HomeMy WebLinkAboutCC RESO 2004 - 97RESOLUTION NO. 2004 — 97
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
APPROVING THE ISSUANCE BY THE
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY OF ITS NOT TO EXCEED
$5,900,000 AGGREGATE PRINCIPAL AMOUNT OF
NATIONAL CITY REDEVELOPMENT PROJECT
2004 TAX ALLOCATION BONDS, SERIES A,
AND TAKING CERTAIN OTHER ACTIONS
AND PROVIDING FOR OTHER MATTERS
PROPERLY RELATING THERETO
WHEREAS, the Community Development Commission of the City of
National City (the "Commission") is a community development commission, a public body,
corporate and politic duly created, established and authorized to transact business and
exercise its powers, all under and pursuant to the Community Redevelopment Law, being
Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of
the State of California (the "Law") and the powers of such commission include the power
. to incur indebtedness for the purpose of financing and refinancing redevelopment activities
within and of benefit to its redevelopment project areas and to issue bonds for any of its
corporate powers; and
WHEREAS, a redevelopment plan for the National City Redevelopment
Project in the City of National City (the "Redevelopment Project") has been adopted in
compliance with all requirements of the Law;
WHEREAS, the Commission wishes at this time to issue its not to exceed
$5,900,000 aggregate principal amount of National City Redevelopment Project 2004 Tax
Allocation Bonds, Series A (the "2004 Bonds") pursuant to the provisions of the Law and
an Indenture of Trust, dated as of June 1, 2004, by and between the Commission and
Deutsche Bank National Trust Company, as trustee, for the purpose of providing funds to
finance redevelopment activities with respect to the Redevelopment Project;
WHEREAS, Section 33640 of the Law requires the Commission to obtain
the approval of the City Council of the City of National City (the "City Council") prior to
issuance of the 2004 Bonds; and
WHEREAS, the City Council approves of the issuance of the 2004 Bonds as
being in the public interest of the City of National City (the "City") and of the Commission;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NATIONAL
CITY, CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS
FOLLOWS:
Resolution No. 2004 — 97
June 1, 2004
Page Two
Recitals. The City Council finds and declares that the above recitals are true
and correct and incorporates them herein.
Approval of Issuance of Bonds. The City Council of the City approves the
issuance of the 2004 Bonds by the Commission, as hereinabove described.
Effective Date. This Resolution shall take effect from and after the date of
approval and adoption thereof.
Certification. The City Clerk shall certify the adoption of this Resolution.
PASSED and ADOPTED this 1st day of June, 2004.
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ATTEST:
MichaelDafla, Cityy Clerk
APPROVED AS TO FORM:
George H. Eiser, III
City Attomey