MEETING DATE:
May 13, 2025
SUBJECT:
Title
RESOLUTION NO. SA 2025-036 - AMENDING THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS PURSUANT TO A SECOND SUPPLEMENTAL INDENTURE, APPROVING PRELIMINARY AND FINAL OFFICIAL STATEMENTS, AND PROVIDING FOR OTHER MATTERS RELATING THERETO
Body
Recommendation:
Recommendation
ADOPT resolution of the Successor Agency to the San Marcos Redevelopment Agency Amending the Issuance of Tax Allocation Refunding Bonds Pursuant to a Second Supplemental Indenture, Approving Preliminary and Final Official Statements, and Providing For Other Matters Relating Thereto.
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Board or Commission Action
The Countywide Redevelopment Successor Agency Oversight Board of the County of San Diego considered the proposed refunding of the Successor Agency's Prior Bonds on April 17, 2025, and voted to approve the issuance of the Refunding Bonds.
Relevant Council Strategic Theme
Planning for the Future
Good Governance
Relevant Department Goal
Not applicable
Introduction:
The Successor Agency to the San Marcos Redevelopment Agency ("Successor Agency") previously issued its $84,710,000 Tax Allocation Refunding Bonds, Series 2015A (the "Prior Bonds") for the purpose of refinancing certain outstanding bonds of the former San Marcos Redevelopment Agency ("Former Agency"). The Successor Agency proposes to issue its Tax Allocation Refunding Bonds, Series 2025A (the "Refunding Bonds") to refund the Prior Bonds.
California Health and Safety Code ("HSC") Section 34177.5(a)(1) provides the authority for successor agencies to refund outstanding bonds. The issuance of refunding bonds under HSC section 34177.5, which was added to the Redevelopment Agency Dissolution Act ("RDA Dissolution Act") by AB 1484, authorizes the Successor Agency to issue bonds for the purpose of refunding outstanding tax allocation bonds of the Former Agency or the Successor Agency to provide debt service savings provided that (1) the total interest cost to maturity on the ...
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