Report to Mayor and City Council
Tuesday, January 24, 2017
Consent
SUBJECT:
Title
CONSIDER RESOLUTION NO. 17-008, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON, CALIFORNIA, APPROVING AND AUTHORIZING THE EXECUTION OF AN ESCROW AGREEMENT IN CONNECTION WITH THE REFINANCING OF THE CARSON PUBLIC FINANCING AUTHORITY'S REVENUE BONDS (REMEDIATION PROJECT), SERIES 2009 (CITY COUNCIL)
CONSIDER RESOLUTION NO. 17-01-CPFA, A RESOLUTION OF THE CARSON PUBLIC FINANCING AUTHORITY APPROVING AND AUTHORIZING THE EXECUTION OF AN ESCROW AGREEMENT IN CONNECTION WITH THE REFINANCING OF THE CARSON PUBLIC FINANCING AUTHORITY REVENUE BONDS (REMEDIATION PROJECT), SERIES 2009 (PUBLIC FINANCING AUTHORITY)
Body
I. SUMMARY
This agenda includes proposed resolutions for the City Council, Successor Agency Board, and Public Financing Authority Board. These resolutions 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
1. WAIVE further reading and ADOPT Resolution No. 17-008, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON, CALIFORNIA, APPROVING AND AUTHORIZING THE EXECUTION OF AN ESCROW AGREEMENT IN CONNECTION WITH THE REFINANCING OF THE CARSON PUBLIC FINANCING AUTHORITY'S REVENUE BON...
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