HomeMy WebLinkAboutSA RESO 2017-93RESOLUTION NO. 2017 — 93
RESOLUTION OF THE BOARD OF THE SUCCESSOR AGENCY
TO THE COMMUNITY DEVELOPMENT COMMISSION
AS THE NATIONAL CITY REDEVELOPMENT AGENCY
AUTHORIZING AN APPROPRIATION INCREASE OF $297,655
TO THE SUCCESSOR AGENCY'S FISCAL YEAR 2018 BUDGET
RELATED TO THE COSTS OF ISSUANCE FOR THE 2017 TAX
ALLOCATION REFUNDING BONDS OFFSET
BY THE RECEIPT OF BOND PROCEEDS
WHEREAS, on June 6, 2017, the Board of the Successor Agency adopted
Resolution 2017-89, approving a Budget totaling $8,443,472 for the Successor Agency for the
2018 fiscal year, and
WHEREAS, said budget reflected the authorized expenditures of $8,443,472 for
the 2017-18 Recognized Obligation Payment Schedule (ROPS 17-18) period of July 1, 2017
through June 30, 2018, and
WHEREAS, on June 20, 2017, the Successor Agency adopted Resolution 2017-
91, authorizing the issuance of tax allocation refunding bonds to reduce future interest costs for
the Agency's outstanding tax allocation bonds; and
WHEREAS, said refunding closed on September 28, 2017; and
WHEREAS, the costs of issuance of said refunding bonds totaled $297,654.03
as itemized in Exhibit "A" of this Resolution; and
WHEREAS, said costs of issuance must be recognized as a current fiscal year
expenditure; and
WHEREAS, the Successor Agency's adopted budget did not include
appropriations for the payment of the $297,654,03 to the participants in the refunding process;
and
WHEREAS, in order to properly account for this transaction, an appropriation
increase of $297,655 to the Successor Agency's budget is needed, which will be offset by an
increase of $297,655 in revenues from the sale of the refunding bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of the Successor Agency
to the Community Development Commission as the National City Redevelopment Agency as
follows:
Section 1. The Recitals set forth above are true and correct and are
incorporated into this resolution by reference.
Section 2. The budget increase of $297,655 is hereby approved, adopted,
and appropriated.
[Signature Page to Follow]
Resolution No. 2017-93
Page Two
PASSED and ADOPTED this 19th day of December, 2017.
Ron Morrison. Chairman
ATTEST:
Michbel R. Dalla, ity Clerk as
Secretary to the Successor Agency
APPROVED AS TO FORM:
Exhibit A
Successor Agency 2017 Tax Allocation Refunding Bonds, Series A and Series B
Costs of Issuance Disbursements
Service Provided
Payee
Series A
Series B
Total
Bond Counsel
Nossaman LLP
$ 52,921.00
$ 3,079.00
$ 56,000.00
Financial Advisor
NHA Advisors LLC
62,500.00
2,000.00
64,500.00
Placement Agent
Hilltop Securities
60,000.00
15,000.00
75,000.00
Fiscal Consultant
HdL Coren & Cone
21,262.90
1,237.10
22,500.00
Bank Counsel
Stradling Yocca Carlson & Rauth, P.C.
14,175.27
824.73
15,000.00
Trustee/201713 Escrow
Bank Fees
The Bank of New York Mellon Trust
Company, N.A.
3,565.29
1,919.71
5,485.00
2017A Escrow Bank
Fees
U.S. Bank National Association
3,450.00
3,450.00
Successor Agency
Administration Fee
City of National City
33,075.62
1,924.38
35,000.00
Verification Agent
Causey Demgen & Moore, P.C.
3,307.56
192.44
3,500.00
Registration of Debt
Issuance
California Debt and Investment Advisory
lCommission (CDIAQ
4,725.09
274.91
5,000.00
Contingency
IDebt Service Funds
11,173.74
1,045.29
1 12,219.03
Total $ 270,156.47 $ 27,497.56 $ 297,654.03
Passed and adopted by the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California, on
December 19, 2017 by the following vote, to -wit:
Ayes: Boardmembers Cane, Mendivil, Morrison, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman of the Successor Agency to the
Community Development Commission
as the Redevelopment Agency of the
City of National City, California
By:
:G
City Clerk S rving as Secretary
to the Successor Agency
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2017-93 of the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California,
passed and adopted on December 19, 2017.
City Clerk Serving as Secretary
to the Successor Agency
By:
Deputy