RDA RES 1990-024 RESOLUTION NO. RDA 90-24
A RESOLUTION OF THE RANCHO PALOS VERDES REDEVELOPMENT
AGENCY SETTING FORTH CERTAIN COMMITMENTS IN
CONNECTION WITH THE HORAN SETTLEMENT AGREEMENT
WHEREAS, on October 13, 1987, •
� in resolution of certain
litigation, the City of Rancho Palos Verdes and the Rancho Palos Redevelopment Agency los
Y a entered into an agreement with
the County of Los Angeles and various ro
"Horan p party owners, commonly
referred to as the
Horan Settlement Agreement"; and
WHEREAS said settlement agreement rovided for •
including of $10,000,000 in bonds or certain actions
to take place, 7 d ng the issuance
be used for slide abatement projects in s to
P n Abalone Cove; and
WHEREAS the Rancho Palos Verdes Redevelopment P t Agency intends
to fulfill all of its obligations under the said settlement
agreement;
THEREFORE BE IT RESOLVED, that the Rancho
does resolve, Palos Verdes
Redevelopment Agency olve, determine and order as follows:
Section 1. The Agency will pledge all tax increments to pay the debt service g x increments
, y. service on the bonds in order to
minimize, or eliminate if feasible, the payment of ro
assessments on the $10,000,000 p petty owner
bond issue. Such tax increment will
be placed in a separate and distinct fund and an annual tax
increment study will be conducted to review and
ew the adequacy of said
Section 2. The Agency will meet quarterly,the Abalone Cove Landslide y� upon request,
Abatement District (ACLAD) Board
of Directors to discuss the status of the Agency's '
rovi slide abatement
activities and to
provide an opportunity for ACLAD input in order
to consider any concerns they may have; and
Section 3. As an assurance that all tax payers
portion of in Rancho
Palos Verdes assume a
p f the financial responsibilities for
slide abatement activities, the Agency and the •
accept their bond g, y e City will fully
P • ,d assessment obligations of $1,015,512.49 on public within Abalone Cove under public
der the same terms and conditions
as other project area property owners as rovided for and
ar by the Horan
Settlement A
I/ g nd
Section 4. The Agency will annually provide financial y p ide that a
qualified inde
P ancial audit of Agency activities is
conducted and made available to interested arties�
p and
Section 5. The Agency pledges to use $9,000,000
$10,000,000 Abalone of the
alone Cove bond funds on activities related
Abalone Cove slide abatement, following to the
flowing recommendations from the
Panel of Experts established under the Horan Settl
and ement Agreement;
Section 6.
A one million dollar ($1,000,000) Maintenance
established from the ten million dollar
Trust Fund will be the interest from the
Assessment Bond issue, with , th
($10,000,000) for maintenance of bond fund
Trust Fund to be used exclusively fo
constructed facilities; and
When appropriate underwr
Section 7. underwriting conditions are increment bonds to
the Agency will consider the sale of tax
met, g Cove assessment
I/
s or pay off Abalone Cov nts or to generate funds for
slide abatement projects,slide is if such projects are recommended by the
appointed Panel of Experts.
ED APPROVED AND ADOPTED this 15 day of
PASSED,
November, 1990
AYES.
• MCTAGGART, BACHARACH AND CHAIRMAN HUGHES
NOES: RYAN
ABSENT: NONE
ABSTAIN: HINCHLIFFE
. ,_ 17 '
// / h7L / ( I-J A
C AIRMAN
ATTEST:
CI* d
AV _ / -
AGENCY SECRETARY
1
I
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF RANCHO PALOS VERDES )
Agency Secretary of the Rancho Palos Verdes
I, JO PURCELL, g y that the above Resolution No.
Redevelopment Agency hereby certify tha
and regularly passed and adopted by the said
RDA 90 24 was duly an g y
Redevelopment ment Agency at a regular meeting thereof held on
November 15, 1990.
ti /
if
II
.411111- . _..- i i °
AGENCY SECRETARY
RDA RESOL. 90-24