CC Resolution 10495
CITY OF CAMPBELL
RESOLUTION NO.
10495
RESOLUTION APPROVING THE ISSUANCE BY THE CITY OF
CAMPBELL REDEVELOPMENT AGENCY OF TAX ALLOCATION
BONDS
RESOLVED, by the City Council (the "Council") of the City of Campbell (the "City") as
follows:
WHEREAS, the City of Campbell Redevelopment Agency (the "Agency") is 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 California, constituting Part 1 of Division 24 of the California Health and Safety Code
(the "Law"), including the power to issue bonds for any of its corporate purposes;
WHEREAS, in connection with the Agency's Central Campbell Redevelopment Project
(the "Project Area") in the City, and in compliance with all requirements of the Law, the City has
adopted and amended a redevelopment plan for the Project Area;
WHEREAS, the Agency now wishes to refinance certain redevelopment activities (within
the meaning of Section 33678 of the Law) with respect to the Project Area, by the issuance of
its Central Campbell Redevelopment Project Tax Allocation Bonds, Series 2005A (the "Bonds"),
pursuant to the Law;
WHEREAS, in accordance with the requirements of Section 33640 of the Law, the
Council wishes at this time to approve the issuance and sale of the Bonds by the Agency; and
WHEREAS, the Council further wishes to subordinate its rights to receive certain
payments to the payment of debt service on the Bonds and any bonds or other obligations
payable on a parity with the Bonds
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. Approval of the Bonds. The issuance and sale of the Bonds by the Agency in
the aggregate principal amount of not to exceed $13,000,000, is hereby approved.
Section 2. Subordination of Section 33676 Payments. The City Council hereby agrees to
subordinate its right to receive payments pursuant to Section 33676 of the Law to payment of
debt service on the Bonds and any bonds or other obligations payable on a parity with the
Bonds.
Section 3. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
*******
PASSED and ADOPTED this 3rd day of May, 2005, by the following roll call vote:
AYES:
NOES:
Councilmembers
Councilmembers
ABSENT:
Councilmembers
ABSTAIN:
Councilmembers
ATTEST:
tL&~
Anne Bybee, City Clerk
Burr, Hernandez, Furtado, Watson, Kennedy
None
None
None
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