R-736 - Laserfiche WebLink

Home

RESOLUTION NO. 736 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE APPROVING THE ISSUANCE OF ITS MAGNOLIA CENTER REDEVELOPMENT PROJECT 2004 TAXABLE TAX ALLOCATION BONDS, APPROVING A TRUST INDENTURE, AN OFFICIAL STATEMENT AND A PURCHASE CONTRACT, AUTHORIZING THE EXECUTIVE DIRECTOR OR TREASURER TO SET THE FINAL TERMS OF THE SALE OF THE BONDS AND MAKING CERTAIN DETERMINATIONS RELATING THERETO WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") is a redevelopment agency duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law, being Section 33000 and following of the Health and Safety Code of the State of California, and the powers of the Agency include the power to issue bonds for any of its corporate purposes; and WHEREAS, a redevelopment plan for a redevelopment project known as the Magnolia Center Redevelopment Project (the "Project") has been adopted and approved and all requirements of the law for, and precedent to, the adoption and approval of said plan have been duly complied with; and WHEREAS, the Agency proposes to issue not to exceed $3,200,000 aggregate principal amount of its Magnolia Center Redevelopment Project 2004 Taxable Tax Allocation Bonds (the "2004 Bonds"), the proceeds of which will be used to provide financing for the Project, the repayment of which 2004 Bonds will be secured and repaid from tax increment revenues from the Project; and W:- IEREAS, there has been presented at this meeting a form of a Trust Inden[t,re providing for the issuance of the 2004 Bonds; and WHEREAS, there has been presented to this meeting a form of Preliminary Official Statement relating to the 2004 Bonds and a form of Purchase Contract among the Agency, the Riverside Public Financing Authority (the "Authority") and UBS Financial Services Inc., the underwriter for the 2004 Bonds (the "Underwriter") pursuant to which the Authority has offered to purchase the 2004 Bonds from the Agency and the Underwriter has offered to purchase the 2004 Bonds from the Authority, all on the terms and conditions set forth therein; and WHEREAS, the Agency is authorized to cause the 2004 Bonds to be sold on a negotiated basis pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the California Government Code; NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AS FOLLOWS: Section 1. Approval of Issuance of 2004 Bonds. The issuance of not to exceed $3,200,000 in aggregate principal amount of the 2004 Bonds in order to finance a portion of the Project and to RVPUB~FJB\666074.1 1