Resolution Number 11-02-01-06RESOLUTION NO. 11-02-01-06
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN JUAN CAPISTRANO AMENDING ITS RESOLUTION
NO, 11-01-18-03, RELATING TO THE ISSUANCE BY THE
SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY OF ITS NON-NEGOTIABLE
NOTES
WHEREAS, the San Juan Capistrano Community Redevelopment Agency (the
"Agency") is a redevelopment agency duly created, established and authorized to
transact business and exercise its powers, all under and pursuant to the Community
Redevelopment Law (Part 1 of Division 24 (commencing with Section 33000) of the
Health and Safety Code of the State of California) and the powers of the Agency include
the power to issue bonds for any of its corporate purposes; and
WHEREAS, the Agency has adopted its Resolution No. CRA -11-01-18-01
entitled:
A RESOLUTION OF THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING THE EXECUTION OF NON-NEGOTIABLE
NOTES IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $3,916,450.71 AND $4,080,246.64,
RESPECTIVELY, TO REFINANCE EXISTING
PROMISSORY NOTES OF THE AGENCY, AND
APPROVING CERTAIN RELATED DOCUMENTS AND
ACTIONS IN CONNECTION THEREWITH (KINOSHITA
FARM)
WHEREAS, under and pursuant to the above Resolution (the "Agency
Resolution"), the Agency has authorized the issuance by the Agency of refunding
promissory notes (the "2011 Notes") in favor of Kinoshita Enterprises, L.P., a California
limited partnership and Bobby Kinoshita Investment Enterprises, L.P., a California
limited partnership (each a "Kinoshita Entity") to refinance notes in the same principal
amount in favor of the same Kinoshita Entity, respectively (each dated as of March 6,
1991 (the "1991 Notes") of the Agency.
WHEREAS, the Agency has determined that the 2011 Notes shall be secured by
a subordinate pledge of tax increment revenue of the Agency (the "Subordinate Tax
Increment Pledge") and the Agency has by resolution amended the Agency Resolution
to authorize such issuance (the "Amended Agency Resolution"); and
WHEREAS, the City Council has previously adopted its Resolution No. CRA -11-
01-18-01 approving the issuance of the 2011 Notes and deems it appropriate at this
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time to amend Resolution No. CRA -11-01-18-01 in order to authorize the issuance of
the Bonds on a basis secured by the Subordinate Tax Increment Pledge,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San
Juan Capistrano, as follows:
Section 1. The City Council hereby amends Resolution No. CRA -11-0118-01
to approve the issuance of the 2011 Notes on a basis secured by the Subordinate Tax
Increment Pledge as more fully described in the Amended Agency Resolution as if such
Subordinate Tax Increment Pledge were expressly provided in such resolution.
Section 2. All actions heretofore taken by the officers and agents of the City
with respect to the issuance of the 2011 Notes are hereby approved, confirmed and
ratified. The Mayor, the City Manager, the Finance Director, the City Clerk, the City
Attorney and any and all other officers of the City are hereby authorized and directed,
for and in the name and on behalf of the City, to do any and all things and take any and
all actions which they, or any of them, may deem necessary or advisable in order to
consummate the transaction approved in the Agency Resolution and the Amended
Agency Resolution.
Section 3. Except as expressly amended hereby, Resolution No. CRA -11-01-
18-01 shall remain in full force and effect, and all findings and determinations therein
are hereby affirmed as applicable to any 2011 Notes issued in accordance with this
Resolution.
Section 4. Effective Date. This Resolution shall take effect from and after the
date of its passage and adoption.
ATTEST:
PROVED AND ADOPTED this 1'r day of Febru m , 2011.
AM ALLEvAfb, MAYOR
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF SAN JUAN CAPISTRANO )
1, MARIA MORRIS, appointed City Clerk of the City of San Juan Capistrano, do hereby
certify that the foregoing Resolution No. 11-02-01-06 was duly adopted by the City
Council of the City of San Juan Capistrano at a Regular meeting thereof, held the 'is{
day of February 1, 2011, by the following vote:
AYES: 'COUNCIL MEMBERS: Freese, Taylor, Kramer and Mayor Allevato
NOES: OUNCIL MEMBER: Reeve
ARSE T OUNCfL. MEMBER: None
MARIA ',"City_ erk
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