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HomeMy WebLinkAboutCC Resolution 4612BEFORE THE CITY COUNCIL OF THE CITY OF SAN RAFAEL, COUNTY OF MARIN, STATE OF CALIFORNIA In the Matter of the First Amendment to the Repayment Contract with the Resolution No. 4612 San Rafael Redevelopment Agency WHEREAS, by prior Resolution No. 4579 this Council authorized and entered into a repayment contract for expenses incurred for the benefit of the San Rafael Redevelopment Project. WHEREAS, it was understood in said repayment contract that the City would be reimbursed by the Agency out of tax increment revenues generated within the Central San Rafael Redevelopment Project. WHEREAS, subsequent to the execution of said repayment contract, the City sold tax allocation bonds for the benefit of and to help finance the San Rafael Redevelopment Project. WHEREAS, it was the understanding of the City and the Agency that any payments made pursuant to the above referenced repayment contract would be subordinate to any and all payments necessary to meet outstanding bonded indebtedness pursuant to the above referenced repayment contract. WHEREAS, it is the further understanding of the City and the Agency that the Agency may sell subsequent bonds to assist in the financing of said project and that any payments made pursuant to the above referenced repayment contract will be subordinated to any and all payments necessary to meet outstanding bond obligations. NOW, THEREFORE BE IT RESOLVED by the City Council of the City of San Rafael, California That the Mayor is hereby authorized to enter into an appropriate First Amendment to the Repayment Contract with the San Rafael Redevelop- ment Agency, a copy of which is hereto attached as Exhibit A. Said First Amendment shall provide that the reimbursement to the City pursuant to the Repayment Contract shall be subordinated to any and all payments necessary to satisfy the obligations on the outstanding bonded indebtedness. Dated this 3rd day of December, 1973. I, MARION A. GRADY, City Clerk of the City of San Rafael, certify that the foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the City Council held on the 3rd day of December, 1973, by the following vote, to wit: AYES: COUNCILMEN: Jensen, Miskimen, Mulryan, Nixon and Mayor Bettini NOES: COUNCILMEN: None. ABSENT: COUNCILMEN: None. ORIU"IINAL MARION A. GRADY, City Clerk FIRST AMENDMENT TO THE REPAYMENT CONTRACT SAN RAFAEL REDEVELOPMENT PROJECT This is the First Amendment to the Repayment Contract made this 3rd day of December , 1973, by and between the City of San Rafael (hereinafter called "City") and the San Rafael Redevelopment Agency (hereinafter called "Agency"). RECITALS: 1. On October 1, 1973, by San Rafael City Council Resolution No. 4579 the Council authorized the City of San Rafael to make capital improvements within the San Rafael Redevelopment Project (hereinafter called "Project") in order to aid and further the redevelopment of the Project Area. 2. On October 1, 1973, by Resolution No. 73-3 the Agency agreed to reimburse the City for certain costs incurred by the City in constructing or causing to be constructed said capital improvements for the benefit of the Project. 3. On October 8, 1973, the City and the Agency entered into a repayment contract by which the Agency had agreed to reim- burse the City for all expenses incurred in connection with said capital improvements to the extent the Agency has sufficient tax increment revenues available for,such repayment. 4. Subsequently, on the 20th of November, 1973, pursuant to the Resolution No. 73-6 San Rafael Redevelopment Agency sold $1,000,000 face value tax allocation bonds in order to assist in financing the Project. Proceeds received from said bond sale will be used for the benefit of the Project. The Agency has agreed to reimburse the bondholders to the extent the Agency has suffi- cient tax increment revenues available for such repayment. 5. It is the understanding of the City and Agency that the Agency's obligation to repay the City pursuant to the Repayment Contract dated October 8, 1973, is subordinate to Agency's obligation to satisfy its obligations to bondholders pursuant to the terms of the outstanding bonded indebtedness as well as subordinate to any payments necessary to satisfy Agency obligations under the terms of future bonded indebtedness anticipated to be sold to assist in the financing of said Re- development Project. CITY AND AGENCY AGREE: That the reimbursement to the City of San Rafael pur- suant to the Repayment Contract is hereby subordinated to any and all payments necessary to satisfy Agency obligations on any and all outstanding bonded indebtedness or any future tax alloca- tion bonded indebtedness which may be incurred by the Agency for the benefit of the Central San Rafael Redevelopment Project. IN WITNESS WHEREOF the Mayor of the City of San Rafael by Resolution No. 4612 thereunto duly authorized has caused the name of said City of San Rafael to be affixed hereto and the Executive Director of the San Rafael Redevelopment Agency by Resolution No. 73-8 of said Agency thereunto duly authorized has caused the name of said San Rafael Redevelopment Agency to -2- be affixed hereto on the date and year first hereinabove written. ATTEST: CITY OF SAN--RAFAE By ca&( C. PAUL BETTINI, MAYOR SAN RAFAEL REDEVELOPMENT AGENCY MARION A. GRADY, CITY CLERK By /s/ William J. Bielser WILLIAM J. BIELSER, EXECUTIVE DIRECTOR -3-