Adoption of Resolution Authorizing the Issuance of Tax Allocation Refunding Bonds Series 2013A and Related Actions. ITEM: City of Culver City California Agenda Item Report Meeting Date: 08/26/2013 SUCCESSOR AGENCY BOARD AGENDA Adoption of Resolution Authorizing the Issuance of Tax Allocation Refunding Bonds Series 2013A and Related Actions. Contact Person/Dept.: Jeff Muir Finance Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas Successor Agency (08/20/12) Department Approval: Jeff Muir (08/19/13) Chief Financial Officer Approval: Jeff Muir (08/19/13) Successor Agency General Counsel Approval: Carol Schwab (by H. Baker) (08/20/13) Executive Director Approval: John Nachbar (08/20/13) Phone Number: (310) 253 5865 General Fund: Yes No X Action Item: Attachments: X Item Number: C 2 RECOMMENDATION: Staff recommends the Successor Agency Board adopt a proposed resolution authorizing the issuance of its Tax Allocation Refunding Bonds Series 2013A; approving a form of Sixth Supplemental Indenture a form of Purchase Contract and a form of Continuing Disclosure Agreement; making certain related determinations and authorizing other related actions. BACKGROUND: On July 8 2013 the Successor Agency Board adopted Resolutions required to proceed with refunding certain outstanding tax allocation bonds of the former Culver City Redevelopment Agency (Former CCRA). Such debt refundings are permitted under the Assembly Bill 1484 (the Redevelopment Elimination clean up Bill AB 1484) as long as the term of the bonds stays the same and no new debt is incurred. The estimated savings from this transaction will allow the Successor Agency access to additional funding to retire its required obligations and ultimately make more funding available for taxing entities which include the City of Culver City and the Culver City Unified School District (CCUSD). The Oversight Board of the Successor Agency ...
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