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HomeMy WebLinkAboutReso 2000-142 RESOLUTION NO. 2000-142 AGENCY RESOLUTION NO. 1667 JOINT RESOLUTION OF THE CITY COUNCIL AND THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA AUTHORIZING AND DIRECTING THE ISSUANCE AND SALE OF (I) NOT-TO-EXCEED $7,000,000 PRINCIPAL AMOUNT 2000 TAX ALLOCATION BONDS FOR THE TOWN CENTRE NO. II REDEVELOPMENT PROJECT, (II) NOT-TO-EXCEED $7,000,000 PRINCIPAL AMOUNT 2000 TAX ALLOCATION BONDS FOR THE OTAY VALLEY ROAD REDEVELOPMENT PROJECT, AND (III) NOT-TO-EXCEED $4,000,000 PRINCIPAL AMOUNT 2000 TAX ALLOCATION BONDS FOR THE SOUTHWEST REDEVELOPMENT PROJECT, AND APPROVING AN OFFICIAL NOTICE OF SALE FOR EACH, A CONTINUING DISCLOSURE CERTIFICATE FOR EACH, APPROVING THE PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND FINANCING DOCUMENTS, AUTHORIZING THE SALE OF THE 2000 BONDS ON CERTAIN TERMS AND CONDITIONS, AUTHORIZING CERTA1N OTHER OFFICIAL ACTIONS AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO, AND APPROVING A CONTRACT WITH ROD GUNN ASSOCIATES FOR FINANCIAL ADVISOR SERVICES AND WAIVING THE CONSULTANT SELECTION PROCESS AS IMPRACTICAL WHEREAS, the Redevelopment Agency of the City of Chula Vista (herein referred to as the "Agency") is a redevelopment agency duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law (Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California), and the powers of the Agency include the power to issue bonds for any of its coxporate purposes; and WI-IEREAS, the Agency wishes to sell at this time three series of tax allocation bonds, each series being identified below (collectively, the "2000 Bonds"), for the purpose of paying and repaying costs ofredevelopment activity within three project areas; and WHEREAS, proceeds of one series of the 2000 Bonds will be used (i) to pay or repay costs ofredevelopment activity of the Town Centre No. II Redevelopment Project Area; (ii) to establish a reserve account for such bonds; and (iii) to pay a portion of the costs of issuing such bonds (such series being referred to herein as the "Town Centre Bonds"); and WHEREAS, proceeds of a second series of the 2000 Bonds will be used (i) to pay or repay costs of redevelopment activity of the Otay Valley Road Redevelopment Project Area; (ii) to establish a reserve account for such bonds; and (iii) to pay a portion of the costs of issuing such bonds (such series being referred to herein as the "Otay Valley Bonds"); and Resolution 2000-142 Page 2 WHEREAS, proceeds of a third series of the 2000 Bonds will be used (i) to pay or repay costs of redevelopment activity of the Southwest Redevelopment Project Area; (ii) to establish a reserve account for such bonds; and (iii) to pay a portion of the costs of issuing such bonds (such series being referred to herein as the "Southwest Bonds"); and WHEREAS, it is desirable that each series of the 2000 Bonds be offered for public sale at this time; and WHEREAS, the Agency desires to authorize the sale of each series of the 2000 Bonds upon the terms and conditions hereinafier set forth; NOW, THEREFORE, the Redevelopment Agency of the City of Chula Vista does hereby resolve and declare as follows: SECTION 1. Sale Authorized: Time and Place For Bids on Town Centre Bonds. The sale of not to exceed Seven Million Dollars ($7,000,000) principal amount REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA, 2000 TAX ALLOCATION BONDS (TOWN CENTRE NO. II REDEVELOPMENT PROJECT), in accordance with law, is hereby authorized. Tuesday, May 16, 2000 or May 23, 2000, as Executive Director or the Treasurer may designate, between the hours of 9:00 a.m. and 9:30 a.m. Pacific Daylight Savings Time or any business day within 60 days thereafter at which bids are received is hereby fixed as the time, and the MuniAuction website (www. MuniAuction.com) and/or the offices of the Financial Advisor is hereby fixed as the place at which bids will be received for the purchase of the Town Centre Bonds, as described in and subject to the terms and conditions of the Official Notice of Sale for the Town Centre Bonds hereinafter referred to. The Executive Director or the Treasurer of the Agency is hereby authorized and directed for and on behalf of the Agency to select the date for receipt of bids and to award sale of the Town Centre Bonds within 24 hours of the receipt of bids to the responsible bidder offering the lowest true interest cost to the Agency, all as determined by the Executive Director or the Treasurer, in consultation with the Agency' s Financial Advisor, with the right being reserved to reject any and all bids; provided that the aggregate principal amount of the Town Centre Bonds shall not exceed Seven Million Dollars ($7,000,000) the stated interest rate for any maturity of Town Centre Bonds may not exceed seven percent (7%) per annum, and the initial purchaser' s discount may not exceed one and one half percent (1.5%) of the aggregate principal amount of the Town Centre Bonds. SECTION 2. Sale Authorized; Time and Place For Bids on Otay Valley Bonds. The sale of not to exceed Seven Million Dollars ($7,000,000) principal amount REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA, 2000 TAX ALLOCATION BONDS (OTAY VALLEY ROAD REDEVELOPMENT PROJECT), in accordance with law, is hereby authorized. Tuesday, May 16, 2000 or May 23, 2000, as Executive Director or the Treasurer may designate, between the hours of 9:00 a.m. and 9:30 a.m. Pacific Daylight Savings Time or any business day within 60 days thereafter at which bids are received is hereby fixed as the time, and the MuniAuction website (www. MuniAuction.com) and/or the offices of the Financial Advisor is hereby fixed as the place at " which bids will be received for the purchase of the Otay Valley Bonds, as described in and subject Resolution 2000-142 Page 3 to the terms and conditions of the Official Notice of Sale for the Otay Valley Bonds hereinafter referred to. The Executive Director or the Treasurer of the Agency is hereby authorized and directed for and on behalf of the Agency to select the date for receipt of bids and to award sale of the Otay Valley Bonds within 24 hours of the receipt of bids to the responsible bidder offering the lowest true interest cost to the Agency, all as determined by the Executive Director or the Treasurer, in consultation with the Agency's Financial Advisor, with the right being reserved to reject any and all bids; provided that the aggregate principal amount of the Otay Valley Bonds shall not exceed Seven Million Dollars ($7,000,000) the stated interest rate for any maturity of Otay Valley Bonds may not exceed seven percent (7%) per annum, and the initial purchaser's discount may not exceed one and one half percent (1.5%) of the aggregate principal amount of the Otay Valley Bonds. SECTION 3. Sale Authorized: Time and Place For Bids on Southwest Bonds. The sale of not to exceed Four Million Dollars ($4,000,000) principal amount REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA, 2000 TAX ALLOCATION BONDS (SOUTHWEST REDEVELOPMENT PROJECT), in accordance with law, is hereby authorized. Tuesday, May 16, 2000 or May 23, 2000, as Executive Director or the Treasurer may designate, between the hours of 9:00 a.m. and 9:30 a.m. Pacific Daylight Savings Time or any business day within 60 days thereafter at which bids are received is hereby fixed as the time, and the MuniAuction website (www. MuniAuction.com) and/or the offices of the Financial Advisor is hereby fixed as the place at which bids will be received for the purchase of the Southwest Bonds, as described in and subject to the terms and conditions of the Official Notice of Sale for the Southwest Bonds hereinafter referred to. The Executive Director or the Treasurer of the Agency is hereby authorized and directed for and on behalf of the Agency to select the date for receipt of bids and to award sale of the Southwest Bonds within 24 hours of the receipt of bids to the responsible bidder offering the lowest true interest cost to the Agency, all as determined by the Executive Director or the Treasurer, in consultation with the Agency's Financial Advisor, with the right being reserved to reject any and all bids; provided that the aggregate principal amount of the Southwest Bonds shall not exceed Four Million Dollars ($4,000,000) the stated interest rate for any maturity of Southwest Bonds may not exceed seven percent (7%) per annum, and the initial purchaser's discount may not exceed one and one half percent (1.5%) of the aggregate principal amount of the Southwest Bonds. SECTION 4. Official Notices of Sale. The invitations for bids for the purchase of each series of the 2000 Bonds is hereby authorized, such invitations to be substantially in accordance with the Notice Inviting Bids and Proposal Form, which includes a bid form, all in the form presented at this meeting and on file with the Executive Director (collectively, the "Official Notices of Sale"), with such changes and modifications as may be deemed appropriate or necessary by Agency staff and Bond Counsel, including the principal amount of each series of the 2000 Bonds, to cause the Official Notices of Sale to conform to the terms of the applicable series of the 2000 Bonds as such terms are set forth in the hereinafter referred to Preliminary Official Statement. SECTION 5. Publication of Official Notice of Sale. The Agency' s Financial Advisor shall cause the Official Notices of Sale or the Notices of Intention to Sell Bonds referenced in Section 9 hereof, in their final forms with such changes and modifications referred to in Sections 4 and 9 hereof, to Resolution 2000-142 Page 4 be published once in the Star News, a newspaper published and of general circulation in the City of Chula Vista, Califomia, (or any other such newspaper) on or before a date at least five (5) days prior to the day fixed for the receipt of bids. SECTION 6. Terms and Conditions of Sale. The terms and conditions of the offering and the sale of each series of the 2000 Bonds shall be as specified in the Official Notices of Sale, including such modifications thereto as permitted pursuant to Section 4 hereof. SECTION 7. Official Statement Authorized. The Agency hereby approves the preliminary official statement (the "Preliminary Official Statement") in the form presented at this meeting and on file with the Executive Director, with such changes and modifications as may be deemed appropriate or necessary by Agency staff, and authorizes its distribution in connection with the sale of the 2000 Bonds. SECTION 8. Fumishing of Official Notices of Sale and Preliminary Official Statement. The Financial Advisor is hereby authorized and directed to cause to be furnished to prospective bidders a reasonable number of copies of the Official Notices of Sale (including the applicable Bid Form) and a reasonable number of copies of the Preliminary Official Statement. SECTION 9. Publication of Notices of Intention to Sell. The Secretary of the Agency in cooperation with the Financial Advisor shall cause a copy of each Notice of Intention to Sell Bonds to be published once in the Bond Buyer, One State Street Plaza, New York, New York, substantially in the form on file with the Executive Director with such changes and modifications as may be deemed appropriate and necessary by Agency staff and Bond Counsel to cause each Notice of Intention to Sell Bonds to conform to the terms of the applicable series of the 2000 Bonds as such terms are set forth in the Preliminary Official Statement. Such publication shall be on or before a date at least fifteen (15) days prior to the date fixed for the receipt of bids. SECTION 10. Filing ofCDIAC Notice. The Agency hereby approves the filing by Bond Counsel of a notice of the Agency's intent to sell each series of the 2000 Bonds with the California Debt and Investment Advisory Commission pursuant to Section 8855 of the California Government Code. SECTION 11. Issuance and Sale of 2000 Bonds. Pursuant to the Indentures (hereinafter defined), (i) the Town Centre Bonds in an aggregate principal amount not to exceed $7,000,000 are hereby authorized to be issued, (ii) the Otay Valley Bonds in an aggregate principal amount not to exceed $7,000,000 are hereby authorized to be issued, and (i) the Southwest Bonds in an aggregate principal amount not to exceed $4,000,000 are hereby authorized to be issued. The 2000 Bonds shall be executed by the manual or facsimile signature of the Chairperson, the seal or facsimile of the seal of the Agency shall be reproduced thereon and attested by the manual or facsimile signature of the Secretary, in the forms set forth in and otherwise in accordance with the Indentures. SECTION 12. Approval of Indentures. The Agency hereby approves (i) the proposed form of Indenture of Trust for the Town Centre Bonds (the "Town Centre Indenture") dated as of June 1, 2000, between the Agency and U.S. Bank National Trust Association, as trustee (the "Trustee") in Resolution 2000-142 Page 5 the form on file with the Secretary, (ii) the proposed form of Indenture of Trust for the Otay Valley Bonds (the "Otay Valley Indenture") dated as o f June 1, 2000, between the Agency and the Trustee in the form on file with the Secretary, and (iii) the proposed form of Indenture of Trust for the Southwest Bonds (the "Southwest Indenture," and together with the Town Centre Indenture and the Otay Valley Indenture, the "Indentures") dated as of June 1, 2000, between the Agency and the Trustee in the form on file with the Secretary. The Executive Director or the Treasurer is hereby authorized and directed to execute and deliver, and the Secretary is hereby authorized and directed to attest and affix the seal of the Agency to the Indentures in substantially said forms, with such additions thereto or changes therein as are approved by the Executive Director or the Treasurer upon consultation with Bond Counsel and the Agency's Financial Advisor (including such additions or changes as are necessary or advisable in accordance with Section 17 hereof), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Indentures by the Executive Director or the Treasurer. SECTION 13. Approval of Continuing Disclosure Certificate. The Agency hereby approves the Continuing Disclosure Certificates together with any additions thereto or changes therein as may be necessary to conform the terms of the Continuing Disclosure Certificates to the terms thereof described in the Preliminary Official Statement deemed necessary or advisable by the Executive Director or the Treasurer, whose execution thereof shall be conclusive evidence of approval of any such additions and changes. The Executive Director or the Treasurer is hereby authorized and directed to execute the final form of the Continuing Disclosure Certificates for and in the name and on behalf of the Agency. SECTION 14. Delivery of the 2000 Bonds. The Agency hereby approves the sale of each series of the 2000 Bonds by the Agency by competitive sale to the purchaser to whom the applicable series of the 2000 Bonds are awarded. The applicable series of the 2000 Bonds shall be delivered to the Purchaser upon compliance with the terms and conditions set forth in the Official Notice of Sale for such series. The Executive Director, the Secretary, the Treasurer and other proper officers of the Agency are hereby authorized and directed to deliver any and all documents and instruments, to authorize the payment of Costs of Issuance for each series of the 2000 Bonds (as defined and provided in the Indentures) and to do and cause to be done any and all acts and things necessary or convenient for delivery of the applicable series of the 2000 Bonds to the Purchaser. SECTION 15. Official Action. The Chairperson, the Vice-Chairperson, the Treasurer, the Executive Director, the Secretary, the Agency Counsel and any and all other officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Agency, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, documents, including the securing of bond insurance, if available at a present value savings, and additions to the financing documents of bond insurance provisions necessary or appropriate to facilitate the issuance of the 2000 Bonds in accordance with this Resolution. SECTION 16. Engagement of Professional Services. The Agency hereby waives the consultant selection process as impractical and approves the engagement of Rod Gurm Associates, Inc. Resolution 2000-142 Page 6 CRGA") as Financial Advisor to the Agency and the Treasurer is hereby authorized and directed to execute an agreement with such firm in the form on file with the Secretary to the Redevelopment Agency. The Agency finds and determines that the consultant selection process is impractical in this instance as RGA has, under an existing contract with the Agency, developed the Agency's Financial Plan that contemplates the issuance of the 2000 Bonds and is therefore uniquely qualified to provide Financial Advisor services to the Agency for such bond issue; RGA is offering such services at reasonable rates. SECTION 17. General Authorization. The Financial Advisor and/or Bond Counsel are hereby authorized and directed to open the bids at the time and place specified in said Official Notices of Sale and to present the same to the Agency. The Financial Advisor and/or Bond Counsel are hereby authorized and directed to receive and record the receipt of all bids made pursuant to said Official Notices of Sale, to cause computations to be made as to which bidder has bid the lowest true interest cost to the Agency and to present such bids to the Agency, as provided in said Official Notices of Sale, along with a report as to the foregoing and any other matters deemed pertinent to the award of each series of the 2000 Bonds and the issuance thereof. SECTION 18. Effective Date. This Resolution shall take effect upon adoption. Presented by Approved as to form by Chris Salomone Community Development Director C Resolution 2000-142 Page 7 PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista, Califomia, this 2nd day of May, 2000, by the following vote: AYES: Councilmembers: Davis, Moot, Padilla, Salas, and Horton NAYS: Councilmembers: None ABSENT: Councilmembers: None S h i ~Ma~yor'~ ATTEST: 1 STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) CITY OF CHULA VISTA ) I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing Resolution No. 2000-142 was duly passed, approved, and adopted by the City Council at a regular meeting of the Chula Vista City Council held on the 2"d day of May, 2000. Executed this 2"d day of May, 2000. Susan Bigelow, City Clerk