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RESOLUTION NO . 18 ] 79 <br /> <br /> RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> RIVERSIDE APPROVING THE ISSUANCE AND SALE BY THE <br /> REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE OF ITS <br /> TAX ALLOCATION <br /> REFUNDING BONDS (MERGED PROJECT) 1993 SERIES A AND ITS <br /> TAXABLE TAX ALLOCATION <br /> BONDS (MERGED PROJECT) 1993 SERIES B <br /> <br /> WHEREAS, the Redevelopment Agency of the City of <br />Riverside ("Agency") has heretofore (a) entered into a <br />$10,000,000 loan relating to its former Airport Redevelopment <br />Project in connection with the issuance by the Riverside Public <br />Financing Authority (the "Authority") of its $15,640,000 <br />aggregate principal amount of 1988 Revenue Bonds, Series A <br />(Airport and Central Industrial Redevelopment Projects), <br /> (b) issued $11,175,000 aggregate principal amount of Downtown <br />Mile Square Redevelopment Project Tax Allocation Refunding Bonds, <br />Series 1988A, and (c) issued $4,000,000 aggregate principal <br />amount of Downtown Mile Square Redevelopment Project Subordinate <br />Tax Allocation Bonds, Series 1988B (collectively, the "Prior <br />Bonds"); and <br /> <br /> WHEREAS, the Agency desires to issue its Tax <br />Allocation Refunding Bonds (Merged Project) 1993 Series A (the <br />"Refunding Bonds") in the aggregate principal amount of not to <br />exceed $35,000,000 for the purpose of providing moneys which will <br />be sufficient to (i) advance refund the Prior Bonds, (ii) finance <br />redevelopment activities, (iii) provide for a reserve, and (iv) <br />pay costs incurred in connection with the issuance, sale and <br />delivery of the Refunding Bonds; and <br /> <br /> WHEREAS, the Agency desires to issue its Taxable Tax <br />Allocation Bonds (Merged Project) 1993 Series B (the "Taxable <br />Bonds", and together with the Refunding Bonds, the "Bonds") in <br />the aggregate principal amount of not to exceed $7,500,000 for <br />the purpose of providing moneys which will be sufficient to (i) <br />finance redevelopment activities, (ii) provide for a reserve, and <br />(iii) pay costs incurred in connection with the issuance, sale <br />and delivery of the Taxable Bonds; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Riverside, as follows: <br /> <br /> Section 1. The issuance of the Redevelopment Agency of <br />the City of Riverside Tax Allocation Refunding Bonds (Merged <br />Project) 1993 Series A and the Taxable Tax Allocation Bonds <br />(Merged Project) 1993 Series B, by the Agency, as provided in a <br />resolution duly adopted by the Agency is hereby approved. <br /> <br />LA1-254238.V3/715,083-020 02/01/93 <br /> <br /> <br />