TITLE
Recommendation to receive supporting documentation into the record regarding the issuance of Long Beach Bond Finance Authority Refunding Bonds, adopt resolution approving proceedings by the Long Beach Bond Finance Authority for the issuance of refunding revenue bonds in an amount not to exceed $118,000,000 related to the Aquarium of the Pacific, and approving related documents and actions. (District 2)
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 in order to refund the AoP Revenue Bonds 1995 Series A and B in the outstanding aggregate amount of $114,250,000, issued by Corporation. The AoP Series 2001 Refunding Bonds are secured by a first lien and pledge of rental payments from the Corporation, certain pledged parking revenues, Transient Occupancy Taxes (TOT), and the Tidelands Operations Fund revenues. Related to the 2001 restructuring of the 1995 Corporation bond debt, the 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. Under the 2001 Lease Agreement, the Authority leased the AoP and location site to the Corporation. As specified in the 2001 OPA, the rental payments of the Corporation, and certain TOT, are sources of revenues to be used in the repayment of the AoP 2001 Refunding Bonds, which are also backed by the Tidelands Operations Fund.
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