R-093-13 and CHA-05-13 Joint resolution of the city of colton and the Housing Authority

Browse Search

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23, 24 25 26 27 28 WHEREAS, the RAD 00-1 special assessment lien remains on the 29 lots owned by the Authority, as housing successor to the former Agency, and 17 privately owned lots; and WHEREAS, on November 19, 2013, the City Council authorized staff to cause the redemption of the outstanding RAD 00-1 bond assessment; and WHEREAS, the principal amount of $135,000 is based on the payoff quote provided by the City's Assessment District Administrator, NBS company; and WHEREAS, the City may redeem all of the outstanding bonds for RAD 00-1 after Ending that: (1) the affordability of the lots for low income households will be preserved by redeeming all of the outstanding bonds for RAD 00-1 and eliminating the associated assessments on the lots; and (2) the public benefit of redeeming all of the outstanding RAD 00-1 bonds outweighs any private benefit from such redemption; and WHEREAS, funds are available in Authority's Rancho Med Operational Account ($94,255.51), combined with the bond reserve account ($31,384.50) and the redemption fund account ($23,653.00) to pay the balance on the principal amount to retire the bonds; and WHEREAS, Bond Council has reviewed the 1999 Tax Allocation Bond Trust Indenture and finds the use of proceeds related to the sales of the lots may be used for redemption of the outstanding RAD 00-1 bonds; and, WHEREAS, a budget appropriation for approved activities not listed in the 2013- 2014 Fiscal Year budget is required to be approved by resolution of the City Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLTON AND THE COLTON HOUSING AUTHORITY AS FOLLOWS: SECTION 1. The City Council and the Colton Housing Authority hereby finds and determines that the foregoing recitals are true and correct. SECTION 2. The City Council and the Colton Housing Authority hereby finds that (1) the affordability of the lots for low income households will be preserved by redeeming all of the outstanding bonds for RAD 00-1 and eliminating the associated assessments on the lots; and (2) the public benefit of redeeming all of the outstanding RAD 00-1 bonds outweighs any private benefit from such redemption by preserving affordable housing. SECTION 3. That the outstanding RAD 00-1 bonds be redeemed on March 2, 2014. SECTION 4. The City Manager is hereby authorized and directed to cause the outstanding RAD 00-1 bonds to be redeemed on March 2, 2014. [21