19971202 Richards, Watson, & Gershon Letter to LA County Board of Supervisors re Project Area No 1 Tax Allocation Bond Issue 1997 RICHARDS, WATSON & GERSHON
ATTORNEYS AT LAW RICHARD RICHARDS
GLENN R.WATSON LAURENCE S.WIENER A PROFESSIONAL CORPORATION
(1816-1888)
ROBERT G.BEVERLY STEVEN R.ORR
HARRY L GERSHON MICHAEL G.COLANTUONO THIRTY-EIGHTH FLOOR
DOUGLAS W.ARGUE B.TILDEN KIM
MARK L LAMKEN C.EDWARD DILKES 333 SOUTH HOPE STREET SAN FRANCISCO OFFICE
ERWIN E.ADLER PETER M. LOS ANGELES,CALIFORNIA 90071-1469 TWO EMBARCADERO CENTER
DIEDERICHS D.PIEPER BRENDA L T
SUITE 200
ALLEN E.RENNETT JAMES L MARKMAN (213)626-8484
STEVEN L DORSEY DEBORAH R.HAKMANSAN FRANCISCO,CALIFORNIA 94111-3801
WILLIAM L STRAUSZ RUBIN D.WEINER FACSIMILE(213)626-0078 (416)836-1230
ANTHONY B.DREWRY SASKIA T.ASAMURA
MITCHELL E.ABBOTT KAYSER O.SUMS 18QM/ 18W.COrTi FACSIMILE(416)836-1236
TIMOTHY L NEUFELD SAUL JAFFE 9
GREGORY W.STEPANICICH CRAIG A.STEELE ORANGE COUNTY OFFICE
ROCHELLE BROWNE T.PETER PIERCE NUMBER ONE CIVIC CENTER CIRCLE
MICHAEL JENKINS DAVID ROBERT DANIELS
WILLIAM B.RUDELL BENJAMIN BARNOUW BREA,CALIFORNIA 92821
QUINN M.BARROW WILLIAM P.CURLEY III December 2, 1997
(714)990-0901
CAROL W.LYNCH D.CRAIG FOX
JEFFREY A.RABIN BOYD L FACSIMILE 14 HILL )880-6230
GREGORY M.KUNERT LYNN I.IBARA
THOMAS M.JIMBO JANET E.COLESON
MICHELE BEAL BAGNERIS TERENCE R.BOGA OF COUNSEL
AMANDA F.SUSSKIND DANIEL L PINES WILLIAM K KRAMER
ROBERT C.CECCON USA BOND
SAYRE GROSS
STEVEN H.KAUFMANN RAVER OY A.�CLARKE 1673096
GARY E.GANS ROXANNE DIAZ MONTGOMERY OUR FILE NUMBER
JOHN J.HARRIS ROBERT A.BALBUENA
KEVIN G.ENNIS ERIKA M.FLEMING
ROBIN D.HARRIS OLIVIA WAI-WEN SUAN R6876-00001
MICHAEL ESTRADA AMY W.CHING
Board of Supervisors
County of Los Angeles
383 Kenneth Hahn Hall of Administration
500 West Temple Street
Los Angeles, California 90012
Reference: $5,455, 000
Rancho Palos Verdes Redevelopment Agency
Project Area No. 1
Tax Allocation Bond
Issue of 1997
Ladies and Gentlemen:
We have examined the law and original documents or
copies identified to our satisfaction of proceedings taken in
connection with the issuance of the above-referenced bond (the
"Bond") of the Rancho Palos Verdes Redevelopment Agency (the
"Agency") . We have also examined supplemental documents
furnished to us and have obtained such certificates and documents
from public officials and others as we have deemed necessary for
the purpose of this opinion.
As to questions of fact material to our opinion we have
relied upon such certificates and documents without undertaking
to verify the same by independent investigation. The Bond is
issued under and pursuant to Part 1 of Division 24 of the
California Health and Safety Code and pursuant to Resolution No.
RDA 97-21 of the Agency, adopted on November 18, 1997 (the
"Resolution") .
From such examination, we are of the opinion that
under existing law the Bond is a valid and binding special
obligation of the Agency, payable solely from Net Tax Increment
i
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RICHAR[1S, WATSON&GERSH
Board of Supervisors
December 2, 1997
Page 2
(as defined in the Resolution) and certain other funds as
provided in the Resolution.
The opinion expressed herein is based on an analysis of
existing law and cover certain matters not directly addressed
thereby. Such opinion may be affected by actions taken or
omitted or events occurring after the date hereof, and we have
not undertaken to determine, or to inform any person, whether any
such actions or events are taken or do occur. We have assumed
the genuineness of all documents and signatures presented to us.
We have not undertaken to verify independently, and have assumed,
the accuracy of the factual matters represented, warranted or
certified in such documents. Furthermore, we have assumed
compliance with all agreements and covenants contained in the
Resolution.
In addition, we call attention to the fact that the
rights of the owner of the Bond and the enforceability of such
rights may be subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors' rights
heretofore or hereafter enacted and enforcement may also be
subject to the exercise of judicial discretion in appropriate
cases.
Respectfully submitted,
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1673096