HomeMy WebLinkAboutReso 2016-060 RESOLUTION NO. 2016-060
RESOLUTION OF THE CITY CO[JNCIL OF THE CITl' OF
CHULA VISTA APPROVIT'G A BOND PROCEEDS
EXPEI�'DITURE AGREEME?�'T BETN%EEN THE CITY OF
CHULA VISTA AlvD THE SUCCESSOR AGENCY TO THE
REDEVELOPMEI�'T AGENCI' OF THE CITY OF CHULA
VISTA PROVIDItvG FOR THE TRAI`'SFER OF EXCESS
BOND PROCEEDS BY THE SUCCESSOR AGENCY TO THE
CITY FOR BOI�'D-ELIGIBLE PURPOSES. ACCEPTING SUCH
FUI�iDS FROM THE SUCCESSOR AGENCY. Ai\'D MAKIi�'G
CERTAII`' FINDIIvGS II�' COI�TI�'ECTION THERE�I'ITH
R%HEREAS, the Successor Agencv (`Successor Aaenc�� `) to the Rede��elopment Asenc��
of the Cit�• of Chula V ista has been established to take certain actions to �aind do«�n the affairs of
the Redevelopment Aeenc�� of the City of Chula Vista in accordance H�ith the Health and Safet��
Code: and
� WHEREAS, Section 34191.4(c)(1)(A) of the Dissolution Act alloti�s a successor aeency
that has recei��ed a finding of completion to use bond proceeds from bonds issued on or before
December 31, 2010 for the purposes for �hich the bonds w•ere sold, pro��ides that such proceeds
in excess of amounts needed to satisfi� approved enforceable oblieations shall be expended in a
manner consistent with the orisinal bond co��enants: and further pro��ides that such etpenditures
shall constitute "e�cess bond proceeds obligations" that shall be listed sepazateh� on the
successor agency s Recognized Obligation Payment Schedule; and
V�'HEREAS. the Successor Agency recei��ed its Finding oF Completion under Health and
Safeh� Code Section 34179J from the Califomia Department of Finance on Mav 7, 2013; and
���HEREAS, the Califomia Communit�� Rede��elopment La��� (Health and Safetv Code
Section 33000, et seq.) provides for a cooperative relationship bet«�een cities and their
rede��elopment agencies, as ���ell as their successor agencies �vho ha��e assumed the duties and
obligations of the former redevelopment agencies; and
WHEREAS; under Health and Safety Code Section 33220; a citti� may aid and cooperate
in the planning. undertal:ing. construction. or operation oFredevelopment projects; and
WHEREAS. Health and Safet�� Code Section 33220(e) specificall�� authorizes a cit�� to
enter into an aereement with its redevelopment agenc�� or an.� other public entin� to further
redevelopment purposes; and
��'1-IEREAS, Health and Safen� Code Section 34178(a) allo���s a successor aeenc�� and its
sponsoring cit}� to enter into a�reements, subject to approval by the O��ersight Board to the
Successor Agency pursuant to Health and Safetv Code Section 34180(h); and
i
Resolution No. 2016-060
Page No. 2
WHEREAS, the Successor Agency has and N�ill have proceeds of its Rede��elopment
Agency of the City of Chula Vista 2008 Tax Allocation Refunding Bonds (Merged
Redevelopment Project) (together with other funds described in the Agreement "Bond
Proceeds `) that are not otherwise obligated for a project or other enforceable obligation; and
WHEREAS, the Successor Agency desires to transfer its Excess Bond Proceeds (defined
in the Agreement) to the City to enable the City to use such Excess Bond Proceeds for
redevelopment purposes, including capital public improvement expenditures previously made by
the City, and in a manner consistent with the original bond covenants; and
WHEREAS, in order to facilitate the use of Excess Bond Proceeds consistent with all
applicable bond covenants, the Successor Agency and the City have negotiated the terms of that
certain Bond Proceeds Expenditure Agreement (`Agreemenf') requiring the transfer of current
and future eacess bond proceeds by the Successor Agency to the City, and the Ciry's use of such
proceeds consistent with all applicable bond covenants; and
WHEREAS; the Successor Agency and City intend that the Agreement shall constitute an
excess bond proceeds obligation within the meaning of Health and Safety Code Section
34191.4(c)(1)(A) to'be paid from Excess Bond Proceeds; and
WHEREAS, the City Council desires to approve the Agreement in substantially the form
submitted herewith.
NOW, TI-IEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista
as follows:
Section l. The foregoing Recitals are incorporated into this Resolution by this
reference.
Section 2. The City Council hereby finds and determines; based on all evidence and
testimony contained in the record before it, that the use of Excess Bond Proceeds to fund Cih�
capital improvement projects including acquisition and/or construction of public buildings,
facilities, structures, or other improvements is in accordance with Health and Safety Code
Sections 33445, 33445.1, and 33679 and other applicable law.
Section 3. The Cify Council has determined tbat the expenditure of Excess Bond
Proceeds in accordance with the Agreement will benefit the affected taxing entities and hereby
approves the execution of the Agreement and accepts the transfer of Excess Bond Proceeds from
the Successor Agency for the purposes described in the Agreement.
Section 4. The City Council hereby approves the Bond Proceeds Expendimre
Agreement in substantially the form submitted herewith.
Section 5. The Cit�� Council hereby authorizes and directs the City Manager to take
the following actions:
Resolution hTO. 2016-060
Pase I�'o. 3
a. Execute the Bond Proceeds Eapenditure .Agreement in the form
presented here�aith �a�ith such chanses; insertions and omissions as ma}� be appro��ed by the Cit}�
Manaser: �
b. Upon receiving Excess Bond Proceeds from the Successor Agency
pursuant to the Agreement. allocate and/or espend such monevs in accordance with all
applicable covenants relating to the use of such proceeds.
Section 6. This Resolution shali tal;e effect upon the date of adoption.
Section 7. The City Clerk shall certif�� to the adoption of this Resolution.
Presented b�� Approved as to form b��
� � � "
�� �
David Bilb��. MSB.A. CP Glen R. oeins
Director of Finance/Treasurer 'n� Atto ev
Resolution No. 2016-060
Page No. 4
PASSED; APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 12th day of April 2016 by the following vote:
, AYES: Councilmembers: Aguilar, Bensoussan, McCann, Miesen, and Salas
� NAYS: Councilmembers: None
ABSENT: Councilmembers: None
�
Mary S s, Mayor
ATTEST:
��,��
Donna R. Norris, MC. City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA V[STA )
I, Donna R. Norris, Cit�- Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2016-060 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on t6e 12th day of April 2016.
Executed this 12th day of April 2016.
� `� ��
Donna R. Norris, CMC, City Clerk