HomeMy WebLinkAboutMINUTES - 04281992 - 1.6 (2) TO: " REDEVELOPMENT AGENCY r= R _ Contra
FROM: Phil Batchelor _
Costa
Executive Director
county
DATE: April 28, 1992.
SUBJECT: 1987 Contra Costa County Redevelopment Agency Tax Allocation Notes
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
1. As the Board of Supervisors, adopt resolution approving
amendment of Indenture and Redemption of 1987 Notes of the
Contra Costa County Redevelopment Agency; and
2 . As the Governing Board of the Redevelopment Agency, adopt the
resolution approving amendment of Indenture and Redemption of
1987 Notes of the Contra Costa County Redevelopment Agency.
FISCAL IMPACT
To assist in the redemption of the Agency notes., a short-term advance
of County funds is provided for. Such advance would be less than 30
days, and would be repaid with interest.
BACKGROUNDIREASONS FOR RECOMMENDATIONS
The Contra Costa County Redevelopment Agency issued its Tax Allocation
Notes (Pleasant Hill BART Station Area) in December, 1987 . The Agency
desires to redeem the 1987 Notes on June 1, 1992. To accomplish the
redemption requires an amendment to the Indenture between the Agency
and the Trustee, Seattle-First National Bank.
CONTINUED ON ATTACHMENT:. X YES SIGNATURE: )le4�
RECOMMENDATION OF EXECUTIVE DIRECTOR RECO DATION O AGENCY CO ITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON Apri 1 28. 1992 APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT } TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
prig:, Community Development
Redevelopment Agency ATTESTED April 28, 1992
County Administration PHIL BATCHELOR,
Auditor-Controller AGENCY SECRETARY
Treasurer-Tax Collector
County Counsel
SRA24/jb/87taxnot.bos BY An 01, 0,0 , DEPUTY
T y
To effect the redemption of the Notes, the resolutions authorize a
short-term advance to the Agency from County funds. The advance
would be repaid, with interest, from proceeds of the Agency's 1992
Tax Allocation Bonds scheduled for issuance in May.
RESOLUTION NO. Rk 92-3
A RESOLUTION OF THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY
APPROVING AMENDMENT OF INDENTURE AND REDEMPTION OF 1987 NOTES,
AND AUTHORIZING AND DIRECTING RELATED ACTIONS
WHEREAS, the Contra Costa County Redevelopment Agency (the "Agency") has
entered into an Indenture of Trust, dated as of December 1, 1987 (the "Indenture"), with
'Seattle-First National Bank, as trustee, pursuant to which the Agency issued its
$7,500,000 Contra Costa County Redevelopment Agency Pleasant Hill BART Station Area
Redevelopment Project 1987 Tax Allocation Notes (the "1987 Notes"); and
WHEREAS, the Agency now desires to redeem the 1987 Notes on June 1, 1992, and,
to that end, Agency staff, with the assistance of Bond Counsel, has prepared a first
amendment to the Indenture (the "Amendment") in order to complete the redemption of
the 1987 Notes in a timely and efficient manner; and
WHEREAS, the Agency also desires the assistance of the County of Contra Costa
(the "County") in connection with the redemption of the 1987 Notes as provided herein.
NOW, THEREFORE, BE IT RESOLVED BY THE CONTRA COSTA COUNTY
REDEVELOPMENT AGENCY AS FOLLOWS:
Section 1. Approval of Amendment and Redemption of 1987 Notes. The Governing
Board of the Agency hereby approves the Amendment in the form on file with Agency
staff, and authorizes and directs the Executive Director, the Assistant Executive Director,
the Deputy Executive Director, and the Deputy Director - Redevelopment, each acting
alone, to execute, and the Secretary to attest, the Amendment in substantially said form
together with such changes as the Deputy Director Redevelopment, upon consultation
with Bond Counsel to the Agency, shall advise, the approval of such changes to be
conclusively evidenced by the execution and delivery of the Amendment by the Agency.
The Governing Board of the Agency hereby finds and determines that the Amendment
corrects defective provisions of the Indenture and does not materially adversely affect the
interest of the owners of the 1987 Notes. The Governing Board of the Agency hereby
approves of the redemption of the 1987 Notes in the manner contemplated by the
Indenture and the Amendment, and authorizes and directs Agency staff to take all
actions necessary to so redeem the 1987 Notes on June 1, 1992.
Section 2. County Assistance. The Agency hereby requests the County to assist it
as necessary to ensure the redemption of the 1987 Notes. The Governing Board hereby
authorizes and directs the Deputy Director - Redevelopment, with the assistance of the
Agency's Bond Counsel, to prepare documents to evidence a loan from the County to the
Agency as necessary to redeem the 1987 Notes on June 1, 1992, and hereby authorizes and
directs the Executive Director, the Assistant Executive Director, the Deputy Executive
Director and the Deputy Director - Redevelopment, each acting alone, to execute and
deliver any and all such documents.
Section 3. Effective Date. This resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED on April 28 1992 by the following vote:
Resolution No. RA-E-3
AYES: Commissioners Powers, Fanden, Schroder, Torlakson and McPeak
N'GES:•. None
ABSENT: None
ABSTAIN: None
Phil Batchelor, Agency
Secretary
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Resolution No. RA- 92-3