Resolution - 8899RESOLUTION NO. 8899
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA, CALIFORNIA � APPROVING THE
ISSIIANCE, SALE AND DELIVERY OF WEST COVINA
PUBLIC FINANCING AUTHORITY 1992 REVENUE (TAX
ALLOCATION) BONDS BY THE WEST COVINA PUBLIC
FINANCING AUTHORITY.
WHEREAS, the Redevelopment Agency of the City of West Covina (the
"Agency") desires to refinance and refund its Central Business
District Redevelopment Project Tax Allocation Refunding Bonds,
1986 Series A (the 111986 Series A Bonds") and its Eastland
Redevelopment Project Tax Allocation Refunding Bonds, 1986 Series
B (the 111986 Series B Bonds");
WHEREAS, a portion of the proceeds of the 1986 Series A Bonds
were used to refund the Agency's then outstanding Central
Business District Redevelopment Project 1972 Tax Allocation
Bonds, Central Business District Redevelopment Project 1982 Tax
Allocation Bonds and Central Business District Redevelopment
Project (Amended Project Area) 1982 Tax Allocation Bonds
(collectively, the "Central Business District Bonds"); and
WHEREAS, a portion of the proceeds of the 1986 Series B Bonds
were used to refund the Agency's then outstanding Eastland
Redevelopment Project 1982 Tax Allocation Bonds (the "Eastland
Bonds"); and
WHEREAS, a portion of the proceeds of the Central Business
District Bonds were used to acquire or construct certain real
property and improvements relating to the West Covina Fashion
Plaza and other commercial developments; and
WHEREAS, a portion of the proceeds of the Eastland Bonds were
used to acquire or construct certain real property and
improvements relating to the Eastland Shopping Center and other
commercial developments; and
WHEREAS the West Covina Public Financing Authority (the
"Authority"), formed by the City of West Covina (the "City") and
the Agency, has the authority to issue its 1992 Revenue (Tax
Allocation) Bonds (the "Bonds") to finance said Project; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code
of 1986, as amended, (the "Code"), the Bonds are required to be
approved, following a public hearing, by an elected
representative of the issuer of the Bonds and an elected
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representative of the governmental unit„having jurisdiction over
the area in which the Project is located; and
WHEREAS this City Council of the City is the elected legislative
body from which the Authority and Agency derive their authority;
and
WHEREAS the Project is located wholly within the geographic
jurisdiction of the City and within the territorial jurisdiction
of the Authority; and
WHEREAS the City caused a notice to appear in San Gabriel Valley
Tribune, which is a newspaper of general circulation in the City,
on November 2, 1992, to the effect that a public hearing would be
held by this City Council on November 17, 1992, regarding the
issuance of not to exceed $22,000,000 of Bonds by the Authority
to finance the Project and the nature and location of the
Project; and
WHEREAS this City Council held the above -described public hearing
on such date, at which time an opportunity as provided to present
arguments both for and against the issuance of the Bonds and the
nature and location of the Project,
NOW, THEREFORE, the City Council of the City of West Covina does
hereby resolve, order and determine as follows:
Section 1. The above recitals, and each of them, are true and
correct.
Section 2. Pursuant to Section 147(f) of the Code, this City
Council hereby approves the issuance of the Bonds
in an amount not to exceed $22,000,000 by the
Authority to provide financing for the Project.
It is the purpose and intent of this City Council
that this Resolution constitutes approval of the
issuance of bonds by the applicable elected
representative of the governmental unit having
jurisdiction over the area in which the Project is
located and on behalf of which such bonds will be
issued in accordance with said Section 147(f).
Section 3. This City Council hereby reconfirms its intent
that the Project be developed and constructed and
hereby further determines that it is appropriate
for the Authority to issue bonds to finance such
development and construction.
Section 4. This Resolution shall take effect immediately upon
its adoption.
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The City Clerk shall certify to the adoption of this
Resolution.
APPROVED AND ADOPTED this 23rd day of November, 1992.
MM
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ATTEST:
U
City Clerk
I HEREBY CERTIFY that the foregoing Resolution No. 8899 was
duly adopted by the City Council of the City of West Covi anat a
meeting thereof held on the 23rd day of November, 1992, by the.
following vote:
AYES: Manners, Jennings, Herfert, McFadden, Wong
NOES: None
ABSENT: None
ABSTAIN: None
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ce
City clerk
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