HomeMy WebLinkAboutCC RESO 2001 - 36RESOLUTION NO. 2001 - 36
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 $38,500,000
WHEREAS, the Community Development Commission of the City of National
City (the "Commission") has previously issued its 1998 Tax Allocation Bonds (National City
Downtown Redevelopment Project) in the aggregate principal amount of $25,770,000 (the "1998
Bonds") for the purpose of raising funds to provide financing for the National City
Redevelopment Project (the "Redevelopment Project"); and
WHEREAS, the Commission proposes at this time to authorize the issuance and
sale of its National City Redevelopment Project 2001 Variable Rate Tax Allocation Bonds in the
aggregate principal amount of not to exceed $38,500,000 (the "Bonds"), to be issued in two
separate series for the purpose of providing funds to advance refund and discharge the
Commission's outstanding 1998 Bonds and to raise additional funds to finance the Redevelopment
Project; 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.
PASSED and ADOPTED this 22nd day of March, 2001.
ATTEST:
Mich el Dalla, ity Clerk
APPROVED AS TO FORM:
.erg.'
George H. Eiser, III
City Attorney
a
R. Mitchel Beauchamp, Vice M or