HomeMy WebLinkAboutResolution No. 5380 RESOLUTION NO. 5380
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING THE ISSUANCE OF $5,000,000 PRINCIPAL AMOUNT OF
DOWNEY REDEVELOPMENT PROJECT 1990 TAX ALLOCATION BONDS
BY THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF DOWNEY
WHEREAS, the Community Development Commission of the City of Downey (the
"Commission ") has established a Redevelopment Plan for the Downey Redevelopment
Project, in the City of Downey (the "Redevelopment Project "), and for the purpose of
financing the Redevelopment the City of Downey (the "City ") has previously made
loans, advances and other expenditures with respect to the Redevelopment Project
which the Commission is obligated to repay (the "City Loans "); and
WHEREAS, the Commission has determined to issue its $5,000,000 aggregate
principal amount of Downey Redevelopment Project 1990 Tax Allocation Bonds (the
"Bonds ") pursuant to the Community Redevelopment Law of the State of California and
pursuant to the provisions of Article 11 of Chapter 3 of Part 2 of Division 2 of
Title 5 of the Government Code of the State of California, for the purpose of
providing funds to pay a portion of the outstanding balance of the City Loans,
including principal thereof and interest accrued thereon, and
WHEREAS, the Commission is proceeding to sell the Bonds at public sale on
December 4, 1990, pursuant to a Notice Inviting Bids adopted by the Commission;
WHEREAS, in accordance with the requirements of Section 33640 of the
California Health and Safety Code, the City Council wishes at this time to approve
the issuance of the Bonds by the Commission;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Downey
that the issuance and sale of the Bonds by the Commission, for the purpose of paying
a portion of the outstanding balance of the City Loans, be and is hereby approved.
PASSED AND ADOPTED by the City Council of the City of Downey at a regular
meeting thereof held on the 27th of November , 1990.
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Mayor
ATTEST:
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41 5 1 0y Clerk
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City
Council of Downey at a regular meeting hereof held on the 27th day
of November , 1990, by the following vote, to wit:
AYES:5 Council Members: Boggs, Hayden, Brazelton, Cormack, Paul
NOES :0 Council Members: None
ABSENT:0 Council Members: None
ABSTAINED:0 Council Members: None
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3ty Clerk
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