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Resolutions
General 2 - Date
2/24/2004
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R-737
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RESOLUTION NO. 737 <br /> <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RIVERSIDE APPROVING THE ISSUANCE OF ITS ARLINGTON <br />REDEVELOPMENT PROJECT 2004 TAX ALLOCATION BONDS, SERIES A <br />(TAX-EXEMPT) AND SERIES B (TAXABLE), APPROVING A TRUST <br />INDENTURE, AN ESCROW AGREEMENT, AN OFFICIAL STATEMENT AND <br />A PURCHASE CONTRACT, AUTHORIZING THE EXECUTIVE DIRECTOR OR <br />TREASURER TO SET THE FINAL TERMS OF THE SALE OF THE BONDS <br />AND MAKING CERTAIN DETERMINATIONS RELATING THERETO <br /> <br /> WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") is a <br />redevelopment agency duly created, established and authorized to transact business and exercise its <br />powers, all under and pursuant to the Community Redevelopment Law, being Section 33000 and <br />following of the Health and Safety Code of the State of California, and the powers of the Agency <br />include the power to issue bonds for any of its corporate purposes; and <br /> <br /> WHEREAS, a redevelopment plan for a redevelopment project known as the Arlington <br />Redevelopment Project (the "Project") has been adopted and approved and all requirements of the <br />law for, and precedent to, the adoption and approval of said plan have been duly complied with; and <br /> <br /> WHEREAS, the Agency proposes to issue not to exceed $8,400,000 aggregate principal <br />amount of its Arlington Redevelopment Project 2004 Tax Allocation Bonds (the "2004 Bonds"), <br />which shall be issued in two separate series, the proceeds of which will be used to provide financing <br />for the Project, the repayment of which 2004 Bonds will be secured and repaid from tax increment <br />revenues from the Project; and <br /> <br /> WHEREAS, there has been presented at this meeting a form of a Trust Indenture providing <br />for the issuance of the 2004 Bonds; and <br /> <br /> WHEREAS, there has been presented to this meeting a form of Preliminary Official <br />Statement relating to the 2004 Bonds and a form of Purchase Contract among the Agency, the <br />Riverside Public Financing Authority (the "Authority") and UBS Financial Services Inc., the <br />underwriter for the 2004 Bonds (the "Underwriter") pursuant to which the Authority has offered to <br />purchase the 2004 Bonds from the Agency and the Underwriter has offered to purchase the 2004 <br />Bonds from the Authority, all on the terms and conditions set forth therein; and <br /> <br /> WHEREAS, the Agency is authorized to cause the 2004 Bonds to be sold on a negotiated <br />basis pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the California Government Code; <br />and <br /> <br /> WHEREAS, the Agency proposes to prepay and defease amounts owing by it under that <br />certain Arlington Center Redevelopment Project Loan Agreement dated as of June 1, 1991 (the <br />"1991 Loan Agreement") by means of depositing moneys for such purpose under an Escrow Deposit <br />and Trust Agreement, the form of which has been presented to this meeting; and <br /> <br />RVPUB~FJB\663719.1 1 <br /> <br /> <br />
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