Resolution Number CRA 98-5-19-1305
RESOLUTION NO. CRA 98-5-19-1
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A RESOLUTION OF THE SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY, AUTHORIZING ISSUANCE OF NOT TO
EXCEED SIX MILLION FIVE HUNDRED THOUSAND DOLLARS ($6,500,000)
PRINCIPAL AMOUNT OF SAN JUAN CAPISTRANO CENTRAL
REDEVELOPMENT PROJECT 1998 TAX ALLOCATION REFUNDING BONDS,
APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF
INDENTURE OF TRUST RELATING THERETO, AUTHORIZING AND
DIRECTING COMPETITIVE BID OF SALE OF SUCH BONDS, APPROVING
OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY
RELATING THERETO
WHEREAS, the Community Redevelopment Agency of the City of San Juan
Capistrano (the "Agency") is authorized pursuant to the Community Redevelopment Law, being Part
1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of
California (the "Law") to issue its 1998 Tax Allocation Refunding Bonds for the purpose of financing
redevelopment activities within and of benefit to its redevelopment project areas; and,
WHEREAS, after due investigation and deliberation, the Agency has determined that
it is in the interests of the Agency at this time to provide for the issuance of its San Juan Capistrano
Community Redevelopment Agency, San Juan Capistrano Central Redevelopment Project 1998 Tax
Allocation Refunding Bonds (the "Bonds"), for the purpose of refunding the Agency's San Juan
Capistrano Central Redevelopment Project 1991 Tax Allocation Refunding Bonds (the "Prior
Bonds"), certain proceeds of which were used to finance certain of the Agency's redevelopment
programs and other projects which are redevelopment activities within and of benefit to the Agency's
San Juan Capistrano Central Redevelopment Project Area; and,
WHEREAS, the Bonds are proposed to be issued pursuant to an Indenture of Trust
(the "Indenture") dated as of June 1, 1998, by and between the Agency and a banking institution
meeting the requirements of the Indenture, as trustee, the preliminary form of which is identified as
Exhibit A and on file in the office of the Agency Secretary; and,
WHEREAS, the Agency has caused to be prepared an Official Statement describing
the Bonds, the preliminary form of which is identified as Exhibit B and on filed in the office of the
Agency Secretary; and,
WHEREAS, the Agency with the aid of its Staff has reviewed the Indenture and the
Official Statement and the Agency wishes at this time to approve the foregoing in the public interests
of the Agency; and,
WHEREAS, the Agency Board of Directors deems it proper and the necessity
therefor appears that bids be invited for the Bonds in a principal amount not to exceed $6,500,000,
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and that if bids are satisfactory, said bonds be sold in the manner and at the time and place hereinafter
set forth.
NOW, THEREFORE, BE IT RESOLVED, by the San Juan Capistrano Community
Redevelopment Agency Board of Directors, City of San Juan Capistrano, California, as follows:
The Agency hereby authorizes the issuance of its San Juan Capistrano Central
Redevelopment Project 1998 Tax Allocation Refunding Bonds under and pursuant to the Law and
the Indenture, in the maximum aggregate principal amount of $6,500,000. The Agency hereby
approves the Indenture in substantially the form there of identified as Exhibit A, together with any
additions thereto or changes therein deemed necessary or advisable by the Agency, Agency's Bond
Counsel or Fieldman, Rolapp & Associates, the "Financial Advisor" of the Agency, including, without
limitation, the addition to the Indenture of the final interest rates payable with respect to the Bonds,
and execution of the Indenture shall be deemed conclusive evidence of the Agency's approval of such
additions or changes. The Chairman and Secretary of the Agency are hereby authorized and directed
to execute, attest and affix the seal of the Agency to the Indenture for and in the name and on behalf
of the Agency. The Agency hereby authorizes the deliver and performance of the Indenture.
SECTION 2.
Sealed proposals for the purchase of bonds of said Agency in a principal amount not
to exceed $6,500,000 shall be received by this Agency Board of Directors at the office of Fieldman,
Rolapp & Associates, 2100 Main Street, Suite 210, Irvine, California, 92614, on June 9, 1998, up
to the hour of 10:00 o'clock a.m. and, if determined in the best interests of the Agency, each
consecutive Tuesday until the Bonds are sold.
SECTION 3.
The Secretary of the Agency is hereby authorized and directed to cause to be
published a notice inviting such sealed proposals by one insertion in each of the California Valley
News and The Bond Buyer, a newspaper of general circulation, circulated within the State, said
publication to be at least fifteen (15) days prior to the date of opening bids stated in said notice.
The notice shall be substantially as follows:
NOTICE OF SALE
NOT TO EXCEED
$6,500,000
SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY,
SAN JUAN CAPISTRANO CENTRAL REDEVELOPMENT PROJECT,
1998 TAX ALLOCATION REFUNDING BONDS
ORANGE COUNTY, CALIFORNIA
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Bids will be received up to 10:00 o'clock a.m., June 9, 1998, at Fieldman,
Rolapp & Associates, 2100 Main Street, Suite 210, Irvine, California 92614, for the
purchase of Tax Allocation Refunding Bonds of SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY.
The Bonds will mature on August 1, 1999, on each August 1 thereafter
through August 1, 2016, provided that any such maturity dates may be converted to
mandatory sinking fund payment dates, as provided in the Indenture of Trust for such
issue. Interest will be paid on February 1, 1999 and semiannually thereafter on
August 1 and February 1 of each year.
The legal opinion of Stradling, Yocca, Carlson & Rauth, a Professional
Corporation, Newport Beach, California, will be furnished to the successful bidder.
Further information may be obtained from Fieldman, Rolapp & Associates,
Attention Thomas G. Johnsen, 2100 Main Street, Suite 210, Irvine, California 92614
(949) 660-8500.
Cheryl Johnson
Agency Secretary
SECTION 4.
The preliminary official statement presented to this Board of Directors is approved
in substantially the form identified as Exhibit B and on file in the office of the Agency Secretary. The
Financial Advisor is authorized to make such changes in and additions to the preliminary official
statement prior to mailing as may be approved by the Agency's Finance Director or required by the
Agency's Bond Counsel; and the Agency's Finance Director is hereby authorized and directed to deem
such form, as modified, "final," except for information relating to the offering prices, interest rates,
selling compensation, rating and other terms of the bonds depending on such matters. The execution
of the official statement by the Chairman of the Agency and the printing and distribution thereof (in
both preliminary and final forms) in connection with the sale of the Bonds, with such changes as are
approved or required as set forth above, are hereby authorized, approved and directed and said
execution shall be conclusive evidence of the approval of all changes therein and additions thereto.
The Agency Secretary is hereby authorized and directed to cause to be furnished to
prospective bidders copies of a notice inviting proposals, the bid form and the preliminary official
statement relating to the properties, operations and finances of the Agency; but the failure, in whole
or in part, to comply with this section shall not in any manner affect the validity of the sale of said
Bonds. Said notice and bid form shall be substantially in the form identified a Exhibit C and on file
in the office of the Agency Secretary.
SECTION 6.
The Agency Executive Director is hereby authorized and directed to engage a banking
firm meeting the requirements of the Indenture as Trustee for the Bonds, as Escrow Bank with
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respect to the refinancing of the Prior Bonds and as dissemination agent, if needed, and to execute
any and all documents necessary to implement such engagement. The Agency Executive Director
is also hereby authorized and directed to execute and deliver an Escrow Agreement in substantially
the form included herewith, together with all changes and additions deemed necessary to complete
said Agreement and to enter into a continuing disclosure agreement in the form hereafter approved
by the Agency Executive Director in connection with the Bonds.
SECTION 7.
All actions heretofore taken by the officers and agents of the Agency with respect to
the issuance of the Bonds are hereby approved, confirmed and ratified. The Chairman, the Executive
Director, the Deputy Executive Director, the Secretary, the Treasurer, and the General Counsel of
the Agency and any and all other officers of the Agency are hereby authorized and directed and, for
and in the name and on behalf of the Agency, to do any and all things and take any and all actions,
including execution and delivery of any and all assignments, certificates, requisitions, agreements
(including but not limited to an agreement providing for investment of the proceeds of the Bonds and
a Continuing Disclosure Agreement), notices, consents, instruments of conveyance, warrants and
other documents, which they, or any of them, may deem necessary or advisable in order to
consummate the sale, issuance and delivery of the bonds to the underwriter for the Bonds pursuant
to the documents approved herein.
SECTION 8.
This Resolution shall take effect from and after the date of approval and adoption
thereof.
PASSED, APPROVED, AND ADOPTED this 19th day of
1998.
ATTEST:
AGENCY
+�
WYAT T, cRATWAN
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
I, CHERYL JOHNSON, Agency Secretary of the San Juan Capistrano Community
Redevelopment Agency, DO HEREBY CERTIFY that the foregoing is a true and correct copy of
Resolution No. CRA 98-5-19-1 adopted by the San Juan Capistrano Community
Redevelopment Agency Board of Directors at a regular meeting thereof held on the 19th day
of May 1 1998, by the following vote:
AYES: Directors Greiner, Swerdlin, Jones, Campbell
and Chairman Hart
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
CBERYL MANSON, AGENCY SECRETARY
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss AFFIDAVIT OF POSTING
CITY OF SAN JUAN CAPISTRANO )
I, CHERYL JOHNSON, declare as follows:
That I am the duly appointed and qualified Secretary of the San Juan Capistrano
Community Redevelopment Agency;
That in compliance with State laws of the State of California and in further compliance
with CRA Resolution No. CRA 83-12-20-1 and on the 21st day of May
1998, I caused to be posted:
RESOLUTIONNO. CRA 98-5-19-1 , being
AUTHORIZING ISSUANCE OF 1998 TAX ALLOCATION REFUNDING
BONDS APPROVING EXECUTION OF INDENTURE OF TRUST.
AUTHORIZING BID AND APPROVING OFFICIAL STATEMENT
A RESOLUTION OF THE SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY, AUTHORIZING ISSUANCE OF NOT TO
EXCEED SIX MILLION FIVE HUNDRED THOUSAND DOLLARS ($6,500,000)
PRINCIPAL AMOUNT OF SAN JUAN CAPISTRANO CENTRAL
REDEVELOPMENT PROJECT 1998 TAX ALLOCATION REFUNDING BONDS,
APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF
INDENTURE OF TRUST RELATING THERETO, AUTHORIZING AND
DIRECTING COMPETITIVE BID OF SALE OF SUCH BONDS, APPROVING
OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY
RELATING THERETO
in three (3) public places in the City of San Juan Capistrano, to wit: City Hall; Old Fire Station
Recreation Complex, Orange County Public Library.
CHECK LIST
RES. NO. CRA 9,? -5-/9 -- /
✓ Chairman has signed
.�, Secretary has signed
�- Agency Seal stamped
—7 All blanks typed in
"Absent" 8 -
"Noes"
"Abstain"
Copies sent to post
file a
mail �. cer ified
`vrn.n�• iur'
Legal Publication ordered to be published
(date)
No. Printed copies required 7
Remarks
Cheryl Johnsod,)Agificy Secretary
San Juan Capistrano Community
Redevelopment Agency
San Juan Capistrano, California