2007/02/13 City Council Resolution 2007-17RESOLUTION NO. 2007 -17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROHNERT PARK APPROVING THE SALE OF TAX
ALLOCATION BONDS AND HOUSING TAX ALLOCATION
BONDS BY THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF ROHNERT PARK FOR
THE ROHNERT PARK REDEVELOPMENT PROJECT
WHEREAS, the Community Development Commission of the City of Rohnert Park (the
"Commission ") is a public body, corporate and politic, duly created, established and authorized to
transact business and exercise the powers of a redevelopment agency, all under and pursuant to the
Community Redevelopment Law (Part 1 of Division 24 (commencing with Section 33000) of the
Health and Safety Code of the State of California), and the powers of the Commission include the
power to issue bonds or notes for any of its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment project known and designated as
" Rohnert Park Redevelopment Project" has been adopted and approved by Ordinance No. has been
adopted and approved by Ordinance No. 479 adopted on July 14, 1987 as amended by Ordinance
No. 646 adopted January 26, 1999, Ordinance No. 758 adopted on May 9, 2006 and Ordinance No.
770 adopted on November 28, 2006, and all requirements of law for and precedent to the adoption
and approval of the Redevelopment Plan, as amended, have been duly complied with; and
WHEREAS, the Commission has adopted its resolution ( "Resolution ") entitled:
RESOLUTION NO. 2007-02
A RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF ROHNERT PARK
APPROVING THE FORMS OF AND AUTHORIZING THE
EXECUTION OF THE THIRD SUPPLEMENTAL
INDENTURE OF TRUST RELATING TO THE ISSUANCE OF
THE COMMISSION'S TAX ALLOCATION BONDS, THE
INDENTURE OF TRUST RELATING TO THE ISSUANCE OF
THE COMMISSION'S HOUSING TAX ALLOCATION
BONDS, THE PURCHASE AGREEMENT, THE CONTINUING
DISCLOSURE AGREEMENTS AND A PRELIMINARY
OFFICIAL STATEMENT AND APPROVING CERTAIN
ACTIONS IN CONNECTION THEREWITH
WHEREAS, under and pursuant to the above Resolution, the Commission has authorized the
issuance and sale of the Commission's, Rohnert Park Redevelopment Project, Tax Allocation Bonds,
Series 2007R in a principal amount of not to exceed Thirty -Seven Million Dollars ($37,000,000) (the
"Non- Housing Bonds ") and the Commission's Rohnert Park Redevelopment Project, Housing Tax
Allocation Bonds, Series 2007 in a principal amount of not to exceed Twenty -Seven Million Dollars
($27,000,000) (the "Housing Bonds "); and
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WHEREAS, the Commission has directed that the Bonds and Non - Housing Bonds be sold to
the Rohnert Park Financing Authority (the "Authority ") and, in turn, sold to Stone & Youngberg,
LLC, the underwriter (the "Underwriter "), all pursuant to and as set forth in the aforesaid Resolution;
and
WHEREAS, the Authority has adopted or will adopt a resolution authorizing and approving
the same;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Rohnert
Park, as follows:
Section 1. The issuance of not to exceed Thirty -Seven Million Dollars ($37,000,000) of
the Community Development Commission of the City of Rohnert Park, Rohnert Park Redevelopment
Project, Tax Allocation Bonds, Series 2007R (the "Non- Housing Bonds ") in order to fund certain
redevelopment projects, to establish a reserve account, and to pay costs of issuance in connection
with the issuance of the Non - Housing Bonds, and to make certain other deposits as required by the
Third Supplemental Indenture of Trust executed by and between the Commission and Union Bank of
California, as trustee (the "Trustee "), dated March 1, 2007 (the "Third Supplemental Indenture ").
The Non - Housing Bonds are payable from and secured by the Tax Revenues allocated to the
Commission from the Project Area (as defined in the Third Supplemental Indenture), but excluding
therefrom the Housing Set Aside Amount (as defined in the Third Supplemental Indenture). The
Non - Housing Bonds are being issued on a parity with the 1991 Bonds, the 1999 Bonds and the 2001
Bonds (all as defined in the Third Supplemental Indenture).
Section 2. The issuance of not to exceed Twenty -Seven Million Dollars ($27,000,000)
of the Community Development Commission of the City of Rohnert Park, Rohnert Park
Redevelopment Project, Housing Tax Allocation Bonds, Series 2007R (the "Housing Bonds "), and to
use the proceeds of such Housing Bonds to fund certain housing projects, to establish a reserve
account, and to pay costs of issuance in connection with the issuance of the Housing Bonds, and to
make certain other deposits as required by the Indenture of Trust executed by and between the
Commission and Union Bank of California, as trustee (the "Trustee "), dated March 1, 2007 (the
"Housing Bonds Indenture "). The Housing Bonds are payable from and secured by the Housing Set
Aside Amount (as defined in the Housing Bonds Indenture). The Housing Bonds are being issued on
a parity with the 1991 Housing Bonds and the 2001 Housing Bonds, as defined in the Housing Bonds
Indenture.
Section 3. The sale of the Non - Housing Bonds and Housing Bonds by the Commission
as provided in the Resolution is hereby approved, and the purchase of the Non - Housing Bonds and
Housing Bonds by the Authority and the sale of the Non - Housing Bonds and Housing Bonds by the
Authority to the Underwriter, all pursuant to and set forth in the Resolution, is hereby approved. .
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Section 4. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 13'h day of February, 2007 by the following vote:
AYES: FIVE (5) Council Members Breeze, Mackenzie, Smith, and Stafford;
Mayor Vidak -- Martinez
NOES: NONE (0)
ABSENT: NONE (0)
ABSTAIN:NONE (0)
ATTEST:
APPROVED:
Vicki Vidak- Martinez, Mayor �.as
(SEAL)
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CERTIFICATE OF THE CITY CLERK
I, the undersigned, do hereby certify that the foregoing is a true and correct copy of
Resolution No. 2007 -17 passed and adopted at a special meeting of the City Council of the City of
Rohnert Park held on February 13, 2007, as the same appears of record in the office of the City
Clerk.
Dated: February 14 , 2007
�,,,,// Judy auff, ty Clerk
1001 H=27 Pa y. _ City of Rohnert Park
(SEAL)
19
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