HomeMy WebLinkAboutCVRC Reso 2008-002
CVRC RESOLUTION NO. 2008-002
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
CHULA VISTA REDEVELOPMENT CORPORATION
RECOMMENDING THE ISSUANCE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA OF NOT TO EXCEED $24 MILLION PRINCIPAL
AMOUNT 2008 TAX ALLOCATION REFUNDING BONDS
FOR THE MERGED REDEVELOPMENT PROJECT
WHEREAS, by ordinances of the City Council of the City of Chula Vista, the City has
duly taken action to merge the Town Centre No. II Redevelopment Project, the Otay Valley
Road Redevelopment Project and the Southwest Redevelopment Project into a single project area
for financial purposes pursuant to the Redevelopment Law, and as so merged and subsequently
amended in compliance with all requirements of the Redevelopment Law, such project areas are
referred to herein as the Merged Redevelopment Project; and
WHEREAS, the Redevelopment Agency of the City of Chula Vista (Agency) will
consider authorizing and approving the issuance of its not to exceed $24 million principal
amount Redevelopment Agency of the City of Chula Vista, 2008 Tax Allocation Refunding
Bonds (Merged Redevelopment Project) (2008 Bonds) pursuant to the provisions of the
Redevelopment Law to (i) to provide funds to refund part or all of the Agency's 2000 Tax
Allocation Bonds (Merged Redevelopment Project) for cash flow purposes and (ii) as to not to
exceed $6 million in aggregate principal amount of 2008 Bonds, to reimburse costs of capital
relating to certain certificates of participation of the City, to repay certain loans made by the City
of Chula Vista to the Agency, and to payor repay the costs of redevelopment activity of the
Agency for the Merged Redevelopment Project; and
WHEREAS, the Agency governing board will consider on or after March 18, 2008 its
resolution (Agency Resolution) providing for the issuance of the 2008 Bonds;
WHEREAS, the Board of Directors of the Chula Vista Redevelopment Corporation
(Corporation) wishes at this time to recommend to the Agency Board the issuance and sale of the
2008 Bonds by the Agency.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the
Board of Directors of the Chula Vista Redevelopment Corporation as follows:
Section 1. Approval of the 2008 Bonds. The issuance and sale of the 2008 Bonds by
the Agency in the aggregate principal amount of not to exceed $24 million, substantially in
accordance with the Agency Resolution and for the purposes described herein be and is hereby
recommended to the governing board of the Agency.
Section 2. Official Actions. The Chief Executive Officer, Chief Financial Officer
and the Secretary, and any and all other officers of the Corporation, are hereby authorized and
directed, for and in the name and on behalf of the Corporation, to do any and all things and take
any and all actions, including execution and delivery of any and all certificates, agreements,
notices, consents, warrants and other documents which they, or any of them, may deem
necessary or advisable in order to assist the Agency with the lawful issuance and sale of the 2008
Bonds, as described herein.
CVRC Resolution No. 2008-002
Page 2
Section 3. Effective Date. The Secretary shall certify to the passage and adoption of
this Resolution, which shall take effect immediately upon its adoption.
Presented by
Approved as to form by
u
PASSED, APPROVED, and ADOPTED by the Chula Vista Redevelopment Corporation
of the City ofChula Vista, this 13th day of March 2008, by the following vote:
AYES:
Directors: Desrochers, Munoz, Paul, Rooney, and Salas
NAYS:
Directors: None
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
)
)
)
ABSENT:
Directors: Lewis
ABSTAIN:
Directors: Reyes
ATTEST:
fi~
Eric C. Crockett, Secretary
I, Eric C. Crockett, Secretary of the Chula Vista Redevelopment Corporation of the City of
Chula Vista, California, do hereby certifY that the foregoing CVRC Resolution No. 2008-002
was duly passed, approved, and adopted by the Chula Vista Redevelopment Corporation at a
regular meeting of the Chula Vista Redevelopment Corporation held on the 13th day of March
2008.
Executed this 13th day of March 2008.
,dLd
Eric c. Crockett, Secretary