HomeMy WebLinkAboutCC Reso 2020-50 • RESOLUTION NO. 2020-50
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CATHEDRAL CITY APPROVING THE SUBORDINATION OF
STATUTORY PASS-THROUGH PAYMENTS ALLOCATED TO THE
CITY OF CATHEDRAL CITY IN CONNECTION WITH THE MERGED
REDEVELOPMENT PROJECT AREA TO TAX ALLOCATION
REVENUE REFUNDING BONDS TO BE ISSUED BY THE SUCCESSOR
AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF
CATHEDRAL CITY
WHEREAS, AB 1484 added Section 34177.5 of the Health and Safety Code of
the State of California, which provides, among other provisions, that a successor
agency has the authority, rights, and powers of redevelopment agencies for the purpose
of issuing bonds or incurring other indebtedness for specified purposes, including but
not limited to refunding existing bonds or other indebtedness of the former
redevelopment agency; and
WHEREAS, the Successor Agency to the Redevelopment Agency of the City of
Cathedral City (the "Successor Agency") intends to issue three series of revenue
refunding bonds (collectively, the "Bonds"), to be payable and secured by the tax
increment revenue derived from the Merged Redevelopment Project Area in the City
(the "Project Area"); and
WHEREAS, Section 33607.5 of the Health and Safety Code of the State of
California provides that the Successor Agency may be required to pay certain amounts
to the City of Cathedral City (the "City") from the tax increment derived from the Project
Area in the City ("Statutory Pass-Through Payments"); and
WHEREAS, the City does not currently receive Statutory Pass-Through
Payments; and
WHEREAS, the City desires to subordinate the payment of such Statutory Pass-
Through Payments to the debt service on the Bonds, if at any point the City is entitled to
receive Statutory Pass-Through Payments while the Bonds are outstanding; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City, as
follows:
The City hereby approves the subordination of any Statutory Pass-Through
Payments that the City is currently, or may in the future be, entitled to receive to the
payment of debt service on the Bonds.
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PASSED and ADOPTED at a regular meeting of the City Council of the City of
Cathedral City on this 14th day of October 2020, by the following vote:
AYES: Boardmembers Lamb, Gutierrez and Carnevale; Vice-Chairman
Gregory and Chairman Aguilar
NOES: None
ABSENT: None
ABSTAINED: None
ayor of the Ci of Cathedral City
Attest:
ot
• City CIk of the City of Cathedral City
•
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS
CITY OF CATHEDRAL CITY )
I, Tracey R. Martinez, City Clerk of the City of Cathedral, California, do hereby
certify that the foregoing Resolution No. 2020-50 was duly and regularly adopted at a
regular meeting of the City Council of the City of Cathedral City, held on the 14th day of
October 2020 by the following vote:
AYES: Councilmembers Lamb, Gutierrez and Carnevale; Mayor Pro Tern
Gregory and Mayor Aguilar
NOES: None
ABSENT: None
ABSTAINED:None
Pv` �i►.I
ity Clerk
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