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HomeMy WebLinkAboutPFA 2004-002RESOLUTION NO. PFA2004-002 am RESOLUTION OF THE BOARD OF DIRECTORS OF THE ATASCADERO PUBLIC FINANCING AUTHORITY AUTHORIZING THE PURCHASE AND SALE OF TAX ALLOCATION BONDS OF THE ATASCADERO COMMUNITY REDEVELOPMENT AGENCY ISSUED TO FINANCE REDEVELOPMENT ACTIVITIES WITHIN AND FOR THE BENEFIT OF THE AGENCY'S ATASCADERO REDEVELOPMENT PROJECT AND APPROVING RELATED DOCUMENTS AND ACTIONS WHEREAS, a Redevelopment Plan for the Atascadero Redevelopment Project in the City of Atascadero, California (the "Redevelopment Project"), has been adopted in compliance with all requirements of the Community Redevelopment Law of the State of California, constituting Part 1 of Division 24 of the California Health and Safety Code ( the "Law"), WHEREAS, the Atascadero Community Redevelopment Agency (the "Agency") has determined that, due to prevailing financial market conditions, it is in the best interests of the Agency at this time to finance redevelopment activities within and for the benefit of the Redevelopment Project, WHEREAS, to provide moneys for such purposes, the Agency has determined to issue its Atascadero Community Redevelopment Agency (Atascadero Redevelopment Project), 2004 Tax +m Allocation Bonds, in the aggregate principal amount of not -to -exceed $14,000,000 (the "Bonds"), and WHEREAS, the Atascadero Public Financing Authority (the "Authority") has duly considered such transactions and wishes at this time to authorize the purchase and sale of the Bonds and to approve the form and authorize execution of a bond purchase agreement in connection therewith, NOW, THEREFORE BE IT RESOLVED, by the Board of Directors of the Atascadero Public Financing Authority SECTION 1 Purchase and Sale of the Bonds. The Board of Directors of the Atascadero Public Financing Authority (the "Board") hereby authorizes the purchase by the Authority of the Bonds from the Agency for concurrent re -sale to Piper Jaffray & Co , as underwriter (the "Underwriter"), so long as the Underwriter's discount, excluding original issue discount which does not constitute compensation to the Underwriter, does not exceed 1% The Authority hereby approves the bond purchase agreement, by and among the Underwriter, the Agency and the Authority, in substantially the form on file with the Secretary (the "Bond Purchase Agreement"), together with such additions thereto and changes therein as the Chairperson, the Vice Chairperson, the Executive Director or the Treasurer shall deem necessary, desirable or appropriate, and the execution thereof by the Chairperson, the Vice Chairperson, the Executive Director or the Treasurer shall be conclusive evidence of the approval of any such additions and City of Atascadero Resolution No. PFA2004-002 Page 2 of 2 changes. In addition to the foregoing, the Board hereby approves such changes to the Bond Purchase Agreement as the Chairperson, the Vice Chairperson, the Executive Director or the Treasurer shall deem necessary, desirable or appropriate to provide for the direct purchase of all or a portion of the Bonds by Fannie Mae or other institutional purchaser that is precluded by its charter or otherwise from purchasing bonds through underwriters. The Chairperson, the Vice Chairperson, the Executive Director or the Treasurer is hereby authorized and directed to execute the final form of the Bond Purchase Agreement for and in the name and on behalf of the Authority SECTION 2. Official Actions The Chairperson, the Vice Chairperson, the Executive Director, the Treasurer and the Secretary of the Authority, and any and all other officers of the Authority, are hereby authorized and directed, for and in the name and on behalf of the Authority, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds as described herein Whenever in this resolution any officer of the Authority is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable SECTION 3 Effective Date This Resolution shall take effect from and after the date of its passage and adoption. MM On motion by Board Member O'Malley and seconded by Vice Chaiperson Scalise, the foregoing Resolution is hereby adopted in its entirety on the following roll call vote AYES Board Members Clay, O'Malley, Pacas, Scalise and Chairperson Luna NOES None ABSENT None ADOPTED November 9, 2004 ATTEST .14 Marcia McClure Torgerson, Secretar APPROVED AS TO FORM. Thomas R. Gibson, Legal Advisor ATASQADERO PUBLIC FINICING AUTrRITY By - 16r Geor e Luna, Chairperson -2-