2014/09/29 Successor Agency Oversight Board Resolution (2) • I
RESOLUTION NO. OSB 2014-08
RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
CITY OF ROHNERT PARK APPROVING AN AGREEMENT REGARDING
EXPENDITURE OF EXCESS BOND PROCEEDS BETWEEN
THE CITY OF ROHNERT PARK AND THE SUCCESSOR AGENCY
WHEREAS,the Redevelopment Dissolution Law(ABIx 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 ("ROPS")
and that are consistent with the indebtedness obligation covenants (hereafter, "Excess Bond
Proceeds");
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;
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");
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;
WHEREAS, there are approximately $5.7 million in Excess Bond Proceeds remaining;
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");
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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;
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 Improvements on the ROPS for the January-June
2015 (ROPS 14-15B) period;
WHEREAS, Successor Agency staff have prepared 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 Successor Agency desires to enter into an agreement with the City 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, 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 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 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 29TI day of September, 2014.
ATTEST: OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCY CITY OF ROHNERT PARK
Eydie Tacata, Clerk of the Board Marilyn Po n, Chair
Cerreta:Aye. Jolley:ASaltMackenzie:Aye, Masterson:Ale Zane:Lie, Thompson:N6 PontonAIII
AYES:( ) NOES:( ) ABSENT: ( I ) ABSTAIN: ( )
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