20220621 Successor Agency Agenda Packet (Special)Special Successor Agency Meeting Tuesday, June 21, 2022 Page 1 of 2
Agenda City of Vernon Special Successor Agency to the Redevelopment Agency Meeting Tuesday, June 21, 2022, 9:00 AM City Hall, Council Chamber 4305 Santa Fe Avenue Vernon, California
Leticia Lopez, Chairperson Crystal Larios, Vice-Chairperson William Davis, Member Judith Merlo, Member Melissa Ybarra, Member MEETING ATTENDANCE PROTOCOLS
Assembly Bill 361 (AB 361) authorizes public meetings to take place via teleconference because State and Local officials are recommending measures to promote social distancing. Meetings are conducted in a hybrid format that includes both in-person and Zoom public participation.
The public is encouraged to view the meeting at https://www.cityofvernon.org/webinar-cc or by
calling (408) 638-0968, Meeting ID 820-5348-6390#. You may address the Successor Agency via Zoom or submit comments to PublicComment@cityofvernon.org with the meeting date and item number in the subject line.
CALL TO ORDER FLAG SALUTE
ROLL CALL
APPROVAL OF THE AGENDA PUBLIC COMMENT At this time the public is encouraged to address the Successor Agency to the Redevelopment
Agency and will be given the opportunity to address the Successor Agency on any matter that
has been described in the agenda for this special meeting. CONSENT CALENDAR All matters listed on the Consent Calendar are to be approved with one motion. Items may be
removed from the Consent Calendar for individual consideration. Removed items will be
considered immediately following the Consent Calendar.
1. City Clerk
Approval of Minutes Recommendation: Approve the June 7, 2022 Special Successor Agency to the Redevelopment Agency meeting minutes.
1. 20220607 SA Minutes (Special)
Special Successor Agency Meeting Tuesday, June 21, 2022 Page 2 of 2
2. Finance/Treasury
2022 Refunding Tax Allocation Bonds Recommendation: Adopt Resolution No. SA-30 amending Resolution No. SA-28 regarding the issuance and sale of tax allocation refunding bonds, and authorizing certain other actions in
connection therewith.
1. Resolution No. SA-30
ORAL REPORTS
Brief reports, announcements, or directives to staff.
ADJOURNMENT
I hereby certify under penalty of perjury under the laws of the State of California, that the
foregoing agenda was posted in accordance with the applicable legal requirements. Regular and Adjourned Regular meeting agendas may be amended up to 72 hours and Special meeting agendas may be amended up to 24 hours in advance of the meeting.
Date: June 16, 2022
By: ____________/s/_______________
Yonnie Parker, Deputy City Clerk
Successor Agency to the Redevelopment Agency Agenda Item Report
Submitted by: Yonnie Parker
Submitting Department: City Clerk
Meeting Date: June 21, 2022
SUBJECT
Approval of Minutes
Recommendation:
Approve the June 7, 2022 Special Successor Agency to the Redevelopment Agency meeting
minutes.
Background:
Staff has prepared and hereby submits the minutes for approval.
Fiscal Impact:
There is no fiscal impact associated with this report.
Attachments:
1. 20220607 SA Minutes (Special)
MINUTES
VERNON SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY
SPECIAL MEETING
TUESDAY, JUNE 7, 2022
COUNCIL CHAMBER, 4305 SANTA FE AVENUE
CALL TO ORDER
Chair Lopez called the meeting to order at 9:00 a.m.
FLAG SALUTE
Chair Lopez led the Flag Salute.
ROLL CALL
PRESENT:
Leticia Lopez, Chair
Crystal Larios, Vice Chair (via remote access)
William Davis, Member
Judith Merlo, Member
Melissa Ybarra, Member
STAFF PRESENT:
Carlos Fandino, City Administrator
Zaynah Moussa, Interim City Attorney (via remote access)
Lisa Pope, City Clerk
Scott Williams, Finance Director
APPROVAL OF THE AGENDA
MOTION
Member Merlo moved and Member Davis seconded a motion to approve the
agenda. The question was called and the motion carried unanimously.
PUBLIC COMMENT
None.
RECESS
Chair Lopez recessed the meeting at 9:03 a.m. The meeting reconvened at 9:06
a.m.
Special Successor Agency to the Redevelopment Agency Meeting Minutes Page 2 of 2
June 7, 2022
CONSENT CALENDAR
MOTION
Member Ybarra moved and Member Davis seconded a motion to approve the
Consent Calendar. The question was called and the motion carried unanimously.
The Consent Calendar consisted of the following item:
1.Approval of Minutes
Recommendation: Approve the March 15, 2022 Special Successor Agency to the
Redevelopment Agency meeting minutes.
NEW BUSINESS
2.2022 Refunding Tax Allocation Bonds Preliminary Official Statement
Recommendation: Adopt Resolution No. SA-29 approving the form of a
Preliminary Official Statement to deem it final under rule 15c2-12, and authorizing
certain other actions in connection therewith.
Finance Director Williams presented the staff report.
MOTION
Member Ybarra moved and Member Davis seconded a motion toadopt Resolution
No. SA-29 approving the form of a Preliminary Official Statement to deem it final
under rule 15c2-12, and authorizing certain other actions in connection therewith.
The question was called and the motion carried unanimously.
ORAL REPORTS
Brief reports, announcements, or directives to staff.
None.
ADJOURNMENT
Chair Lopez adjourned the meeting at 9:10 a.m.
______________________________
LETICIA LOPEZ, Chair
ATTEST:
_____________________________________
LISA POPE, City Clerk
(seal)
Successor Agency to the Redevelopment Agency Agenda Item Report
Submitted by: Angela Melgar
Submitting Department: Finance/Treasury
Meeting Date: June 21, 2022
SUBJECT
2022 Refunding Tax Allocation Bonds
Recommendation:
Adopt Resolution No. SA-30 amending Resolution No. SA-28 regarding the issuance and sale
of tax allocation refunding bonds, and authorizing certain other actions in connection
therewith.
Background:
On March 15, 2022 the Successor Agency governing board adopted Resolution No. SA-28
authorizing the issuance and sale of tax allocation refunding bonds in an amount not to exceed
$27,000,000, and approving the form of an indenture of trust, a form of escrow agreement, a
form of bond purchase agreement, a form of continuing disclosure agreement, and authorizing
certain other actions in connection therewith.
On April 11, 2022, the proposed financing was approved by the First District, Los Angeles
Consolidated Oversight Board (Oversight Board).
On June 8, 2022, the California State Department of Finance approved the proposed
financing.
Resolution No. SA-28 contained a typographical error with respect to the maximum permitted
aggregate Underwriter’s discount. Resolution No. SA-28 inadvertently set the maximum
permitted aggregate Underwriter’s discount at .0425% rather than 0.425%. The proposed
resolution amends Resolution No. SA-28 to correct the error.
Fiscal Impact:
There is no fiscal impact associated with this report.
Attachments:
1. Resolution No. SA-30
RESOLUTION NO.SA-30
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE FORMER
REDEVELOPMENT AGENCY OF THE CITY OF VERNON AMENDING
RESOLUTION NO. SA-28 REGARDING THE ISSUANCE AND SALE OF
TAX ALLOCATION REFUNDING BONDS,AND AUTHORIZING CERTAIN
OTHER ACTIONS IN CONNECTION THEREWITH
Recitals.
A.The Successor Agency of the Former Redevelopment Agency of the City of
Vernon (the “Successor Agency”) has previously approved the issuance of tax allocation
bonds (the “2022 Bonds”) by Resolution No. SA-28 (the “Authorizing Resolution”), at its
meeting on March 15, 2022.
B.The Los Angeles County First Supervisorial District Consolidated Oversight
Board has approved the issuance of the 2022 Bonds by its Resolution No. OB-50 (the
“Oversight Board Resolution”)at its meeting on April 11, 2022.
C.The Oversight Board Resolution was approved by the California
Department of Finance pursuant to Health and Safety Code Section 34179(h)on June 8,
2022.
D.The Authorizing Resolution contained a typographical error with respect to
the maximum permitted aggregate Underwriter’s discount and the Successor Agency now
desires to amend the Authorizing Resolution to correct such typographical error.
E.Initially capitalized terms used in this Resolution without definition have the
meanings set forth in the Authorizing Resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE SUCCESSOR AGENCY OF
THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF VERNON AS
FOLLOWS:
Approval of Recitals. The Successor Agency of the Former
Redevelopment Agency of the City of Vernon hereby finds and determines that the above
recitals are true and correct.
Amendment of Authorizing Resolution. The maximum permitted
aggregate Underwriter’s discount referenced in Section 7 of the Authorizing Resolution is
hereby amended to be 0.425%.
Authorizing Resolution Remains in Effect. Except as expressly
amended by the terms of this Resolution, all other terms and conditions set forth in the
Authorizing Resolution remain in full force and effect.
Resolution No. SA-30
Page 2 of 2
_______________________
Severability. If any provision of this Resolution or the application of
any such provision to any person or circumstance is held invalid, such invalidity shall not
affect other provisions or applications of this Resolution that can be given effect without
the invalid provision or application, and to this end the provisions of this Resolution are
severable. The Successor Agency declares that the Successor Agency would have
adopted this Resolution irrespective of the invalidity of any particular portion of this
Resolution.
Effective Date. This Resolution shall take effect immediately upon
its adoption by the governing board of the Successor Agency, and the Secretary shall
certify the vote adopting this resolution.
Certification. The Secretary of the Successor Agency shall certify
the passage and adoption of this resolution and enter it into the book of original
resolutions.
APPROVED AND ADOPTED this 21st day of June, 2022.
LETICIA LOPEZ, Chair
ATTEST:
LISA POPE, Secretary
APPROVED AS TO FORM:
ZAYNAH N. MOUSSA,
Legal Counsel