CC Resolution 10031
13090-04
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4/22/02
05/15/02
CITY OF CAMPBELL
RESOLUTION NO. 10031
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 a redevelopment plan for the Project Area, specifically a Second Amended and
Restated Central Campbell Redevelopment Plan, adopted by the City on June 16, 1992 by
Ordinance No. 1860, which amended and restated the Redevelopment Plan adopted June 21,
1983 by Ordinance No. 1461, as amended and restated by that Amended and Restated (First)
Redevelopment Plan adopted January 15, 1991 by Ordinance No. 1830;
WHEREAS, the Agency now wishes to finance 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 2000 A (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;
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 $18,000,000, 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 parity debt.
Section 3. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
.
PASSED and ADOPTED this 21st day of May, 2002, by the following votes:
AYES: Councilmembers: Burr, Kennedy, Furtado, Watson
NOES: Councilmernbers: None
ABSENT: Councilmembers: Dean
ABSTAIN: Councilmembers: None
t1LCV,h-
/ Mayor
Jeanette Watson
ATTEST:
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City Clerk
Anne Bybee
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