2015/09/22 City Council Resolution 2015-159RESOLUTION NO. 2015 - -159
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
AUTHORIZING AND APPROVING AN AGREEMENT REGARDING EXPENDITURE
OF SERIES 2007R 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 "Series 2007R Bonds ") in the total original principal amount of
$34,680,000; and
WHEREAS, the Series 2007R 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 Series 2007R 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 Series
2007R Bonds and described in the Official Statement for the 2007R Bonds; and
WHEREAS, there are $10,055,725 in Excess Bond Proceeds from the Series 2007R
Bonds ( "Series 2007R Excess Bond Proceeds ") remaining; and
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WHEREAS, the City of Rolmert Park ("City ") and the Successor Agency desire to use
the Series 2007R Excess Bond Proceeds consistent with the Series 2007R Bonds covenants to
pay costs related to capital improvements of certain publicly -owned facilities located in the
Rohnert Park Redevelopment Project Area and identified in the staff report accompanying this
Resolution; and
WHEREAS, the City desires to enter into an agreement with the Successor Agency to
allow the Successor Agency to transfer the remaining Series 2007R Excess Bond Proceeds to the
City and to require the City to use the Series 2007R Excess Bond Proceeds for the purposes
identified in and consistent with the Series 2007R Bonds covenants and the requirements of the
Community Redevelopment Law.
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
Series 2007R 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.
DULY AND REGULARLY ADOPTED this 22 °a day of September, 2015.
ITY OF ROtINERT PAR
Amy O. Ahanotu, Mayor
ATTEST:
oAnne Buergler, City Clerk
CALLINAN: MACKENZIE: ? STAFFORD: A �ent BELFORTE: AHANOTU:
AYES: ( 14 ) NOES: ( 0 ) ABSENT: ( I ) ABSTAIN: ( 0 )
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