2014/09/09 City Council Resolution 2014-108RESOLUTION NO. 2014-108
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
AUTHORIZING AND APPROVING AN AGREEMENT REGARDING EXPENDITURE
OF EXCESS BOND PROCEEDS FOR SPECIFIED PROPOSED PUBLIC
IMPROVEMENTS CONSISTENT WITH BOND COVENANTS
WHEREAS, the Redevelopment Dissolution Law (AB Ix 26, enacted June 28, 2011, as
amended by AB 1484, enacted June 27, 2012) provided for creation of the Successor Agency
( "Successor Agency ") to the Community Development Commission of the City of Rohnert Park
( "CDC ") and required the Successor Agency to expeditiously wind down the affairs of the CDC
as directed by the oversight board created pursuant to Section 34179 of the California Health and
Safety Code ( "Oversight Board "); and
WHEREAS, following the successful completion of certain statutory prerequisites, the
Successor Agency received a Finding of Completion from the State of California Department of
Finance by letter dated April 26, 2013; and
WHEREAS, Health and Safety Code Section 34191.4(c) provides that once a finding of
completion has been issued by the Department of Finance, the successor agency is authorized to
use bond proceeds for the purposes for which the bonds were sold; and
WHEREAS, the Successor Agency may designate the use of and commit indebtedness
obligation proceeds that were derived from indebtedness issued for redevelopment purposes on
or before December 31, 2010, and that remain available after the satisfaction of enforceable
obligations that have been approved on a Recognized Obligation Payment Schedule ( "ROPS ")
and that are consistent with the indebtedness obligation covenants (hereafter, "Excess Bond
Proceeds "); and
WHEREAS, the CDC issued its Rohnert Park Redevelopment Project Tax Allocation
Bonds, Series 2007R (the "Bonds ") in the total original principal amount of $34,680,000; and
WHEREAS, the Bonds were issued pursuant to that certain Third Supplemental
Indenture of Trust, dated as of April 1, 2007, between the CDC and Union Bank of California as
trustee ( "Trustee "), supplemental to a Master Indenture dated as of May 1, 1991 (collectively,
the "Indenture "); and
WHEREAS, the Indenture requires that the Bonds proceeds be expended for
redevelopment purposes and in compliance with federal Tax Code requirements, as further
provided in the Tax Certificate executed by the CDC in connection with issuance of the Bonds
and described in the Official Statement for the Bonds; and
WHEREAS, there are approximately $5.7 million in Excess Bond Proceeds remaining;
and
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WHEREAS, on February 11, 2014, the City Council of the City of Rohnert Park
( "City ") approved a list of proposed public improvements to be funded from Bonds proceeds
( "Proposed Public Improvements "); and
WHEREAS, bond counsel has provided an opinion that the expenditure of the Excess
Bond Proceeds for the Proposed Public hnprovements is consistent with the original Bonds
covenants; and
WHEREAS, on April 9, 2014 the Oversight Board, by adoption of Resolution No. 2014-
04, found that the Proposed Public Improvements are consistent with the Bonds covenants and
directed the staff of the Successor Agency to include all or a portion of the expenditures from the
Excess Bond Proceeds for the Proposed Public hnprovements on the ROPS for the January -June
2015 (BOPS 14 -15B) period; and
WHEREAS, Successor Agency staff have prepared and will present to the Oversight
Board at its September 10, 2014 meeting a proposed ROPS that includes the expenditure of
Bonds proceeds for the following Proposed Public Improvements: the Benicia Pool Renovation,
Sports Center Locker Room Renovation, Public Safety Main Station HVAC System
Replacement, and Park Restroom Renovation; and
WHEREAS, the City desires to enter into an agreement with the Successor Agency to
allow the Successor Agency to transfer the remaining Excess Bond Proceeds to the City and to
require the City to use the Excess Bond Proceeds for the purposes identified in and consistent
with the Bonds covenants and the requirements of the CRL.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ROHNERT
PARK DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Based on the foregoing recitals, the City Council hereby approves and
authorizes the Mayor or City Manager to execute the Agreement Regarding Expenditure of
Excess Bond Proceeds in the form attached to the staff report accompanying this Resolution,
subject to minor, technical changes approved by the City Attorney.
Section 2. The Mayor and City Manager or his designee are authorized and directed to
execute such additional instruments and to take such actions as are necessary to carry out the
intent of this Resolution.
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DULY AND REGULARLY ADOPTED this 9"' day of September, 2014.
I()
ATTEST:
J nne Buergler, y Clei
CITY OF ROIINERT PARK
(32(r - f%
% r
Joseph " allman, Mayor
BELFORTE: (10U\ MACKENZIE: STAFFORD:0� <.. AHANOTU: CALLINAN: i �.
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: ((,
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