CIC Resolution 97-67CITY OF ALAMEDA
COMMUNITY IMPROVEMENT COMMISSION
RESOLUTION NO. 9 7— 6 7
APPROVING AGREEMENT WITH THE ALAMEDA PUBLIC FINANCING
AUTHORITY RELATING TO ADMINISTRATION OF IMPROVEMENT BONDS
FOR MARINA VILLAGE ASSESSMENT DISTRICT NOS. 84-3 AND 89-1
RESOLVED, by the City of Alameda Community Improvement Commission (the
"Commission"), as follows:
WHEREAS, the City of Alameda (the "City") has heretofore issued three issues of its
assessment bonds (collectively, the "Assessment Bonds") for Marina Village Assessment
District Nos. 84-3 and 89-1 (collectively, the "Assessment District"), consisting of: (a) the City
of Alameda Improvement Bonds, Marina Village Assessment District No. 84-3, Series 86-1
(Reassessment and Refunding for 1986); (b) the City of Alameda Improvement Bonds, Marina
Village Assessment District No. 84-3, Series 86-2; and (c) the City of Alameda Limited
Obligation Improvement Bonds, City of Alameda, Marina Village Assessment District 89-1,
Series 89-1; and
WHEREAS, pursuant to an Owner Participation Agreement dated as of December 19,
1984, by and among the City, th,e Commission, Alameda Marina Village Associates and
Alameda Marina Center Associates, as amended (as so amended, the "Owner Participation
Agreement"), the Commission is obligated to apply certain amounts of tax increment revenues
derived by the Commission from•the portion of the Assessment District which is within the
West End Community Improvement Project, to make reimbursements to owners of properties
within the Assessment District for payment of assessments relating to the Assessment Bonds;
and
WHEREAS, the City has determined that it is in the best financial interests of the City
and the Commission to refinance the Assessment Bonds at this time, and in order to refinance
the Assessment Bonds on advantageous terms and conditions the Alameda Public Financing
Authority (the "Authority") proposes to issue its revenue bonds in the maximum principal
amount of $39,000,000 (the "Bonds") under Article 4 (commencing with Section 6584) of
Chapter 5 of Division 7 of Title 1 of the California Government Code (the "Bond Law"), and to
use the proceeds thereof to acquire the Assessment Bonds; and
WHEREAS, the Commission wishes at this time to authorize the execution and delivery
of an agreement with the Authority with respect to the payment to the Commission of the net
savings on the refunding of the Assessment Bonds, and the application of such savings by the
Commission.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED, as follows:
Section 1. Approval of Agreement With Authority. The Commission hereby authorizes
and approves the Agreement Relating to Assessment Bond Refunding, dated as of April 1,
1997, by and between the Authority and the Commission (the "Agreement"). The Commission
hereby approves the Agreement in substantially the form on file with the Secretary, together
with any changes therein or additions thereto deemed advisable by the Treasurer, and the
execution thereof by the Chairman, the Executive Director or the Treasurer shall be conclusive
evidence of the approval of any such changes or additions. The Commission hereby authorizes
and directs the Chairman, the Executive Director or the Treasurer to execute, and the Secretary
to attest and affix the seal of the Commission to, said form of the Agreement for and in the
name of the Commission.
Section 2. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
* * * )F * * )F *
1 hereby certify that the foregoing Resolution was regularly introduced and adopted by
the Alameda Community Improvement Commission at a regular meeting held on the 1st day of
April, 1997, by the following vote:
AYES: Commissioners Daysog, DeWitt, Kerr, Lucas and Chair Appezzato - 5.
NOES: None.
ABSTAIN: None.
ABSENT; None.
Secretary