The URL can be used to link to this page

Home My WebLink AboutOB 2 SALE OF BONDS 08-18-861GENDA�" i DATE: AUGUST 13, 1986 TO: WILLIAM A. HUSTON. CITY MANAGER OLD BUSINESS NO. 2 8-18-86 Inter - Com FROM: FINANCE DEPARTMENT SUBJECT: RESOLUTION 86-102 APPROVING DOCUMENTS NECESSARY FOR SALE OF BONDS, ASSESSMENT DISTRICT 85-1 AND DETERMINING UNPAID ASSESSMENTS RECOMMENDATION Approve Resolution 86-102 per recommendation of Bond Counsel and Co -Bond Counsel. DISCUSSION Resolution 86-102 approves the Bond Issue documents, in final form, as discussed at prior meetings. Bond Counsel will be available if you have additional questions. Ronald A. Nault Finance Department RAN :skr RESOLUTION NO. 86-102 WILL BE DELIVERED IN A SUPPLEMENTAL PACKET. RESOLUTION NO. 86-102 .RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA AUTHORIZING THE ISSUANCE OF 550,6501000 AGGREGATE PRINCIPAL AMOUNT QF CITY OF TUSTIN ASSESSMENT DISTRICT NO. 85-1 IMPROVEMENT BONDS AND AUTHORIZING CERTAIN OTHER RELATED MATTERS #4 #6 #7 r8 #9 #9.0.1,5 #(9.1) WHEREAS, the City Council of the City Qf Tustin, California #11,12 (the "City"), has undertaken proceedings to issue its Improvement #(12) Bonds under the Municipal Improvement Act of 1913, Qivision 12 of the #13,14 Streets and Highways Code of Qalifornia, and the Improvement Bond Act #15 of 1915, Division 10 of the Streets and Highways Code of California; #16 WHEREAS, the City Council, by Resolution No. 86-81 adopted #17 ,dune 16, 1986, resolved its intention to form Assessment District #17.1 No. 85-1 And to issue bonds to represent unpaid assessments; #17.2 WHEREAS, the City Council by Resolution No. 86-93 Adopted #18,1f, July 21, 1986 has confirmed the Assessment which was recorded on #20 July 24, 1986 in the office of the Superintendent of Streets and for #21 which a Notice of Assessment was filed in the office of the Orange #22 County Recorder on July 25, 1986; #23 WHEREAS, waivers of the 3 -0 -day period for payment Qf #24,27: assessments have been received from owners and/or ground lessees of #29 all real property located in Assessment District No. 85-1 (the #(29) "Waivers"); #(29) WHEREAS, the City intends to enter into a trust arrangement #29.2 with Citibank N.A. as trustee, pursuant to an Indenture of Trust W #29.3,2! and between the City and Citibank, N.A., dated as of August 1, 1986 #(29.7) .Jthe "Indenture"), to effect the issuance of $50,650,000 aggregate #29.8,2.! principal Amount of its City of Tustin Assessment District No. 85-1 #29.10 Improvement Bonds (the "Bonds'); #(29.10 WHEREAS, Merrill Lynch Capital Markets and Stone & #30,31 Youngberg (the 'Underwriters") have submitted a Purchase Contract by #32,33 and between the City and the Underwriters and dated August 21, 1986 #34 (the "Purchase Contract'), to purchase the Bonds; #35 WHEREAS, Merrill Lynch, Pierce, Fenner and Smith, #37.1 Incorporated has submitted a Remarketing Agreement, by And between #37.2,3" the City and Merrill Lynch, Pierce, Fenner and Smith, incorporated,, #37.4 and dated as of August 1, 1986 (the "Remarketing Agreement"); #(37.4) WHEREAS, the Underwriters have submitted a Preliminary #37.7 Official Statement dated August 13, 1986, for approval, confirmation #37.8 and ratification; #(37.8) WHEREAS, The Mitsubishi Trust and Banking Corporation, Los #38 Angeles Agency, has Aubmitted a Reimbursement Agreement by and #38.1,3- between the Bank and hhe City, dated as of August 1, 1986, with its #39.1 Irrevocable Letter of Credit attached thereto (the "Reimbursement #40 Agreement'); #(40) .WHEREAS, The Irvine Company has submitted a Protocol #42 Agreement by and between the City and The Irvine Company dated as of #43,44 August 1, 1986, (the "Protocol Agreement); and #(44) :WHEREAS, a list of unpaid assessments must be filed with #48 the City Clerk before issuance of the Bonds. #49 BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL #54 OF THE CITY OF TUSTIN AS FOLLOWS: #(54) SECTION 1. The City hereby authorizes the issuance of #57 $50,650,000 Aggregate principal amount of its City of Tustin #58,5' Assessment District No. 85-1 Improvement Bonds pursuant to the #(59) Indenture. #(59) ,SECTION 2. The -Waivers provided by the owners and ground #59.2 lessees of .411 real property located in Assessment District No. 85-1 #59.3 are hereby accepted. #59.4 SECTION 3. The Indenture is hereby approved and the Mayor. #61,63, or Mayor Pro -Tem and City Clerk are hereby authorized on behalf of #61.2 the City to execute the Indenture with such additions, deletions and #61.3 Qlarifications as approved by the City, such gxecution being approval #61.4,6: by the City for such additions, deletions and clarifications. #61.6 SECTION 4. The Purchase Contract is hereby approved and #61.8 the Mayor or Mayor Pro -Tem is hereby authorized to execute the #61.9 purchase Contract with such additions, deletions and Qlarifications #61.10,( as approved by the City, such execution jaeing approval of the City #61.12 for such additions, deletions Qr clarifications. #61.13 SECTION 5. The Remarketing Agreement is hereby approved #61.15 and the Mayor or Mayor Pro -Tem is hereby authorized to execute the #61.16 Remarketing Agreement with such additions, deletions and,Qlarifica- #61.17 tions as approved by the City, such execution jaeing approval of the #61.19 City for such additions, deletions or clarifications. #61.20 SECTION 6. The distribution of the Preliminary Official #68 Statement dated August 13, 1986 is hereby approved, gonfirmed and #69,70 ratified, and the City hereby authorizes an Official Statement in #71 substantially the form of the Preliminary Official Statement, with #72 such additions, deletions and Qlarifications as approved by the #73 City. She Mayor or Mayor Pro -Tem are hereby authorized to execute #74 and deliver _the final Official Statement, such execution being #75 approval Qf the City for such changes, additions, deletions and #76 Qlarifications. #77 SECTION 7, The Reimbursement Agreement is hereby approved #79 the Mayor or Mayor Pro -Tem and. City Clerk or her designees or other #80 Appropriate officers of the City are hereby authorized to execute the #80.1 Reimbursement Agreement with such additions, deletions and #81 glarif ications as approved by the City, such execution lQeing approval #82,83 of the City for such additions, deletions Qr clarifications. #84 SECTION S. The Protocol Agreement is hereby approved and #86 the Mayor or Mayor Pro -Tem is hereby authorized to execute the #87 purchase Contract with such additions, deletions and Qlarifications #88,89 as approved by the City, such execution tieing approval of the City #90 for such additions, deletions Qr clarifications. #91 $NCTION 9. The unpaid assessments in the aggregate amount #134 of Upon the security of which the Bonds are issued are #135 determined to be as set forth herein, and the unpaid assessments #136,13' shall be payable in the manner as provided in the Indenture adopted #138,13'. concurrently herewith. #(139) SECTION 10. The Mayor, Finance Director, Treasurer, City #145 Clerk And other appropriate officers of the City are hereby further #1461i4l authorized and directed to execute and deliver any _4nd all documents #147,11' and instruments and to do and pause to be done any and all acts nec- #149 essary _4nd proper to carry out the transactions contemplated by this #150 Resolution. #(150) SASSED AND ADOPTED by the City Council of the Lity at a ##(15r)5'd regular meeting held on the 18th day of August, 1986. #155 DONALD J. SALTERELLI #156 MAYOR OF THE CITY OF TUSTIN #157 ATTEST: #159 #161 CITY CLERK OF THE CITY OF #162 TUSTIN #163 ,TATE OF CALIFORNIA ) #165 COUNTY OF ORANGE ) SS #166 CITY OF TUSTIN ) #167 MARY E. WYNN, . City Clerk of the City of Tustin, California, #168.0 . goes hereby certify that the whole number of the Members of the City #168.0.' Counsel of the City of Tustin is five; that the above one foregoing #168.0.; Resolution was _duly and regularly introduced, passed and adopted at #168.0.! an adjourned regular meeting of the City Council held on the 18th day #168.0.: of June, 1986 by the following vote: #(168.0 BYES: _ COUNCILMEMBERS: #168.3 .NOES: _ COUNCILMEMBERS: #168.5 ABSENT: _ COUNCILMEMBERS: #168.7 #168.10 MARY E. WYNN, CITY CLERK #(168.1' CITY OF TUSTIN, CALIFORNIA #168.11