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
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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
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