2018/03/27 City Council Resolution 2018-041RESOLUTION NO. 2018-041
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROHNERT PARK AS SUCCESSOR AGENCY TO THE
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
OF ROHNERT PARK, (1) APPROVING THE FORM OF THE
PRELIMINARY OFFICIAL STATEMENT FOR THE 2018
BONDS TO DEEM IT FINAL UNDER RULE 15c2-12, AND
(2) AUTHORIZING CERTAIN RELATED ACTIONS
WHEREAS, California Health and Safety Code (the "Code") section 34177.5(a),
enacted by AB 1484, authorizes each successor agency to refund outstanding bonds or other
indebtedness of the former redevelopment agency provided that (i) the total interest cost to
maturity on the refunding bonds or other indebtedness plus the principal amount of the refunding
bonds or other indebtedness shall not exceed the total remaining interest cost to maturity on the
bonds or other indebtedness to be refunded plus the remaining principal of the bonds or other
indebtedness to be refunded, and (ii) the principal amount of the refunding bonds or other
indebtedness shall not exceed the amount required to defease the refunded bonds or other
indebtedness, to establish customary debt service reserves, and to pay related costs of issuance;
and
WHEREAS, from time to time, the Community Development Commission of the City of
Rohnert Park ("Former Agency") issued tax allocation bonds and loans, including those bonds
identified in Exhibit A hereto (which bonds as shown in Exhibit A are referred to herein as
"Prior Obligations"); and
WHEREAS, to achieve debt service savings and refund all of the outstanding Prior
Obligations, the Successor Agency to the Community Development Commission of the City of
Rohnert Park (the "Successor Agency") has previously approved the issuance of its Successor
Agency to the Community Development Commission of the City of Rohnert Park Tax
Allocation Refunding Bonds, Series 2018A (the "2018A Bonds") and Successor Agency to the
Community Development Commission of the City of Rohnert Park Tax Allocation Refunding
Bonds, Series 2018B (Federally Taxable) (the "201813 Bonds", and, together with the 2018A
Bonds, the "2018 Bonds") by Resolution No. 2018-012, adopted January 23, 2018 (the "Initial
Resolution"). As part of the Initial Resolution, a form of indenture of trust (the "Indenture") was
approved;and
WHEREAS, as required by Code Section 34177.5(fl, the Successor Agency obtained
approval from the Oversight Board by resolution of the Oversight Board adopted on January 29,
2018 to issue the 2018 Bonds; and
WHEREAS, the Successor Agency wishes at this time to approve the Preliminary
Official Statement relating to the 2018 Bonds (the "Preliminary Official Statement"), a copy of
which is on file in the Office of the City Clerk, and deem the Preliminary Official Statement final
within the meaning of Rule 15c2-12 of the Securities and Exchange Act of 1934 ("Rule
15c2-12"); and
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2018-041
WHEREAS, initially capitalized terms used in this Resolution without definition have
the meanings set forth in the Indenture or the Preliminary Official Statement;
BE IT RESOLVED by the Board of Directors of the Successor Agency to the
Community Development Commission of the City of Rohnert Park that it does hereby resolve as
follows:
Section 1. The Preliminary Official Statement, in the form presented at this meeting
and on file in the Office of the City Clerk, is hereby approved and deemed final for the purposes
of Rule 15c2-12. The Underwriter is hereby authorized to distribute the Preliminary Official
Statement to prospective purchasers of the 2018 Bonds in substantially the form hereby
approved, together with such additions thereto and changes therein as are determined necessary
by any Authorized Signatory (defined below) to make the Preliminary Official Statement final as
of its date for purposes of Rule 15c2-12, including, but not limited to, such additions and
changes as are necessary to make all information set forth therein accurate and not misleading.
The following officials of the Successor Agency are designated as Authorized Signatories for
purposes of this Resolution (individually, an "Authorized Signatory" and collectively, the
"Authorized Signatories"): the Chair, the Executive Director, the Finance Director/City
Treasurer, any other member of the governing board of the Successor Agency or their respective
written designee.
Section 2. The preparation and delivery of an Official Statement, and its use by the
Successor Agency and the Underwriter, in connection with the offering and sale of the 2018
Bonds, is hereby authorized and approved. The Official Statement shall be in substantially the
form of the Preliminary Official Statement with such changes, insertions and omissions as may
be requested by Bond Counsel, Disclosure Counsel or the Underwriter and approved by any
Authorized Signatory, such approval to be conclusively evidenced by the execution and delivery
thereof. The Authorized Signatories and any of them, acting individually, are hereby authorized
and directed to execute the final Official Statement and any amendment or supplement thereto, in
the name of and on behalf of the Successor Agency, and thereupon to cause the final Official
Statement and any such amendment or supplement to be delivered to the Underwriter.
Section 3. Each of the Authorized Signatories, acting singly, be and each of them
hereby is authorized and directed to execute and deliver any and all documents and instruments,
relating to the 2018 Bonds, and to do and cause to be done any and all acts and things necessary
or proper for carrying out the transactions contemplated by the Indenture, the Bond Purchase
Contract, the Escrow Agreements, refunding instructions relating to the Prior Obligations, the
Continuing Disclosure Agreement, this Resolution and any such instruments.
Section 4. All actions heretofore taken by any officers, employees or agents of the
City with respect to the issuance, delivery and sale of the 2018 Bonds or any of the documents
referenced herein, are hereby approved, confirmed and ratified.
Section 5. This resolution shall take effect immediately upon its adoption.
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DULY AND REGULARLY ADOPTED this 27th day of March, 2018.
CITY OF ROHNERT PARK
Pam Stafford, Mayor
ATTEST:
I
J Arne Buergler, City—Clerk
ATTACHMENT: Exhibit A
AIIANOTIf: BF.LF0RrE L MACKENZIE:7� ALIANAN: 1 STAVFORD
AYES: (_3 ) NOES: ( C) ) ABSENT: ( a ) Ala rA N: (C) )
2018-041
EXHIBIT A
PRIOR OBLIGATIONS
1. Community Development Commission of the City of Rohnert Park, Rohnert Park
Redevelopment Project, Tax Allocation Bonds, Series 2001
2. Ninety percent (90%) of the payments due with respect to the Rohnert Park
Financing Authority Lease Revenue Refunding Bonds, Series 2003 pursuant to the Second
Amendment to Reimbursement Agreement, dated as of July 1, 2003, by and between the City of
Rohnert Park and the Community Development Commission of the City of Rohnert Park
3. Community Development Commission of the City of Rohnert Park, Rohnert Park
Redevelopment Project, Housing Tax Allocation Bonds, Series 2007H
4. Community Development Commission of the City of Rohnert Park, Rohnert Park
Redevelopment Project, Tax Allocation Bonds, Series 2007R
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