HomeMy WebLinkAboutCC RESO 2011-48RESOLUTION 2011 — 48
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING ISSUANCE OF BONDS BY THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY
IN AN AMOUNT NOT TO EXCEED $45,000,000 WITH RESPECT
TO THE NATIONAL CITY REDEVELOPMENT PROJECT
WHEREAS, the Community Development Commission of the City of National
City ("CDC") is a redevelopment agency and public body, corporate and politic, duly established
and authorized to transact business and exercise powers under and pursuant to the provisions
of the Community Redevelopment Law of the State of California, constituting Part 1 of Division
24 of the California Health and Safety Code (the "Law"), including the power to issue bonds for
any of its corporate purposes; and
WHEREAS, a Redevelopment Plan for the redevelopment project designated the
"National City Redevelopment Project" in the City of National City, California (the
"Redevelopment Project"), has been adopted in compliance with all requirements of the Law;
and
WHEREAS, the CDC has previously issued its (i) $5,860,000 initial principal
amount of Community Development Commission of the City of National City National City
Redevelopment Project 2004 Tax Allocation Bonds, Series A (the "2004 Bonds") for the purpose
of raising funds to provide financing of redevelopment projects of benefit to the Redevelopment
Project; and (ii) $27,940,000 initial principal amount of Community Development Commission of
the City of National City National City Redevelopment Project 2005 Tax Allocation Refunding
Bonds, Series A, and $9,840,000 initial principal amount of 2005 Tax Allocation Refunding
Bonds, Series B for the purpose of refunding taxable and tax-exempt bonds issued by the CDC
in 2001; and
WHEREAS, for the purpose of financing additional redevelopment activities,
including for the purpose of financing low and moderate income housing, of benefit to the
Redevelopment Project, the CDC proposes to issue its $45,000,000 aggregate principal amount
of CDC National City Redevelopment Project 2011 Tax Allocation Bonds (the "Bonds"); and
WHEREAS, Section 33640 of the Law requires the CDC to obtain the approval of
the City Council prior to issuance of the Bonds; and
WHEREAS, the City Council desires to approve the issuance of the Bonds as
being in the public interests of the City of National City and of the CDC.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
National City as follows:
Section 1. Approval of Issuance of Bonds. The City Council approves the issuance
of the Bonds by the CDC in the aggregate principal amount of not to exceed $45,000,000, as
hereinabove described, and finds the issuance of the Bonds as being in the public interests of
the City of National City and of the CDC.
Resolution No. 2011 — 48
Page 2
Section 2. Subordination. Any obligation of the CDC to repay any loans, advances
or indebtedness to the City or to make payments to the City pursuant to California Health and
Safety Code Section 33607.5 or Section 33607.7 from tax increment revenues allocated to the
Redevelopment Project shall be subordinate to the obligation of the CDC to use such tax
increment revenues to pay debt service on the Bonds and any obligations issued on a parity
with the Bonds.
Section 3. Effective Date. This Resolution shall take effect from and after its
adoption.
PASSED, APPROVED and ADOPTED this 22nd of February, 2011.
Ron Morrison, Mayor
ATTEST:
4 4
Mic ael R. Dall City Clerk
OVED AS T• FORM:
Cis G. Silva
City Attorney
Passed and adopted by the Council of the City of National City, California, on February
22, 2011 by the following vote, to -wit:
Ayes: Councilmembers Morrison, Natividad, Rios, Sotelo-Solis, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
Jerk of the City �f
City y National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2011-48 of the City of National City, California, passed and adopted
by the Council of said City on February 22, 2011.
City Clerk of the City of National City, California
By:
Deputy