HomeMy WebLinkAboutResolution - 2216 RESOLUTION NO. 2216
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN JACINTO, CALIFORNIA, PROVIDING FOR THE
ISSUANCE AND SALE OF BONDS FOR ASSESSMENT
DISTRICT NO. 94-1 (SOBOBA SPRINGS PROJECT) IN THE
AMOUNT NOT TO EXCEED $913,250.79 APPROVING A
BOND PURCHASE CONTRACT AND A PRELIMINARY
OFFICIAL STATEMENT FOR ASSESSMENT DISTRICT
NO. 94-1 (SOBOBA SPRINGS PROJECT)
WHEREAS, on April 19, 1994 the City Council of the City of San Jacinto (the "City")
adopted Resolution No. 2198 (the "Resolution of Intention") declaring its intention, pursuant to
the provisions of the Municipal Improvement Act of 1913 (Division 12 of the Streets and
Highways Code of the State of California), to order the acquisition of improvements, and
appurtenances and appurtenant work and incidental costs and expenses in connection therewith
and to form Assessment District No. 94-1 (Soboba Springs Project) (the "Assessment District");
and
WHEREAS, by its Resolution No. 2198 adopted on April 19, 1994, this City Council has
authorized the formation of the Assessment District, by its Resolution No. 2199 adopted on April
19, 1994, this City Council has approved an Engineer's Report describing the public
improvements to be constructed and acquired pursuant to these proceedings (the
"Improvements"); and
WHEREAS, on August 2, 1994, the City Council will determine the assessments
remaining unpaid following the 30-day cash payment period; and
WHEREAS, by this Resolution, the City now wishes to provide for the issuance of
bonds, in the manner provided in the Improvement Bond Act of 1915 (Division 10 of the Streets
and Highway Code of the State of California) (the "Act"), and specifically to provide for the
issuance of such bonds in a principal amount not to exceed $913,250.79, to represent and be
secured by the unpaid assessments in the Assessment District (the "Bonds"); and
WHEREAS, the firm of Westhoff-Martin & Associates has offered to purchase said
Bonds on the terms and conditions set forth in the Bond Purchase Contract, a copy of which has
been presented to this City Council; and
WHEREAS, a Preliminary Official Statement providing for the sale of the Bonds has
been prepared by Westhoff-Martin & Associates and has been presented to this City Council; and
NOW, THEREFORE, the City Council of the City of San Jacinto, DOES HEREBY
FIND, DETERMINE, RESOLVE AND ORDER as follows:
SECTION 1. Serial bonds are hereby authorized to be issued in a principal amount of
not to exceed $913,250.79 to represent unpaid assessments in the Assessment District. Said
Bonds shall be governed by the terms and conditions of a supplement to this Resolution (the
"Supplement to Resolution No. 2216") to be prepared by Bond Counsel to the City and executed
by the Mayor of the City Council of the City and the City Clerk of the City, which Supplement
to Resolution No. 2216 shall be in the form attached hereto as Exhibit A, with such additions
thereto and changes therein as the officers executing the same deem necessary to enhance the
security for the Bonds, to cure any ambiguity or defect therein if such addition or change does
not materially alter the substance or content thereof, to insert the interest rate(s), principal
amount per maturity and such other related terms and provisions. Approval of such changes
shall be conclusively evidenced by the execution and delivery of the Supplement to Resolution
No. 2216 by such officers.
SECTION 2. The Bonds shall be executed on behalf of the City by the manual or
facsimile signature of the Treasurer of the City, and the seal of the City, or a facsimile thereof,
shall be impressed or imprinted thereon and attested with the manual or facsimile signature of the
City Clerk of the City.
SECTION 3. The covenants set forth in the Supplement to Resolution No. 2216 to be
executed in accordance with Section 2 above are hereby approved, shall be deemed to be
covenants of the City Council in its capacity and shall be complied with by the City and its
officers. The Supplement to Resolution No. 2216 shall constitute a contract between the City and
the Owners of the Bonds.
SECTION 4. Union Bank is hereby appointed to act as Paying Agent, Registrar and
Transfer Agent for the Bonds substantially in accordance with the existing paying agent
agreement(s) between the City and Union Bank applicable to other financings and authorizes
execution by the Mayor and the City Clerk of a supplemental agreement, if necessary, to reflect
the specific paying agent services applicable to the Bonds.
SECTION 5. The form of Bond Purchase Contract is hereby approved and the firm of
Westhoff-Martin & Associates is authorized to purchase the Bonds in the amount not to exceed
$913,250.79, less the amount of assessments paid in cash during the cash payment period at a
discount of not to exceed $25,000, exclusive of an original issue discount and at an interest rate
not to exceed 8% per annum. The City Manager of the City, or her designee, is authorized to
execute the Bond Purchase Contract following the pricing of the Bonds and receipt of a
completed Bond Purchase Contract with the designation of interest rates within the guidelines
herein set forth.
SECTION 6. The form of Preliminary Official Statement is approved and the
Preliminary Official Statement may be presented to prospective purchasers of the Bonds with
such modifications to be made therein as approved by the City's City Manager and the City's
Bond Counsel. The City Manager 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 and is authorized to sign the Final Official Statement.
SECTION 7. The Mayor and City Clerk of the City Council of the City and the other
officers and staff of the City responsible for the fiscal affairs of the City are hereby authorized
and directed to take any actions and execute and deliver any and all documents as are necessary
to accomplish the issuance, sale and delivery of the Bonds in accordance with the provisions of
this Resolution and the fulfillment of the purposes of the Bonds as described in the Supplement to
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Resolution No. 2216. In the event that the Mayor of the City is unavailable to sign any
document authorized for execution herein, any other member of the City Council of the City or
the City Manager, or his written designee, may sign such document. Any document authorized
herein to be signed by the City Clerk of the City may be signed by a duly appointed deputy
secretary.
APPROVED AND ADOPTED this 26th day of July, 1994.
(SEAL) Mayor of the City of San Jacinto
ATTEST:
C �11ue til t, __
City Clerk of the Ci of San Jacinto
ruet:13627_11141B2048.3 3
STATE OF CALIFORNIA )
) ss.
COUNTY OF RIVERSIDE )
I, LAURIE MORA, Deputy City Clerk of the City Council of the City of San Jacinto,
DO HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of
said City Council held on the 26th day of July, 1994, by the following roll call vote:
AYES: Councilmembers Leahy, Oaks , Williams
NOES: None
ABSENT: Mayor Hafliqer, Councilmember Solorio
ABSTAIN: None
Deputy City Clerk of the City of San Jacinto
(SEAL)
STATE OF CALIFORNIA }
ss.
COUNTY OF RIVERSIDE )
I, LAURIE MORA, Deputy 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. 2216 of said City Council, and that the same has not been amended or
repealed.
Dated: 1994
Deputy City Clerk of the City of San Jacinto
(SEAL)
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