HomeMy WebLinkAbout1988-02-02; Housing & Redevelopment Commission; Resolution 99I 4
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
e e
RESOLUTION NO. 99
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF CARLSBAD AUTHOI
THE ISSUANCE AND SALE OF TAX ALLOCATION BONDS IN TI APPROXIMATE PRINCIPAL AMOm OF NOT TO EXCEED FOUR’I MILLION DOLLARS ($14,000,000) FOR THE VILLAGE REDEVELOPMENT PROJECT, APPROVING THl3 FORM OF NOTICI
INTENTION TO SELL SAID BONDS AND DIRECTING THE
PUBLICATION THEREOF AND APPROVING THE FORM OF INDEl AND OFFICIAL STATWENT
WHEREAS, the Redevelopment Agency of the City of
Carlsbad (herein referred to as the lvAgencyIf) is a
redevelopment agency (public body, corporate and politic
duly created, established and authorized to transact bus
and exercise its powers, all under and pursuant to the
Community Redevelopment Law (Part 1 of Division 24
(commencing with Section 33000) of the Health and Safet)
of the State of California) and the powers of the Agene1
include the power to issue bonds for any of its corporat
purposes: and
WHEREAS, the Agency wishes to sell at this time not
than $14,000,000 in the aggregate principal amount of th
Allocation Bonds to provide financing in connection with
Village Redevelopment Project; and
WHEREAS, the Agency is required by law to sell the
at competitive bid following publication of notice of
intention to sell such securities;
NOW, THEREFORE, THE COMMISSION OF THE REDEVELOPMENT
AGENCY OF THE CITY OF CARLSBAD DOES HEREBY RESOLVE, DETE:
AND ORDER AS FOLLOWS:
SECTION 1. Sale Authorized. The sale of an aggregate principal amount of not to exceed Fourteen Million Dolla
($14,000,000) (or such lesser amount as may be specified the notice of sale as approved by the Executive Director the REDEVELOPMENT AGENCY OF THE CITY OF CARLSBAD, VILLAG:
I
' /!I a e
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
REDEVELOPMENT PROJECT AREA TAX ALLOCATION BONDS, SERIES (herein sometimes referred to as the "Bonds"), in accorc with law, is hereby authorized. The final bond size sh; determined by the Executive Director to be the maximum !
will result in a net spendable amount to the Agency of 1 less than $9,500,000.
SECTION 2. Publication of Notice of Intention to Sell Securities. The Notice of Intention to Sell Securities
attached hereto as Exhibit A is hereby approved subject such changes as requested by Bond Council. The Executi Director shall cause said cause said Notice of Intentio: Sell Securities (a) to be published in a newspaper pub1 and of general circulation in the City of Carlsbad, California, by at least one (1) insertion at least ten
days prior to the day fixed for the receipt of bids; an1 to be published in a financial publication generally circulated throughout the State, namely The Bond Buver, least one(1) insertion at least fifteen (15) days prior the day fixed for the receipt of bids.
SECTION 3. Furnishinq of Notice Invitinq Bids and Offi Statement.The Executive Director of the Agency and the Financial Consultant are hereby authorized and directed cause to be prepared and furnished to prospective bidde reasonable number of copies of the notice inviting bids (including the bid form) substantially in the form atta hereto as Exhibit B, with such changes thereto as my be approved by the Executive Director, together with a reasonable number of copies of the Official Statement.
SECTION 4. Approval of Official Statement.The form of Official Statement to be delivered to the purchaser of
bonds is hereby approved in substantially the form pres with such changes therein as may be approved by the Cha of the Agency upon the advise of bond counsel and the financial advisor, the Chairman's execution thereof to conclusive evidence of approval of such changes.
SECTION 5. Approval of Indenture. The Trust Indenture the form of bond contained therein is hereby approved i substantially the form presented, together with such ch thereto as shall be approved by the Chairman on the adv bond council and the financial advisor, the Chairman's execution thereof to be conclusive evidence of such app
SECTION 6. AWARD OF BONDS. At the time and place show the Notice Inviting Bids for receipt of bids, the Execu Director of his designee shall open the bids and shall the responsible bid offering to purchase the Bonds at t lowest net interest cost, provided the net interest cos not exceed 10% per annum and the discount does not exce provided the Executive Director may reject all bids if
judgement it is prudent to do so based on general finan considerations and the advice of the financial advisor.
which, when adjusted for costs of issuance and reserve :
I/ a
1
2
3
4
5
6
7
a
9
10
11
12
13
14
15
16
3.7
18
19
20 I
21 '
22
23
24
25
26
27
28
SECTION 7. Further Acts. The Chairman and Executive
Director of the Agency and any other appropriate officia the Agency are hereby authorized and directed to take an all necessary and desirable steps to accomplish the deli of the bonds referenced above, including the execution c and all required closing documents.
SECTION 8. Effective Date. This Resolution shall take
effect upon adoption.
SECTION 9. The Agency Clerk shall certify to the adoptic this resolution and shall cause this resolution and his
certification to be filed in the Office of the Agency C1
PASSED, APPROVED AND ADOPTED at a special meeting 4
Housing and Redevelopment Commission of the City of Car:
California, on the 2nd day of February, 1988, by the
following vote, to wit:
AYES: Commissioners Lewis, Kulchin, Pettine, Mamaux and Lar
NOES : None
ABSENT: None
ABSTAIN: None
ATTEST:
(SEAL)
////
////
////
////
'* 0 0
EXHIBIT A
NOTICE OF INTENTION TO SELL SECURITIES
Notice is hereby given that on t 198-J
at - .m., Pacific Time, or at such time on I
198- or , 198- until bids are accepted, in the
offices of Stone & Youngberg, One California Street, Suite
2800, San Francisco, California 94111, the Redevelopment Agenc of the City of Carlsbad will receive bids for the sale of its
Village Redevelopment Project Area Tax Allocation Bonds, Seril A, in the aggregate principal amount of Dolla
($ ). Copies of the Complete Notice Inviting Bids ani other information concerning said bonds may be obtained from
Stone & Youngberg, One California Street, Suite 2800, San
Francisco, California 94111, (415) 981-1314.
..
, Redevelopmen
Agency of the City of Carlsbad
"
-
-5-
8326k/2410-01
,s a e
EXHIBIT B
NOTICE INVITING BIDS
$ T
REDEVELOPMENT AGENCY OF THE
CITY OF CARLSBAD
VI LLAGE REDEVELOPMENT PROJECT AREA
TAX ALLOCATION BONDS, SERl ES A
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of
Dollars ($ 1 aggregate principal amount of tax
allocation bonds (as designated herein) of the Redevelopment Agency of the
City of Carlsbad (the "Agency") will be received by the Agency up to the ti1
and at the place specified below:
.. . Time : " .M. (Pacific Time)
, , 198-
Place : Stradling, Yocca, Carlson & Rauth
660 Newport Center Drive, Suite 1600
Newport Beach, California 92660
Mailed Bids: Mailed bids should be addressed to:
Redevelopment Agency of the City of Carlsbad
c/o Stradling, Yocca, Carlson & Rauth
660 Newport Center Drive, Suite 1600
Newport Beach, California 92660
Attn: Thomas P. Clark, Esq.
OPENING OF BIDS: The bids will be received at the above place, will be
opened at the above time by the Financial Consultant and Bond Counsel and w
be presented to the Agency for its consideration. If bids are not accepted
the Agency on , 198-, the Bonds will be sold at the same time an
place on , 198-, or , 198-, until bids are accepted
I SUE: Dollars ($ 1, designated
Area Tax Allocation Bonds, Series A" (the "Bonds") I consisting of fully
"Redevelopment Agency of the City of Carlsbad, Village Redevelopment Projec
registered Bonds, in denominations of five thousand dollars ($5,000) each q
any integral multiple thereof, initially dated as of March 1, 1988, and
numbered consecutively upward in order of issuance. - MATURITY: The Bonds will mature on September 1, 2012.
,% 0 0
.
INTEREST: The Bonds will bear interest at a rate to be fixed upon the
sale thereof but not to exceed twelve percent (12%) per annum, payable
semiannually on March 1 and September 1 in each year, commencing on Septembe
1, 1988.
PAYMENTS: The principal of, premium, if any, and interest on the bnds
are payable in lawful money of the United States of America; interest being payable by check or draft mailed to the registered Owner of the Bond at his
address as shown on the registration books of the Trustee on the 15th day
prior to any interest payment date, and principal being payable at the
corporate trust office of Security Pacific National Bank, Trustee for the
Agency, in Los Angeles, California.
TRANSFER AND EXCHANGE: Transfer of ownership of a Bond or Bonds will bc
made by exchanging the same for a new Bond or Bonds and transferring the
registration of such Bond or Bonds on the registration books of the Trustee
CALL,AND REDEMPTION: The outstanding Bonds, or any of them, may or wil.
as the case may be, be called before maturity and redeemed as follows:
.. . (a) Optional Redemption. Bonds maturing on or before September 1
1995 are not subject to call and redemption prior to their stated maturitie:
Bonds maturing on or after September 1, 1996 are subject, at the option of
Agency, to redemption of such maturity or maturities as may be designated b
written request of the Agency filed with the Fiscal Agent and otherwise in
inverse order of maturity, and by lot within any one maturity, prior to the
stated maturities as a whole on any interest payment date or in part on any
source of funds available of the principal amount and accrued interest, plu
the following premium (expressed as a percentage of the principal amount so
redeemed) if redeemed on the following interest payment dates:
, interest payment date commencing September 1, 1996, upon payment from any
Redemption Date Premium
September 1, 1995 and March 1, 1996
September 1, 1996 and March 1, 1997
September 1, 1997 and March 1, 1998
September 1, 1998 and March 1, 1999
2.0%
1.0%
0.5%
0.0%
(b) Sinking Account Redemption. Bonds maturing September 1, 201'
account installments on September 1, 2002, and on each September 1 thereaf
up to and including September 1, 2011, at a redemption price equal to 100%
the principal amount htereof plus accrued interest, if any, to the redempt date without premium. The following sinking account installments are
calculated to be sufficient to redeem the following principal amount of 20 Term Bonds:
(the "Term Bonds") are subject to mandatory redemption in part from sinkin
B-2
8325k/2410-01
.. i e e
Year Ending
September 1)
Principal
Amount
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012 (maturity)
$
PURPOSE OF ISSUE: The Bonds are to be issued by the Agency under and
pursuant to the Community Redevelopment Law of the State of California (Pard
of Division 24 of the Health and Safety Code) to aid in the financing of a
redevelopment project in the City of Carlsbad, California, known as the
.. into between the Agency and Bank, providing for t
issuance of the Bonds (the "Indenture"), to which reference is made for
further particulars.
"Village Redevelopment Project", pursuant to a Trust Indenture to be &ere(
SECURITY: The Bonds are payable, as to both principal and interest,
solely from Tax Revenues (as defined in the Indenture). The Bonds are not
debt of the City of Carlsbad, the State of California or any of its politic
subdivisions.
TERMS OF SALE
Interest Rate: The rate or rates bid may not exceed twelve percent (12
per annum, payable semiannually on March 1 and September 1 in each year,
commencing on March 1, 1988. The rate bid must be a multiple of one-eightk
one percent (1/8%) or one-twentieth of one percent (1/20%). All Bonds musl
bear the same interest rate. No Bond may bear more than one interest rate
each Bond must bear interest at the rate specified in the bid from its datc its fixed maturity date,
Sale of Bonds: The Bonds will be sold for cash only and all bids must
for not less than all of the Bonds hereby offered for sale. Each bid shal:
state: (1) that the bidder offers accrued interest from the date of the Bc
to the date of delivery; (2) the purchase price, which shall not be less tl
ninety-eight percent (98%) of the principal amount thereof; and (3) the
interest rate or rates, as the case may be, not to exceed that specified
herein, at which the bidder offers to buy the Bonds. Each bidder shall st;
in its bid the total interest cost in dollars and the net interest rate
determined thereby, which will be considered informative only and not a pa
of the bid.
B-3
8325k/2410-01
1 m e
Successful Bidder; Bond Printing: The Bonds will be awarded to the
responsible bidder or bidders considering the interest rate specified and tl:
premium or discount offered, if any. The successful bid will be determined
deducting the amount of the premium (if any) from, or adding the amount of t discount (if any) to, the total amount of interest which the Agency would br
required to pay from the date of the Bonds to the maturity date thereof at I
rate specified in the bid and the award will be made on the basis of the
lowest net interest cost to the Agency. If two or more bids provide the sa1
lowest net interest cost, the Agency will determine by lot which bid will bc
accepted, and such determination will be final. The purchaser must pay
accrued interest from the date of the Bonds to the date of delivery thereof
computed on a 360-day year basis. The cost of printing the Bonds will be
borne by the Agency. For the purposes bf determining interest cost, the Bo1
maturing on September 1, 2012 will be deemed to mature on September 1 in th
amounts and in the years as set forth above under the caption "Call and
Redemption" a
Right of Rejection: The Agency reserves the right, in its discretion,
reject any and all bids and, to the extent not prohibited by law, to waive
irregularity or informality in any bid.
.. Award Of Bonds: The Agency will take action awarding the Bonds or
rejecting all bids not later than twenty-six (26) hours after the time here
prescribed for the receipt of bids; provided that the award may be made aft
the expiration of such specified time if the bidder has not given to the
Agency notice in writing of the withdrawal of such bid. Notice of the awax
will be given promptly to the successful bidder.
Form of Bid: Each bid, together with the bid check, must be in a seal€
envelope addressed to the Agency, with the envelope and bid clearly marked
"Bid for the purchase of $ Redevelopment Agency of the City of
Carlsbad, Village Redevelopment Project Tax Allocation Bonds, Series A." E<
bid must be unconditional and in accordance with the terms and conditions ;
forth or permitted herein and must be submitted on, or in substantial
accordance with, the bid form provided by the Agency.
CUSIP: CUSIP identification numbers may be imprinted on the Bonds, bu
such numbers will not constitute a part of the contract evidenced by the Bc
and no liability will attach to the Agency or any of the officers or agent;
thereof because of or on account of said numbers. Any error or omission w
respect to said numbers will not constitute cause for refusal by the
successful bidder to accept delivery of and pay for the Bonds.
Delivery and Payment: Delivery of the Bonds will be made to the
successful bidder at such place as may be agreed upon by the successful bi
and the officer of the Agency making delivery. Payment for the Bonds must
made in funds immediately available to the Agency in Los Angeles, Californ
Form of Delivery; Cancellation for Late Delivery: The Bonds are
scheduled to be delivered to the successful bidder within thirty (30) days
following the sale thereof. If the Agency fails to execute the Bonhs and
B-4
8325kl2410-01
* 0 0
tender them for delivery by twelve o'clock noon on the 60th day following th
date of sale or the first business day thereafter if said 60th day is not a
business day, the successful bidder may (subject to the conditions set forth
below under the heading "Good Faith Check"), on that day or any time
thereafter until delivery of the Bonds, withdraw its bid by serving notice t
cancellation, in writing, on the undersigned, in which event the Agency wil:
promptly return the good faith check. The Agency expects to deliver the Bo]
in the form of definitive bonds, but reserves the right to make such delivel
in the form of temporary bonds, exchangeable for definitive bonds, at no COI
to the purchaser. Accrued interest to the date of delivery of the Bonds wi: be paid by the purchaser at the time of delivery,
Good Faith Check: A certified or cashier's check drawn on a responsiblc
bank or trust company in the amount of fifty thousand dollars ($50,000)
payable to the order of the Agency must accompany each bid as a guaranty th
the bidder, if successful, will accept and pay for the Bonds in accordance
with the terms of his bid. No interest will be allowed on such good faith
checks, and good faith checks of unsuccessful bidders will be promptly
returned to each bidder's representative by hand delivery or registered mai
The good faith check accompanying any accepted bid will be cashed and the
.. . proceeds thereof applied to the purchase price. If such bid is accepted bu
not performed, unless such failure or performance is caused by any act or
omission of the Agency, the proceeds of the good faith check accompanying c'
accepted bid will be retained by the Agency.
Change in Tax Exempt Status: At any time before the Bonds are tenderec
for delivery, the successful bidder may disaffirm and withdraw the bid if t
interest on bonds of the same type and character as the Bonds are declared
Internal Revenue Service or by a decision of any federal court, or are
declared taxable by the terms of any federal income tax law enacted subseql
to the date of this notice.
be taxable under present federal income tax laws, either by a ruling of thf
Legal Opinion: The opinion of the Bond Counsel firm of Stradling, YOCI Carlson & Rauth, A Professional Corporation, Newport Beach, California,
approving the validity of the Bonds and stating that, under existing statu,
regulations, rulings and court decisions, interest on the Bonds is exclude1
from gross income for federal income tax purposes and from present State 0:
California personal income taxes, will be furnished to the successful biddl
at the time of delivery of the Bonds at the expense of the Agency. A copy
such opinion, certified by an officer of the Agency by his facsimile
signature, will be printed on the back of each Bond. No charge will be ma
to the purchaser for such opinion, printing or certification.
Closing Documents: In addition to the opinion of Bond Counsel referre
to above, at the time of payment for the delivery of the Bonds, the Agency will furnish the successful bidder the following documents, all to be date
of the date of delivery:
B-5
8325k/2410-01
J e 0
1. Arbitrage Certificate -- A certificate of an appropriate officer of
the Agency certifying that, on the basis of facts, estimates and
circumstances in effect at the time of delivery of the Bonds, it is not expected that the proceeds of the Bonds will be used in a mame
that will cause the Bonds to be arbitrage bonds.
2. No Litigation Certificate -- A certificate of an appropriate offia of the Agency certifying that there is no litigation pending or, tc
the best of such officer's knowledge, threatened against the Agenc]
affecting the validity of the Bonds.
3. Signature Certificate -- A certificate of appropriate officers of
the Agency indicating that they have signed the Bonds by manual or
facsimile signature and that they were duly authorized to execute 1
same.
4. Trustee's and Treasurer's Receipts -- The receipts of the Trustee
and the Treasurer of the Agency showing that the purchase price of
the Bonds, including accrued interest to the date of delivery, if
any, has been received by the Agency and the Trustee, respectively
.. . 5. Certificate Concerning Official Statement -- A certificate of an
appropriate offi.cer of the Agency, acting in such person's officia
and not personal capacity, to the effect that at the time of the s
the time of delivery of the Bonds, the Official Statement relating
the Bonds did not contain any untrue statement of a material fact
omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made,
not misleading.
of the Bonds and at all times subsequent thereto up to and includi
Official Statement: The Agency will furnish to the successful bidder,
no charge, such number of copies of the Official Statement as said bidder n reasonably request (but not to exceed 250) for use in connection with any
resale of the Bonds.
INFORMATION AVAILABLE: Requests for copies of the Official Statement
pertaining to the Bonds, the Official Bid Form, or for other information
concerning the Agency, should be addressed to Stone & Youngberg, One
California Street, Suite 2800, San Francisco, California 94111, telephone (415) 981-1314.
GIVEN by resolution of the Agency adopted on I 198 - *
/S/
Executive Director of the
Redevelopment Agency
of the City of Carlsbad -
B-6 8325k/2410-01
I e
OFFICIAL BID FORM
$
REDEVELOPMENT AGENCY OF THE
CITY OF CARLSBAD
VILLAGE REDEVELOPMENT PROJECT AREA
TAX ALLOCATION BONDS, SERIES A
, 191
Redevelopment Agency of the City of Carlsbad
Carlsbad, California
On behalf of a group which we have formed consisting of
.. .
and pursuant to the Notice Inviting Bids, we offer to purchase
Dollars ($ 1 principal amount, all or none, o
the Bonds designated as "Redevelopment Agency of the City of Carlsbad, Vi11 Redevelopment Project Area Tax Allocation Bonds, Series A," particularly
described in the Notice Inviting Bids, at the interest rate of % and
pay therefore the aggregate sum of $ *, plus accrued interest on
such Bonds to the date of delivery thereof.
This bid is subject to all of the terms and conditions of the Notice Inviting Bids, all of which terms and conditions are hereby accepted by us
are made a part hereof as though set forth fully in this bid.
Except as otherwise specified in the Notice Inviting Bids, this bid is
subject to acceptance not later than twenty-six (26) hours after the
expiration of the time for the receipt of bids, and the opinion of the Bonc
Counsel firm of Stradling, Yocca, Carlson & Rauth, A Professional Corporati
Newport Beach, California, approving the validity of the Bonds, being
furnished us (if we are the successful bidder) at the time of delivery of 1
Bonds at the expense of the Agency.
*$ plus premium or less discount, if any (discount not to exceed
B-7
8325k/2410-01
, *. s c e e
There is enclosed herewith a * check in the amount of
Dollars ($ 1, payable to the order of the Redevelopment
Agency of the City of Carlsbad.
There is submitted herewith a "Memorandum of Interest Cost" (which shal.
not constitute a part of this bid), stating the total interest cost in doll;
on the Bonds during the life of the issue under this bid and the net interel
rate determined thereby.
Respectfully submitted,
Name :
(Account Manager)
By:
Address :
City :
Telephone:
.. . State:
MEMORANDUM OF INTEREST COST
The total interest cost on the Bonds during the life of the issue under
the above bid is $ , and the net interest rate determined thereby %.
Please provide the name, address and telephone number of the person to
whom the good faith check should be returned in the event of an unsuccessfl
bid.
Address:
City:
State : Zip:
Telephone:
* Insert "certified" or "cashier's"
8325k/2410-01
B-8