Resolution 13928CITY OF ALAMEDA RESOLUTION NO. 13928
APPROVING THE BORROWING OF FUNDS BY THE COMMUNITY
IMPROVEMENT COMMISSION OF THE CITY OF ALAMEDA FROM
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY AND PROVIDING OTHER MATTERS RELATING
THERETO
WHEREAS, the California Statewide Communities Development
Authority (the "Authority") is a joint powers authority duly organized and existing
under and pursuant to that certain "Amended and Restated Joint Exercise of
Powers Agreement Relating to the California Statewide Communities
Development Authority", dated as of June 1, 1988, and under the provisions of
Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7
of Title 1 of the Government Code of the State of California (the "Act"), and is
authorized pursuant to Article 4 of the Act (the "Bond Law") to issue bonds,
notes and other obligations; and
WHEREAS, the Community Improvement Commission of the City of
Alameda (the "Agency") is a public body, corporate and politic, duly established
and authorized to transact business and exercise powers under and pursuant
to the provisions of Part 1 of Division 24 of the Health and Safety Code of the
State of California; and
WHEREAS, Section 33681.15 of the California Health and Safety Code
authorizes the Authority to issue bonds, notes or other obligations to provide
funds to make loans to redevelopment agencies to make the payments
required by Section 33681.12 of the California Health and Safety Code, namely
payments to the applicable county auditor for deposit in the county's
Educational Revenue Augmentation Fund (the "ERAF Payment"); and
WHEREAS, in order to make loans for such purpose to redevelopment
agencies, the Authority has determined to issue its California Statewide
Communities Development Authority 2006 Taxable Revenue Bonds, Series A
(CRA/ERAF Loan Program) in the aggregate principal amount of not to exceed
$30,000,000 (the "Bonds"); and
WHEREAS, in order to make its ERAF Payment for fiscal year 2005-06,
the Agency desires to obtain a loan from the Authority from the proceeds of the
Bonds in the amount of not to exceed $800,000 (the "Loan") pursuant to the
terms and conditions set forth in the Loan Agreement, dated as of April 1, 2006,
by and between the Agency and the Authority (the "Loan Agreement"); and
WHEREAS, as a condition precedent to entering into the Loan
Agreement, said Section 33681.15 requires that the Agency obtain the prior
approval of this City Council, which City Council is a "legislative body" for
purposes of Section 33681.15, by resolution adopted by a majority of this City
Council that recites that a first lien will be created on property tax revenues of
the City to secure repayment of the Loan; and
WHEREAS, this City Council desires to make the recitals set forth below
and to approve the making of the Loan by the Authority to the Agency pursuant
to the Loan Agreement;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Alameda (the "City ") that:
Section 1. Acknowledgment with respect to First Lien on Property
Tax Revenues. In fulfillment of the requirements of Section 33681.15 of the
California Health and Safety Code, the City Council hereby acknowledges that,
in order to secure repayment of the Loan by the Authority to the Agency, a first
lien is created by said Section 33681.15 on the property tax revenues allocated
to the City pursuant to Chapter 6 (commencing with Section 95) of Part 0.5 of
Division 1 of the Revenue and Taxation Code. This lien will arise by operation
of said Section 33681.15 automatically upon the making of the Loan without the
need for any action on the part of any person. This lien will be valid, binding,
perfected, and enforceable against this City Council, its successors, creditors,
purchasers, and all others asserting rights in those property tax revenues,
irrespective of whether those persons have notice of the lien, irrespective of the
fact that the property tax revenues subject to the lien may be commingled with
other property, and without the need for physical delivery, recordation, public
notice, or any other act. This lien shall be a first priority lien on such property
tax revenues.
Section 2. Approval of Loan. The City Council hereby approves the
Loan in the amount of not to exceed $800,000 to be made by the Authority to
the Agency pursuant to the Loan Agreement, as above described.
Section 3. Official Statement. The City Council hereby approves the
information that describes the City and the Agency contained in the form of the
Official Statement on file with the Secretary. Distribution by the purchaser of
the Bonds of the final Official Statement containing such information is hereby
approved.
Section 4. Official Actions. The Mayor, the City Manager, the Finance
Director, the City Attorney, the 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, and to execute
and deliver all certificates and other documents, which they, or any of them,
may deem necessary or advisable in order to consummate the sale, issuance
and delivery of the Bonds by the Authority and the making of the Loan by the
Authority to the Agency pursuant to the Loan Agreement.
Section 5. Effective Date: This Resolution shall' take effect from and after the date of its
passage and adoption.
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 the regular meeting of the City
Council on the 7th day of March, 2006, by the following vote to wit:
AYES:
Councilmembers Daysog, deHaan, Gilmore, Matarrese
and Mayor Johnson - 5.
NOES: None.
ABSENT: None.
ABSTENTIONS : None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said City
this 8th day of March, 2006.
Lara Weisiger, City Clerk
City of Alameda