Adoption of a Resolution of the Culver City Redevelopment Agency Authorizing as to Form and the Execution and Delivery of a Fourth Supplemental Indenture. City of Culver City California Redevelopment Agency Agenda Item Report Meeting Date: 07/02/07 AGENDA ITEM: Adoption of a Resolution of the Culver City Redevelopment Agency Authorizing as to Form and the Execution and Delivery of a Fourth Supplemental Indenture. Contact Person/Dept.: Crystal C. Alexander Agency Treasurer Fiscal Impact: Yes X No Phone Number: 310 253 5865 Item Number: A 3 General Fund: Yes No X Public Hearing: Public Notification: Master notification list; outside counsel at Richards Watson and Gershon Action Item: X Attachments: X Department Approval: Crystal C. Alexander (6/19/07) City Controller Approval: Marlee Chang (6/28/07) Exec. Director Approval: Jerry Fulwood (6/28/07) RECOMMENDATION: Staff recommends the Agency adopt a resolution authorizing as to form and the execution and delivery of a fourth supplemental indenture to the four series of bonds under the indenture dated 1999 2002 2004 and 2005. BACKGROUND: The 1999 Master Indenture to the aforementioned bonds contemplates that the Indenture may be amended from time to time for purposes that do not materially adversely affect the interests of the Owners of the Bonds. The proposed resolution will amend the Indenture to allow a form of investment for bond proceeds not contemplated at the time of the Master Indenture. DISCUSSION: Due to the upcoming five year anniversary related to the 2002 bonds and scope/schedule alterations for various projects it has become necessary to reallocate unrestricted monies to the bond funds by June 24 2007. Agency members approved transactions associated with said allocation. As a by product of these transactions the $9 million replaced in the bond fund must subsequently be invested. Based on discussions held with Agency staff the Agency Treasurer has determined that the anticipated drawdown scheduled for thos...
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