TITLE
Recommendation to adopt resolution approving the issuance and sale of Tidelands Revenue Refunding Bonds, Series 2022, to refinance funds for improvements to the Aquarium of the Pacific, approving the form and authorizing execution of related documents, and approving related official actions. (Districts 1,2,3,7)
DISCUSSION
In 1995, the Aquarium of the Pacific, a California nonprofit public benefit corporation (Corporation), issued the Long Beach Aquarium of the Pacific (AoP) Revenue Bonds 1995 Series A and B in the aggregate amount of $117,545,000 to finance the acquisition and construction of the AoP facility.
In 2001, the Long Beach Bond Finance Authority (Authority) issued $129,520,000 of Lease Revenue Bonds to refund the AoP Revenue Bonds 1995 Series A and B in the outstanding aggregate amount of $114,250,000, issued by the Corporation. The AoP Series 2001 Refunding Bonds were secured by a first lien and pledge of rental payments from the Corporation, including certain pledged parking revenues, transient occupancy taxes (TOT), and the Tidelands Operating Fund revenues. Related to the 2001 restructuring of the 1995 Corporation bond debt, the City of Long Beach (City), Authority, and Corporation entered into the 2001 Site Lease Agreement, 2001 Lease Agreement, Implementation Agreement (2001 Implementation Agreement), an Amended and Restated Owner Participation Agreement (2001 OPA), and an Amended and Restated City Pledge Agreement (2001 Pledge Agreement).
Under the 2001 Site Lease Agreement, the City leased the AoP and location site to the Authority. As specified in the 2001 OPA, the rental payments of the Corporation, and certain TOT, were sources of revenues to be used in the repayment of the AoP 2001 Refunding Bonds, which were also backed by the Tidelands Operating Fund.
In 2012, the Authority issued $102,580,000 of Refunding Revenue Bonds Series 2012 (Aquarium of the Pacific Project) to (a) refund the outstanding Authority 2001 Refunding Revenue...
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