HomeMy WebLinkAboutReso 2000-293 RESOLUTION NO. 2000-293
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE SALE OF
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
2000 TAX ALLOCATION BONDS FOR THE MERGED
REDEVELOPMENT PROJECT
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 corporate
purposes; and
WHEREAS, there currently exists within the Agency, the Town Centre II Redevelopment
Project Area, the Otay Valley Road Redevelopment Project Area and the Southwest Redevelopment
Project Area, among others and the City Council has undertaken proceedings and introduced
ordinances to merge the three above-referenced project areas into a single merged redevelopment
project (the "Merged Redevelopment Project") for financial purposes; and
WHEREAS, subject to the adoption and effectiveness of the ordinances providing for the
Merged Redevelopment Project, the Agency wishes to authorize at this time the issuance and sale
of a single series of tax allocation bonds to be named REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA, 2000 TAX ALLOCATION BONDS (MERGED REDEVELOPMENT
PROJECT) (the "Bonds") for the purpose of paying and repaying costs of redevelopment activity
within the Merged Redevelopment Project; and
WHEREAS, proceeds of the Bonds will be used (i) to pay or repay costs ofredevelopment
activity of the Merged Redevelopment Project; (ii) to establish a reserve account for such Bonds;
and (iii) to pay a portion of the costs of issuing such Bonds; and
WHEREAS, it is desirable that the Bonds be offered for sale at this time in accordance with
the procedures described herein; and
WHEREAS, the Agency has authorized the sale of the Bonds upon the terms and conditions
hereinafter set forth; and
WHEREAS, the City Council has reviewed the terms and conditions for the issuance of the
Bonds and desires to approve the issuance by the Agency of the Bonds pursuant to Section 33640
of the Health and Safety Code;
NOW, THEREFORE, the City Council of the City of Chula Vista does hereby resolve and
.... , declare as follows:
Resolution 2000-293 ~-x
Page 2
SECTION 1. Approval of Issuance of Town Centre Bonds. The City Council approves the
issuance by the Agency of not to exceed Seventeen Million Dollars ($17,000,000) principal amount
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA, 2000 TAX ALLOCATION
BONDS (MERGED REDEVELOPMENT PROJECT).
SECTION 2. Terms and Conditions of Sale. The terms and conditions of the offering and the sale
of the Bonds shall be as specified in the Indenture and Official Notice of Sale approved by the
Agency, including such modifications thereto as may be made by the Executive Director of the
Agency.
SECTION 3. Official Action. The Mayor, the Vice-Mayor, the Finance Director, the City
Manager, the City Clerk, the City Attorney and any and all other officers of the City are hereby
authorized and directed, for and in the name and on behalf of the City, to do any and all things and
take any and all actions, including execution and delivery of any and all assignments, certificates,
and documents to facilitate the issuance of the Bonds in accordance with this Resolution.
SECTION 4. Approval Subject to Merger of Project Areas. Anything to the contrary herein
notwithstanding, the authorizations set forth herein for the issuance and sale of the Bonds is
conditioned upon the adoption by the City and the effectiveness of ordinances providing for the
merger of the Southwest Redevelopment Project Area, Town Centre II Redevelopment Project and
the Otay Valley Redevelopment Project Area into the Merged Redevelopment Project and in no
event shall Bonds be issued for a period less than sixty (60) days from the date of adoption of the
ordinances providing for the Merged Redevelopment Project. In the event that the conditions to the
authorization set forth herein are satisfied, this resolution shall supersede Resolution No. 2000-142
adopted May 2, 2000, authorizing the issuance of bonds for each of the three project areas to be
merged. In the event the conditions to the authorization herein are not met, the Bond authorization
set forth in Resolution No. 2000-142 shall be unaffected and remain in full force and effect.
SECTION 5. Effective Date. This Resolution shall take effect upon adoption.
Presented by Approved as to form by
Chris Salamone eny
Community Development Director
Resolution 2000-293
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 15th day of August, 2000, by the following vote:
AYES: Councilmembers: Davis, Moot, Padilla, Salas, and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST: Shir~aYr/~
Susan Bigelow, City Clerk
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. 2000-293 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 15th day of August, 2000.
Executed this 15t" day of August, 2000.
Susan Bigelow, City Clerk