HomeMy WebLinkAbout1988-02-02; City Council; 9281; Redevelopment Tax Allocation Bond ProgramRECOMMENDED ACTION:
If City Council concurs your action is to adopt Resolution No. $'rQpapproving the issuance by the Redevelopment Agency of the City of Carlsbad of its Village Redevelopment Project Area Tax Allocation Bonds, Series A, and making certain determinations relating thereto.
ITEM EXPLANATION:
At its meeting of February 2, 1988, the Housing and Redevelopment Commission of the City of Carlsbad considered and adopted Resolution No. p-9 entitled:
RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION
OF THE REDEVEIx)PMENT AGENCY OF THE CITY OF CARLSBAD AUTHORIZING THE ISSUANCE AND SALE OF TAX ALLOCATION BONDS IN THE APPROXIMATE PRINCIPAL AMOUNT OF NOT TO EXCEED FOURTEEN MILLION DOLLARS ($14,000,000) FOR THE VILLAGE REDEVELOPMENT PROJECT, APPROVING THE FORM FOR NOTICE OF INTENTION TO SELL SAID BONDS AND DIRECTING THE PUBLICATION THEREOF AND APPROVING TBE FORM OF INDENTURE AND OFFICIAL STATEMENT.
The City Council's action is to approve this issuance and
make certain findings relating thereto.
FISCAL IMPACT:
The fiscal impact of the tax allocation bonds is discussed in more detail on the Redevelopment Agency Commission agenda bill.
This action does not obligate the City of Carlsbad to guarantee or support any debt issued by the Agency. The agency's tax increment revenue will be sufficient to support both operation and debt service payments for the life of the debt issue described in this agenda bill.
The Agency currently owes $4.1 million to the City. Any repayment of this debt will be deferred until such time that the agency's tax increment revenue is adequate to support repayment.
EXHIBITS:
l- City Council Resolution No. ~~-~~
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RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF CARLSBAD OF ITS VILLAGE REDEVELx)PMENT PROJECT AREA TAX ALLOCATION BONDS, SERIES A, AND MAKING CERTAIN DETERMINATIONS RELATING THERETO
WHEREAS, the Redevelopment Agency of the City of
Carlsbad (the llAgencyll) is a redevelopment agency duly
created, established and authorized to transact business and
exercises its powers, all under and pursuant to the Community
Redevelopment Law (Part 1 of Division 24 (commencing with .'
Section 330000) of the'Health and Safety Code of the State of
.California) and the powers of the Agency include the power to
issue bonds for any of its corporate purposes; and
WHEREAS, a Redevelopment Plan for a Redevelopment
Project known at the "Village Redevelopment Project" has been
adopted and approved by Ordinance No.9639, of the City of
Carlsbad (the "City"), which became effective on Auoust 3,
1982, and which has been subsequently amended, and all
requirements of law for and precedent to the adoption and
approval of said Redevelopment Plan have been duly complied
with; and
WHEREAS, the Agency has adopted its resolution entitled:
RESOLUTION TO THE HOUSING AND REDEVEIx)PMENT COMMISSION THE REDEVEIOPKENT AGENCY OF TEE CITY OF CARLSBAD AUTHORIZING THE ISSUANCE AND SALE OF TAX ALIX)CATION BONDS IN THE APPROXIMATE PRINCIPAL AMOUNT OF NOT TO EXCEED FOURTEEN MILLION DOLLARS ($14,000,000) FOR THE VILLAGE REDEVEIx)PMENT PROJECT, APPROVINGTHE FORM OF NOTICE OF INTENTION TO SELL SAID BONDS AND DIRECTING TEE PUBLICATION THEREOF AND APPROVING THE FORM OF INDENTURE AND OFFICIAL STATEMENT
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WHEREAS, under and pursuant to the above-referenced
Resolution, the Agency has authorized the issuance of not to
exceed $14,000,000 Village Redevelopment Project Area Tax
Allocation Bonds, Series A (the l@Bondsl@);
NOW THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE CITY COUNCIL OF THE CITY OF -BAD, CALIFORNIA, AS
FOLLOWS:
SECTION 1. Aonroval of Issuance of Bonds. The City Council hereby approves the issuance of a principal amount of not to exceed $14,000,000 "Redevelopment Agency of the City of Carlsbad, Village Redevelopment Project Area TAX Allocation Bonds, Series A", in order to aid in the financing of the Redevelopment Plan, and for other purposes related thereto, all of which constitute a "redevelopment activity", as such term is defined in Health and Safety Code Section 33678, pursuant to the terms of the Agency resolution referenced in the recitals hereof and the accompanying Indenture.
SECTION 2. Effective Date. This Resolution shall take effect upon adoption.
SECTION 3. The City Clerk shall certify to the adoption of this resolution and shall cause this resolution and his certification to be filed in the Office of the City Clerk.
PASSED, APPROVED AND ADOPTED, by the City Council of the
City of Carlsbad, California, held on the 2nd day of
February, 1988, by the following vote, to wit:
AYES : Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
2, City Clerk ty City Clerk
&,iMJDE A. LEWI'& MAYOR