COUNTY ADMINISTRATION OFFICE - R. ESPINOSA

Adopt Resolution subordinating the County's Interest in Tax Revenues to Proposed Bonded Indebtedness of the Successor Agency of the Redevelopment Agency of the City of Hollister and approve the Successor Agency's subordination request relating to refunding the 2009 Bonds 

SBC FILE NUMBER: 156

RESOLUTION NO: 2019-60

The City of Hollister is requesting that the County approve a resolution subordinating the County’s interests to the tax revenues payable to this County under the Agreement to provide debt service savings. The City pledges that the tax revenues of the Series 2019 Bonds will be secured by tax increment revenues; and the Series 2019 Bonds being in an amount not to exceed $6,000,000. The County has previously subordinated its interest in tax increments revenues with respects to the Agency’s 2014 bonds.

Any tax revenues otherwise payable to the County under the Agreement that are used by the City of Hollister to pay the bonded indebtedness, or meet the reserve fund requirements related thereto, shall be treated as an advance by the County and be repaid by the City of Hollister with interest and upon such other terms as are agreed upon by the parties as the time such tax revenues are first advanced by the County to the City of Hollister for such purpose.

1,   Adopt Resolution subordinating the County's Interest in Tax Revenues to Proposed Bonded Indebtedness of the Successor Agency of the Redevelopment Agency of the City of Hollister and authorize the Chair to sign it; and

2.   Approve the Successor Agency's subordination request relating to refunding the 2009 Bonds and authorize the Chair to sign it.