Report to Successor Agency
Tuesday, January 24, 2017
Discussion
SUBJECT:
Title
CONSIDER RESOLUTION NO. 17-02-CSA, A RESOLUTION OF THE CARSON SUCCESSOR AGENCY OF THE CITY OF CARSON, CALIFORNIA, APPROVING THE FORM OF A CONTINUING DISCLOSURE CERTIFICATE AND PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE ISSUANCE OF THE CARSON SUCCESSOR AGENCY'S TAX ALLOCATION REFUNDING BONDS, SERIES 2017A (PROJECT AREA NO. 1 SECOND LIEN; RPTTF SECURED) (TAXABLE) AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH (SUCCESSOR AGENCY)
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I. SUMMARY
This agenda includes proposed resolutions for the City Council, Successor Agency, and Public Financing Authority. These are the final actions necessary for the Successor Agency to issue taxable refunding bonds to refinance the Carson Public Financing Authority's Series 2009 Lease Revenue Bonds ("Series 2009 Bonds). The Authority's Series 2009 Bonds can now be refunded as tax allocation bonds pursuant to an agreement with the State Department of Finance and is expected to generate debt service savings, leaving more property tax for distribution to taxing entities, including the City. The Refunding Bonds would also remove existing tax restrictions from development of a 157-acre former landfill site, maximizing the development potential of the site and remove the City's General Fund obligation to make lease payments to Public Financing Authority. The City's Community Center is currently leased from Public Financing Authority.
II. RECOMMENDATION
Recommendation
WAIVE further reading, and adopt Resolution No. 17-02-CSA, A RESOLUTION OF THE CARSON SUCCESSOR AGENCY OF THE CITY OF CARSON, CALIFORNIA, APPROVING THE FORM OF A CONTINUING DISCLOSURE CERTIFICATE AND PRELIMINARY OFFICIAL STATEMENT IN CONNECTION WITH THE ISSUANCE OF THE CARSON SUCCESSOR AGENCY'S TAX ALLOCATION REFUNDING BONDS, SERIES 2017A (PROJECT AREA NO. 1 SECOND LIEN; RPTTF SECURED) (TAXABLE) AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH.
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