Resolution 13630CITY OF ALAMEDA RESOLUTION NO
13630
APPROVING THE ISSUANCE OF 2003 TAX ALLOCATION BONDS OF
THE COMMUNITY IMPROVEMENT COMMISSION OF THE CITY OF ALAMEDA (MERGED
IMPROVEMENT AREAS)
AND THE PURCHASE AND SALE THEREOF BY
THE ALAMEDA PUBLIC FINANCING AUTHORITY
WHEREAS, the City of Alameda (the "City') and the Community Improvement Commission
of the City of Alameda (the "CIC ") have heretofore entered into a Joint Exercise of Powers
Agreement establishing the Alameda Public Financing Authority (the "Financing Authority") for the
purpose, among others, of providing financial assistance to the City and the CIC; and
WHEREAS, the CIC has determined at this time to issue its Community Improvement
Commission of the City of Alameda 2003 Tax Allocation Bonds (Merged Improvement Areas), in
one or more series (the "Bonds ") to provide funds (a) to finance housing and redevelopment projects
of the CIC within or of benefit to the CIC's merged improvement areas (the "Merged Improvement
Areas "), (b) to repay certain advances made by the City to the CIC for the benefit of the Merged
Improvement Areas, and (c) to defease economically certain obligations of the CIC with respect to
capital improvements heretofore made within the West End Community Improvement Project area,
and the CIC has requested that the Financing Authority purchase and resell the Bonds; and
WHEREAS, in accordance with the requirements of Section 33640 of the California Health and
Safety Code, the City Council wishes at this time to approve the issuance and sale of the Bonds by
the CIC;
Now, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. Approval of Bonds. This City Council hereby authorizes and approves the
issuance of the Bonds by the CIC in one or more series, and in the maximum aggregate principal
amount of not to exceed $50,000,000, and the sale by the CIC to the Authority of the Bonds for
resale by the Authority.
Section 2. Official Actions. The Mayor, City Manager, Finance Director, City Clerk 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, including execution and
delivery of any and all assignments, certificates, requisitions, agreements, 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 issuance of the Bonds by the CIC, the sale of the
Bonds to the Financing Authority, and the resale of the Bonds by the Financing Authority to the
underwriter of the Bonds.
Section 3. Findings. The City Council hereby determines that pursuant to California Health
and Safety Code section 33679, the City Council as the legislative body of the City has held the
public hearing following the satisfaction of the notice and available summary provisions of said
section 33679, and that pursuant to California Health and Safety Code section 33445, the following
facts support the allocation of tax increment to that portion of the Project which is subject to the
aforesaid provisions:
S398607.6
(i)
The Project is of benefit to the Merged Improvement Areas, as it will promote
and enhance the economic development of the Merged Improvement Areas;
and
(ii) No other reasonable means of financing the Project is available, as the
revenues generated by the Project itself will not be sufficient to pay the costs
of the Project, and would therefore constitute an unreasonable drain on the
other resources of the CIC, if the tax increment from the Merged
Improvement Areas is not used to offset the cost of the Project.
(iii) That the payment of funds for the acquisition of land or the cost of buildings,
facilities, structures, or other improvements will assist in the elimination of
one or more blighting conditions inside the Merged Improvement Areas area
or provide housing for low- or moderate- income persons and is consistent
with the implementation plan adopted pursuant to the provisions of section
33490 of the California Health and Safety Code.
Section 4. Effective Date. This resolution shall take effect immediately upon its adoption.
Revised 9/24/03
I, the undersigned, hereby certify that the foregoing Resolution was duly and regularly
adopted and passed by the Council of the City of Alameda in a Special Joint City Council,
Community Improvement Commission, and Alameda Public Financing Authority meeting
assembled on the 16th day of September, 2003, by the following vote to wit:
AYES: Councilmembers Gilmore, Kerr, Matarrese, and
Mayor Johnson - 4.
NOES; Councilmember Daysog - 1.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said City this
17th day of September, 2003.
Lara Weisiger, City C1�erk
City of Alameda