HomeMy WebLinkAbout07-268 - Resolutions RESOLUTION NO. 07-268
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, APPROVING THE
ISSUANCE BY THE RANCHO CUCAMONGA
REDEVELOPMENT AGENCY OF ITS RANCHO
REDEVELOPMENT PROJECT HOUSING SET-ASIDE TAX
ALLOCATION BONDS, TAX-EXEMPT 2007 SERIES A AND
TAXABLE 2007 SERIES B
WHEREAS, the Rancho Cucamonga Redevelopment Agency (the "Agency') is
authorized pursuant to Chapter 8 (commencing with Section 33000) of Part 1 of Division 24 of
the California Health and Safety Code (the "Act") to issue bonds for any of its corporate
purposes; and
WHEREAS, a redevelopment plan for a redevelopment project known as the
Rancho Redevelopment Project (the "Redevelopment Project") has been adopted and approved
and all requirements of the law for, and precedent to, the adoption and approval of said plans
have been duly complied with, and
WHEREAS, the Agency proposes to issue not to exceed $180,000,000
aggregate principal amount of its Rancho Redevelopment Project Housing Set-Aside Tax
Allocation Bonds Tax-Exempt 2007 Series A and Taxable 2007 Series B (together, the "2007
Bonds'), the proceeds of which will be used to refund and defease the Agency's outstanding
1996 Housing Set-Aside Tax Allocation Bonds (the "1996 Bonds") and a loan agreement and
related bonds issued in 2001 by the California Statewide Communities Development Authority
(the "2001 CSCDA Bonds') and financing of low and moderate income housing projects within
or for the benefit of the Redevelopment Project (the "Housing Projects"); and
WHEREAS, the 2007 Bonds will be secured by and prepaid from a portion of the
tax increment revenues from the Redevelopment Project that are required under the Law to be
deposited in the Low and Moderate Income Housing Fund of the Agency pursuant to Sections
33334.2 and 33334.3 of the Law subordinate to an outstanding loan agreement entered into in
1997 by the Agency with Pacific Life Insurance Company and the Northtown Housing
Development Corporation;
NOW, THEREFORE, BE IT RESOLVED DETERMINED AND ORDERED BY
THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA AS
FOLLOWS:
SECTION 1: Prior Finding as to Benefit. This City Council has previously
made findings that the Housing Projects to the extent that any of
said Housing Projects are located outside of the Redevelopment
Project, will provide low and moderate income housing at
affordable housing costs that will be available to persons and
families of low and moderate income and will thereby benefit the
Redevelopment Project. These findings were made in order to
satisfy the requirements of Sections 33334.2(g), 33334.2(g) as
incorporated under Section 33334.6 and 33487 of the Act.
Resolution No. 07-268
Page 2 of 3
SECTION 2: Approval of Financing. This City Council hereby approves the
refunding of the 1996 Bonds and the 2001 CSCDA Bonds and
financing of the Housing Projects, which constitutes a
"redevelopment activity" as such term is defined in the Act, by
means of the issuance of up to $180,000,000 principal amount of
the Agency's Rancho Redevelopment Project Housing Set-Aside
Tax Allocation Bonds, Tax-Exempt 2007 Series A and Taxable
2007 Series B.
SECTION 3: Effective Date. This Resolution shall take effect immediately
upon adoption.
Please see the following page
for formal adoption,certification and signatures
Resolution No. 07-268
Page 3 of 3
PASSED, APPROVED, AND ADOPTED this 7 1 day of November 2007.
AYES: Gutierrez, Kurth, Michael, Williams
NOES: None
ABSENT: Spagnolo
ABSTAINED: None
(D 4, t'
Donald J. Kurth, M.D., ayor
ATTEST:
Debra J. Ada s C, City Clerk
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 7`h day of November 2007.
Executed this 8`h day of November 2007, at Rancho Cucamonga, California.
l�
Debra J. A ms MC, City Clerk