RDA RES 1989-006 RESOLUTION NO. RDA 89-4
A RESOLUTION OF THE RANCHO PALOS
VERDES REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF A
PROMISSORY NOTE
RECITALS:
A. The Rancho Palos Verdes Redevelopment Agency is a
redevelopment agency, a public body, corporate and politic, duly
created, established and authorized to transact business and
exercise its powers, all under and pursuant to the Redevelopment
Law, and the powers of the Agency include the power to borrow
money from any public agency for any redevelopment project within
its area of operation, to comply with any conditions of such
loan, and to make and execute instruments necessary or convenient
to the exercise of its powers.
B. The County desires to loan to the Agency and the
Agency desires to borrow from the County the sum of $1,450,000
for the purposes set forth herein.
C. The Agency deems it necessary and desirable to
authorize the issuance of an instrument in the form of a
promissory note evidencing such loan and payable to the County
in the sum of $1,450,000.
D. The Agency will pay the principal of the
Promissory Note and the interest thereon solely from Pledged
Revenues; provided, however, that the principal of and interest
on the Promissory Note shall be secured by and payable from the
Tax Increment Revenue only until such time as the County may have
issued and sold its Improvement Bonds. At such time, the
principal of and interest on the Promissory Note shall be secured
by and paid solely from the proceeds of Improvement Bonds paid by
the County to the Agency.
NOW, THEREFORE, THE RANCHO PALOS VERDES REDEVELOPMENT
AGENCY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. Definitions. As used in this Resolution
the following terms shall have the following meanings, unless the
context requires otherwise:
"Abalone Cove Area" means that portion of the Project
Area which is included within the boundaries of the Abalone Cove
Landslide Abatement District.
"Agency" means the Rancho Palos Verdes Redevelopment
Agency, a redevelopment agency, a public body, corporate and
politic, duly created, established and authorized to transact
business and exercise its powers all under and pursuant to the
Redevelopment Law, and any successor to its duties and functions.
"City" means the City of Rancho Palos Verdes,
California.
"County" means the County of Los Angeles.
"Improvements" means the acquisition of necessary
rights-of-way and the acquisition, installation and construction
of landslide abatement improvements in the Abalone Cove Area,
including dewatering wells and pumping facilities, slide-
monitoring facilities, storm drains, water discharge facilities,
individual drainage facilities, sanitary sewers, a toe berm,
reconstruction of Palos Verdes Drive South and repair and
resurfacing of the excavation in the streets or rights-of-way
where the improvements are installed and constructed, together
with all appurtenant work.
"Improvement Bonds" means improvement bonds which may
be issued by the County pursuant to the Improvement Bond Act of
1915 (California Streets and Highways Code Section 8500, et seq. )
to finance the cost and expenses of the Improvements.
"Pledged Revenues" means the Tax Increment Revenue
received by the Agency and the proceeds of the Improvement Bonds
paid to the Agency; provided, however, that the principal of and
interest on the Promissory Note shall be payable from and secured
by the Tax Increment Revenue only until such time as the County
may have issued and sold its Improvement Bonds, at which time
the principal of and interest on the Promissory Note shall be
secured by and paid solely from the proceeds of Improvement
Bonds paid by the County to the Agency.
"Project Area" means Project Area No. 1 of the Agency
which is described and defined in the Redevelopment Plan app roved
and adopted by the City by its Ordinance No. 190.
"Rancho Palos Verdes Redevelopment Agency Tax Alloca-
tion and Revenue Anticipation Promissory Note" or "Promissory
Note" means the promissory note in the principal sum of
$1,450,000 authorized by this Resolution, to be issued by the
Agency and to be payable to the County.
"Redevelopment Law" means the Community Redevelopment
Law (California Health and Safety Code Section 33000, et seq. ) ,
and all future acts supplemental thereto or amendatory thereof.
"Redevelopment Plan" means the Redevelopment Plan for
Project Area No. 1, approved and adopted by the City by its
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Ordinance No. 190 and includes any amendment of the Redevelopment
Plan heretofore or hereafter made pursuant to law.
"Reimbursement and Settlement Agreement" means that
certain agreement entered into by and among the City, the Agency
and the County dated as of October 13 , 1987.
"State" means the State of California.
"Tax Increment Revenue" means those certain tax
revenues allocated and paid to the Agency pursuant to Section
33670 of the Redevelopment Law for the Project Area, net of tax
revenues paid to the Consolidated Fire Protection District and
net of tax revenues paid into the Low and Moderate Income Housing
Fund of the Agency.
"Technical Panel" means the Abalone Cove Panel of
Experts formed pursuant to the Reimbursement and Settlement
Agreement.
"Treasurer" or "Treasurer of the Agency" means the
officer who is then performing the functions of the Treasurer of
the Agency.
Section 2. Amount, Issuance and Purpose of the
Promissory Note., Under and pursuant to the Redevelopment Law and
under and pursuant to this Resolution, a promissory note of the
Agency in the principal amount of $1,450,000 is authorized to be
issued by the Agency for the corporate purposes of the Agency to
aid in the financing of a redevelopment project, and for other
purposes related thereto as hereinafter provided. Such
redevelopment project includes the installation and construction
of the Improvements in the Abalone Cove Area. It is hereby
determined and declared that the issuance of the Promissory Note
is necessary for the projects and purposes herein stated. The
proceeds of the issuance of the Promissory Note shall be expended
solely for the following projects or purposes:
1. Reconstruction of Palos Verdes Drive South;
2. Investigation to model the landslide and
determine the need for a toe berm;
3. Continued meetings and consultations with the
Technical Panel;
I/ 4. Hydraulic study of Abalone Cove Watershed;
5. Sanitary sewer preliminary study;
6. Design and construction of a six foot drain
pipe to drain the upper portion of Narcissa Drive;
-3- RDA 89-6
7. Study of Altamira Canyon; and
8. Rebuilding of Narcissa Drive.
Section 3 . Nature of Promissory Note,.
A. Payment. The Promissory Note and any interest
thereon shall be payable in lawful money of the United States of
I/
America. The principal of the Promissory Note and the interest
thereon are secured by and payable solely from Pledged Revenues;
provided, however, that the principal of and interest on the
Promissory Note shall be secured by and payable from the Tax
Increment Revenue received by the Agency only until such time as
the County may have issued and sold its Improvement Bonds. At
such time, the principal of and interest on the Promissory Note
shall be secured by and paid solely from the proceeds of the
Improvement Bonds paid by the County to the Agency.
B. No Liability. Neither the members of the Agency
nor any persons executing the Promissory Note are liable
personally thereon by reason of its issuance.
C. Disposition of Proceeds. The Treasurer of the
Agency, on behalf of and as agent for the Agency, shall receive
the proceeds from the issuance of the Promissory Note.
D. Term. The Promissory Note shall mature and the
principal thereof shall be payable on March 15, 1994 .
E. Interest. The Promissory Note shall bear interest
at a rate equal to that earned by the County's treasury pool, but
in no event to exceed 12 percent per annum, payable annually on
March 15th of each year. The Promissory Note shall bear interest
until the principal sum thereof has been paid. Except for
accumulated interest, interest on the Promissory Note shall be
determined on the aggregate of payments therefor from the
respective dates of such payments as such payments and the dates
thereof are evidenced on the Promissory Note by the Treasurer of
the Agency. Interest shall be calculated on the basis of a 360-
day year with twelve 30-day months, until the principal sum
thereof has been paid. In the event the Tax Increment Revenue is
insufficient or unavailable to repay all of the current interest,
the unpaid current interest shall be accumulated and added to the
principal. As the Agency receives Tax Increment Revenue, and to
the extent it ultimately exceeds the amount needed to pay current
interest, that amount in excess shall be allocated first to pay
accumulated interest, and then to principal. The annual payments
of interest on the Promissory Note shall be calculated so that
such annual payments shall be approximately equal, to the extent
into taking nto account the anticipated multiple
advances of money by the County to the Agency.
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F. Place of Payment. Interest on the Promissory
Note, except the final installment of interest due on the
Promissory Note, shall be payable by check or draft delivered at
least five days immediately preceding each interest payment date
to the Director of Finance, Office of the Treasurer and Tax
Collector, Room 437, 500 West Temple Street, Los Angeles,
California 90012 or such other address specified by the County
to the Treasurer of the Agency in writing. The payment of
principal and the final installment of interest due on the
Promissory Note shall be paid only upon surrender of the
Promissory Note at the office of the Treasurer of the Agency.
G. Form of Promissory Note., The Promissory Note
shall be substantially in the form attached hereto and made a
part hereof, marked "Exhibit A". Such form is hereby approved
and adopted as the form of the Promissory Note, with necessary or
appropriate variations, omissions and insertions, as permitted or
required by this Resolution or any supplemental resolution.
H. Execution of Promissory Note,. The Promissory Note
shall be signed on behalf of the Agency by manual signatures of
its Chairman and Secretary. If the Chairman or Secretary whose
signature appears on the Promissory Note ceases to be such
Chairman or Secretary before delivery of the Promissory Note,
such signature is as effective as if the Chairman or Secretary
had remained in office, and the Promissory Note shall be as
binding upon the Agency as though the person who signed the
Promissory Note had been such Chairman or Secretary on the date
borne by the Promissory Note.
Section 4. Redemption Prior to Maturity. The Agency,
at its sole option, may redeem the Promissory Note, or any
portion of the principal thereof, prior to maturity, by paying
such principal and the interest accrued thereon.
Section 5. General Authorization. The members of the
Agency, and its officers, deputy officers, employees, consultants
and legal counsel are hereby authorized to do all acts and things
which may be required of them by this Resolution, or which may be
necessary or desirable in issuing the Promissory Note as provided
by this Resolution and all matters incidental thereto. All such
acts and things heretofore done are hereby approved, ratified and
confirmed.
Section 6. Severability., If any agreement or
provision, or any portion thereof contained in this Resolution,
or the application thereof to any person or circumstance is held
to be unconstitutional, invalid or unenforceable, the remainder
of this Resolution and the application of any such agreement or
provision, or portion thereof, to other persons or circumstances,
shall be deemed severable and shall not be affected, and this
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Resolution and the Promissory Note issued pursuant hereto
shall remain valid and the County shall retain all valid
rights and benefits accorded to it under this Resolution and
the Constitution and laws of the State of California.
Section 7 . Governing Law. This Resolution is
adopted under and the Promissory Note shall be issued under
and is to be construed in accordance with the laws of the
State.
Section 8 . Effective Date. This Resolution shall
become effective upon its adoption.
PASSED, APPROVED AND ADOPTED this 7th day of
March, 1989.
CHAIRWOMAN
ATT=ST: f
AGENCY SECRETARY
S • TE OF CALIFORNIA
COUNTY OF LOS ANGELES ) ss
CITY OF RANCHO PALOS VERDES )
I , JO PURCELL, Agency Secretary of the Rancho Palos
Verdes Redevelopment Agency hereby certify that the above
Resolution No. RDA 89-7 was duly and regularly passed and
adopted by the said Redevelopment Agency at a re ular meeting
thereof held March 7 , 1989. /
f
r
1
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RDA 89-7
RANCHO PALOS VERDES REDEVELOPMENT AGENCY TAX •
ALLOCATION AND REVENUE ANTICIPATION JiiamaApkovpucopti
Dated:
The Rancho Palos Verdes Redevelopment Agency (the
"AGENCY" ) , for value received, hereby acknowledges itself
indebted to and promises to pay (but only out of Pledged
Revenues as hereinafter defined) to the County of Los •
Angeles (the "County") or its assigns the principal sum of
Dollars ($ ) ,, or a lesser sum equal
to the disbursements it has actually received from the
County, as described below, on the maturity date, March 15,
1994, or at an earlier time pursuant to the right of prior
redemption hereinafter established, in lawful money of the
United States of America, and to pay interest thereon, -in
like lawful money and solely from said Pledged Revenues, at a
rate equal to that earned by the County's treasury pool
684.461141 ".41.4.--14-4541e-64"th-14"49 and
shall remain in effect until March 15, 1990; and from March
16, 1990 until maturity or prior redemption, at the treasury
pool rat- - - - - - .. _ - - _
-glasis-41211.40 but in no event to exceed 12% per annum.
Except for accumulated interest, interest accrues from the
date of each disbursement of principal only upon the amount
actually disbursed by the County to the AGENcy.
Interest, computed upon a 30 day month and 360 day year
Exibit A -1- RESOL. RDA 89-6
basis, is payable =:=•-�!= -nnually on March 15
of each ysarler until payment of the
principal sum 18 discharged at maturity or prior redemption. .
The entire principal is due and payable in one lump BUM •
r-or tApoes rtior re.apiewl
payment on the maturity dnte, poa surrender of -hph
this at the office of the AGENCY in Rancho Palos Verdes,
C ifornie, and the interest is payable by check or draft
/' eliveredat least five days immediately preceding each
interest payment date to:
tk . Treasures d Tax Coeletor
�: 4 j7
O. cc.e 500 west Temple Street
44:.tiotie. Los Angeles, California 90012 b VJlre
The principal sum shall be disbursed is segments, each
upon presentation to the County by the AGENCY of a statement
of demand in the form appended hereto as Attachment "An Q yj ea,G►�1
Each statement shall identify the project or purpose
authorized under this aawrfor wh ch the disbursement will be //I
expended, and the amount of each disbursement demanded.
r
The County's Treasurer and Tax Collector shall endorse`
/
each statement of demand with the date and amount of sack)/
disbursement made. Such endorsements shall be presnptive
of the facts stated therein, provided that the Mail re of
the Treasurer and Tax Collector to make -dny such endorsement
shall not affect the right_.of the County to ^paymeat of
-- v
principal and -interest with respect to any disbursements
�aictually made.
� 5:0 pw► oh -�. se c��l b� r hss f�a
Pillati - suG.� d = - - jle4-,Arkz-412r ��c � ti�e�� o �I-v-� o'!�12°Ss �� � G'�/� 1 h 4-tolvis 04464.€6464 e
otikAtt #6 Wi2. , ,,
Exhibit A -2- RDA 89-6
The terms of this soder. in accordance with a
resolution of the AGENCY entitled "_ " duly
passed and adopted on i � under and by authority
of . All acts and conditions required to
exist, happen and be performed precedent to and in issuance
of this Bond have existed, happened and been performed in
regular and due time, four, and manner as required by lave.
Thiilgertd is a limited obligation of the AGENCY in
iv that the principal thereof and interest thereon shall be
payable from and secured by the AGENCY'S share of tax
increment revenue has determined pursuant to the
Reimbursement and Settlement Agreement between the AGENCY
and the County, dated �) , received or to be
received from property taxes on properties within the
jurisdiction of the AGENCY, also known as the AGENCY's tax
allocation In the event that the AGENCY's tax allocation
is insufficient or unavailable to repay all of the current
aric interest, the unpaid current interest shall be accumulated
&4'4•wfr' and added to the principal. As the AGENCY collects tax
D C4 y% alpeetion, and to the extent it ultimately exceeds the
V needed to pay current interest, that amount in excess
4OVk :L� shall be allocated first to pay accumulated interest, and
D then to principal.
Aitt� Notwithstanding the foregoing, in the event�
f Y)t:J 141 County issues and sells County
Arlei Improvement bonds, the AGENCY shall immediately redeem this
I
iiit,,Alts FrOw�a hd seGu r� �.I� -fit ail A oft�,�nt ikkki wri(A
i'lett. 5.0t&Lei Co 1 rovesquekk )00tedks •
Exhibit A -3- RESOL RDA 89-6
-( ie.1•1?
4dijfrom a to . a extent of its share of the proceeds from
such sale i‘)&
ha AGENCY pledges for the repayment of thisl.sasit,
its ah of proceeds of the County ,improvement
5aANL-
bonds together with the above-described tax allocation the 41 45
� reQ.•rt
Ni, •�
"Pledged Revenues") .
4t2 itert
The principal of and interest on this - - - shall 45
constitute a first lien and charge on the Pledged Revenues.
Perb5• It is hereby certified, recited and declared that
this;Be4 is a single issue in the principal amount of
$ 1450090 made, executed and issued by authority of a
resolution of the directors of the AGENCY, duly passed and
adopted on , 1989.
The AGENCY certifies and declares that proceeds
from the sale of this Bond to the County shall be expended
solely for the following purposes and projects:
1. Reconstruction of Palos Verdes Drive South.
2. Investigation to model the landslide and
determine the need for a Toe Berm.
3. Continued meetings and consultations with the
Technical Panel.
4. Hydraulic study of Abalone Cove watershed.
5. Sanitary sewer preliminary study.
6. Design and construction of a six foot drain
pipe to drain the upper portion of Nercisse Drive.
7. Study of 1,ltamira Canyon.
� Exhibit A -4- RESOL RDA 89-6
_ • 8. Rebuilding of Nereissa Drive.
Any expenditure of funds in violation of the terms
of the immediately foregoing paragraph shall vest in the
County a right to require the immediate discontinuance of
the improper expenditure, an immediate refund to the County
of such amounts improperly expended, and the right to
dishonor subsequent statements of demand.
The County shall have no obligation or liability
regarding any work or projects performed with funds paid by
the County in relation to the issuance and sale of this
. The provisions of Sections 4, 5, 6 and 7 of the
Agreement for Implementation of Stabilization Report, by
and between the County and the AGENCY and dated
Nott. �, are expressly made applicable to the County and the
AGENCY herein.
The AGENCY shall fully defend any legal or
administrative challenge to the validity of the issuance and
sale of this and all interests of the County therein.
Any expense raga ed for this defense shall be borne entirely
by the AGENCY an not the County.
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5 Exhibit A -5- RDA 89-6
• •
• IN WITNESS WHEREOF, the Rancho Pa10 Verdes
Redevelopment Agency has
g Y caused this Denl to be executed in
its name and on its behalf by the
y Chairman of its Board of
Directors and attested by the si nature o 9 of the Secretary of
the Board of Directors, all as of .
the day of -Perin uciz
Y•
1989.
RANCHO PALOS VERDES
REDEVELOPMENT AGENCY
By ahairman of he Board of
Directors
ATTEST:
Secretary of the Board
of Directors
2/BOND-1/89 .
6 Exhibit A -6- RDA 89-6
• • • • �a
•
•• •
ATTACHMENT A
.
•
aril&
Statement of Demand - �
s
Prolect Number* Description Amount tiliti
DiCit4A
TOTAL RBOUGSWED
*From the list of allowable projects detailed in the Rancho
Palos Verdes Redevelopment Agency Tax Allocation and Revenue
Anticipation dated •
Attch.A V/tpkj
149e°11
Exhibit A -7- RDA 89-6