HomeMy WebLinkAbout2011-06 URA BondsRESOLUTION NO. 2011-06
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH
APPROVING ISSUANCE BY THE UKIAH REDEVELOPMENT AGENCY
OF TWO SEPARATE SERIES OF BONDS WITH RESPECT TO
THE UKIAH REDEVELOPMENT PROJECT OF THE AGENCY
WHEREAS, the Ukiah Redevelopment Agency (the "Agency") is a redevelopment
agency, and public body, corporate and politic, duly established and authorized to transact
business and exercise powers under and pursuant to the provisions of the Community
Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the Health
and Safety Code of the State (the "Law"), including the power to issue bonds for any of its
corporate purposes;
WHEREAS, a Redevelopment Plan for the redevelopment project, designated the
"Ukiah Redevelopment Project", in the City of Ukiah, California (the 'Redevelopment Project"),
has been adopted in compliance with all requirements of the Law;
WHEREAS, the Agency has previously issued its $5,595,000 initial principal amount of
Ukiah Redevelopment Agency Ukiah Redevelopment Project 2007 Tax Allocation Bonds for the
purpose of financing of redevelopment projects of benefit to the Redevelopment Project; and;
WHEREAS, for the purpose of financing additional redevelopment projects of benefit to
the Redevelopment Project, the Agency proposes to issue its not to exceed $8,250,000
aggregate principal amount of Ukiah Redevelopment Agency Ukiah Redevelopment Project
2011 Tax Allocation Bonds (the "2011 Bonds");
WHEREAS, in addition, for the purpose of financing low and moderate income housing
with respect to the Redevelopment Project the Agency proposes to issue on a federally taxable
basis its not to exceed $3,250,000 aggregate principal amount of Ukiah Redevelopment
Agency Ukiah Redevelopment Project 2011 Taxable Housing Tax Allocation Bonds (the "2011
Housing Bonds" and, together with the 2011 Bonds, the "Bonds");
WHEREAS, Section 33640 of the Law requires the Agency to obtain the approval of the
City Council of the City of Ukiah prior to issuance of the Bonds; and
WHEREAS, the City Council approves the issuance of the Bonds as being in the public
interests of the City of Ukiah and of the Agency;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ukiah, as
follows:
Section 1. Approval of Issuance of Two Series of Bonds. The City Council of the
City of Ukiah approves the issuance of the 2011 Bonds by the Agency in the aggregate
principal amount of not to exceed $8,250,000 and its 2011 Housing Bonds in the aggregate
principal amount of not to exceed $3,250,000, as hereinabove described.
Section 2. Subordination. Any obligation of the Agency to repay any loans, advances
or indebtedness to the City or to make payments to the City pursuant to California Health &
Safety Code Section 33607.5 or Section 33607.7 from tax increment revenues allocated to the
Redevelopment Project shall be subordinate to the obligation of the Agency to use such tax
increment revenues to pay debt service on the 2011 Bonds and any obligations issued on a
parity with the 2011 Bonds.
Section 3. Effective Date. This Resolution shall take effect from and after its adoption
PASSED AND ADOPTED this 23`d day of February, 2011, by the following roll call vote:
AYES: Councilmembers Landis, Thomas, Baldwin, and Mayor Rodin
NOES: Councilmember Crane
ABSTAIN: None
ABSENT: None
By:
Mari Ro in, Mayor
SEAL
ATTEST:
0
By:
JoAnne Currie, City Clerk
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