem necessary or advisable in connection
with the issuance, sale and delivery of the Refunding Bonds. Whenever in this Resolution
any officer of the Successor Agency is directed to execute or countersign any document
or take any action, such execution, countersigning or action may be taken on behalf of
such officer by any person designated by such officer to act on his or her behalf in the
case such officer is absent or unavailable.
Section 4. Effective Date. This Resolution shall take effect immediately upon
its adoption.
Resolution No. 14-098 - Page 2 of 3
PASSED, APPROVED, AND ADOPTED this 2151 day of May 2014.
AYES: Alexander, Michael, Spagnolo, Steinorth, Williams
NOES: None
ABSENT: None
ABSTAINED: None
L. &enrfis k4icliael, Mayor
ATTEST:
Q0e1Ej'd"& zo. 4wie�
J nice C. Reynolds, Ci 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 21st day of May 2014.
Executed this 22ntl day of May 2014, at Rancho Cucamonga, California.
ice C. Reynolds, Cit Clerk
Resolution No. 14-098 - Page 3 of 3