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HomeMy WebLinkAboutResolution - 2104 RESOLUTION NO. 2104 RESOLUTION OF THE CITY COUNCIL 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 the authority to assist in the financing of the Project on behalf of the City; and WHEREAS, the City desires to enter into an 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 will cause the issuance of Certificates of Participation, construct the Project, and sell the Project to the City; and WHEREAS, the City 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 City 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 WHEREAS, Westhoff-Martin & Associates (the "Underwriter" ) may wish to purchase the Certificates of Participation and, in connection therewith, has presented for consideration a Contract of Purchase by and among the City, the Agency and 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 03/01/93 47430/2048/02 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; NOW, THEREFORE, the Board of Directors of the City does hereby find, determine, resolve and order as follows: SECTION 1 . The foregoing recitals, and each of them, are true and correct. SECTION 2 . The Installment Purchase Agreement is approved in substantially the form presented at this meeting . The Mayor and the City Clerk of this City Council are hereby authorized and directed, for and in the name of the City, to execute and deliver the Installment Purchase Agreement with such changes , insertions and omissions as said officers may approve, such approval to be conclusively evidenced by the execution and delivery thereof . SECTION 3 . The Trust Agreement hereby is approved in substantially the form presented at this meeting . The Mayor and the City Clerk of this City Council are hereby authorized and directed, for and in the name of the City, to execute and deliver the Trust Agreement with such changes, insertions and omissions as said officers may approve, such approval to be conclusively evidenced by the execution and delivery thereof . 03/01/93 4743Q/2046/02 -3- SECTION 4 . The Purchase Contract hereby is approved in substantially the form presented at this meeting. Upon receipt of a complete Purchase Contract from the Underwriter the City Manager of the City is hereby authorized and directed, for and in the name of the City, 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 Mayor of the City Council or the City Manager of the City, is hereby approved. The Mayor of the City Council 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 Mayor of the City Council is further authorized and directed to approve, execute and deliver the final Official 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 03/01/93 A7dZn/7nAP /n ) and omissions as may be approved by the Mayor of the City Council, 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 . The 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 Bank 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 City by the City Manager. SECTION 8 . The City Manager hereby is authorized to select a municipal bond insurer to insure payments of principal of and interest with respect to the Certificates of Participation if the City Manager, determine 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. 03/01/93 4743Q/2048/02 -5- 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 the Mayor, the City Clerk and any other proper officer of the City 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 Mayor of this City Council is authorized by this Resolution shall, in the absence or inability to act of the Mayor, be executed by the Mayor' s designee. SECTION 12 . All actions previously taken by this City Council and by the officers and staff of the City 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. 03/01/93 4743Q/2048/02 -6- STATE OF CALIFORNIA ) ss . COUNTY OF RIVERSIDE ) Deputy I, Laurie Mora, , City Clerk of the City Council of the City of San Jacinto , do hereby certify that the foregoing resolution was duly adopted by the City Council of said City at a regular meeting held on the 2nd day of March, 1993 , and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: Ford, Leahv, Solor_io , ',Jil]_iams , i avnr Hafliner NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None ABSTAIN: COUNCILMEMBERS: None f I� City C erk of the City of San 'Jac to (SEAL) 03/01/93 4743Q/2048/02 -8- ADOPTED, SIGNED AND APPROVED 1this 2nd day of March, 1993 . f ( E 1 Q M yor _ v ATTEST: ( n E rU City dlerk (SEAL) 03/01/93 4743Q/2048/02 -7- STATE OF CALIFORNIA ) ss. COUNTY OF RIVERSIDE } I , City Clerk of the City Council 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 City Clerk of the City of San Jacinto (SEAL) 03/01/93 4743Q/2048/02 -9-