Resolution Number SJCOB 18-06-21-02OVERSIGHT BOARD RESOLUTION NO. 18-06-21-02
A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY, APPROVING AMENDMENTS TO CERTAIN
BOND INDENTURES 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), and the powers of the Former Agency included
the power to issue bonds for any of its corporate purposes; and
WHEREAS, the Former Agency issued its $9,780,000 San Juan Capistrano
Community Redevelopment Agency San Juan Capistrano Central Redevelopment
Project 2008 Tax Allocation Series A Bonds (the "Series A Bonds"), pursuant to an
Indenture of Trust dated June 1, 2008, by and between the Former Agency and U.S. Bank
National Association as Trustee (the "Series A Indenture"); and
WHEREAS, the Former Agency issued its $10,540,000 San Juan Capistrano
Community Redevelopment Agency San Juan Capistrano Central Redevelopment
Project 2008 Tax Allocation Subordinate Taxable Series B Bonds (Housing) (the "Series
B Bonds", and together with the Series A Bonds, the "Bonds"), pursuant to an Indenture
of Trust dated June 1, 2008, by and between the Former Agency and U.S. Bank National
Association as Trustee (the "Series B Indenture", and together with the Series A Indenture
the "Indentures"); 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
WHEREAS, the Dissolution Act requires the Orange County Auditor -Controller to
determine the amount of property taxes that would have been allocated to the Former
Agency had the Former Agency not been dissolved pursuant to the operation of ABx1 26,
and to deposit such amounts in the Redevelopment Property Tax Trust Fund (the
"RPTTF") for the Agency established and held by the Orange County Auditor -Controller;
and
6/21/2018
on all evidence and documentation in the record, that approval and execution of the
Amendments will be in the best interests of the taxing entities and increase net revenues
to the taxing entities by enabling the Successor Agency to request moneys from the
RPTTF in each Recognized Obligation Payment Fund in a manner consistent with, and
as required by, the Indentures without regard to whether such moneys are distributed to
the Successor Agency on January 2, June 1, or later dates as a result of such dates failing
on a weekend or other matters that could affect the actual dates of such RPTTF
distributions by the Orange County Auditor -Controller, and to maintain consistent
compliance with the Indentures at all times.
Section 5. The Successor Agency is authorized and directed to prepare,
approve and execute such other documents as may be required to carry out the purposes
hereof without the need for any further approval from the Oversight Board.
Section 6. The Chair and Secretary 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 preparation
and execution of the Amendments.
Section 7. This Resolution shall take effect in accordance with Health and
Safety Code Section 34179.
Section 8. The Secretary of the Oversight Board shall certify to the adoption of
this Resolution.
PASSED, APPROVED and ADOPTED this 21St day of June 2018.
Laura Freese, Chair
3 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. 18-06-21-02 was duly and adopted by the Oversight Board at a special
meeting thereof held on the 21 St day of June 2018, and that it was so adopted by the following
vote:
AYE : Jakl, McCord, Tatarian, Hampton, Kerr and Chair Freese
OE : None
13SEN None
i`
Maria Morris, Oversight Board Se retary
I
(SEAL)
4 6/21/2018