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HomeMy WebLinkAboutRDA Reso 2000-1690 RESOLUTION NO. 1690 RESOLUTION OI: THE REDEVELOPMENT .~ .~ENCY OF THE CITY OF CHULA VISTA AL THORIZING AND DIRECTIN(~ THE ISSUANCE AND SALE OF NOT TO EXCEED $17,000,000 PRINCIPAL AMOUNT 2000 TAX ALLOCATION BCNDS FOR THE MERGED --DEVELOPMENT PROJECT AND APPROVlN_~ AN OFFICIAL NOTICE )F SALE, A CONTINUING DISCLOSURE CE RTIFICATE, A PRELIMINARh OFFICIAL STATEMENT AND FINANCING DOCJMENTS, AUTHORIZING THE! SALE OF THE BONDS ON CERTAIN TERMS; AND CONDITIONS, AUTHORIZING CERTAIN OTHER OFFICIAL ACTIOliS AND PROVIDING FOR O"HER MATTERS PROPERLY RELATING THERI-'TO WHEREAS, the Rede~ elopment Agency of the City of Chula Vista (herein referred to as the "Agency") is a redevelopment agency duly created, establishe :1 and authorized to transact business and exercise its powers, all un der and pursuant to the Comm~ nity Redevelopment Law (Part 1 of Division 24 (commencing with Section 33000) of the Health al d Safety Code of the State of California), and the powers of :he Agency include the power t~ issue bonds for any of its corporate purposes; and WHEREAS, there curt ~ntly exists within the Agency tf e Town Centre II Redevelopment Project Area, the Otay Valley I toad Redevelopment Project A] ea and the Southwest Redevelopment Project Area, among others ar d the City has undertaken proc, ;edings and introduced ordinances to merge the three above-referel ced project areas into a single i nerged redevelopment project (the "Merged Redevelopment Prc ~ct"); and WHEREAS, subject ~ the adoption and effectiveness~ of the ordinances providing for the Merged Redevelopment Proje ;t, the Agency wishes to author ze at this time the issuance and sale of a single series of tax alloca~ ion bonds to be named REDE¥ --LOPMENT AGENCY OF THE CITY OF CHULA VISTA, 2000 TAX ALLOCATION BONDS (MERG ED REDEVELOPMENT PROJECT) (the "Bonds") for the purpose ,~f paying and repaying costs of 'edevelopment activity within the Merged Redevelopment Proje ;t; and WHEREAS, proceeds the Bonds will be used (i) to pal, or repay costs of redevelopment activity of the Merged Redeve opment Project; (ii) to establish reserve account for such Bonds; and (iii) to pay a portion of the costs of issuing such Bonds; ar WHEREAS, it is desir; ~ble that the Bonds be sold in ai ordance with law pursuant to public sale; and WHEREAS, the Agen, ' desires to authorize the sale )f the Bonds upon the terms and conditions hereinafter set fort[ NOW, THEREFORE, e Redevelopment Agency of t le City of Chula Vista does hereby resolve and declare as follow,, SECTION 1. Issuan e and Sale Authorized; Time id Place For Bids on Bonds. The issuance and sale of not to ez ;eed Seventeen Million Dolla~ [$17,000,000) principal amount REDEVELOPMENT AGENC~' OF THE CITY OF CHULA VI,~ YA, 2000 TAX ALLOCATION BONDS (MERGED REDEVELOPMEI~ T PROJECT), in accordance ~ th law, is hereby authorized. The Bonds shall be executed by ti' manual or facsimile signature of the Chairperson, the seal or Resolution No. 1690 Page 2 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 Indenture identified below. Tuesday, October 3, 2000 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. MuniAucfion.com) is hereby fixed as the place at which bids will be received for the purchase of the Bonds, as described in and subject to the terms and conditions of the Official Notice of Sale for the 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 Bonds within 24 hours of the receipt of bids to the responsible bidder offering the ~owest 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 al~ bids; provided that the aggregate principal amount of the Bonds shall not exceed Seventeen Million Dollars ($17,000,000) the stated interest rate for any maturity of 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 Bonds. SECTION 2. Approval of Indenture. The Agency hereby approves the proposed form of Indenture of Trust for the Bonds (the "Indenture") dated as of October 1, 2000, between the Agency and U.S. Bank National Trust Association, as trustee (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 Indenture 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 13 hereof), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Indenture by the Executive Director or the Treasurer. SECTION 3. Approval of Continuing Disclosure Certificate. The Agency hereby approves the Continuing Disclosure Certificate together with any additions thereto or changes therein as may be necessary to conform the terms of the Continuing Disclosure Certificate to the terms thereof described in the Preliminary Official Statement and as 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 Certificate for and in the name and on behalf of the Agency. SECTION 4. Official Notice of Sale. The invitations for bids for the purchase of the 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 (the "Official Notice 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 the Bonds, to cause the Official Notice of Sale to conform to the terms of the Bonds as such terms are set forth in the hereinafter referred to Preliminary Official Statement. Resolution 1690 Page 3 SECTION 5. Public~,tion of Official Notice of Sale. "he Agency's Financial Advisor shaJl cause the Official Notice of S~ le or the Notices of Intention to ~ell Bonds referenced in Section 9 hereof, in their final forms with such changes and modification s referred to in Sections 4 and 9 hereof, to be published once i~ the Star News, a newspaper I: ubtished and of general circulation in the City of Chula Vista, Califo~ nia, (or any other such newspa ~er) on or before a date at least five (5) days prior to the day fixed for' he receipt of bids. SECTION 6. Terms and Conditions of Sale. The te ms and conditions of the offering and the sale of the Bonds shall be as specified in the Official Notic .~ of Sale, including such modifications thereto as permitted pursuant :o Section 4 hereof. SECTION 7. Official Statement Authorized. The A( ;ncy hereby approves the preliminary official statement (the "Prelimi~ ~ary Official Statement") in the; )tm presented at this meeting and on file with the Executive Director, with such changes and modifi~ :ations as may be deemed appropriate or necessary by Agency staff, and authorizes its distribution i~ connection with the sale of the Bonds. SECTION 8. Furnis~ in.q of Official Notice of Sale ar Preliminary Official Statement. The Financial Advisor is hereby au :hodzed and directed to cause ~ ) be furnished to prospective bidders a reasonable number of copies ~ )f the Official Notice of Sale (in(: =uding the applicable Bid Form) and a reasonable number of copies ~ )f the Preliminary Official Staten ~ent; provided the Preliminary Official Statement may be distributed fia electronic means. SECTION 9. Public~ tion of Notice of Intention to SeI!. The Secretary of the Agency in cooperation with the Financial Advisor shall cause a copy of tt e Notice of Intention to Sell Bonds to be published once in the Bone Buyer, One State Street Plaza, New York, New York, substantially in the form on file with the Execu :ire Director with such changes' and modifications as may be deemed appropriate and necessary by ~,gency staff and Bond Counsei to cause the Notice of Intention to Sell Bonds to conform to the tE ,rms of the Bonds as such term,; are set forth in the Preliminary Official Statement. Such publi :ation shall be on or before a dj te at least fifteen (15) days prior to the date fixed for the receipt of bid 3. SECTION 10. Filinq c F C,DIAC Notice. The Agency h, :reby approves the filing by Bond Counsel of a notice of the Age icy s intent to sell the Bonds wi'h the California Debt and Investment Advisory Commission pursuar t to Section 8855 of the Califorr ia Government Code. SECTION 11. Deliver of the Bonds. The Agency h~ reby approves the sale of the Bonds by the Agency by competitive: ;ale to the purchaser to whom ti ~e Bonds are awarded. The Bonds shall be delivered to the Purchaser upon compliance with the 19rms and conditions set forth in the Official Notice of Sale. The E) ecutive Director, the Secretary, [he Treasurer and other proper officers of the Agency are her~ by authorized and directed to d, ;liver any and all documents and instruments, to authorize the payment of Costs of Issuance for the Bonds (as defined and provided in the Indenture) and to do an( cause to be done any and all s ets and things necessary or convenient for delivery of the ,onds to the Purchaser. SECTION 12. Officia Action. The Chairperson, the ¥ ce-Chairperson, the Treasurer, the Executive Director, the Secret; ~ry, the Agency Counsel and an and all other officers of the Agency are hereby authorized and dir~ cted, for and in the name and ( behalf of the Agency, to do any and all things and take any and all ~ctions, including execution an delivery of any and all assignments, Resolution No. 1690 Page 4 cert!ficates, documents, including the securing of bond insurance, if available at a present value sawngs, and additions to the financing documents of bond insurance provisions necessary or appropriate to facilitate the issuance of the Bonds in accordance with this Resolution. SECTION 13. 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 Notice of Sale and to present the same to the Agency. The Financial Advisor is hereby authorized and directed to receive and record the receipt of all bids made pursuant to said Official Notice 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 Notice of Sale, along with a report as to the foregoing and any other matters deemed pertinent to the award of the Bonds and the issuance thereof. SECTION 14. Approval Subiect to Merger of Proiect 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. 1667 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. 1667 shall be unaffected and remain in full force and effect. SECTION 15. Effective Date. This Resolution shall take effect upon adoption. PRESENTED BY APPROVED AS TO FORM BY Chris Salomone Director of Community Development ,~ency A/ttorney~ Resolution No. 1690 Page 5 PASSED, APPROVED and Al)OPTED BY THE REDEVELOI ~MENT AGENCY OF THE CITY OF CHULA VISTA, CALIFORNIA is 15th day of August, 2000 by tJ ie following vote: AYES: Memb< s Davis, Moot, Padilla, Salas, an :1ChaidMayor Horton NOES: None ABSENT: None ABSTENTIONS: None Shirley H 3rto,l~ Chairma~ ATTEST: ~ Chris Salomone Executive Secret ]ry STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss: CITY OF CHULA VISTA ) I, Chris Salomone, Executive ~;ecretary to the Redevelopmer Agency of the City of Chula Vista, California DO HEREBY CERTII :Y that the foregoing is a full, tn 9 and correct copy of Resolution No. 1690 and that the same has not been amended or repealed. Dated: August 16, 2000 ~ ~ Chds Sal ~mone Executiv Secretary