HomeMy WebLinkAboutCC RESO 2004 - 240RESOLUTION NO. 2004 — 240
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 $30,000,000
AGGREGATE PRINCIPAL AMOUNT OF COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF NATIONAL CITY (NATIONAL CITY
REDEVELOPMENT PROJECT) 2004 TAXABLE REFUNDING TAX ALLOCATION
BONDS, SERIES B, AND ITS NOT TO EXCEED $15,000,000 AGGREGATE
PRINCIPAL AMOUNT OF COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF NATIONAL CITY (NATIONAL CITY REDEVELOPMENT PROJECT) 2004
REFUNDING TAX ALLOCATION BONDS, SERIES C, 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; and
WHEREAS, the Commission has issued its $26,900,000 initial principal
amount of National City Redevelopment Project 2001 Taxable Variable Rate Demand
Tax Allocation Bonds, Series A (the "2001 Series A Bonds") for the purpose of refunding
in full the Commission's National City Downtown Redevelopment Project 1998 Tax
Allocation Bonds; and
WHEREAS, the Commission has issued its $11,600,000 initial principal
amount of National City Redevelopment Project 2001 Variable Rate Demand Tax
Allocation Bonds, Series B (the "2001 Series B Bonds" and, together with the 2001
Series A Bonds, the "2001 Bonds") for the purpose of raising additional funds to provide
financing for the Redevelopment Project; and
WHEREAS, the Commission has issued, on a parity with the 2001 Bonds,
its $5,860,000 aggregate principal amount of National City Redevelopment Project 2004
Tax Allocation Bonds, Series A (the "2004 Series A Bonds") pursuant to the provisions
of the Law and an Indenture of Trust, dated as of June 1, 2004 (the "Master Indenture"),
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; and
Resolution No. 2004 — 240
December 21, 2004
Page Two
WHEREAS, the Commission wishes to issue, on a parity with the 2004
Series A Bonds, its not to exceed $30,000,000 aggregate principal amount of National
City Redevelopment Project 2004 Taxable Refunding Tax Allocation Bonds, Series B
(the "2004 Series B Bonds") pursuant to the provisions of the Law, the Master Indenture
and a First Supplemental Indenture of Trust, dated as of January 1, 2005, by and
between the Commission and Deutsche Bank National Trust Company, as trustee (the
"Trustee"), for the purpose of providing funds to refund the 2001 Series A Bonds, and
pay for costs of issuance of the 2004 Series B Bonds; and
WHEREAS, the Commission wishes to issue, on a parity with the 2004
Series A Bonds and the 2004 Series B Bonds, its not to exceed $15,000,000 aggregate
principal amount of National City Redevelopment Project 2004 Refunding Tax Allocation
Bonds, Series C (the "2004 Series C Bonds") pursuant to the provisions of the Law, the
Master Indenture and a Second Supplemental Indenture of Trust dated as of January 1,
2005, by and between the Commission and the Trustee for the purpose of providing
funds to refund the 2001 Series B Bonds, and pay for costs of issuance of the 2004
Series C Bonds; and
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
the issuance of the 2004 Series B Bonds and the 2004 Series C Bonds (collectively, the
`Bonds"); and
WHEREAS, the City Council has determined that the issuance of the
Bonds is 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:
SECTION 1. Recitals. The City Council finds and declares that the
above recitals are true and correct and incorporates them herein.
SECTION 2. Approval of Issuance of Bonds. The City Council of the
City approves the issuance of the Bonds by the Commission, as hereinabove described.
SECTION 3. Effective Date. This Resolution shall take effect from and
after the date of approval and adoption thereof.
SECTION 4. Certification. The City Clerk shall certify the adoption of
this Resolution.
Resolution No. 2004 — 240
December 21, 2004
Page Three
PASSED and ADOPTED this 21st day of December, 2004.
ATTEST:
APPROVED AS TO FORM:
George . Eiser, Ill
City Attorney