R 4011RESOLUTION N0.4011
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ARROYO GRANDE, CALIFORNIA, APPROVING THE
ISSUANCE BY THE ARROYO GRANDE
REDEVELOPMENT AGENCY OF ITS ARROYO GRANDE
REDEVELOPMENT PROJECT AREA, 2007 TAX
ALLOCATION BONDS AND MAKING CERTAIN
DETERMINATIONS RELATING THERETO
WHEREAS, the Arroyo Grande Redevelopment Agency (the "Agency"), is a
redevelopment agency duly created, established and authorized to transact business
and exercise its powers, all under and pursuant to the Community Redevelopment Law
(Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code
of the State of California) and the powers of the Agency include the power to issue
bonds for any of its corporate purposes; and
WHEREAS, a Redevelopment Plan known as the "Arroyo Grande Redevelopment
Agency, Arroyo Grande Redevelopment Project Area" has been adopted and approved
by Ordinance No. 487 C.S. of the City of Arroyo Grande (the "City"), which became
effective on July 10, 1998 and all requirements of law for and precedent to the adoption
and approval of said Redevelopment Plan have been duly complied with; and
WHEREAS, the Agency has approved in substantial form its Resolution entitled:
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
ARROYO GRANDE REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF 2007 TAX ALLO-
CATION BONDS OF SAID AGENCY IN A PRINCIPAL
AMOUNT OF NOT TO EXCEED SEVEN MILLION
DOLLARS ($7,000,000) TO FINANCE A PORTION OF THE
COSTS OF A REDEVELOPMENT PROJECT KNOWN AS
THE ARROYO GRANDE REDEVELOPMENT PROJECT
AREA AND APPROVING CERTAIN DOCUMENTS AND
TAKING CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH.
WHEREAS, under and pursuant to the above Resolution, the Agency will authorize the
issuance and sale of not to exceed $7,000,000 principal amount of its "Arroyo Grande
Redevelopment Agency, Arroyo Grande Redevelopment Project Area, 2007 Tax
Allocation Bonds" (the "Bonds");
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arroyo
Grande, California, as follows:
1. Approval of Issuance of Bonds. The issuance of a principal amount not to
exceed $7,000,00 of Bonds in order to aid in the financing of the Arroyo Grande
Redevelopment Project Area and for other purposes related thereto, all of which
RESOLUTION NO. 4011
Page 2
constitute a "redevelopment activity," as such term is defined in Health and Safety Code
Section 33678, is hereby authorized and approved pursuant to Health and Safety Code
Section 33640.
2. Authorization of Officers. The City Manager, the Assistant City Manager,
and the Finance Director of the City and the other officers and members of staff having
responsibility for the affairs of the Agency are hereby authorized to execute such
documents and certificates determined by Bond Counsel as necessary to assist the
Agency in the issuance of the Bonds.
3. Effective Date. This Resolution shall take effect upon adoption.
On motion of Council Member Guthrie, seconded by Council Member Costello, and on
the following roll call vote, to wit:
AYES: Council Members Guthrie, Costello, Fellows, Arnold and Mayor Ferrara
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 24th day of April, 2007.
RESOLUTION NO. yoll
Page 3
MAYOR
ATTE~S/T~:
mil' /i1L~
KELLY W MO E, CITY CLERK
APPROVED AS TO CONTENT:
_..._./ ~
STEVEN•~iDAMS, CITY MANAGER
APPROVED AS TO FORM:
l___-.
CI ATT EY
OFFICIAL CERTIFICATION
I, KELLY WETMORE, City Clerk of the City of Arroyo'Grande, County of San Luis
Obispo, State of California, do hereby certify under penalty of pery'ury, that the attached
Resolution No. 4011 is a true, full, and correct copy of said Resolution passed and
adopted at a regular meeting of the City Council/Redevelopment Agency of the City of
Arroyo Grande on the 24'" day of April 2007.
WITNESS my hand and the Seal of the City of Arroyo Grande .affixed this 3rd day of May
2007.
Z
KELL ET RE, CITY CLERK