Loading...
HomeMy WebLinkAboutRDA Reso 2000-1667 RESOLUTION NO. 1667 RESOLUTION OF THE REDEVELOPMENT A-~ENCY OF THE CITY OF CHULA VISTA AUTHORIZING AND DIRECTING THE ISSUANCE AND SALE OF (I) NOT-TO-EXCEED $7,000,000 PRINCPAL AMOUNT 2000 TAX ALLOCATION BONDS FOR THE TOWN CENTF;E NO. II REDEVELOPMENT PROJECT, (11) NOT-TO-EXCEED $7,000,000 PR, NCIPAL AMOUNT 2000 TAX ALLOCATION BONDS FOR THE OTAY VALLETM ROAD REDEVELOPMENT PROJECT, AND (111) NOT-TO-EXCEED $4,000,00 :) PRINCIPAL AMOUNT 2000 TAX ALLOCATION BONDS FOR THE SOUT-IWEST REDEVELOPMENT PROJECT, AND APPROVING AN OFFICIAL NO'I ICE OF SALE FOR EACH, A CONTINUING DISCLOSURE CERTIFICATE FO EACH, APPROVING THE PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND FINANCING DOCUMENTS, ,~ THORIZING THE SALE OF THE 2000 BONDS ON CERTAIN TERMS AND £ ONDITIONS, AUTHORIZING CERTAIN OTHER OFFICIAL ACTIONS AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERE'iO, 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 Shula Vista (herein referred to as the "Agency') is a redevelopment agency duly created, establishe, t and authorized to transact business and exercise its powers, all under and pursuant to the Comn unity Redevelopment Law (Part 1 of Division 24 (commencing with Section 33000) of the Healt and Safety Code of the State of California), and the powers of the Agency include the power t issue bonds for any of its corporate purposes; and WHEREAS, the Agency wishes to sell at this time thre series of tax allocation bonds, each series being identified below (collectively, the "2000 Bonds"), f~ - the purpose of paying and repavinn costs of redevelopment activity within three project areas; and~ ' ~ / WHEREAS, proceeds of one series of the 2000 Bond~will be used (i) to pay or repay costs of redevelopment activity of the Town Centre No. II Redevelo~)ment 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"); a~ ~d WHEREAS, proceeds of a second series of the 2000 ~onds will be used (i) to pay or repay costs of redevelopment activity of the Otay Valley Road ~edevelopment Project Area; (ii) to establish a reserve account for such bonds; and (iii) to pay ~ortion of the costs of issuing such bonds (such series being referred to herein as the "Otay Valle Bonds"); and WHEREAS, proceeds of a third sedes of the 2000 ~nds will be used (i) to pay or repay costs of redevelopment activity of the Southwest Redevelop~ ~ent Project Area; (ii) to establish a reserve account for such bonds; and (iii) to pay a portion of ti e 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 200 Bonds be offered for public sale at this time; and WHEREAS, the Agency desires to authorize the sale o each series of the 2000 Bonds upon the terms and conditions hereinafter set forth; Resolution No. 1667 Page 2 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 orthe 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 Ota¥ 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 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 Va[ley 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 Resolution No. 1667 Page 3 9:00 a.m. and 9:30 a.m. Pacific Daylight Savings Time or any b ~siness day within 60 days thereafter at which bids are received is hereby fixed as the tir~e, and the MuniAuction website (www. MuniAuction.com) and/or the offices of the Financial Ac visor is hereby fixed as the place at which bids will be received for the purchase of the Southwest Ionds, as described in and subject to the terms and conditions of the Official Notice of Sale for the ',outhwest Bonds hereinafter referred to. The Executive Director or the Treasurer of the Agency is h ~reby 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 I ,idder 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 tc 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 Soutl west Bonds may not exceed seven percent (7%) per annum, and the initial purchaser's discoun may not exceed one and one half percent (1.5%) of the aggregate principal amount of the South~ est Bonds. SECTION 4. Official Notices of Sale. The invitatior s for bids for the purchase of each series of the 2000 Bonds is hereby authorized, such invitatio,~s to be substantially in accordance with the Notice Inviting Bids and Proposal Form, which include,; a bid form, all in the form presented at this meeting and on file with the Executive Director (collec ively, the "Official Notices of Sale"), with such changes and modifications as may be deemed appr )priate 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 applical: le series of the 2000 Bonds as such terms are set forth in the hereinafter referred to Preliminary Offi~ ;iai Statement. SECTION 5. Publication of Official Notice of Sale. he Agency's Financial Advisor shall cause the Official Notices of Sale or the Notices of Intention , Sell Bonds referenced in Section 9 hereof, in their final forms with such changes and modifica ~ns referred to in Sections 4 and 9 hereof, to be published once in the Star News, a newspaper p~ ~blished and of general circulation in the City of Chula Vista, California, (or any other such newspapE , 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 terr and conditions of the offering and the sale of each series of the 2000 Bonds shall be as spec fled in the Official Notices of Sale, including such modifications thereto as permitted pursuant to S~ ~ction 4 hereof. SECTION 7. Official Statement Authorized. The Agelcy hereby approves the preliminary official statement (the "Preliminary Official Statement") in the fc 'm presented at this meeting and on file with the Executive Director, with such changes and modifica lions as may be deemed appropriate or necessary by Agency staff, and authorizes its distribution in ;onnection with the sale of the 2000 Bonds. SECTION 8. Furnishin.q of Official Notices of Sale an(! Preliminary Official Statement The Financial Advisor is hereby authorized and directed to cause to )e furnished to prospective bidders a reasonable number of copies of the Official Notices of Sale (incl Jding the applicable Bid Form) and a reasonable number of copies of the Preliminary Official Statem nt. SECTION 9, Publication of Notices of Intention to ~11. The Secretary of the Agency in cooperation with the Financial Advisor shall cause a copy of ea¢ Notice of Intention to Sell Bonds to Resolution No. 1667 Page 4 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 of CDIAC 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. SECTI©N 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 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 of 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. Resolution No. 1667 Page 5 SECTION 14. Delivery of the 2000 Bonds. The Age icy hereby approves the sale of each series of the 2000 Bonds by the Agency by competitive sale tc the purchaser to whom the applicable series of the 2000 Bonds are awarded. The applicable serie., of the 2000 Bonds shall be delivered to the Purchaser upon compliance with the terms and condilions set forth in the Official Notice of Sale for such series. The Executive Director, the Secretary, t ~e Treasurer and other proper officers of the Agency are hereby authorized and directed to deliver ar and all documents and instruments, to authorize the payment of Costs of Issuance for each seriE of the 2000 Bonds (as defined and provided in the Indentures) and to do and cause to be done ar and all acts and things necessary or convenient for delivery of the applicable series of the 2000 Bo~ :Is to the Purchaser. SECTION 15. Official Action. The Chairperson, the Vice-Chairperson, the Treasurer, the Executive Director, the Secretary, the Agency Counsel and al ' and all other officers of the Agency are hereby authorized and directed, for and in the name and c behalf of the Agency, to do any and all things and take any and all actions, including execution an delivery of any and all assignments, certificates, documents, including the securing of bond insulance, if available at a present value savings, and additions to the financing documents of bom insurance provisions necessary or appropriate to facilitate the issuance of the 2000 Bonds in acc( 'dance with this Resolution. SECTION 16. Engagement of Professional Service~;. The Agency hereby waives the consultant selection process as impractical and approves th~ ,:ngagement of Rod Gunn Associates, Inc. ("RGA") as Financial Advisor to the Agency and the Trea., Jrer is hereby authorized and directed to execute an agreement with such firm in the form,on file wi~ ~ the Secretary to the Redevelopment Agency. The Agency finds and determines that the consultan selection process is impractical in this instance as RGA has, under an existing contract with the Age cy, developed the Agency's Financial Plan that contemplates the issuance of the 2000 Bonds and is lherefore uniquely qualified to provide Financial Advisor services to the Agency for such bond iss~e; RGA is offering such services at reasonable rates. SECTION 17. General Authorization. The Financia Advisor and/or Bond Counse~ are hereby authorized and directed to open the bids at the tim~ and place specified in said Official Notices of Sale and to present the same to the Agency. The F lancial 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 r ~ade as to which bidder has bid the lowest true interest cost to the Agency and to present such bi :~s to the Agency, as provided in said Official Notices of Sale, along with a report as to the foreg ~ing and any other matters deemed pertinent to the award of each series of the 2000 Bonds and th issuance thereof. SECTION 18. Effective Date. This Resolution shall ta effect upon adoption. PRESENTED BY APPRO~ ~ED AS TO FORM BY Chris Salomone ~heny~ '~ I ~ Director of Community Development ~ .~rne,~._ ~ Resolution No. 1667 Page 6 PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CiTY OF CHULA VISTA, CALIFORNIA this 2nd day of May, 2000 by the following vote: AYES: Members Davis, Moot, Padilla, Salas, and Chair/Mayor Horton NOES: None ABSENT: None ABSTENTIONS: None Shirley H o~¢o n 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. 1667 and that the same has not been amended or repealed. Dated: May 3, 2000 ~,' ~ Chris Salomone Executive Secretary