HomeMy WebLinkAboutResolution - 1992 RESOLUTION NO. 1992
A RESOLUTION OF THE CITY OF SAN JACINTO
AUTHORIZING THE DEFEASANCE OF THE
CERTIFICATES OF PARTICIPATION ISSUES
WHEREAS, on December 29, 1987, the City of San Jacinto,
pursuant to a lease agreement with the Redevelopment Agency of the
City of San Jacinto, caused to be issued Certificates of
Participation in said lease agreement for the City"s Administrative
Facility Project in the sum of $3,580, 000.00; and
WHEREAS, on November 15, 1988, the City of San Jacinto,
pursuant to a lease agreement with the Redevelopment Agency of the
City of San Jacinto, caused to be issued Certificates of
Participation in said lease agreement for the 1988 Fire Station
Project in the sum of $5, 000,000. 00; and
WHEREAS, completion of the proposed projects have not been
made due to budgetary and other constraints beyond the control of
the City and Redevelopment Agency; and
WHEREAS, changes in the economic market have rendered
inadvisable the completion of such projects under the terms of such
Certificates of Participation.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SAN JACINTO, AS FOLLOWS:
1. The facts stated above are found to be true and correct.
2. The City Manager, in consultation with the City Finance
Director is directed and authorized to employ legal, financial and
such other consultants as are necessary to effect the defeasance of
the above-referenced Certificates of Participation.
3 . The law firm of ORRICX, HERRINGTON & SUTCLIFFE is
appointed as bond counsel and C.M. de Crinis & Co. Inc. is
appointed as financial consultant for the purposes of effecting the
provisions set forth above in this resolution.
PAGE TWO
C.O.P. RESOLUTION
PASSED AND ADOPTED this 27):th day of August 1991, by the
following vote:
AYES: Councilmembers Ford , Leahy , Richards & Mayor Boykin
NOES: None
ABSENT: Councilmember Hafliger
ATTEST: Mayor
Maurice Armster, City Clerk
Deputy City Clerk
The foregoing is certified to be a full, true and correct copy of
Resolution No. 1992 adopted by the City Council of the City of
San Jacinto, California on the day and date set forth above.
Maurice Armster, City Clerk
Dated:
Deputy City Clerk