HomeMy WebLinkAboutRDA Reso 1996-1490 RESOLUTION 1490
RESOLUTION OF THE REDEVELOPMENT AHENCY OF THE
CITY OF CHULA VISTA AUTHORIZING THE TREASURER
TO DETERMINE THE FEASIBILITY OF REFUNDING THE
CITY OF CHULA VISTA REDEVELOPMENT AGENCY 1987
SERIES B CERTIFICATES OF PARTICIPATION;
WAIVINH THE CONSULTANT SELECTION PROCESS AND
APPOINTING PROJECT FINANCE ASSOCIATES (PFA) AS
FINANCIAL ADVISOR TO ASSIST IN THIS EFFORT;
AND AUTHORIZING THE CHAIR TO EXECUTE THE
CONTRACT
WHEREAS, in 1987 the Agency issued Certificates of
Participation in the amount of $6,600,000 for various purposes; and
WHEREAS, it appears that the City/Agency could achieve
significant savings on the annual debt service payments a the
result of a refunding under current low interest rate market
conditions; and
WHEREAS, since Mr. Mark Northcross, formerly of Kelling,
Northcross & Nobriga, Inc., has recently performed at a high level
as financial advisor to both the Agency on the 1994 Tax Allocation
Bond Refunding, and the City on the 1995 Assessment District
Refunding, and by so doing is already very familiar with the City
and Agency, it is being recommended that the formal selection
process be waived, and that PFA, and specifically Mr. Northcross be
appointed as financial advisor on this potential refunding.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment
Agency of the City of Chula Vista does hereby authorize the
Treasurer to determine the feasibility of refunding the City of
Chula Vista Redevelopment Agency 1987 Series B Certificates of
Participation; Waiving the consultant selection process and
appointing Project Finance Associates (PFA} as Financial Advisor to
assist in this effort and authorizing the Chair to execute the
contract.
Presented by Approved as to form by
/Robert Powell, Trefasurer i /~x,~z~
Resolution No. 1490
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA, CALIFORNIA this 19th day of March 1996 by the following vote:
AYES: Members Horton, Rindone, Alevy, Padilla, Moot
NOES: None
ABSENT: None
ABSTENTIONS: None
Chairman
ATTEST: ~-~.~' ~-
Chris Salomone
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula
Vista, California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy
of Resolution No. 1490 and that the same has not been amended or repealed.
Dated: March 20. 1996 ~./4''''x-~ C~-~:~bx~"'0~ '
Chris Salomone
Executive Secretary