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| COUNCIL AGENDA ITEM NO. 03
Meeting Date: January 28, 2003
Subject/Title: Approve a Resolution approving Indebtedness of the Redevelopment Agency in an Amount Not to Exceed $7,000,000 for the Purpose of Financing and/or Refinancing Redevelopment Activities and Approving Related Actions
Submitted by: Gina Rozenski, Redevelopment Analyst
Approved by: John Stevenson, City Manager
Approve a resolution approving indebtedness of the Redevelopment Agency in an amount not to exceed $7,000,000 for the purpose of financing and/or refinancing redevelopment activities and approving related actions.
The staff recommends that the City and the Redevelopment Agency adopt resolutions in order to approve not to exceed $7,000,000 in tax allocation bonds for the Redevelopment Agency. The Agency anticipates that it will have capacity to issue these bonds between now and the end of Fiscal Year 2003-04, but due to state budget considerations, there may be a moratorium or other limitation on the ability to issue tax increment indebtedness in the future. It is possible that such a moratorium or limit, if enacted, would nevertheless allow the issuance of debt that had already been authorized. While there is no guarantee that this is the case, there is also no cost or disadvantage in authorizing the debt now. Prior to final issuance and delivery of these bonds, the Agency Board would have to approve the method of sale and the official statement for the bonds, so this is not the final action the Agency or Council would take if the Agency goes forward with the financing.
None at this time.
Sources and Uses
RESOLUTION NO. ___
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD APPROVING INDEBTEDNESS OF THE REDEVELOPMENT AGENCY OF THE CITY OF BRENTWOOD IN AN AMOUNT NOT TO EXCEED $7,000,000 FOR THE PURPOSE OF FINANCING AND/OR REFINANCING REDEVELOPMENT ACTIVITIES AND APPROVING RELATED ACTIONS
WHEREAS, the Redevelopment Agency of the City of Brentwood (the "Agency") has authorized, by resolution duly adopted on January 28, 2003 (the "Agency Resolution"), indebtedness in an aggregate principal amount not to exceed $7,000,000 in the form of tax allocation bonds (the “Indebtedness”) to finance and/or refinance certain redevelopment activities within the Agency's Merged Redevelopment Project Area (the "Project Area") pursuant to Part 1 of Division 24 of the Health and Safety Code (the "Law").
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brentwood as follows:
Section 1. The incurrence of the Indebtedness by the Agency is hereby approved pursuant to Section 33640 of the California Health and Safety Code.
Section 2. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents, certificates and other instruments which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Indebtedness by the Agency, as authorized herein, and to execute and deliver such certificates and other documents as they may deem appropriate and otherwise to carry out, give effect to and comply with the terms and intent of this resolution and the documents herein approved and authorized to be executed.
Section 3. This resolution shall take effect from and after its passage and approval.
PASSED, APPROVED AND ADOPTED on the 28th day of January, 2003 by the following vote:
Mayor of the City of Brentwood
Karen Diaz, City Clerk
City of Brentwood City Council
150 City Park Way
Brentwood, CA 94513
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