2001 RES R-41-01 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 211 27 m RESOLUTIONNO. x-41-01 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON AUTHORIZING THE ISSUANCE, SALE AND DELIVERY BY THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON OF SUBORDINATE HOUSING TAX ALLOCATION REVENUE BONDS, SERIES 2001A WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency") is authorized pursuant to the Community Redevelopment Law, being Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California (the "Law") to incur indebtedness for the purpose of financing and refinancing redevelopment activities within and of benefit to its redevelopment project areas; WHEREAS, the Agency desires to authorize the issuance of not to exceed $7,250,000 principal amount of Redevelopment Agency for the City of Colton Subordinate Housing Tax Allocation Revenue Bonds, Series 2001A (the "Bonds"), pursuant to an Indenture of Trust, by and between the Agency and U.S. Bank Trust National Association (the "Indenture"), and a Bond Purchase Contract (the "Purchase Contract") by and among the Agency, the Colton Public Financing Authority (the "Authority") and U.S. Bancorp Piper Jaffray, each in substantially the form presented at this meeting, and it is desirable that the Bonds be so authorized and be offered for sale at this time; WHEREAS, a portion of the proceeds of the Bonds will be used to redeem the Agency's Multifamily Housing Revenue Bonds (Seniors Housing Project) 1990 Series A (the "Refunded Bonds"), currently outstanding in the aggregate principal amount of $6,285,000; WHEREAS, the Bonds will be secured in part by the Agency's pledge of certain sales and use tax revenues (the "Sales Tax Revenues") payable to the Agency pursuant to Agency Ordinance No. RDA 0-1-86, Agency Ordinance No. RDA 0-1-87, Agency Ordinance RDA -0-1-88, and agreements and City ordinances related thereto (collectively, the "Sales Tax Ordinances and Agreements"); and WHEREAS, the City Council, with the aid of its staff, has reviewed the documentation related to the issuance of the Bonds, and wishes to approve the issuance, sale and delivery of the Bonds by the Agency; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Colton as follows: Section 1. The City hereby approves the issuance, sale and delivery of the Bonds by the Agency, as set forth in the Indenture and the Purchase Contract. Section 2. The City shall not take any action to rescind or alter the Sales Tax Ordinances and Agreements in any manner which may adversely affect the holders of the 1