HomeMy WebLinkAboutCC RESO 98-27RESOLUTION NO. 98 - 2 7
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
APPROVING THE ISSUANCE OF TAX
ALLOCATION BONDS BY THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY
OF NATIONAL CITY IN THE MAXIMUM
PRINCIPAL AMOUNT OF $29,000,000
WHEREAS, the Community Development Commission of the City of National
City (the "Commission") has previously issued its Tax Allocation Bonds, Series 1992A in the
aggregate principal amount of $21,715,000 (the "Series 1992A Bonds") for the purpose of
raising funds to provide financing and refinancing for the National City Downtown
Redevelopment Project (the "Redevelopment Project"); and
WHEREAS, concurrent with the issuance of the Series 1992A Bonds, the
Commission also issued its Tax Allocation Bonds, Series 1992B in the aggregate principal
amount of $4,500,000 (the "Series 1992B Bonds") for the purpose of raising funds to provide
financing various low and moderate income housing projects in the City; and
WHEREAS, the Commission has determined that it is in the best interests of the
Commission at this time to advance refund the Series 1992A bonds and the Series 1992B
Bonds (collectively, the "1992 Bonds"), and for the purpose of raising funds for such purpose
and for the purpose of financing additional projects and activities of the Commission relating to
the Redevelopment Project, the Commission has determined to authorize the issuance of its
Downtown Redevelopment Project 1998 Tax Allocation Bonds in the aggregate principal
amount of not to exceed $29,000,000 (the "Bonds"); and
WHEREAS, in accordance with the requirements of Section 33640 of the Health
and Safety Code of the State of California, the City Council must approve the issuance and sale
of the Bonds by the Commission.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
National City that the issuance and sale of the Bonds by the Commission is hereby approved.
Signature Page to Follow
Resolution No. 9 8 - 2 7
March 3, 1998
Page Two
PASSED and ADOPTED this 3' day of March, 1998.
AG l' .:-
George H. aters, Mayor
ATTEST:
i Qi
Mi ael R. Dalla Ci
ty Clerk
APPROVED AS TO FORM:
/#"3/444:Ain'
George H. Eiser, III
City Attorney