Resolution Number SJCOB 18-06-21-01OVERSIGHT BOARD RESOLUTION NO. 18-06-21-01
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
' SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY, APPROVING THE
ISSUANCE AND SALE OF TAX ALLOCATION REFUNDING
BONDS BY THE SUCCESSOR AGENCY TO THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY AND
AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH
WHEREAS, the San Juan Capistrano Community Redevelopment Agency (the
"Former Agency") was a public body, corporate and politic, duly created, established and
authorized to transact business and exercise its powers under and pursuant to the
provisions of the Community Redevelopment Law (Part 1 of Division 24 of the Health and
Safety Code of the State of California) (the "Law"), and the powers of the Former Agency
included the power to issue bonds for any of its corporate purposes; and
WHEREAS, the Redevelopment Plan (the "Redevelopment Plan") for the
San Juan Capistrano Central Redevelopment Project in the City of San Juan Capistrano,
California (the "Redevelopment Project") has been approved by Ordinance No. 488,
adopted by the City Council of the City of San Juan Capistrano on July 12, 1983, and
amended by Ordinance No. 509, adopted on May 15, 1984, Ordinance No. 547, adopted
on July 16, 1985, Ordinance No. 582 and Ordinance No. 583, adopted on August 19,
1986, Ordinance No. 756, adopted on December 6, 1994, Ordinance No. 883 adopted on
July 15, 2003, Ordinance No. 923 adopted on June 5, 2007, and Ordinance No. 932
adopted on December 18, 2007, together with any amendments thereof heretofore or
hereafter duly enacted pursuant to the Law; and
WHEREAS, the Former Agency previously executed and delivered (i) that certain
San Juan Capistrano Community Redevelopment Agency Non -Negotiable Note dated as
of February 28, 2011, in favor of Kinoshita Enterprises, L.P., a California limited
partnership, in the original principal amount of $3,916,450.71, and (ii) that certain
San Juan Capistrano Community Redevelopment Agency Non -Negotiable Note dated as
of February 28, 2011, in favor of Bobby Kinoshita Investment Enterprises, L.P., a
California limited partnership, in the original principal amount of $4,080,246.64
(collectively, the "Refunded Obligations"); and
WHEREAS, on June 28, 2011, the California Legislature adopted ABx1 26 (as
amended from time to time, the "Dissolution Act") and ABx1 27 (the "Opt -in Bill"); and
WHEREAS, the California Supreme Court subsequently upheld the provisions of
the Dissolution Act and invalidated the Opt -in Bill resulting in the dissolution of the Former
Agency as of February 1, 2012; and
WHEREAS, on February 1, 2012, the Former Agency was dissolved and its
redevelopment powers, assets and obligations were transferred to the Successor Agency
to the San Juan Capistrano Community Redevelopment Agency (the "Successor
Agency"); and
6/21/2018
the Indenture approved by Section 4 of the Successor Agency Resolution (as authorized
by California Health and Safety Code Section 34177.5(a) and (g)) is hereby approved.
The 2018 Bonds may be issued as a single issue, or from time to time in separate series,
as the Successor Agency shall determine. The approval of the issuance of the 2018
Bonds by the Successor Agency and the Oversight Board shall constitute the approval of
each and every separate series of 2018 Bonds and the sale of the 2018 Bonds at a public
or private sale.
Section 3. The Successor Agency is authorized and directed to prepare,
approve and execute such other documents, including, as necessary, a Placement Agent
Agreement, Term Sheet, Indenture and Escrow Agreement and/or irrevocable refunding
instructions for the Refunded Obligations and any additional agreements as may be
required to carry out the purposes hereof without the need for any further approval from
the Oversight Board.
Section 4. The Chairman of the Oversight Board and the other officers and
members of staff having responsibility for the affairs of the Oversight Board are hereby
authorized and directed to execute such documents and certificates as they determine
are necessary or appropriate to assist the Successor Agency in the issuance of the 2018
Bonds.
Section 5. Pursuant to the provisions of California Health and Safety Code
Section 34177.5(f), the Successor Agency is expressly authorized to recover its related
costs in connection with the transaction approved hereby, irrespective of whether the
2018 Bonds are issued.
Section 6. This Resolution shall take effect in accordance with Health and
Safety Code Section 34179.
Section 7. The Secretary of the Oversight Board shall certify to the adoption of
this Resolution.
PASSED, APPROVED and ADOPTED this 21St day of June 2018.
Y
_aura Freese, Chair
6/21/2018
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF SAN JUAN CAPISTRANO )
I, Maria Morris, Secretary of the Oversight Board to the Successor Agency of the San Juan
Capistrano Community Redevelopment Agency, hereby certify that the above and foregoing
Resolution No. 18-06-21-01 was duly and adopted by the Oversight Board at a special
meeting thereof held on the 21St day of June 2018, and that it was so adopted by the following
vote:
AY S:
N j -I
Jakl, McCord, Tatarian, Hampton, Kerr and Chair Freese
None
None
(SEAL)
n
6/21/2018