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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, the Redevelopment Agency issued tax-exempt 2007 Tax Allocation Bonds, <br />Series G -1 and G-2 in the aggregate principal amount of $47,240,000 ("Bonds"); and <br />WHEREAS, in connection with the issuance of the Bonds, the Redevelopment Agency and <br />U.S. Bank National Association ("Trustee") executed an Indenture dated as of April 1, 2007 <br />("Indenture") which, among other things, describes procedures applicable to the payment of <br />principal and interest on the Bonds, redemption of the Bonds and the use of the proceeds of the <br />Bonds; and <br />WHEREAS, Section 2.03(c) of the Indenture provides that the Bonds may not be redeemed <br />prior to August 1, 2017; and <br />WHEREAS, the Indenture (including without limitation Section 2.01 thereof) provides that <br />the proceeds of the Bonds may be used only to finance redevelopment activities with respect to the <br />Redevelopment Project which is defined as the Redevelopment Plan for the La Sierra/Arlanza <br />Redevelopment Project Area ("Project Area'); and <br />WHEREAS, revenue received from property tax payers within the Project Area is required to <br />be used to repay the debt service on the Bonds from which the Project is to be funded; and <br />WHEREAS, without completion of the Project, the tax payers will not benefit from the bonds <br />which their property taxes are paying for; and <br />WHEREAS, the Redevelopment Agency committed to fund $1,000,000.00 for the Project; <br />and <br />WHEREAS, a portion of the funds committed were expended prior to dissolution of the <br />Agency; and <br />WHEREAS, the remaining funds previously committed are necessary to complete the <br />construction of the Project; and <br />WHEREAS, as of February 1, 2012, funds in the amount of $891,051 remained available for <br />payment for costs associated with the Project; and <br />WHEREAS, the Magnolia Police Station Project is consistent with the Redevelopment Plan <br />for the La Sierra/Arlanza Redevelopment Project Plan dated July 13,2004; and <br />WHEREAS, in accordance with AB 26, the Successor Agency prepared a Recognized <br />CrFY AT701"N" 0Fr,10E Obligation Payment Schedule for the time period of January 1, 2012 through June 30, 2012 <br />3900 MALN S - fl'l <br />RN ERS ­� CA 92522 2 <br />(951) 8 6-5567 <br />