HomeMy WebLinkAboutResolution - 93-2 RESOLUTION NO. 93-2
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN
JACINTO AUTHORIZING THE SALE, EXECUTION AND
DELIVERY OF NOT MORE THAN $1, 900, 000 PRINCIPAL
AMOUNT OF CERTIFICATES OF PARTICIPATION AND
APPROVING CERTAIN DOCUMENTS AND AUTHORIZING
CERTAIN ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City of San Jacinto, a municipal corporation
of the State of California (the "City" ) , desires to acquire
improvements to its water system. Pursuant to Section 38730 of
the Government Code of the State of California the City is
authorized to purchase real and personal property for the
common benefit and in order to achieve its public purposes of
providing water service in the City; and
WHEREAS, the City desires to acquire the following water
system improvements : (1) the Bath Well Reservoir, (2) the Bath
Well Filtration System, (3) replacement water meters and (4)
appurtenant water system improvements (the "Project" ) ; and
WHEREAS, Redevelopment Agency of the City of San Jacinto, a
public corporation organized and existing under the laws of the
State of California (the "Agency" ) , has adopted the San Jacinto
Redevelopment Plan, San Jacinto Redevelopment Project Area
which plan authorizes the Agency to construct water
improvements; and
WHEREAS, the Project will benefit the San Jacinto
Redevelopment Project Area; and
WHEREAS, pursuant to Sections 33430 and 33431 of the Health
and Safety Code prior to selling real and personal property the
Agency must hold a public hearing; and
WHEREAS, the Agency desires to enter into a Installment
Purchase Agreement by and between the City and the Agency,
dated as of March 1, 1993 , (the "Installment Purchase
Agreement") pursuant to which the Agency provide for the
issuance of Certificates of Participation, construct the
Project from the Certificates of Participation proceeds and
sell the Project to the City; and
WHEREAS, the Agency desires to cause the sale, execution
and delivery of not more than $1, 900 , 000 in principal amount of
certificates of participation to be secured by the installment
payments to be made by the City pursuant to the Installment
Purchase Agreement (the "Certificates of Participation" ) ; and
WHEREAS, the Agency desires to enter into a Trust
Agreement, dated March 1, 1993, by and among the Agency, the
City and Union Bank (the "Trustee") for the issuance of the
Certificates of Participation; and
WHEREAS, substantially all right, title and interest of the
Agency under the Installment Purchase Agreement will be
assigned to the Trustee pursuant to an Assignment Agreement by
and between the Agency and the Trustee, dated as of March 1,
1993 (the "Assignment Agreement" ) ; and
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WHEREAS, Westhoff-Martin & 'Associates (the "Underwriter")
desires to purchase the Certificates of Participation and, in
connection therewith has presented for consideration a
Contract of Purchase by and among the City, the Agencyand the
Underwriter (the "Purchase Contract") and
WHEREAS, the Underwriter has prepared a 'preliminary
official statement with respect to the Certificates of
Participation (the "Preliminary Official Statement" ) ; and
WHEREAS, the firm of Stradling, Yocca,- Carlson & Rauth (the
"Bond Counsel") has presented a Bond Counsel Agreement by and
among the City, the Agency and Bond Counsel to act as Bond
Counsel in regard to the financing; and
WHEREAS, copies of each of the aforementioned documents
have been presented to and considered by this Board of
Directors; and
NOW, THEREFORE, the Board of Directors of the Redevelopment
Agency of the City of San Jacinto does hereby find, determine,
resolve and order as follows :
SECTION 1. The foregoing recitals, and each of them,
are true and correct .
SECTION 2 . April 6, 1993 at the hour of 7 : 30 p.m. at
312 East Main Street, San Jacinto, is hereby set as the time
and place for a public hearing on the sale of the Project to
the City.
SECTION 3 . The Trust Agreement, the Installment
Purchase Agreement and the Assignment Agreement (collectively
the "Financing Documents") are approved in substantially the
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form presented ,at this meeting. The final approval of the
Financing Documents shall be considered by this Board of
Directors following the hearing referred ;to in Section 2 hereof .
SECTION 4 . The Purchase Contract is approved in
substantially the form presented at ,this meeting. Upon receipt
of a complete Purchase Contract from the ,Underwriter the
Executive Director ;of the Agency is hereby authorized and
directed, for and in the name of the Agency, to execute and
deliver the Purchase Contract with such changes, insertions and
omissions as said officer may approve, such approval to be
conclusively evidenced by the execution and delivery thereof,
provided that the interest rates or yields to maturity are such
that the net interest cost does not exceed 7. 5% and the
underwriting fee payable to the Underwriter with respect to the
Certificates of Participation does not exceed 3%, excluding
original issue discount .
SECTION 5 . The preparation and distribution of the
Preliminary Official Statement in substantially the form
presented at this meeting, with such changes, insertions and
omissions as may be approved by the Executive Director of the
Agency, is hereby approved. The Executive Director of the
Agency is hereby authorized to sign a certificate pursuant to
Rule 15c2-12 promulgated under the Securities Exchange Act of
1934 relating to the Preliminary Official Statement . The
Executive Director of the Agency is further authorized and
directed to approve, execute and deliver the final Official
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Statement with respect to the Certificates of Participation,
which final Official Statement shall be in the form of the
Preliminary Official Statement with such changes, insertions
and omissions as may be approved by the Executive Director of
the Agency, such approval to be conclusively evidenced by the
execution and delivery thereof. The Underwriter is hereby
authorized to distribute copies of the Preliminary Official
Statement to persons who may be interested in the initial
purchase of Certificates of Participation and is directed to
deliver copies of the final Official Statement to all actual
initial purchasers of the Certificates of Participation.
SECTION 6 . Subject to the approval of the Financing
Documents , Certificates of Participation in an aggregate
principal amount not to exceed $1, 900 , 000, are hereby
authorized to be executed, sold and delivered in accordance
with the terms and provisions of the Trust Agreement and the
Purchase Contract.
SECTION 7. Union Hank hereby is appointed as Trustee
under and pursuant to the Trust Agreement, with the powers and
duties of said office as set forth therein. The Trustee is
hereby requested and directed to execute and. deliver the
Certificates of Participation to the Underwriter in accordance
with written instructions to be executed on behalf of the
Agency by the Executive Director.
SECTION 8 . The Executive Director hereby is authorized
to select a municipal bond insurer to insure payments of
principal of and interest with respect to the Certificates of
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Participation if the Executive Director, determines that a
municipal bond insurance policy issued by such insurer will
result in a lower interest rate or yield to maturity with
respect to Certificates of Participation.
SECTION 9 . The proceeds from the sale of the
Certificates of Participation shall be deposited as provided in
the Trust Agreement and the Installment Purchase Agreement to
finance the Project .
SECTION 10 . The Executive Director and the Secretary and
any other proper officer of the Agency are hereby authorized
and directed, jointly and severally, to do any and all things
and to execute and deliver any and all documents necessary or
proper for carrying out the transactions contemplated by the
Installment Purchase Agreement, the Trust Agreement , the
Purchase Contract and this Resolution.
SECTION 11 . Any document the execution of which by the
Executive Director of this Board of Directors is authorized by
this Resolution shall, in the absence or inability to act of
the Executive Director, be executed by his designee.
SECTION 12 . All actions previously taken by this Board
of Directors and by the officers and staff of the Agency with
respect to the matters addressed by this Resolution hereby are
approved, ratified and confirmed.
SECTION 13 . This Resolution shall take effect from and
after its date of adoption.
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STATE OF CALIFORNIA )
) ss .
COUNTY OF RIVERSIDE )
Deputy
I, Laurie Mora, , Secretary of the Board of Directors of
the Redevelopment Agency of the City of San Jacinto, do hereby
certify that the foregoing resolution was duly adopted by the
Board of Directors of said Agency at a regular meeting held on
the 2nd day of March, 1993 , and that it was so adopted by the
following vote:
AYES: DIRECTORS: Ford, Leahy, Solorio, Williams , Mayor Hafliqer
NOES: DIRECTORS: None
ABSENT: DIRECTORS : None
ABSTAIN: DIRECTORS: None
17)
ecr tary of th Board of Directrs of
Redevelopment Aency of the Cit of San
Jacinto
(SEAL)
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ADOPTED, SIGNED AND APPROVED this 2nd day of March, 1993 .
Eaecutiver iiec or !
F
ATTEST:
Etl
Secrdtary
(SEAL)
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STATE OF CALIFORNIA }
} ss .
COUNTY OF RIVERSIDE )
I, , Secretary of the Board of Directors of
the Redevelopment Agency of the City of San Jacinto, do hereby
certify that the above and foregoing is a full , true and
correct copy of RESOLUTION NO. of said Board, and that
the same has not been amended or repealed.
DATED: March 2 , 1993
Secretary of the Board of
Directors of Redevelopment Agency
of the City of San Jacinto
(SEAL)
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