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Home My WebLink About16-157 - Resolutions RESOLUTION NO. 16-157 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY CONFIRMING THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS PURSUANT TO A SIXTH SUPPLEMENTAL INDENTURE, APPROVING PRELIMINARY AND FINAL OFFICIAL STATEMENTS, BOND PURCHASE AGREEMENT 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 Housing Set-Aside Tax Allocation Bonds Tax Exempt 2007 Series A (the "2007A Bonds") for the purpose of financing and refinancing low and moderate income housing 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. 16-120 (the "Resolution"), adopted on July 20, 2016, approved the issuance of Successor Agency to the Rancho Cucamonga Redevelopment Agency Rancho Redevelopment Project Area Tax Allocation Refunding Bonds, Series 2016 (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. 16-03 (the "08 Resolution"), adopted July 21, 2016, 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; 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; Resolution No. 16-157 - Page 1 of 4 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 Stifel, Nicolaus & Company, Incorporated (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 Certificate substantially in the form appended to the final Official Statement. Section 3. Sale of Refunding Bonds; Sale of the Refunding Bonds. The Successor Agency hereby approves the Bond Purchase Agreement, between the Successor Agency and the Underwriter (the "Bond Purchase Agreement"). The Authorized Officers, each acting alone, are hereby authorized and directed to execute and deliver, the Bond Purchase Agreement for and in the name and on behalf of the Successor Agency, in substantially the form on file with the Secretary of the Successor Agency, with such changes therein, deletions therefrom and additions thereto as the Authorized Officer executing the same shall approve, such approval to be conclusively evidenced by the execution and delivery of the Bond Purchase Agreement. The Successor Agency hereby authorizes the delivery and performance of its obligations under the Bond Purchase Agreement. The Successor Agency hereby approves the sale of the Refunding Bonds to the Underwriter, pursuant to the Bond Purchase Agreement and the Authorized Officers are hereby authorized and directed to provide such information to the Underwriter as they request in connection with the marketing of the Refunding Bonds, and to provide such representations and warranties as is customary in connection with the issuance of bonds such as the Refunding Bonds, including by executing the Successor Agency's Rule 15c2-12 Certificate substantially in the form attached to the Bond Purchase Agreement. Section 4. Approval of the Continuing Disclosure Certificate. The form of the Continuing Disclosure Certificate on file with the Secretary of the Successor Agency is hereby approved and the Authorized Officers, each acting alone, are hereby authorized and directed, for and in the name and on behalf of the Successor Agency, to execute and deliver the Continuing Resolution No. 16-157 - Page 2 of 4 Disclosure Certificate. The Successor Agency hereby authorizes the delivery and performance of its obligations under the Continuing Disclosure Certificate. Section 5. 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 6. Effective Date. This Resolution shall take effect immediately upon its adoption. Resolution No. 16-157 - Page 3 of 4 PASSED, APPROVED, AND ADOPTED this 21st day of September 2016. AYES: Alexander, Kennedy, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None ae i Michael,L. s Michael, Mayor ATTEST: YI�U.r(b/J ce C. Reynolds, City OVerk 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 September 2016. Executed this 22"d day of September 2016, at Rancho Cucamonga, California. 2J ce C. Reynolds, City erk Resolution No. 16-157 - Page 4 of 4