CRA - 95RESOLUTION NC.CRA-95
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF CYPRESS
APPROVING FINANCING PROCEEDINGS TO REFINANCE CAPITAL
IMPROVEMENTS WITHIN THE GEOGRAPHIC BOUNDARIES OF THE CITY,
APPROVING ISSUANCE OF REVENUE BONDS BY THE ASSOCIATION OF BAY
AREA GOVERNMENTS FOR SUCH PURPOSE, AND APPROVING RELATED
DOCUMENTS AND OFFICIAL ACTIONS.
RESOLVED, by the Redevelopment Agency of the City of Cypress (the "Agency"),
as follows:
WHEREAS, the City of Cypress (the "City") has hereto entered into a lease
agreement, dated July 1, 1991 (the "1991 Lease"), with the Agency, to finance certain
capital improvements within the geographic boundaries of the city (collectively, the
"Project"), relating to the City's $6,000,000 Certificates of Participation (Civic Center
Refinancing and Improvement Projects);
WHEREAS, the City is proceeding to refinance the Project and the City has
proposed to implement a lease financing for the purpose of raising the funds therefore;
WHEREAS, for the purpose of obtaining the moneys required to refinance the
Projects, the City proposes to lease one or more existing real property sites and the
buildings thereon (collectively, the "Leased Premises"), to the Association of Bay Area
Governments (the "Authority"), which has been formed, inter alia, for the purpose of
assisting the City and other public entities in connection with their financing needs, and to
lease the Leased Premises back from the Authority, and the Authority proposes to issue
its Association of Bay Area Governments Lease Revenue Bonds, 2001 Series A (the
"Bonds") which will be secured by rental payments made by the City under such lease
(the "Lease Agreement") and by rental payments to be made by such other public entities
under separate leases; and
WHEREAS, the Agency approves all of said transactions in furtherance of the
public purposes of the Agency, and wishes at this time to take its action approving the
issuance and sale of the Bonds and the lease financing to be accomplished thereby;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. ~. The Agency hereby approves the issuance of the
Bonds by the Authority for the purpose, among others, of providing funds to enable the
City to refinance the Projects.
Section 2. Approval of Reimbursement Agreemeqt. The Agency hereby approves
a reimbursement agreement, by and between the City and the Agency, pursuant to which
the Agency will agree to reimburse the City for the portion of the payments to be made by
the City under the Lease Agreement, in substantially the form on file with the Secretary,
together with any changes therein or additions thereto deemed advisable by the
Chairman, the Executive Director or the Treasurer, whose execution thereof shall be
conclusive evidence of the approval of any such changes or additions. The Chairman,
the Executive Director or the Treasurer is hereby authorized and directed for and in the
name and on behalf of the Agency to execute, and the Secretary is hereby authorized
and directed to attest to, the final form of the foregoing document.
Section 3. D.~. The Chairman, the Executive Director, the Treasurer,
the Secretary and all other officers of the Agency are each authorized and directed in the
name and on behalf of the Agency to make any and all assignments, certificates,
requisitions, agreements, notices, consents, instruments of conveyance, warrants and
other documents, which they or any of them might deem necessary or appropriate in
order to consummate any of the transactions contemplated by the documents approved
pursuant to this Resolution. Whenever in this Resolution any officer of the Agency is
authorized to execute or countersign any document or take any action, such execution,
countersigning or action may be taken on behalf of such officer by any person designated
by such officer to act on his or her behalf in the case such officer shall be absent or
unavailable.
Section 4. Effect. This Resolution shall take effect immediately.
PASSED AND ADOPTED by the Board of Directors of the Cypress
Redevelopment Agency at a regular meeting held on the 25th day of June 2001.
CHAIRMAN OF THE CYPRESS
REDEVELOPMENT AGENCY
ATTEST:
/'S,~"'~ETARY OF-(/'rJHE cypREss
"-¢~E D EVE LOPM E~'q'l' AGENCY
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, JILL INGRAM-GUERTIN, Agency Secretary of the Cypress Redevelopment Agency,
DO HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular
meeting of the said Redevelopment Agency Board held on the 25th day of June 2001, by
the following roll call vote:
AYES: 5
NOES: 0
ABSENT: 0
AGENCY MEMBERS: Keenan, McCoy, Piercy, Sondhi, and McGill
AGENCY MEMBERS: None
AGENCY MEMBERS: None