CC Resolution 11962RESOLUTION NO. 11962
A RESOLUTION OF THE CITY OF CAMPBELL SUCCESSOR AGENCY DIRECTING
PREPARATION OF PROCEEDINGS FOR THE REFUNDING OF OUTSTANDING
OBLIGATIONS OF THE FORMER CITY OF CAMPBELL REDEVELOPMENT
AGENCY, APPROVING A FINANCING TEAM, AND PROVIDING OTHER MATTERS
RELATING THERETO
WHEREAS, the City of Campbell Redevelopment Agency (the "Former Agency")
was a public body, corporate and politic, duly established and authorized to transact
business and exercise powers under and pursuant to the provisions of the Community
Redevelopment Law of the State of Califdrnia, constituting Part 1 of Division 24 of the
Health and Safety Code of the State;
WHEREAS. Assembly Bill x1 26, effective June 29, 2011, together with AB 1484,
effective June 27, 2012, codified Part 1.8 (commencing with Section 34161) and Part
1.85 (commencing with Section 34170) of Division 24 of the California Health and
Safety Code (as amended from time to time, the "Dissolution Act");
WHEREAS, pursuant to Section 34172(a) of the Dissolution Act, the Former
Agency has been dissolved and no longer exists as a public body, corporate and politic,
and pursuant to Section 34173 of the Dissolution Act, the City of Campbell Successor
Agency has become the successor entity to the Former Agency (the "Successor
Agency");
WHEREAS, prior to its dissolution, the Former Agency incurred the following
outstanding obligations (the "Outstanding Successor Agency Obligations"):
(i) $15,300,000 City of Campbell Redevelopment Agency Central Campbell
Redevelopment Project Tax Allocation Bonds, Series 2002 A (the "2002 Bonds")
pursuant to an Indenture of Trust, dated as of September 1, 1999 (the "Master
Indenture"), as supplemented by a First Supplement to Indenture of Trust, dated as of
July 1, 2002;
(ii) $12,300,000 City of Campbell Redevelopment Agency Central Campbell
Redevelopment Project Tax Allocation Bonds, Series 2005A (the "2005 Bonds")
pursuant to the Master Indenture, as supplemented by a Second Supplement to
Indenture of Trust, dated as of May 15, 2005;
(iii) an obligation to repay an advance (the "Advancement") made by the City to the
Former Agency, pursuant to a Third Amended and Restated Indebtedness Agreement,
dated as of July 1, 2002 (the "Indebtedness Agreement"), by and between the City and
the Former Agency, which repayments are payable directly to (A) U.S. Bank National
Association, as trustee (the "1997 Trustee") with respect to the $13,480,000 1997
Refunding Certificates of Participation (Civic Center Project) (the "1997 COPS") and (B)
U.S. Bank National Association, as trustee (the "2002 Trustee") with respect to the
$11,930,843.30 2002 Refunding Certificates of Participation (Civic Center Project) (the
"2002 COPS"); and
WHEREAS, Section 34177.5(a)(1) of the Dissolution Act authorizes the
Successor Agency to issue refunding bonds pursuant to Article 11 (commencing with
Section 53580) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code
(the "Refunding Law") to refund bonds or other indebtedness for the purpose of
achieving debt service savings within the parameters set forth in Section 34177.5(a)(1)
(the "Savings Parameters");
WHEREAS, the Successor Agency has determined that savings may accrue to
the Successor Agency and to applicable taxing entities as a result of a refinancing of the
Outstanding Successor Agency Obligations, to the extent they are eligible to be
refinanced;
WHEREAS, the repayment of the Advancement only pays for a portion of the
principal and interest with respect to the 1997 COPS and the 2002 COPS, and City staff
has determined that savings may accrue to the City if the City concurrently refinances
the portion of the 1997 COPS and the 2002 COPs that is not payable from the
Successor Agency's repayment of the Advancement, to the extent that the 1997 COPs
and the 2002 COPS are eligible to be refinanced;
NOW, THEREFORE, BE IT RESOLVED by the City of Campbell Successor
Agency, as follows:
1. Direction to Refund. The Successor Agency hereby directs staff, to the maximum
extent possible and subject to satisfying the Savings Parameters, to undertake the
refunding of the Outstanding Successor Agency Obligations by the issuance of
refunding bonds (the "Refunding Bonds"). The Successor Agency hereby directs staff to
work with its financing team to prepare the legal documentation required for the
issuance of the Refunding Bonds and to return to this Successor Agency for approval of
the proposed Refunding Bonds.
2. Approval of Financing Team and Related Agreements. The Successor Agency
hereby approves the appointment of the following firms to its financing team and hereby
directs the Finance Director, as the chief financial officer of the Successor Agency, to
execute agreements with each of such firms:
(a) Jones Hall, A Professional Law Corporation, as bond counsel and disclosure
counsel;
(b) Fieldman, Rolapp & Associates, as municipal advisor;
(c) Urban Analytics, as fiscal consultant; and
(d) A corporate bank to be identified by the Finance Director after a competitive
process to act as trustee and refunding escrow agent.
3. Effective Date. This Resolution shall take effect upon its passage and adoption.
PASSED AND ADOPTED this 5th day of April , 2016, by the following roll call vote:
AYES : Board Members: Kotowski, Resnikoff, Cristina, Gibbons, Baker
NOES: Board Members: None
ABSENT: Board Members: None
APPROVED:
v~ ~ ~5 1~-
J s n T. Baker, Chairperson
ATTEST:
Wendy ood, Secretary