2014/04/09 Successor Agency Oversight Board Resolution (2) RESOLUTION NO. OSB 2014-04
RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
CITY OF ROHNERT PARK APPROVING EXPENDITURES OF EXCESS BOND
PROCEEDS FOR SPECIFIED PROPOSED PUBLIC IMPROVEMENTS CONSISTENT
WITH BOND COVENANTS
WHEREAS,the Redevelopment Dissolution Law(AB l x 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 the 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 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 I, 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,the Successor Agency desires to use the Excess Bond Proceeds to pay costs
related to capital improvements of certain publicly-owned facilities identified in Exhibit A to this
Resolution("Proposed Public Improvements"); and
WHEREAS, on February 11, 2014, the City Council of the City of Rohnert Park
approved the attached list of Proposed Public Improvements to be funded from Bonds proceeds;
and
WHEREAS, bond counsel has provided an opinion that the expenditure of the Excess
Bond Proceeds for the Proposed Public Improvements is consistent with the original Bonds
covenants.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Oversight Board of the
Successor Agency to the Community Development Commission of the City of Rohnert Park as
follows:
1. Based on the foregoing recitals, incorporated herein by this reference, the
Oversight Board hereby finds that the Proposed Public Improvements are consistent with the
Bonds covenants.
2. The staff of the Successor Agency is hereby directed to include all or a portion of
the expenditures from the Excess Bond Proceeds for the Proposed Public Improvements on the
ROPS for the January-June 2015 (ROPS 14-15B) period and to take such other and further
actions as are deemed necessary to carry out the purposes and intent of this Resolution.
DULY AND REGULARLY ADOPTED this 9th day of April, 2014.
ATTEST: OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCY CITY 1 ' OHNERT PARK
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►`ram. _ ..�
Ellen Beardsley, Interim Clerk o the Board Shirlee Zane, CwAlliiP
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Zane: / Mackenzie: / Calvert: `� Jolley: V Masterson: V Ponton: V Thompson: '""
AYES: (7 ) NOES:( D ) ABSENT: ( o ) ABSTAIN: ( o )
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