HomeMy WebLinkAboutCC RES 83-074RESOLUTION NO. 83-74
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TUSTIN APPROVING THE PURPOSES AND ACTIVI-
TIES OF CITY OF TUSTIN WATER CORPORATION;
APPROVING THE ISSUANCE OF $4,500,000 PRINCIPAL
AMOUNT OF CITY OF TUSTIN WATER CORPORATION
LEASE REVENUE BONDS, SERIES A; AND AGREEING TO
ACCEPT TITLE TO THE WATER SYSTEM UPON PAYMENT
OF SUCH BONDS
BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL
· OF THE CITY OF TUSTIN, AS FOLLOWS:
SECTION 1. City of Tustin Water Corporation (the
"Corporation") is a nonprofit, public benefit corporation formed for
the purpose of rendering assistance to the City of Tustin by acquir-
ing, constructing, and operating or providing for the operation of
water facilities, including water transmission pipelines, appurte-
nances and appurtenant works and related facilities for the .use, ben-
efit and enjoyment of the public. The purposes and activities of the
Corporation are hereby approved.
SECTION 2. The Corporation has adopted its Resolution
No. 83-1, entitled, "A Resolution of the Board of Directors of City
of Tustin Water Corporation Approving a Form of Lease and Authorizing
the Officers of the Corporation to Execute the Same." A copy of said
Resolution has been provided to the City Council. Said Resolution
authorizes the use of a form of Lease in connection with the issuance
and sale of the Corporation's bonds designated "City of Tustin Water
Corporation Lease Revenue' Bonds, Series A" (the "Bonds").
SECTION 3. The Corporation has adopted its Resolution
No. 83-2, entitled "A Resolution of the Board of Directors of City of
Tustin Water Corporation Approving Notice Inviting Bids, Indenture
and Preliminary Official Statement." A copy of said Resolution has
been provided to the City Council. Said Resolution, among other
things, authorizes the' use of forms of a Notice Inviting Bids,
Indenture and Preliminary Official Statement in connection with the
issuance and sale (by competitive bid) of the Bonds.
SECTION 4. The Corporation has adopted its Resolution
No. 83- , entitled, "A Resolution of the Board of Directors of City
of Tusti~ Water Corporation Approving Issuance and Sale of Bonds to
Highest Bidder; Establishing Interest Rates for Such Bonds; Approving
Lease, Indenture and Official Statement and Authorizing Execution of
Same by Officers of the Corporation; and Authorizing Officers of the
Corporation to Execute and Deliver Such Bonds." A copy of said
Resolution has been provided to the City .-Council. Said Resolution,
among other things, authorizes the issuance of the 'Bonds and the sale
thereof to the successful bidder and establishes the interest rates
for the Bonds.
SECTION 5. The issuance by the Corporation of the Bonds
and all actions taken by the Corporation with respect thereto, as
described in Sections 2, 3 and 4 above, are hereby approved.
SECTION 6. The City of Tustin hereby covenants and agrees
that upon payment of the principal, redemption premium (if any) and
interest on the Bonds in accordance with the terms of the Indenture
dated as of October 1, 1983 and to be entered into by and between the
Corporation and Security Pacific National Bank, as Trustee, the City
of Tustin shall accept title in full to the System, as defined in the
Lease dated as of October 1, 1983 and to be entered into by and
bet. ween the Corporation as lessor and the City of Tustin as lessee.
SECTION 7. The Mayor, the City Manager, the Finance
Director and the City Attorney of the City of Tustin, and each of
them, be, and hereby are, authorized and directed to execute and
deliver any and all such further documents, and to take any and all
such further actions, as shall be deemed necessary or advisable by
said official in order to allow City of Tustin Water Corporation to
issue and sell the Bonds or otherwise to take the actions described
in Section 2, 3 and 4 above.
·
PASSED, APPROVED AND ADOPTED this 20th day of September,
1983.
Mayor
Attest:
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF TUSTIN )
MARY E. WYNN, City Clerk and ex-officio Clerk of the City Council of
the City of Tustin, California, does hereby certify that the whole
number of the members of the City Council of the City of Tustin is
five; that the above and foregoing Resolution No. 83- 74 WaS duly and
regularly introduced, passed and adopted at an adjourned regular
meeting of the City Council held on the 20th day of September, 1983,
by the following vote:
AYES : COUNCILPERSONS:
NOES : COUNCILPERSONS:
ABSENT: COUNCILPERSONS:
City of Tustin, Calif nia
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