HomeMy WebLinkAboutResolution - FA 13-02 STATE OF CALIFORNIA ) RESOLUTION NO. FA 13-02
COUNTY OF RIVERSIDE ) ss
CITY OF SAN JACINTO )
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE SAN JACINTO FINANCING AUTHORITY
AUTHORIZING REDEMPTION OF BONDS AND
AUTHORIZING OFFICIAL ACTIONS AND EXECUTION OF
RELATED DOCUMENTS
WHEREAS, the San Jacinto Financing Authority (the "Authority") has been
formed pursuant to an Amended and Restated Joint Exercise of Powers Agreement
dated as of May 1, 1997 by and between the City of San Jacinto (the "City") and the
Redevelopment Agency of the City of San Jacinto (the "Agency") and is authorized
under said Agreement and under the laws of the State of California to finance the
acquisition and construction of public capital improvements for any of its members; and
WHEREAS, the City has financed certain improvements to the water system of
the City (the "Project"); and
WHEREAS, the Authority has issued its $2,730,000 original principal amount
Refunding Revenue Bonds, Series 2002 (Water Improvement Project) (the "2002
Bonds") payable from the revenues to be received by the Authority from the City
pursuant to the Amended and Restated Installment Purchase Agreement dated as of
March 1, 2002 (the "2002 Installment Purchase Agreement") between the City and the
Authority; and
WHEREAS, the Authority has also issued its $4,500,000 original principal
amount Revenue Bonds, Series 1997 (Water Improvement Project) (the "1997 Bonds")
payable from the revenues to be received by the Authority from the City pursuant to a
Supplemental Installment Purchase Agreement, dated as of July 1, 1997 (the "1997
Installment Purchase Agreement"), such payment of revenues being on a parity with the
obligation of the City to make installment payments under the 1993 Installment
Purchase Agreement; and
WHEREAS, the City proposes to prepay the 2002 Installment Purchase
Agreement and the 1997 Installment Purchase Agreement and redeem the 2002 Bonds
and the 1997 Bonds; and
WHEREAS, the Board of Directors (the "Board") of the Authority has duly
considered such transactions and wishes at this time to approve said transactions in the
public interests of the Authority;
NOW, THEREFORE, BE IT RESOLVED, determined and ordered by the Board
of Directors of the San Jacinto Financing Authority as follows:
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SECTION 1. Findings and Determinations. The Board hereby finds and
determines that the prepayment by the City of the 2002 Installment Purchase
Agreement and the 1997 Installment Purchase Agreement will result in savings in
effective interest rates and bond issuance costs and thereby result in significant public
benefits to its members.
SECTION 2. Redemption of Bonds. The Board hereby authorizes the
redemption of the 2002 Bonds and the 1997 Bonds upon the prepayment by the City of
the 2002 Installment Purchase Agreement and the 1997 Installment Purchase
Agreement.
SECTION 3. Official Actions. The Chairman, the Executive Director, Assistant
Executive Director, the Treasurer, the Assistant Treasurer, the Secretary and any and
all other officers of the Authority are hereby authorized and directed, for and in the
name and on behalf of the Authority, to do any and all things and take any and all
actions, and including execution and delivery of Escrow Instructions and any and all
assignments, certificates, requisitions, agreements, notices, consents, instruments of
conveyance, warrants and other documents, which they, or any of them, may deem
necessary or advisable in connection with the redemption of the 2002 Bonds and the
1997 Bonds and the prepayment by the City of the 2002 Installment Purchase
Agreement and the 1997 Installment Purchase Agreement.
SECTION 4. Effective Date. This Resolution shall take effect from and after the
date of its passage and adoption.
PASSED, APPROVED AND ADOPTED this 20th day of August, 2013, by the
following vote:
AYES: Ledezma, Miller, Ruiz, Bartel
NAYS: None
ABSENT: Kotyuk
ABSTAIN: None
City of San Jacinto
Mark Bartel, Chairman
ATTEST:
L�
Richard Miller, Secretary
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