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HomeMy WebLinkAboutED Sale of RA Bonds, Series 2009CITY OF SAN RAFAEL AGENDA ITEM NO. • 10 MEETING DATE: November 16, 2009 REPORT TO MAYOR AND CITY COUNCIL SUBJECT: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL APPROVING THE ISSUANCE AND SALE OF NOT TO EXCEED $16,000,000 AGGREGATE PRINCIPAL AMOUNT OF SAN RAFAEL REDEVELOPMENT AGENCY CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT TAX ALLOCATION REFUNDING BONDS, SERIES 2009 (REDEVELOPMENT IV) SUBMITTED BY� ��I & APPROVED BY: Nancy Mackle, Economic Development Director Ken Nordhoff, Executive Director RECOMMENDATION: Staff recommends that the City Council adopt the attached resolution authorizing the Agency's refunding bonds pursuant to the terms of the Sixth Supplemental Bond Resolution approved by the Redevelopment Agency. BACKGROUND: The Agency issued $23,504,004.10 of tax allocation bonds in 1999. The Agency is proposing to refund $14,315,000 of current interest bonds from the 1999 bond issuance. The average coupon of the remaining 1999 current interest bonds is 4.99%. The true interest cost for the refunding bonds is anticipated to not to exceed 4.00%. The refunding bonds will not alter the current final maturity date for the 1999 bonds and the annual debt service will not exceed current $1,500,000 maximum. ANALYSIS: State Law requires City Council approval of the sale of Redevelopment Agency bonds. FISCAL IMPACT: No fiscal impact to the City of San Rafael. A minimum of $500,000 is anticipated to be raised by the Redevelopment Agency. ACTION REQUIRED: Adopt the attached resolution. FOR CITY CLERK ONLY File No.: City Council Meeting: Disposition: 26058-07 JH:SM:Idw 10/06/09 10/27/09 10/28/09 RESOLUTION NO. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL APPROVING THE ISSUANCE AND SALE OF NOT TO EXCEED $16,000,000 AGGREGATE PRINCIPAL AMOUNT OF SAN RAFAEL REDEVELOPMENT AGENCY CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT TAX ALLOCATION REFUNDING BONDS, SERIES 2009 (REDEVELOPMENT IV) WHEREAS, the San Rafael Redevelopment Agency, by its Sixth Supplemental Resolution adopted on November 16, 2009 (the 'Resolution"), has authorized the issuance and sale of not to exceed $16,000,000 aggregate principal amount of its San Rafael Redevelopment Agency Central San Rafael Redevelopment Project Tax Allocation Refunding Bonds, Series 2009 (the "Bonds") for the purpose of providing funds to aid in refinancing and financing the Central San Rafael Redevelopment Project; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of San Rafael, as follows: 1. The issuance and sale of not to exceed $16,000,000 aggregate principal amount of the Bonds by the San Rafael Redevelopment Agency, in accordance with the terms and conditions set forth in the Resolution, is hereby approved. 2. This Resolution shall take effect from and after its adoption and approval. I, ESTHER C. BEIRNE, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the Council of the City of San Rafael held on the 16th day of November, 2009, by the following vote, to wit: AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: ESTHER C. BEIRNE, City Clerk