2015/02/11 Successor Agency Oversight Board Resolution • S
RESOLUTION NO. OSB 2015-01
RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
CITY OF ROHNERT PARK APPROVING AN AGREEMENT REGARDING
EXPENDITURE OF SERIES 1999 EXCESS BOND PROCEEDS
WHEREAS, the Redevelopment Dissolution Law (ABlx 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");
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;
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;
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 CROPS")
and that are consistent with the indebtedness obligation covenants (hereafter, "Excess Bond
Proceeds");
WHEREAS, the Oversight Board previously approved by Resolution No. OSB 2014-08
adopted September 29, 2014, and the City of Rohnert Park ("City") and the Successor Agency
thereafter entered into, that certain Agreement Regarding Expenditure of Excess Bond Proceeds
dated as of September 29, 2014 to allow the Successor Agency to transfer to the City the Excess
Bond Proceeds (the"Series 2007 Excess Bond Proceeds") remaining from the issuance of certain
Tax Allocation Bonds, Series 2007R Bonds in the original principal amount of$34,680,000 (the
"Series 2007 Bonds") and to require the City to use the Series 2007 Excess Bond Proceeds for
the purposes identified in and consistent with the Series 2007 Bonds covenants and the
requirements of the Community Redevelopment Law;
WHEREAS, the CDC issued its Rohnert Park Redevelopment Project Tax Allocation
Bonds, Series 1999 (the "Series 1999 Bonds") in the total original principal amount of
$11,936,650.95;
WHEREAS, the Series 1999 Bonds were issued pursuant to that certain First
Supplemental Indenture of Trust, dated as of January 1, 1999, between the CDC and U.S. Bank
Trust National Association as trustee("Trustee"), supplemental to an Indenture of Trust dated as
of May 1, 1991 (collectively. the "Indenture");
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WHEREAS, the Indenture requires that the Series 1999 Bonds proceeds be expended for
redevelopment purposes and in compliance with federal Tax Code requirements, as further
provided in the Tax and Nonarbitrage Certificate executed by the CDC in connection with
issuance of the Series 1999 Bonds and described in the Official Statement for the Series 1999
Bonds;
WHEREAS, there are $627,545.62 in Excess Bond Proceeds from the Series 1999
Bonds ("Series 1999 Excess Bond Proceeds") remaining;
WHEREAS, the City of Rohnert Park("City")and the Successor Agency desire to use
the Series 1999 Excess Bond Proceeds consistent with the Series 1999 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 agreement accompanying this Resolution;
and
WHEREAS, the Successor Agency desires to enter into an agreement with the City to
allow the Successor Agency to transfer the remaining Series 1999 Excess Bond Proceeds to the
City and to require the City to use the Series 1999 Excess Bond Proceeds for the purposes
identified in and consistent with the Series 1999 Bonds covenants and the requirements of the
Community Redevelopment Law.
NOW,THEREFORE, BE IT RESOLVED by the Oversight Board for the Successor
Agency City of Rohnert Park, as follows:
1. The Oversight Board hereby finds and determines that the foregoing recitals are
true and correct and are incorporated herein.
2. Based on the foregoing recitals, the Oversight Board hereby approves and
authorizes the execution of the Agreement Regarding Expenditure of Series 1999 Excess Bond
Proceeds ("Bond Agreement") in the form attached to the staff report accompanying this
Resolution.
3. The staff of the Successor Agency is hereby directed to include the Bond
Agreement on the ROPS for the July-December 2015 (ROPS 15-1 GA) period and to take such
other and further actions as are deemed necessary to carry out the purposes and intent of this
Resolution.
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DULY AND REGULARLY ADOPTED by the Oversight Board for the Successor
Agency City of Rohnert Park this 11`h day of February, 2015.
ATTEST: OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCY CITY 9.y ROHNERT PARK
Eydie Tacata, Clerk of the Board Marilyn Pon4Ltat'Itaibk
air
Cerreta: Al- Aye Mackenzie: Masterson: Ale, Zane:Ablettf Thompson: Ale Ponton: Ale,
AYES:( 5 ) NOES: ( D ) ABSENT: ( ) ABSTAIN: ( 0 )
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