MEETING DATE:
March 11, 2025
SUBJECT:
Title
RESOLUTION NO. SA 2025-035 - A RESOLUTION OF THE SUCCESSOR AGENCY TO THE SAN MARCOS REDEVELOPMENT AGENCY APPROVING THE ISSUANCE OF BONDS TO REFUND CERTAIN OF ITS OUTSTANDING BONDS AND OTHER ACTIONS IN CONNECTION THEREWITH
Body
Recommendation:
Recommendation
Staff recommends the City Council of the City of San Marcos (the "City Council"):
1. Adopt "a Resolution of the Successor Agency to the San Marcos Redevelopment Agency Approving the Issuance of Bonds to Refund Certain of its Outstanding Bonds, Approving the Execution and Delivery of a Second Supplemental Indenture of Trust, Escrow Deposit and Trust Agreement and Bond Purchase Agreement Relating Thereto, Requesting Oversight Board Approval of the Issuance of the Refunding Bonds, Requesting Certain Determinations by the Oversight Board, and Authorizing and Providing for Other Matters Properly Related Thereto;"
2. Approve and authorize the Debt Service Savings Analysis to be presented to the County of San Diego Countywide Redevelopment Successor Agency Oversight Board (the "CWOB") and be submitted to the Department of Finance as required by Redevelopment Agency Dissolution Act; and
3. Request Oversight Board approval of the issuance of the refunding bonds.
Body
Board or Commission Action
Not applicable
Relevant Council Strategic Theme
Good Governance
Relevant Department Goal
Not applicable
Introduction:
The City Council of the City of San Marcos (the "City") has elected to assume the obligations of the San Marcos Redevelopment Agency (the "Former Agency"), as the Successor Agency to the San Marcos Redevelopment Agency (the "Successor Agency"). The Former Agency previously issued its $54,055,000 San Marcos Public Facilities Authority 2001 Public Improvement Refunding Revenue Bonds, Series A (Civic Center/Public Works Yard) (the "Series 2001A Bonds"), its $69,740,000 San Marcos Public Facilities Authority 2003 Tax Allocation Revenue Bonds (...
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