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HomeMy WebLinkAboutCC RES 87-18RESOLUTION NO. 87-18 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN AUTHORIZING THE EXECUTION AND DELIVERY OF A SUPPLEMEN- TAL INDENTURE OF TRUST; MAKING CERTAIN FINDINGS WITH REGARD THERETO; ACCEPT- ING AN OPINION OF BOND COUNSEL AND AUTHORIZING CERTAIN RELATED MATTERS WHEREAS, the City Council of the City of Tustin has previ- ously authorized the execution and delivery of an Indenture of Trust, dated as of August 1, 1986 by and between the City and Citibank, N.A., as Trustee (the "Original Indenture") with respect to the issu- ance of $50,650,000 aggregate principal amount of the City's Assessment District No. 85-1 Improvement Bonds (the "Bonds"); WHEREAS, Standard and Poor' s Corporation ("S&P") in connec- tion with the rendering of a rating to the Bonds has requested that certain amendments be. made to the Original Indenture; and WHEREAS, the City council has received from Merrill Lynch Capital Markets, a memorandum dated November 10, 1986, explaining certain of the amendments requested by S&P, said memorandum which is attached as Exhibit A hereto (the "Memorandum" ); ' WHEREAS, in connection with the automatic conversion of a p~rtion of the Bonds from a variable interest rate to a fixed inter- est rate certain amendments to the Original Indenture are desirable and in the best interests of the City; WHEREAS, the City intends to enter into a First Supplemental Indenture of Trust, dated as of February 1, 1986, by and between the City and Citibank, N.A. (the "First Supplemental ..Indenture") the proposed form of which is attached as Exhibit B hereto, to amend the Original Indenture as described above; and WHEREAS, the City has received an unqualified opinion of its Bond Counsel which opinion is attached hereto as Exhibit C relat- ing to the First Supplemental Indenture. . BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF THE CITY OF TUSTIN AS FOLLOWS: SECTION 1. The City hereby accepts the Memorandum received by the City from Merrill Lynch Capital Markets relating to the requirements of S&P. SECTION 2. The City hereby approves and accepts the attache, d opinion of Bond Counsel relating to certain amendments contain'ed in 'the First Supplemental Indenture. SECTION 3. The City hereby approves the First Supplemental Indenture, amending the Original. Indenture, and the Mayor or Mayor Pro-Tem and City Clerk are hereby authorized on behal'f of the City to execute the First Supglementa1 Indenture with such additions, deletions and clarifications as apgroved by the City, such execution being approval by the City of such additions deletions or clarifications. SECTION 4. The City Manager' is hereby authorized and directed to review and approve, in his discretion, any and all dis- closure documents or offering circulars used by the remarketing agents in connection with the conversion of the Bonds from a variable interest rate to a fixed interest rate and to' review the terms of the conversions, including the compensation of the various parties thereto. SECTION 5. The Mayor or Mayor Pro-Tern, City Manager, Finance Director, Treasurer, City Clerk and other approgriate offi- cers of the City are hereby further authorized and directed to exe- cute and deliver any and_ all documents and instruments and to do and cause to be done any and ail acts necessary and proper to carry out the transactions contemplated by this Resolution. PASSED AND ADOPTED by the City Council of the City of Tustin at a regular meeting held on the 3rd day of February, 1987. ' ' DON~D J. SALT~/~EL~I~ - MAYOR OTTHE CITY OF TUSTIN ATTE S T: ~ TUSTIN -2- ,i · STATE OF CALIFORNIA ) COUNTY OF ORANGE ) § CITY OF TUSTIN ) MARY E. WYNN, City Clerk and ex-officio Clerk of the City Council of the City oi~ 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. 87-18 was duly and regularly introduced, passed and adopted at a regular meeting '6f 't'he City Council held on the 2nd day of ,Febr. u.a.r.q, 1987, by the fol 1 owing vote' AYES · C~)UNCILPERSONS' Edgar, Hoesterey, Kelly, Kennedy, Saltarel 1 i NOES · COUNCILPERSONS' None ABSENT' COUNC ILPERSONS' None MARY E. ~YNN, Cit~,~ Clerk City of'~stin' California m m ' · m m m ~ . i ~ . m,'m m'