86-0812_CRA_Minutes_Adjourned Regular Meeting377
AUGUST 12, 1986
ADJOURNED REGULAR MEETING OF THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
BOARD OF DIRECTORS
The Adjourned Regular Meeting of the Board of Directors of the
San Juan Capistrano Community Redevelopment Agency was called to
order by Chairman Hausdorfer at 7:06 p.m., in the City Council
Chamber.
ROLL CALL PRESENT: Gary L. Hausdorfer, Chairman
Lawrence F. Buchheim, Vice Chairman
Anthony L. Bland, Director
Kenneth E. Friess, Director
ABSENT: Phillip R. Schwartze, Director
STAFF PRESENT: Stephen B. Julian, Executive Director; Thomas G.
Merrell, Deputy Director; Tom Clarke, Legal Counsel; Mary Ann
Hanover, Agency Secretary; Robert G. Boone, Finance Officer;
Cheryl Johnson, Recording Secretary.
BOARD ACTIONS
1. TAX ALLOCATION NOTES (214,3)
Written Communications:
(1) Report dated August 12, 1986, from the Deputy Director,
advising that the process of selling tax allocation
notes was in the final stages and forwarding
resolutions providing for award of the Notes to the
best bid, and issuance of the Notes. The sale of the
tax allocation notes was in the amount of $6,250,000;
it was anticipated that proceeds would be received by
the Agency on August 20, 1986. The Notes will mature
on August 1, 1991, with an interest rate not to exceed
12 percent per annum, payable semi-annually on
February 1 and August 1 of each year, commencing on
February 1, 1987. The Notes are issued by the Agency
pursuant to the Community Redevelopment Law of the
State of California (Part 1 of Division 24 of the
Health and Safety Code) to aid in the financing of a
redevelopment project.
(2) Report dated August 12, 1986, from the Deputy Director,
forwarding the results of bids received on August 12,
1986, at 10:00 a.m., for the tax allocation notes.
Award of Notes to Best Bidder:
It was moved by Director Friess, seconded by Director
Buchheim that the following Resolution be adopted:
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RESOLUTION NO. CRA 86-8-12-1, AWARDING $6,250,000 SAN
JUAN CAPISTRANO CENTRAL REDEVELOPMENT PROJECT TAX
ALLOCATION NOTES - A RESOLUTION OF THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY AWARDING
$6,250,000 SAN JUAN CAPISTRANO CENTRAL REDEVELOPMENT
PROJECT TAX ALLOCATION NOTES, ISSUE OF 1986, TO THE
BEST BIDDER AND REJECTING ALL OTHER BIDS AND TAKING
CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH
The motion carried by the following vote:
AYES: Directors Bland, Friess, Buchheim,
and Chairman Hausdorfer
NOES: None
ABSENT: Director Schwartze
The Resolution accepted the bid of Smith Barney, Harris
Upham & Company, Inc., and Miller & Schroeder Financial,
Inc., and Associates, offering $6,068,750.00, plus accrued
interest to date of delivery for said notes bearing interest
payable semi-annually at the rate of 5.70 percent per annum.
The Resolution further approved the Official Statement with
respect to the Notes as presented to the Agency. The
Chairman was authorized to execute the Official Statement on
behalf of the Agency. The Reimbursement Agreement was
approved and the Executive Director and the Agency Secretary
were authorized to execute the Agreement and Term Loan Note
on behalf of the Agency. Security Pacific National Bank was
appointed Fiscal Agency under and pursuant to Section 19 of
Resolution No. CRA 86-8-12-2. Urban Futures, Inc., was
appointed as Financial and Redevelopment Consultant;
Stradling, Yocca, Carlson & Rauth, as Bond Counsel; and,
Miller & Schroeder Financial, Inc., as Financial Consultant.
Authorizing Issuance of Tax Allocation Notes:
It was moved by Director Friess, seconded by Director
Buchheim that the following Resolution be adopted:
RESOLUTION NO. CRA 86-8-12-2, AUTHORIZING ISSUANCE OF
TAX ALLOCATION NOTES -- A RESOLUTION OF THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING
THE ISSUANCE OF TAX ALLOCATION NOTES OF SAID AGENCY IN
A PRINCIPAL AMOUNT OF SIX MILLION TWO HUNDRED FIFTY
THOUSAND DOLLARS ($6,250,000) TO FINANCE A PORTION OF
THE COST OF A REDEVELOPMENT PROJECT KNOWN AS THE SAN
JUAN CAPISTRANO CENTRAL REDEVELOPMENT PROJECT
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The motion carried by the following vote:
AYES: Directors Bland, Friess, Buchheim
and Chairman Hausdorfer
NOES: None
ABSENT: Director Schwartze
ADJOURNMENT
There being no further business before the Board, the meeting was
adjourned at 7:10 p.m., to the next regular meeting date of
Tuesday, August 19, 1986, at 7:00 p.m., in the City Council
Chamber.
Respectfully submitted,
MARY ANN HPOVER, AGENCY -SECRETARY
ATTEST:
ME
8/12/86